The future of the financial industry is changing fast with the ever increasing use of social media platforms. The impact of social media combined with big data has opened up new opportunities for stock brokers, futures brokers and forex brokers; not only to enhance their communication with clients but to also increase their exposure, brand awareness and even lead generation.
Social media plays a vital role in getting to understand your customers’ needs. Global financial markets are becoming easily accessible to any level of retail trader, and social media is a powerful channel through which to listen and communicate with large audiences.
Stock, Futures and Forex brokers are not maximizing the utility of social media platforms. Some of the benefits which the retail financial industry can harvest from social media marketing are:
- Increasing awareness
Connecting traders and creating a community, which will in turn create brand ambassadors and brand equity. This can also help in increasing brand loyalty and therefore the Lifetime Value of traders.
- An efficient way to communicate with targeted audiences by sharing trends and news
All asset classes in financial markets, including stocks, futures and currencies are continuously fluctuating in value. Having access to the latest news updates is imperative for traders of any level. One Facebook post or one tweet can instantly serve important news to thousands of traders globally. Offering them news as it happens will encourage them to place a position or possibly increase the frequency of their trading activity.
- Creates networks and trader groups
Different social media channels are effective for different purposes:.
- Facebook – a trader can find a variety of trading groups, fellow traders, trading pages as well as market updates that they can follow for insights.
- Twitter – enables brokers to listen as well as engage in conversations with other traders. They can share information and insights as well as articles, analysis and news. Furthermore traders can communicate amongst themselves to share tips and tricks for increased success throughout their trading journey.
- Linkedin is a platform known mostly for professionals. It offers brokers a perfect place to connect with partners, vendors and channels, sharing industry articles and thereby the opportunity to create more professional relationships.
Social media platforms offer brokers an abundance of data that can help with their marketing efforts. Data driven marketers can then use this data to optimize their performance and enhance their lead generation, retention and generally the clients user experience with the broker.
Keeping up with your social media needs can be a struggle. Employ tools like natural language generation algorithms to automate your social media channels and serve your traders unique posts and important updates timely and on-brand.
Promotions of market news updates on social media has proven to offer big brokers valuable lead-generation. Find out more about what Natural Language Generation is and the benefits it can offer stock brokers, futures brokers and forex.
How social media supports user experience
In a digital age, consumer behaviour has shifted, keeping in mind that users have access to unlimited information. Therefore they are not expecting to be sold, they are simply looking for an avenue that will allow them to evaluate all options available. The evaluation will affect their final decision. As many brokers offer similar products, customer service and effective customer interactions is one of the most common differentiators.
Social media platforms are increasingly used to enhance customer experience, as well as sales funnels. Many brokers use applications like Facebook Messenger and Telegram as a customer support channels, offering their traders direct and instant support within the social media networks.
In 2019, the average user spent 144 minutes per day on social media. Therefore being able to tap into the users social time is extremely convenient to establish contact quickly and easily with the customer service department of brokerages, saving both time and money (for the broker and the trader). It also creates a sense of feeling “closer” to the brand, building a relationship with the trader and allowing them to emotionally connect and invest with the brand.
Building relationships with clients via social media marketing is a key element of a brand’s success. Social channels are an undeniably powerful tool for any broker, and there is definitely room for improvement in the way the financial industry is using it. Staying current and relevant on your social media channels is incredibly important as is serving your clients with the content they need. Invest in your social media strategy and harvest the benefits of social media.