Demystifying Social Media Marketing Investment and ROI—3 Tips for Success for Financial and Insurance Marketers
As the savvy marketer you are, you probably already have the obligatory company pages on Facebook, Twitter, Instagram, and LinkedIn, and you most likely have someone posting to them every few days. But what’s next?
In this article, we want to show financial and insurance marketers the value of social media marketing and three ways you can optimize your investment today.
Why invest in social media advertising?
Social media marketers boast the branding benefits of using social channels, but many finance and insurance businesses struggle to attribute the investment to tangible business results.
If you feel that social media marketing can fall flat in your industry, you’re not alone. And because you’re not alone, your competitors might not be investing in it …
Is social media starting to sound like an opportunity to differentiate your brand? It should be.
It has been proven that brands that optimize their social media channels tend to see higher returns on investment from other initiatives. Use this checklist to determine if investing in social media marketing aligns with your objectives:
- Differentiate from competitors
- Educate consumers
- Relate to and engage with consumers
- Reach a wide variety of new prospects
- Find affordable brand exposure methods
- Strengthen your multi-channel marketing strategy
- Be more responsive to customers
- Boost SEO and mobile marketing efforts
- Increase marketing ROI
If you checked off some of your major marketing goals, it might be time to reconsider social media investment.
Here are 3 tips to optimize your financial services marketing social media strategy:
1 – Focus on your ideal customer
Use specific targeting metrics with Facebook-paid ads to reach a niche market that would be a great fit for your product or service. For example, you may want to target people with a certain home value, or who have just started a new job or just had a baby.
Craft your messaging to relate to your ideal customer and try to avoid industry lingo that they don’t understand. You might be surprised to find that someone with a mortgage doesn’t know what ”equity” means. Speak the way they would speak.
2 – Get them to like you
Social media is for engagement and building relationships. Don’t focus on selling the actual product or service so much as telling your brand story and gaining favor with your target audience.
With so many competitors offering similar products and services, your ideal customers will buy from whomever they like most.
Lose the intimidating corporate feel and show them some behind-the-scenes stories.
How would you describe the staff at work? Is there an office hero that brings in donuts every Friday? Work that personality!
Interactive content that encourages a comment or quick, simple feedback such as Instagram Q&A stickers or Twitter polls makes it extremely easy for your audience to engage with you without asking too much of their time. When someone posts a comment or review, respond to them! Use these opportunities to show how personable and trustworthy your brand is, even if the comment is negative.
The higher your engagement rates, the more relevant social media algorithms will consider your content, and the more likely you are to appear at the top of feeds.
3 – Make it easy for them to call you
Don’t forget that while consumers might prefer to buy certain goods online, when it comes to financial decisions, they want to speak to a person.
The customers you want to convert are shopping online, but purchasing over the phone. You will need to optimize your social (and other digital) advertising by using phone numbers and call buttons as your calls to action (CTAs).
- Facebook makes it easy to add a click-to-call button right on your business page. But don’t expect calls to come directly from your social ads. Studies have shown that Facebook ads increase mobile search clicks, so your customers are more likely to convert later, on another channel.
- Tweets and Instagram-sponsored posts can also include a CTA to direct qualified leads to a channel where they are more likely to convert with the ability to “click to call.”
The best part is, when the audience’s favored conversion path is on a smartphone, you have the perfect opportunity to capture data that will help you optimize your mobile marketing strategy and measure results and ROI.
Offer incentives in your social ads to capture the attention of your audience and use a sense of urgency to inspire them to action. For example, “Call Now” inspires more urgency than “Learn More.”