You are about to discover a step-by-step way to make social media increase share of customer wallet for your bank or credit union. Whether you’re a branch manager, a banking associate or corporate executive at a major institution, keep reading and I’ll give you the key to unlock success. Social media platforms like Facebook, Twitter, YouTube and blogs can help you actually get customers to identify themselves as candidates for your most important products.
Skeptical? I don’t blame you. But think about it. How will it feel to know that everything you’re doing with social media will result in more leads? Let’s get going. Here are my best tips to help unlock the true potential of social media marketing in your institution.
Solve Problems & Answer Questions
Today’s most successful banks and credit unions are setting aside the technical and tactical aspects of social media and, first, focusing on solving customers’ and members problems. I talk about this problem-solving and behavior-focused approach more in my book, Off the Hook Marketing but, in essence, this requires having a focused plan.
Close examination of successful banks, like Wisconsin’s AnchorBank, reveals a key success principle: make everything you do with/on social media answer a burning question or solve a problem for customers in ways that drive behavior.
Scratch Customers’ Itches
For instance, you might use Facebook to spark a discussion among college students aimed on avoiding an increasing problem like personal bankruptcy. Telling true, horrific stories can be paired with sensible approaches—good credit management habits to form. Those sensible approaches can be leveraged into behavior in ways that connect customers’ problems to answers—your products.
But beware: they aren’t just answering questions or listening to customers using social media. They’re taking the time to capture insights on customers’ problems, fears and goals. They are finding what’s itching customers so they can scratch those itches.
Are your tweets, posts or updates designed to provoke a response, generate customer behavior? The fact is today’s most successful, socially-savvy banks and credit unions are using social media to provoke responses from customers.
For instance, when using Facebook it’s best to give customers a reason to think about something that’s important to them in a powerful new way—something that gives customers a reason to contact a banker. Why would a customer do that? So they can more clearly understand what you just provoked. Again, consider the prior example with college students.
Now I know this goes against what “the gurus” say but the key to success is avoiding “telling stories” with social media. Resist broadcasting stories; instead, structure interactions with customers in ways that prompt them to tell you about their pain points or financial goals. Once you have this knowledge, your goal is to prompt them to ask questions—that your products often answer.
And beware: don’t stop at informing customers and avoid entertaining them. Focus on purpose-driven interactions that are part of a dialogue—a translation process. Whenever appropriate, guide customers toward products they actually want and need.
That’s it. This is the best, most effective, step-by-step way to make social media increase share of customer wallet for your bank or credit union. Now go get ’em!