Every banking and financial services firm needs to build an Instagram presence today and start leveraging the platform to build brand awareness.
Mastercard is an example of a banking and financial services firm that is on Instagram to connect with its audience and customers. As a part of its Instagram strategy, Mastercard is populating its feed with content featuring interesting contests, campaigns, and experiences.
Here are a few posts from their feed featuring diverse content. Following an approach that combines visually appealing content with catchy copies, contests, collaborations and more.
In doing so, Mastercard attempts to catch the audience’s attention with their visuals. Sharing interesting news, features, and offers, Mastercard keeps the audience hooked and interested. Through its content and campaigns, Mastercard seeks to gain brand and product awareness.
Mastercard is only one of the many banking and financial services firms on Instagram. With a monthly user base of about 1 billion, Instagram makes for a lucrative platform to leverage for your banking and finance services firm.
Moreover, Instagram has a potential advertising reach of 849 million users. As a result, you need to build an active Instagram presence for your banking and/or finance services firm.
Apart from these hard facts about Instagram, there are various other important factors that make it a platform worth exploring.
So, let’s now dive straight into the different reasons why every banking and financial services firm needs to get on Instagram today.
Importance Of Building An Instagram Presence For Every Banking & Financial Services Firm
Whether you own a startup specializing in the finance domain or are already have a presence on other social media platforms, Instagram presence is worth the investment. There are many ways in which your Instagram marketing efforts can help you fulfil your business goals.
1) Build Trust Amongst Audiences
How often do you communicate with your customers?
Probably only when they want to avail of one or more of your services. Or, maybe only to share their feedback and/or complaints and queries.
How often do you communicate with your target audience?
Instagram, as you know, has a huge number of users on the platform.
Instagram offers you the platform to connect with your target audience. Leverage the access to this big user base on Instagram to build a strong rapport with your target audience.
Leverage the Access to the Large User Base on Instagram
On Instagram, you can reach out to your customers and target audiences alike through your content.
One way to do this is by showcasing the human side of your brand.
Financial services firm, Chase, for instance, leverages Instagram to show who their employees are, and share interesting stories about their company culture.
Like Chase, you can populate your Instagram feed with content that resonates with the audience. Tell your brand story, showcase your employees and project your company culture through Instagram.
Being transparent helps you create the image of a reliable, trustworthy brand. Further, by putting out content featuring your CSR & community-service focused initiatives, you can showcase your brand as an ethically and socially responsible brand.
As such, by building your Instagram presence you can build a connection with your target audience.
2) Track Competitors
No matter what domain you specialize in, you will always have to compete with other brands for your customers. For marketers in the banking and financial services domain, it is very crucial to stay on top of all that your competitors are doing on Instagram.
There is always something to learn from your competitors’ activity on Instagram. In fact, this data can be crucial for enhancing your products and opening you up to new business opportunities.
Besides, every business needs to be aware of their industry and being active on Instagram is an inevitable part of the strategy.
To derive in-depth knowledge about your competitors, you can use a reliable social media competition tracker, such as Unbox Social. With the help of this tool, you can capture your share of voice against that of other banking and financial services brands on Instagram.
Meanwhile, keep an eye on competitors’ content and campaigns, to know what’s working for them and what isn’t.
Further, using this tool, you can find out what kind of conversations are happening amongst your competitors’ audience. Since your audiences are overlapping, it makes sense for you to tap into these conversations and identify the theme underlying these conversations.
Knowing what your competitors are up to, in terms of their content, campaigns and activity on Instagram can help you gain a competitive edge. By being present and active on Instagram, you can keep an eye on your competitors and constantly evolve and improve your brand and products.
3) Avail Lucrative Advertising Opportunities
Instagram has a potential advertising reach of 849 million. Do you know what this means for your brand?
On Instagram, you can reach out to almost 800 million potential customers.
Instagram Ads can allow your bank or financial services firm to generate leads.
Creating Instagram Ads is simple and allows you to target diverse audience segments.
You can experiment with the diverse Ad formats to adapt to your campaign and content.
Select your target audience, budget, schedule, Ad placement, and Ad format to start running Ads for your brand on Instagram.
Instagram Ads, in this sense, help you generate leads on the platform.
4) Collaborate With Influencers To Enhance Brand Awareness
89% of brands are of the opinion that Influencer marketing brings more ROI than other marketing techniques. There are 500,000 Influencers on Instagram.
89% of brands believe that Influencer marketing brings more ROI than other marketing channels.
By tapping into the power of these Influencers on Instagram, you can expand exposure for your brand. Bringing an Influencer on board can help you reach out and impact audiences from across segments.
American Express, for instance, ran the #AmexAmbassador and #AmexPlatinum campaign featuring Influencers. The purpose of this campaign was to generate awareness about their rewards program that allows customers to avail various rewards such as exclusive events, travel upgrades, and more such offers.
Like American Express ran this Influencer marketing campaign to promote their rewards program, you too can leverage Influencer marketing for your brand.
Using a reliable Influencer marketing platform, find the right set of influencers for your brand.
Unbox Social offers an Influencer marketing platform where you can discover Influencers from across niches, platforms, tiers, and locations. Further, you can conduct brand checks to find Influencers who have worked with banking and financial services brands in the past.
Collaborate with Instagram Influencers to get more customers on board and create an effective presence for your bank and financial services brand.
5) Gather Valuable Insights About Your Target Market
Use Instagram to build an understanding of your target audience. While you may already have a set customer persona in your mind, Instagram will open you up to untapped segments of the audience that may turn out to be potential customers.
Instagram will open you up to untapped segments of the audience that may turn out to be potential customers.
Moreover, your audience is speaking to you through their interactions with your brand and/or content on Instagram. How your audience is interacting with your brand can provide you with valuable insights about them. This intelligence can be helpful in creating content and campaigns that the audience will like.
In fact, an in-depth analysis of the audience’s behavior can help you spot their pain-points. So, by tapping into the data behind your audience’s activity on Instagram, you can uncover important insights about them.
Use a social media intelligence tool to explore the data underlying your audience’s behavior. Know what your audience likes and what they don’t.
You can use this data to generate leads and create organic Instagram campaigns as well as Instagram Ads campaigns for your brand.
Summing it up
Instagram is a lucrative platform for bank and financial services firm. Banking and financial brands like American Express, Mastercard and Chase are actively leveraging the platform to reach out to their target audiences.
Here’s why every banking and financial services firm needs to get on Instagram today-
- To build trust amongst your target audience.
- To track your competitors and stay on top of all that is happening in your industry.
- To avail the lucrative advertising opportunities that Instagram offers.
- To collaborate with Instagram Influencers and expand brand exposure.
- To gather valuable insights about your target audience and generate leads in the process.