Social Media is More Than Just Another Marketing Channel

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People often feel they need to do something because everyone else is. This is especially relevant in marketing, where we often say that it is necessary to look at the competition and mimic their efforts. New ideas and technologies are constantly coming out, and marketing is one of the more flexible and adaptable departments where it’s encouraged to experiment to reach your ultimate goals.

Social media marketing is one of those channels and tools that everyone thought was cool and jumped on to the boat quickly without having a strategy or goal behind it. This is apparent with many company’s social media pages, not just in the financial industry. They seem to just publish posts for the fun of it with no real point behind it. One of the most important things for implementing any channel or tool for any business is to determine its value to the company and whether it will help you better accomplish your goals.

The question is, what goals and strategies do you have specifically for social media marketing? If there is no purpose behind it, maybe don’t invest a lot of time and effort into it. If you have a strategy and plan, great! Have you considered the purpose behind social media marketing that doesn’t revolve solely around marketing? Social media does not have to be just another marketing channel; it has the potential to help multiple business silos and be a tool that the entire company can use to their advantage.

Marketing department: advertising and PR

This is what your typical social media marketing goals would revolve around, and what most companies use social media for. Using social media to build your brand recognition, post about your products and services, and talk about your community involvement. Be sure that your strategy is strong and keep your marketing goals in mind. You’ll want to have a firm grasp on what and why you are posting as well as how your content will be formatted. Ideally, you would have a style guide to reference to make sure your voice and brand are consistent across all posts. Remember your purpose: are you trying to gain more members? Build your loan pipeline? The possibilities are up to you.

Front line staff: sales and customer service

You might be doing this already without even realizing it. Every time you respond to a member because they send you a private message or a comment, you are improving your customer service. I always like to point out the ramifications of not replying to every comment or message – shocker, it’s not good! Just as seriously as you take customer service within your branches or your call center, you should hold your social media to that same standard. It is especially relevant now when members are choosing different ways to contact you, and one of the fastest growing channels is through your social media pages.

Human resources: recruitment

If you have a consistent brand and unique voice across social media, you have built your company recognition. You might also be tagged by other businesses and shared to their network. You have the opportunity to not only attract new members but recruit top talent to join your business. Social media is one of the ways that potential employees can gain an understanding of your company culture and what your brand stands for. As a bonus, a lot of social media platforms have implemented hiring process tools so you can list job openings, sort through applications, and schedule interviews.

Executive team: research and development

Because most companies are on social media platforms, for better or for worse, it provides a more transparent opportunity to see what others in the industry might be up to. It allows you to compare and evaluate your efforts in your industry against your peers. Not only can social media be an analysis tool, but a networking opportunity. You have the ability to partner with other businesses and showcase that relationship to build your value in the industry. Don’t miss these opportunities!

Don’t let you social media go to waste!

The key is to not only have a strategy and clear goals for your social media, but to consider all the ways it can benefit your organization. Don’t limit yourself to just marketing—involve all silos of your business to take full advantage of everything social media can be. And remember it is not just another marketing channel.

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