PFM (Personal Financial Management) refers to financial technology that helps users manage their money through visual charts and graphs. While this seems
- Sep 06, 2017
Most marketers will advise you that the proper use of social media isn’t to solely promote your products and services. A picture of your product will not “go viral” (unless perhaps there is something glaringly wrong with the photo). I recently read an eBook from called “Why Your Social Media isn’t Working” and found this great piece of advice:
“The majority of your social media engagement shouldn’t be about what you’re trying to sell. It should be about how you fit into consumers’ lives, demonstrate the interest or values you share with them and bring meaning to the relationship.”
The book discusses credit unions use of social media: 41% of credit union marketers think social media is very important to their marketing strategy and 74% said their CU plans to increase its level of social media use in the future. Yet 53% of respondents rated their credit union’s social media efforts as not effective in helping them achieve marketing goals.
It may be time to change your marketing goals for social media. The most effective social media marketing plans focus on education and building awareness. We all know that millennials are the biggest users of social media, so it would make sense for financial institutions who are trying to attract younger members to use social media as a primary means of doing so.
But again, rather than discussing your own products and services to these millennials, social media users want to read about trends, issues, view real life examples of new products and services at work. Educate and Build Awareness.
Mobile Lending can be the perfect product to introduce and promote through your social media marketing channels. It is a newer product, with a highly advanced and technical twist on a product that most everyone at some point has a need for(mobile banking). Especially for an age group that is buying their first cars, first homes… really just beginning to have a need for loans that aren’t from the bank of mom and dad. Due to their fear of the unknown they are more likely to apply through a medium that doesn’t require a face to face interaction and can save them from possible embarrassment.
It is also a product that is available through the very device that most people are checking the social media platform through! In fact, more than 425 million active users access Facebook through mobile devices. Social media is a product that resides on the device that sometimes seems your target market has with them AT ALL TIMES!
If done right, mobile lending can give your financial institution the edge it needs to gain business from a marketing channel that appeals to a demographic you are striving to reach.