One of the biggest benefits of social listening is the ability to gain valuable insights into customer behavior and preferences. By tracking social conversations, financial institutions can determine which products and services customers are interested in and what they are saying about their current offerings.
Social listening is also a great way to stay ahead of the competition. Financial institutions can use social listening software to track their competitors’ social conversations and see what they are offering and how customers respond. This allows them to adjust their strategies and offerings accordingly.
Finally, social listening is a great way to build relationships with customers. Financial institutions can show customers that their opinions and feedback are valued by responding to social conversations. This can lead to increased loyalty and brand advocacy.
15 Ways Social Listening Can Help Financial Institutions
The growth of online platforms like Twitter, Facebook, Instagram, and others has made social media an invaluable resource for financial institutions. The benefits of social listening are clear—it allows institutions to monitor customer conversations in real-time and respond quickly to customer needs.
But how do financial institutions create a successful social listening strategy and reap the benefits of social listening?
The answer lies in understanding the customer journey—from finding out what customers say about a brand on social media to responding quickly and accurately.
Here are fifteen ways social listening can help financial institutions :
1. Identify Opportunities Before Competitors
The first step to successful social listening is identifying opportunities before competitors do. This means analyzing customer conversations to discover what customers are talking about and responding quickly to any potential opportunities.
According to a report, 29% of individuals would change their bank if it were easy to do so. So, with social listening, a financial institution might discover customers looking to switch banks and offer personalized benefits to encourage them to stay.
Read Also – 4 Reasons to Start Using Social Listening Today
2. Understand Your Audience
Another key step in creating a social listening strategy is understanding the target audience. By analyzing customer conversations, financial institutions can get a better understanding of their customer’s needs and preferences. This helps them create buyer personas and tailor content to meet needs more effectively.
Suppose a financial institution discovers that a certain segment of customers finds its services too complicated. For example, senior citizens who can’t use technology, as well as younger customers. The institution can then create content tailored specifically to these customers, making it easier for them to understand their services and benefits.
Similarly, social listening platforms can also be used to identify potential customer segments, allowing financial institutions to customize their marketing messages and further social listening to improve the customer experience.
3. Analyze Competitors
Competitor analysis is a key element of any successful social listening strategy. It allows financial institutions to keep an eye on what competitors are up to and stay one step ahead.
One of the best examples of using a social listening solution for competitor analysis is the Google Trends tool. This tool allows you to compare search terms related to financial services, giving insight into which banks customers are searching for and what benefits they seek
4. Create Social Media Strategy
A social media strategy is essential for any successful social listening strategy. A robust social media presence allows financial institutions to reach potential customers and build brand loyalty.
Creating a successful social media strategy involves understanding the customer journey and creating content tailored to their needs. Additionally, financial institutions should use social media platforms to create engaging content, such as videos and blogs, to help customers understand the benefits of their services.
For example, Bank of Baroda’s Instagram page has numerous customer-focused posts that explain the benefits of their services and provide valuable financial advice. Visuals can help customers better understand their services and benefits, improving the customer experience and brand loyalty.
5. Track Mentions to Listen To Your Customers
Hashtags, account mentions, and keywords are all great ways to track customer conversations related to a financial institution. Even if customers don’t follow the institution’s social media accounts, they can still be tracked if they mention the brand or use certain keywords.
By tracking these mentions, institutions can gain insight into how customers feel about their services, what benefits they are looking for, and what issues they might face. Listening to customer feedback in this way can help financial institutions identify areas for improvement and respond quickly to any potential opportunities.
For instance, the State Bank of India has a dedicated social media team that responds to customer queries on Instagram, Twitter, and other platforms. This helps them build brand loyalty and improve the customer experience by providing prompt and helpful responses.
6. Look for Key Insights
Social listening software can help financial institutions identify customer trends and gain key insights into their target audience. By analyzing social media conversations, they can gain a better understanding of their customer’s needs and preferences.
For example, social listening platforms can track customer conversations related to different types of financial products, such as credit cards and loans. This allows the institution to create custom marketing campaigns that address these needs directly, increasing customer engagement and sales.
Similarly, social listening platforms can also be used to identify potential customer segments, allowing financial institutions to customize their marketing messages and further improve the customer experience.
7. Crisis Management
No industry is immune to social media crises, and financial institutions are no exception. A social listening strategy can help identify potential issues before they spiral out of control and create a crisis.
With the help of social listening platforms, financial institutions can identify any negative feedback and use it as an opportunity to address customer concerns before they become a social media crisis. Additionally, social listening platforms can be used to detect potential security threats that could compromise customer data.
You may also like to read: 11 Crisis Management Trends in 2023 for Enterprises
8. Monitor Engagement
Finally, social listening platforms can help financial institutions measure and monitor social media engagement. By tracking likes, shares, comments, and other social media metrics, institutions can gain valuable insights into their social media campaigns and identify areas for improvement.
If an institution notices that a particular social media campaign is not receiving the desired engagement, it can use social listening software to measure customer sentiment and analyze customer conversations to identify any potential issues. This can help create more effective campaigns that target the right audience and improve social media engagement.
9. Market Research
Financial institutions can use social listening to research the market and gain insights into customer needs, preferences, and behaviors. This information can be used to shape their products and services to better meet their customers’ needs.
For example, banks can track conversations on social media to understand what people are looking for in a banking product, such as low fees or easy access. This information can then be used to develop products that meet customers’ needs.
Don’t miss out: 8 Effective Ways To Improve Research With Social Listening
10. Understanding the Market
Social listening can also help financial institutions understand the market. By tracking conversations on social media, banks can gain a better understanding of what people are saying about the industry and what they expect from financial services. This information can then be used to shape their marketing strategy and better target their customers.
Suppose an insurance company wants to target millennials. By tracking relevant conversations on social media, they can gain a better understanding of what this demographic is looking for in an insurance product.
11. Tracking Trends and Innovation
New trends keep emerging, and financial institutions need to stay ahead of the curve. Social listening can help them track the latest trends, innovations, and products that competitors are offering. This can help them stay competitive and adjust their products and services accordingly.
Currently, there is a huge rise in fintech companies offering innovative products, such as mobile payments and cryptocurrency. By tracking conversations about these technologies, banks can stay ahead of the curve and adjust their products accordingly.
12. Leveraging Influencer Marketing
Social listening can also be used to identify influencers in the finance industry and beyond, leverage their influence, and reach more people. Banks and other financial institutions can track conversations to identify influencers and then collaborate with them to reach more people. This can help the organization gain more exposure and increase brand awareness.
For example, Cred has partnered with YouTube personalities like Tanmay Bhat to promote their credit card in India. Similarly, they collaborated with stand-up comic Rahul Subramaniam for their “Building Uncles” to create awareness about their products. Such collaborations can be very effective in reaching a large audience and increasing brand visibility.
13. Providing Excellent Customer Service
Social listening can help financial institutions provide excellent customer service by identifying customer issues and addressing them quickly. By tracking conversations on social media platforms, financial institutions can identify any problems that customers may have with their services. They can then take steps to address these issues and improve the customer experience.
For example, a bank can track conversations to identify customer complaints about their customer service. The bank can then look into the issue and provide a resolution quickly, which will help to improve customer satisfaction.
14. Leveraging Online Reviews
Reviews have become an important part of the customer experience. With social listening, financial institutions can track reviews and use them to improve their services. They can also use positive reviews to build trust and credibility with potential customers.
For example, a credit card company can track reviews about their customer service on review sites such as Google, Instagram, and Yelp. This will help them identify any areas where they can improve as well as showcase positive reviews to potential customers.
15. Bettering the Customer Service Experience
Social listening can also help financial institutions improve their customer service experience by tracking conversations related to their services. They can identify any areas where customers may be having difficulty and take steps to address these issues. This will help them provide a better customer service experience and increase customer satisfaction.
Read more: 7 Ways Social Listening Improves CX
Social listening is a powerful tool for financial institutions. It not only helps them gain valuable insights into their customers and identify potential social media crises but also allows them to monitor social media engagement and measure the success of their campaigns. By using social listening software, financial institutions can create better customer experiences and build brand loyalty.
In conclusion, social listening is a must-have tool for any financial institution looking to stay competitive in today’s digital world. With the help of social listening software, financial institutions can gain valuable insights into their customers and improve their social media presence.
About Konnect Insights
Konnect Insights offers a robust and powerful omnichannel customer experience management platform, and social listening can help financial institutions worldwide stay ahead of the competition. Contact us today to learn more about our social listening solutions and how they can help you gain a competitive edge. We’re here to help you succeed in the social media landscape!