How are Finance brands using social media to turn negativity into advocacy?
Finance brands turn negativity into advocacy by incorporating insights gained from social media listening into their branding and content strategies. While negative public opinion may be out of your control, analysing consumer conversations will allow you to design content that meets consumers’ needs and shifts attention to diligent advice rather than criticism.
HSBC is one finance brand that has taken to social media to do just that by determining why consumers are complaining about their banking experiences. They wanted to measure brand perception country by country, listening specifically to the complaints that consumers were voicing. Delving into the conversations, HSBC could find out who was complaining, what they were complaining about, and which topics were driving the complaints.
One topic of conversation that HSBC was particularly interested in investigating in order to drive content writing was mortgage strategy. Insights pulled from social media conversations allowed them to address popular topics of concern for consumers, including people’s worries when applying for mortgages and banking in general.
With the help of comprehensive social media listening, HSBC was able to create content that addressed their customers’ most pressing issues. Sorting posts into user-defined categories allowed HSBC to determine the proportion of the conversation that each topic made up and how these proportions changed over time. Content was also designed for specific audiences, incorporating author characteristics like location and gender that influence how consumers interact with banking institutions.
By harnessing the power of social media, finance brands can shape content to meet the needs of consumers and turn adversity into opportunity.
Luke Moore, Crimson Hexagon
In addition to helping finance brands like HSBC generate relevant content that addresses consumer concerns, social media can also be used more broadly to provide value insights for business direction and strategy. Brands can measure consumers’ unadulterated opinions on anything from the latest credit card marketing strategy to the most popular hours to go to the bank. Consumers discuss all aspects of their banking experiences, and finance brands can use social media analysis to determine how customers are reacting to their policies, branding, and marketing content. Another important topic of conversation is determining why people leave banks. Keeping track of negative conversation and discussions among people leaving their bank will expose the issues that pose the largest threats to branding and business success.
Finally, audience interests can also play a major role in creating branding and content that mitigates negativity. One method may be to introduce product sponsorships that attract new customers and appeal to those who may have been dissuaded by negativity. Segments provide an in-depth understanding of what interests different audiences. The process of selecting product sponsorships becomes dramatically more accurate when audience interests are taken into account.
Finance brands can build sponsorships that cater to specific customer types based on the composition of the broader brand conversation. Attracting young people, business owners, and recent retirees will require distinct marketing, advertising, and sponsoring strategies.
By harnessing the power of social media, finance brands can shape content to meet the needs of consumers and turn adversity into opportunity. Brands use social media listening to determine what is most important to consumers and address their most critical concerns with positive content, updated branding, and policy changes. Building social media into business strategy gives finance brands access to a wide array of tools for improving online brand conversation by addressing consumers’ concerns and incorporating positive brand elements into future campaigns.