Pre-pandemic, businesses were told the importance of networking, hash-tagging, analytics, and more on their social media. During the shut-down, businesses had to rethink their marketing strategy and move online. They took the opportunity to revamp their websites, socials, and even entire marketing plans to try to combat the lack of in person traffic flow. Now as restrictions lighten, it is evident that the social media world has shifted drastically. Social media presence is even greater than before, and the steady increase of “influencer culture,” combined with new app updates, has caused the standard of posted content to rise. Not only that, but businesses need to figure out a way to encourage a shift from online engagement back to in-person engagement.
Many of those who are actively using social media, are either adept creators themselves, posting content to platforms such as Instagram and TikTok, gaining “influencer status” in the process, or businesses looking to access their consumer base.1
As a result, banks and credit unions find themselves needing to re-evaluate their social media strategy.
insights
This can easily be done on Instagram, where strong imagery and creative hooks help viewers to interact and remain interactive. Now, Instagram’s Reel and Live Analytics allow institutions to see likes, comments, shares, and saves, as well as insights such as accounts reached and plays. Additionally, on Instagram Live, businesses can also see their peak concurrent viewers.2
CAPTION STICKERS
Another helpful feature, for institutions wishing to update the accessibility and style of their stories, are Caption Stickers, which turn audio into written text.
LIVES AND REELS
For businesses who use the Live feature, or film webinars, Instagram now allows users to mute their audio and visual, turning their new multi-participant live-stream into an experience similar to a Zoom call or Teams meeting, but sans the need for a meeting link.
For those businesses that use Reels, the update allows users to “duet” other creators. This allows creators to use another’s pre-made Reel, if duetting is enabled, and place their creation alongside the original. Both will play at the same time in the final product.
This is perfect for banks or credit unions that want to highlight and build on new or preexisting reels detailing services or tips. Stories can highlight posts displaying “in-branch” deals and advertise events by giving followers an “inside look” or tease a special opening. Lives are perfect for a Q + A session, webinar, or shoutout.
Institutions can easily create a variety of reels Reels can quickly illustrate a financial service, be it through a quick step-by-step demonstration or a person presenting an onscreen “list” detailing those steps.
Those who really want to establish credibility with the younger demographic, may want to investigate Tiktok, a platform made of post-production tools which deliver professional results, and aim at accessibility for inexperienced creatives.3
LINKEDIN UPDATES
LinkedIn has taken a page from Instagram and Snapchat and jumped on the stories train in the mobile app. Their Stories have a similar swipe-up feature to that of Instagram. Unlike Instagram, there is no business-account with-ten-thousand-followers prerequisite.
On LinkedIn, this is an automatic feature for any with a company page. Additionally, LinkedIn added an Ad-placement feature to those Stories. In terms of page changes, now users and businesses can link their post to other social media sites, as well set the post to only show within their personal network.
ADMIN LEVELS
Other updates include Comment Control to reduce spam, the introduction of Admin Levels, and content sections such as Company Milestones and Mentioned in the News, which uses an algorithm to automatically source and display whenever the company is mentioned in online articles. This can be turned on in the profile’s Visibility settings. Finally, for those on the sales side of LinkedIn, the Account Mapping feature inside the Sales Navigator is an easy way to see and organize people within the organization. There is also a Sales Insight tool which makes it easier for users to connect with their target prospects or businesses through pre-existing connections.4
Currently, active users of social media measure companies and individuals by what they feel is “relatable” and “real.” They want to see posts that clearly demonstrate who people are, what they do, and why they matter in a subtle but powerful manner. Through their socials, financial institutions, can grow that “relatable” online presence to not only reach the younger demographic, but get them interested and into the branch. Their posts need to embody the brand identity and create consistent look which prospects and customers can associate with the intuition. Establishing this strong brand identity will make it much easier to establish a consistent look and feel on the socials, share a voice that resonates with customers or members, and tailor the marketing approach to better translate the institution to the social media platform.
LOOK FOR the FOLLOW UP blog: TIPS FOR TRANSLATING BRAND IDENTITY TO INSTAGRAM AND LINKEDIN.
1. Influencer: An influencer is someone who has: the power to affect the purchasing decisions of others because of his or her authority, knowledge, position, or relationship with his or her audience. a following in a distinct niche, with whom he or she actively engages.
2. https://embedsocial.com/blog/new-instagram-features/
3. https://digitalnative.substack.com/p/rewriting-culture-examining-the-rise.; Tiktok had over 2 billion downloads as of May 2020.
4. https://vendedigital.com/blog/top-linkedin-updates-you-need-to-know-for-2021/ for additional LinkedIn updates click here.
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Written by Bryn Baldasaro for The Element Group. Edited by Scott Worroll.
