Where should community financial institutions turn to build deep consumer engagement in 2020? Kasasa's insights show the answer is simple; social media.
With consumers spending an increasing amount of time on social networks and social messaging every day, social media must be a key focus within a financial institution’s digital marketing strategy.
Financial institutions that invest in this form of digital engagement observe an improved customer experience and shortened sales cycles.
Why now, and why social?
Marketing is all about capturing attention, and then turning it into relationships. With social media platforms only growing in popularity, it's clear that process is happening more and more online.
In 2019, people spent 2 hours and 24 minutes on social media every day, across devices (that means about 1 of every 3 hours spent on the internet is on social platforms)
In fact, compared to previous years, time spent on social in 2019 increased by 1.4%.
"10/10 would recommend"
So what are people doing with all their time scrolling newsfeeds? Chances are good that along with sharing .gifs and watching videos of adorable puppies, they're also reading reviews.
In fact, the local search and review site Yelp, has seen a steady growth of mobile visitor numbers, reaching over 37.66 million in the third quarter of 2019 alone. And the reviews these users are reading are being taken seriously.
88 percent of people trust online reviews as much as they trust recommendations from personal contacts. It's no longer about just providing great products or services, an overall positive customer experience is imperative. Only then will consumers act as advocates for financial institutions sharing their experiences online with others.
Using social media as an effective customer service tool to increase brand engagement will help you win new customers.
In fact, 71 percent of consumers who report a positive experience with a brand on social media are likely to recommend it to their friends and family as well.
But there's more to this social story
While solid, cohesive messaging on social media is important, it is just a piece of the puzzle to complete a marketing program. Consumer needs drive everything in marketing and product development. This is no longer ‘alternative’ thinking; it’s reality
At Kasasa, we work with community banks and credit unions to not only deliver compelling products to meet consumers’ needs, but also to create and implement holistic marketing programs that strengthen and lengthen ties to customers.