Social media apps have become lucrative marketing channels in recent years. If done right, a brand can catapult its business and have a massive ROI using Instagram, Linkedin and other social media apps. According to GWI audience research company 49% of internet users say they are likely to purchase from brands they see advertised on social media.
Here we’ll take a look at FinTech companies thriving in Instagram and other social media apps, and some tips to skyrocket brand awareness and engagement.
How Can FinTech Companies Grow on Social Media?
Focusing on exposure rather than engagement is a fundamental rule to follow for social media marketing, but most FinTech companies do not follow this rule. It’s not to satanise the idea of promoting products and announcing company updates through social media, rather than taking the most out of each app.
Most social media apps like Instagram are all about presentation. One mistake companies make is bombarding users with their products. Instead, successful brands take an interactive approach to engage users rather than becoming a constant sales pitch — which can backfire quickly.
We can see this with Click Through Rate (CTR), an important measure that allows companies to see how much people are viewing your content. Several FinTech firms on social media have dozens of thousands of followers but little to no interaction in their content.
To put this in perspective, the average CTR is between 1% to 2% for an account across social media, and anything above 2% is considered above average. This means that a FinTech company with 10,000 followers could amass between 200 – 500 interactions in their posts, whether it be likes, reactions, comments, shares, etc.
Don’t Be Afraid to Use Humour to Deliver a Serious Message
Social media’s meme culture allows companies to add a bit of humour to their posts, and users are more likely to interact with this type of content.
Instead of pitching a product, a service, or promoting an event directly, using memes is a powerful tool to connect with your audience, drive awareness and brand engagement, and also stake their brand on people’s minds.
We can take Takeprofit Tech as an example of mixing an important message with humour:
Takeprofit Tech is a FinTech firm that provides forex brokers, liquidity providers and exchanges with risk management and liquidity aggregation solutions.
While most finance and FinTech firms would prefer to take a more professional tone of voice (TOV) on LinkedIn, Takeprofit Tech and other firms like to spin things a bit to engage with their audiences. This strategy allows them to stand out and build more brand awareness.
Use Different Formats on Social Media
Firms that play with various types of formats on Instagram and other apps can highly engage a firm’s audience.
Polls are a fundamental tool that can engage users throughout social media apps, especially in LinkedIn and Twitter. They are particularly popular on Instagram stories and Twitter’s news feed, allowing users to respond with minimal effort. What’s more, since these apps display the amount of users that have voted, other users scrolling down the feed or reviewing your highlighted stories are more likely to answer the poll.
A good example of this is INFINOX Capital, a London-based broker regulated by the Financial Conduct Authority.
Taking a look at their Instagram feed, we see they have an established colour palette; black, yellow and white, and an organised feed, mixed with various types of formats: jpegs, reels, videos, and polls.
This is an important aspect to consider — staying with a single format can bore an audience in the long run. The problem, it seems, is that FinTech companies are afraid of letting their creativity blossom or outsourcing their product to freelancers who do not understand it thoroughly. A proper and full-time social media manager is the best way to go since they will take the time to download your app and answer customers’ inquiries with short notice.
Make Use of Short-Form Content
TikTok is another social media platform that can skyrocket a FinTech firm’s popularity. Its business model is simple yet powerful —engaging users with tons of creative short-form content, and it provides a wide range of features to make this content: filters and effects, duets, video editing, hashtags, analytics, and more.
TikTok is also popular due to the swathes of influencers and celebrities on its platform. This is a great tool for FinTech firms since they can collaborate with them to reach hundreds of thousands and even millions of users. Contest with prizes and gifts during live streams are also the way to go.
Don’t Be Afraid to Innovate
It’s not to say that companies should post memes, short-form videos, polls, or post controversial or non-related content on social media all the time to attract users; it’s about innovating and playing with the cards and rules they are dealt with.
Let’s take Zopa as an example, a money-management app in the UK that offers investors an easy way to borrow loans online and net an average of 3.2% in returns.
Topics related to finance and technology are usually complex for most people. But Zopa takes educational content to another level by breaking down topics using comic book-style animations, where banks, coins, and other instruments and entities interact with each other in a funny yet educational manner.
Talk About Popular Trends and Provide Market Insights
Your audience wants to know what’s going on with the latest news on the market. A good way to engage with your users is by creating a weekly or monthly newsletter summarising the latest market moves and providing valuable insights from your analysts or top executives.
Another way to go is by posting videos ranging from 1 to 2 minutes on your social media accounts like Match-Prime Liquidity does. Video clips are more direct and provide broader engagement, as users can comment and share their thoughts with you.
Final Thoughts: FinTech Firms on Social Media
There aren’t many FinTech companies doing great on social media. Only a few have become successful thanks to their innovative and community-oriented approaches instead of constantly shoving products and services into the audiences’ throats. Only those who are willing to take risks can do the best on social media. Easier said than done, of course, but a lot of FinTech firms do not allow their creativity and ideas to fully develop.