The 6 biggest mistakes financial services marketers are making on social media.
We often get questions about social media’s role in an effective growth strategy. What works? What should we avoid doing? As a growth company, you know the importance of staying ahead of the curve. That's why you're likely invested in social media, using it to connect and engage with new customers and grow your brand. But are you making these five common mistakes? Read on to find out! (PSA: marketers in financial services, this one's for you!)
1. Not having a social media strategy
Social media marketing can be a great way to connect with customers and promote your business, but only if it's done right. Without a social media strategy, companies can quickly find themselves wasting time and money on Social Media platforms with little to no return on investment. A social media strategy provides direction, sets goals, and outlines how to measure success. Without one, businesses run the risk of scattered posts and wasted effort. Additionally, customers can become frustrated when they don't see consistent messaging or an engaging social media presence from a company. To avoid these pitfalls, businesses need to make sure they have a clear social media strategy in place before they start posting.
2. Posting without a purpose
In today's business world, having a purpose behind your posts is more important than ever. With the vast majority of people now active on social media, it's easy to get lost in the noise and fail to engage with your customers. That's why it's so important to think about why you're posting before you hit the publish button. What are you trying to achieve? Are you trying to build brand awareness, generate leads, or drive sales? Without a purpose, your posts will lack direction and fail to capture the hearts and minds of your target audience. So take a moment to think about what you want to achieve before you start posting, and you'll surely see better results.
3. Not targeting the right audience
Customer segmentation is the process of dividing your customer base into groups based on shared characteristics. It's an essential part of the targeting, creating a marketing message that resonates with a specific audience. If you want your marketing to be effective, you must ensure you're sending the right message to the right customer at the right time. Unfortunately, many businesses make the mistake of not targeting their audience correctly. As a result, they waste money on marketing campaigns that don't reach the people they need. To avoid this mistake, take the time to segment your customers and create targeted marketing messages that speak directly to their needs. By doing so, you'll be able to ensure that your marketing efforts are more successful and efficient.
4. Failing to create engaging content
If you're not careful, your content can become a snooze-fest. Dull content doesn't just fail to engage your audience - it can also hurt your bottom line. After all, if customers aren't excited about your content, they'll not stick around - let alone convert. So what's the secret to creating content that packs a punch? The key is to create content with stopping power. Whether it's a catchy headline, an engaging video, or a helpful infographic, your content needs to grab attention and keep customers hooked. With great content, you can engage and convert customers like never before. So don't underestimate the power of engaging content - it could be the difference between success and failure.
5. Too much reliance on social media to drive leads and sales
Regarding lead generation and sales, social media is often seen as the magic bullet. However, many businesses fail to realise social media's full potential and miss out on valuable leads and sales. Here are three reasons why you shouldn't rely on social media to drive leads and sales:
Social media is a great way to build relationships, but it's not always effective for lead generation. To generate leads from social media, you must put in the time and effort to cultivate relationships with potential customers. This can be a labour-intensive process that may not always lead to direct sales.
Social media can be an excellent platform for conversion, but the ROI can be difficult to measure. While social media can be effective for converting leads into customers, it can be challenging to track the ROI of your social media efforts. This makes it difficult to justify the time and resources invested in social media lead generation and sales.
Other lead-generation channels can be more effective than social media. While social media should be part of your lead generation and sales strategy, it's essential to diversify your efforts and not put all your eggs in one basket. Other lead-generation channels are more effective than social media, such as search engine marketing (SEM) and email marketing.
6. Not measuring success
Measuring success is essential for any business, but make sure you use the right metrics. One of the most common mistakes is focusing too narrowly on conversion rates. Of course, tracking how many people take the desired action is essential, whether signing up for a newsletter or purchasing. However, conversion rates can be misleading if they're not put into context. For example, a high conversion rate may reflect that you only target people already interested in your product. A more accurate measure of success is ROI, which considers the number of conversions and the total revenue generated. By using analytics to track the right metrics, you can ensure that you're making decisions that will lead to long-term success.
If you're looking to generate leads and sales from social media, it's essential to be realistic about what you can expect to achieve. Social media is an excellent platform for building relationships, but it's not always the most effective lead generation or conversion channel. Instead, focus on combining it with other lead-generation channels that better suit your business goals.
Even the savviest of social media users can make mistakes from time to time. But don't worry; we're here to help! Contact us for assistance if you're making any of these five common social media mistakes. Our experts are experienced in helping businesses like yours grow their brands and connect with new customers online. We'll help you get back on track and see results from your social media campaigns.