Nowadays, some of the most successful companies are using social media to grow their community with innovative tactics that are often part of a larger marketing strategy. While this appears to work more naturally in some industries (like fashion or fitness) where people publicly post niche content across channels like YouTube, Facebook, Instagram and Pinterest, other markets can seem like less of a fit for the same approach.
Financial technology, or ‘fintech’ is one of such industries. Using social media can be a bit more difficult due to privacy concerns and personal nature around a financial product or service, but there are still a handful of smart things that banks and payments companies can do. Read on for three tactics you can add to your overall social strategy to wisely grow a fintech company.
Like in any industry, the exposure that an awesome partnership can provide works well for fintech. Depending on the product or service, a partner might be closely related or in a completely different space. An inspiring example of a successful partnership between a fintech company and a seemingly unrelated partner is Tilt’s college tour.
Tilt, an app that helps people collect money from their friends for free, partnered with The Chainsmokers for an insane (and first ever crowdfunded) campus tour. Since the Chainsmokers have a dedicated fanbase that’s Tilt’s target user, the payments company saw growth in part from social media where the Chainsmokers posted content about the tour and about Tilt. Tilt was also able to use each college Chainsmokers concert for its own unique and super shareable social content that drove people back to the app, which was required for tickets to the show.
Social Media Contests
Whether done in the form of a partnership or as a standalone social tactic, contests offer people who may not have used a product or service before an exciting opportunity to learn more about a brand or company. Though a company might choose to extend a social media contest to people who already use its product or service, some brands opt to restrict contests or promotions to new members only. Either way, exposure is the name of the game and success can be measured by user acquisition and community growth.
Paypal has launched a series of social media contests in Australia over the last few years, using Facebook to encourage engagement around fun topics. Because Facebook posts are often shared or shown in a person’s feed, the platform is a powerful choice for a place to grow your community. Paypal’s early 2013 holiday example Delivery Drivers vs. Santa asked people to submit a comment saying why delivery drivers are more awesome than santa. Seasonally themed, it was a fun way to inspire people to chime in while upping exposure opportunities with community growth as a goal.
Though trying to keep up with everyone on social media can feel like a total time suck, there’s huge value in strategic engagement with the right people. This can be done in a variety of ways, including thoughtful follows, genuine responses, re-tweeting, and more. Since many fintech companies have defined friendly, modern brand voices, each engagement is an opportunity for a potential customer or user to get a taste of what being a part of the community is like.
To maximize success with meaningful engagement across social channels, the person managing each should take steps to ensure that the company’s profile, brand assets and tagline are consistent. They should also take steps to see that the stream or feed is on-brand and offers variety between promotion, unique content, and content authored by others. If working with a platform that publicly displays comments or discussion like Facebook, the person should take advantage of opportunities to showcase positive conversations. Companies doing this well on Twitter include Venmo and Square while both Paypal and Tilt have beautiful, human-feeling Instagram accounts. In a disappointing contrast, Indiegogo’s Facebook page shows a series of unanswered, unhappy comments.
These types of engagement can make or break community growth, so be sure to take advantage of each opportunity to make a great impression and add members to your community!
Have you had success growing a community through social media? We’d love to read about your tactics and hacks in the comments!