In recent years social media has evolved drastically, becoming an extremely important tool for any business to grow. No matter how small or big your name is, you have to be actively present on social media to stay relevant in the market. Social media, whether it’s Twitter, Facebook, Snapchat, or Instagram, has a significant impact on business and is revolutionizing Fintech and the business sector as a whole.
It has been proven that social media marketing has a particular way of improving brand recognition and retention. As a Fintech company, it’s not just about increasing your customer base but it is also important that you keep them interested in your business. This is only possible through social media, where you can connect with millions of people in no time.
Fintech has gained popularity recently as a source of lending, financial services, personal finance, equity financing, etc. In fact, many people now consider fintech to be “the new normal” since the global pandemic has hit the world.
Now that financial-related queries from customers have increased, they post them on the social media handles of respective organizations. And the businesses that have responded to customer questions and been catering to the customer’s needs and demands are more successful than the others.
Importance of Social Media Marketing for Fintech
Brand Exposure
With the growing popularity of social media and its trends, we all know that the future is going to be all about social media marketing and how a company or business uses it for its benefit. If we talk about cryptocurrency, it has gained massive attention over the past few years.
Tens of millions of people worldwide now follow cryptocurrency programs and market developments with passion. Social media plays a significant role in the continued expansion of cryptocurrency, people’s increased interest in the subject, and the overall surge in the trend of the cryptocurrency market.
Social media marketing mainly serves in two important ways, firstly it helps in building the hype of cryptocurrency projects and that’s the best way to bring any product or service to the market. Good marketing techniques can help the company in building strong engagement.
Secondly, social media is a great tool to educate people about technical terms like cryptocurrency or bitcoin. The platform has immense knowledge of cryptocurrency projects and crypto communication, and it’s free of cost.
Precisely, social media gives your brand exposure in the market to grow however it is important for the company or brand to be consistent. Crypto-related information is in high demand, and organizations and individuals are trying their best to fulfill it.
Facebook, Twitter, Telegram, and Reddit are among the lead platforms for sharing information about cryptocurrencies. Large blockchain-based business Ripple has shared a lot of information through webinars and even a TV show called The Ripple Drop.
Helps to build a bond with users
Lack of trust is frequently cited by customers as their top complaint with financial service providers. Many people feel utterly alienated from financial institutions as a result of the many complicated rules and regulations they must follow, as well as the countless historic banking scandals. This is a roadblock to a fintech company’s progress.
However, in order to overcome this obstacle, the company can use social media platforms to build trust among people. The fintech company and users should have a bond where they can be beneficial to each other.
Sometimes, banking might seem cold and impersonal. Customers also don’t like to believe that they are only a set of numbers on a ledger in the eyes of their financial service providers. The opportunity to highlight the human aspect of banking and the beneficial effects that solid banking relationships can have on people and communities through social media is enormous.
A better understanding of customer needs
Users become more familiar with your brand as a result of social media interaction. Engaging with potential customers and providing them with a personalized and useful environment to find solutions can go a long way toward improving their relationship with your company and increasing their level of trust.
Social media is a fantastic tool for helping you create a community around your business that is loyal to you because they have an emotional connection to it, utilize your products, and interact with you online. Social media helps in identifying the needs of your customer so that you can work around those areas in specific.
We cannot emphasize enough the value of having a thorough and clear social media plan. This will not only enable you to ensure that your objectives are met, but it will also help you target your audience more precisely and economically.
Product Building on Social Media
Financial institutions are beginning to understand the advantages social media offers in connecting to the younger population. Due to the always changing payments landscape, banks must now provide services that address the many channels of communication, particularly social media, as they change.
Some FinTech products are made through social media with the use of feedback that they get from their users. For instance, the mobile payment service Venmo has integrated with major platforms to include its social media component. Venmo stands apart from competitors in the e-payment industry due to its unique business model that combines payments with social media. Similar to how individuals exchange photographs and news on Twitter, the service is used to exchange payment data on a social platform.
What’s the right platform for your brand?
There are numerous social media platforms present, each with a distinctive set of features. For example on Instagram the audience is mainly between the age range of 15 to 44, however, on TikTok, the maximum number of users is from 15 years to 25 years. It is crucial that you decide which platforms your business should be present on as part of your overall plan because consumer behavior on each platform differs greatly. Being active on every social media network is not a smart idea because it could muddle your efforts and reduce your efficacy.
You need to think about the nature of your company, your primary target market, and where they are located, locate your competitors, and concentrate on the foundation of your digital footprint.
Wrapping Up!
In this blog, we have tried to make the fintech companies understand the importance of social media for their progress. This is 2022, there is no way we can ignore the massive power of social media for any small or big business.
