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Social media data offers banks a vast, relatively untapped source of insights about everything from marketing to identifying new customers, talent and potential risk management issues. The key is assembling a team that knows how to mine social media for information.
March 25 -
Toronto-Dominion Bank's second video smash hit is the latest example of how marketing is evolving to suit digital audiences' tastes. The key to the video's success is an emphasis on customers and community, not the TD brand.
December 23 -
Banks can ditch their reputations as fuddy-duddy workplaces by helping millennial employees connect with the social mission driving the company and giving them plenty of opportunities to advance their careers.
April 27 -
TD Bank's efforts to be responsive and natural on Twitter and Facebook have earned it a top ranking among its peers.
April 24
A quick skim through banks' Facebook and Twitter feeds reveals that most corporate accounts are missing one very important factor: interaction.
Some banks may post about upcoming branch openings, product-related information, and the latest updates on Dodd-Frank. But based on the number of comments, shares, retweets, likes and favorites that these posts receive, it seems most consumers aren't biting on the hooks that banks cast.
Interaction is exactly what bank marketers should be striving for. The chance to engage with current and potential customers is what differentiates social media from all other forms of marketing materials. Social media is a two-way communication tool that gives consumers a choice of whether to engage or ignore bank messages.
Since consumers have a choice, brands and marketers need to compete for the attention of their audience against all the other content circulating online. This means the content they create needs to be not only relevant and useful, but also entertaining a quality that most bank social media accounts lack.
The power of entertainment to sway customer habits is illustrated by
Now, I'm not suggesting banks go out and create their own Pixar Studio and then develop a cartoon featuring animated dollar bills. But banks do need to start spending more resources on building great content that leaves their audience similarly motivated.
This kind of strategy requires time, investment in storytelling and a significant use of internal and external resources. Instead of shelling out checks to present at charity events and galas, this strategy utilizes digital resources and creative, artful narratives to bring a bank's culture and values to life. This kind of content reaches a much larger audience and has the ability to tug at consumers' heartstrings, facilitating brand loyalty.
For example,
Another good example is
These campaigns have been successful because they use storytelling techniques to engage people's interest. They flip the focus of the story to the consumer, making the bank merely an amplifier of the consumer's tale.
The videos' emphasis on emotion is also vitally important.
If banks keep using social media as a one-way communication tool, they will continue to see a lack of interaction and results. Banks shouldn't be creating social media profiles simply because they feel they have to. They should see them as opportunities to invest in content that makes a real difference to their bottom lines.
Content shapes the way our consumers think and act with regard to our services. And good content will get swallowed whole hook, line and sinker.
John Siracusa is the president and chief executive of