There are so many platforms that you can venture in to promote your financial institution and grow your client base. However, it isn't easy to know which one of them will yield benefits.
Most people market through LinkedIn, Twitter, Facebook and Instagram, but very few of them pay attention to Snapchat; even though its projected user base in the U.S. alone has reached 70 million.
Snapchat is an android and iOS devices mobile application launched in 2011 by a company called Snap. It was initially developed to facilitate sharing of pictures that were available to the receiver for only a short time, usually 10 seconds or less. Now you can use it to send videos and messages. You can also use Snapchat for live video chatting and "story" sharing with your followers.
Image-based content is powerful, and that is why Snapchat has been gaining popularity over the years. The question is, can you use it to recruit clients for your financial institution?
Several financial institutions have used Snapchat to gain a huge following of potential clients. They include:
• Bank of Ireland to gain clients from the younger Snapchat users
•JP Morgan to target graduates through college feeds
• Australian Insurance Company AAMI to engage with younger potential clients
• Goldman Sachs to secure clients from generation-Z.
These financial institutions gain clients through Snapchat by:
1. Affiliating themselves with a cause to win customers' hearts, such as International women's day.
2. Offering financial advice and consultancy
3. Using sponsored events to create visibility for their brand.
4. Customer service that allow users to ask questions using emoji, photos, filters, and videos, hence attracting followers and potential clients.
HOW DOES SNAPCHAT WORK TO BUILD A CLIENT BASE?
SPONSORED GEOFILTERS
This is a paid feature on Snapchat that allows you to affiliate your financial institution with a cause depending on your location. You can also use it to boost your visibility at a sponsored event by allowing you to display logos or text on your Snapchat photo.
The cost is determined by how many users can see you and how long you want the marketing to last.
Stoneham Bank is a community bank that sponsored admission at a local zoo and set up a sponsored geofilter on Snapchat for the first time. It cost about $200, but within 10 minutes, the geofilter was visible in a 3 million square foot radius. It got 3.500 views, 37.5% of which were converted into clients.
SNAPCHAT STORIES
Financial institutions and advisors use this free feature to post photos, videos, and workplace culture to create engagement with clients. They also use it to answer financial questions and those regarding them and their institutions.
Your followers can download content within 24 hours after it is posted.
SNAPCHAT DISCOVER ADS
This feature allows you to make announcements and offer business tips and advice. Content appears on the "discover" button, event coverage, and trending topics.
Although you have to pay for this feature, your ads will reach a wide variety of users, and you may gain a lot of clients from it.
CAN YOU AFFORD IT?
Most of the above mentioned institutions are developed and large-scale. Still, it doesn't mean that starters can't use Snapchat for marketing. It is affordable, and you can gain a substantial number of clients even if you are just a beginner.
Snapchat provides a way to interact with customers and to add to a growing client base. It is also a fun platform to engage your target population, and it shows that you are up-to-date with trends. Clients appreciate this since it is an indicator that your product is trendy and updated. Using Snapchat also shows your personality, increasing your target audience's probability of liking you and becoming potential clients.
If you like this content and aren't a member of NAIFA, consider joining--we are always working to educate our members so they can better differentiate themself from the competition.
