So, your financial institution offers services like:
Free or low-cost check cashing
A place to build a solid banking relationship, and
- A safe place to learn about financial improvement options like home buying, starting a business, consolidating debt and paying for college
However, effectively getting the word out about what you have to offer to the community is often challenging. Many people still believe that community financial institutions such as yours only cater to individuals that work for the local government, factories or labour unions etc., and may not even realise that you have services to offer them.
In addition, how do you convince the, “unbanked,” to open a bank account instead of using prepaid store-bought debit cards, when many of your potential customers probably don’t even realise that your business exists or that they qualify to take advantage of your services?
Why Social Media is Such a Great Marketing Tool for Community Financial Institutions
Mashable has gone so far as to call social proof, “the new marketing.” Grace Smith continues to define it as, “the art of creating positive influence around your brand using our natural reliance on others for cues that guide our own behaviour.”
There are various types of social proof including expert, testimonial, celebrity, crowd inclination and friend recommendations. Social proof has been a powerful marketing and persuasion tool for decades, and modern social media platforms make it extremely easy to harness this tool for your business needs.
What Does this Mean?
Have someone in your organisation man the most popular consumer social media platforms like Instagram, Facebook, Twitter and Pinterest for at least one or two hours a day. Your business should become an active social media contributor and provide free events and benefits for people who have a social media relationship with you. In addition, social media offers exceptional word-of-mouth advertising.
You will often find in life that most people are using the same solution for a common problem, like cashing their cheques at a certain grocery store. Just one photo posted with any of the captions below could do wonders to bring attention to your business!
“Cashing my cheque at Miller Credit Union, I didn’t know before that I could do this!”
“Opening my first bank account at Miller. They gave me $25 bucks free! Sweet!,” or
- “Just signed the papers on our new home! We’ve worked so hard for this day”