by Beth Youra
This post is part of Gallup's ongoing series on the shifting landscape for financial institutions. It provides insights into channel optimization, emerging customer behaviors and preferences, product penetration and relationship growth, engaging the most critical affluent and business customers, and reshaping banks' overall value proposition.
Social media users are more likely to be:
- Young: The average age of a banking social media user is 33 years, whereas the average age of a non-user is 46. As such, social media users are also more likely to be single and are more likely to have young children at home.
- Male: More than half (59%) of the people using social media to interact with their banks are male. Traditionally, males have been a difficult demographic for advertisers to reach, but social media gives banks a valuable opportunity to interact with this group.
- Affluent: Social media users tend to carry healthier balances in their deposit and investment accounts than non-users. They are more likely to belong to the Mass Affluent (more than $100,000 in investable assets) segment that banks covet.
- Revenue Generators: Social media users generate $2,528 in revenue with their primary bank per year versus non-users who generate $1,262.
- Personality -- Avoid using marketing speak and directly promoting products and services on Facebook and Twitter. Make your messaging personable and conversational. Offer advice and foster a sense of community.
- Availability -- Respond to customers in a timely manner, no matter what time it is. Social media is 24/7, and your response times should make it convenient for customers to interact with you.
- Consistency -- Ensure customers receive the same messaging across all channels, online and offline. Educate all employees on what’s being said on your Facebook and Twitter accounts and train those employees who work with your social media accounts on the products and services that appeal to your affluent and young customer base.
- Responsibility -- Listen to what your customers are saying on Facebook and Twitter and respond accordingly, especially when they are saying something negative about your bank. Ignoring or dismissing a customer’s complaint can cause further problems, whereas responding in a timely and courteous manner shows them you care and are taking accountability.