Summary:
In today’s digital age, community banks face the challenge of connecting with their local audience amidst fierce online competition. Developing a compelling social media strategy, particularly on highly dynamic platforms like TikTok, can serve as a powerful tool to engage with the community, build trust, and enhance brand awareness. As part of a comprehensive marketing strategy, TikTok presents an opportunity to reach audiences with creative and relatable content that resonates with the financial needs and aspirations of individuals in a community bank's locale.
First, the “Elephant in the Room”
Through our speaking, teaching, and consulting efforts, we interact with banks from around the country and know that many banks are forbidden to participate in TikTok. If that’s the case in your bank, likely due to concerns about privacy and data access by TikTok’s parent company, there are still lessons to learn that you can take to other social platforms. However, thanks to TikTok, we have been introduced to the concept of “discoverable content” and the decreased reliance on formal “followers” thanks to their FYP (For You Page). We’ve seen that it’s becoming more about the content you’re producing and having trust in the algorithm to find the right audience that gets you visibility online. So even if you can’t use TikTok at your bank, the lessons learned are starting to apply to all of the short-format video-sharing platforms.
Understanding the TikTok Landscape
TikTok has rapidly risen to become a social media powerhouse, with its unique blend of short-form video content that captivates a wide demographic. Statistics indicate that TikTok's user base not only includes Gen Z but is continually expanding to include older generations, making it a prime platform for community banks aiming to tap into a diverse local market.
Strategic Content Creation
Creating content for TikTok requires a strategic approach that centers on the values and interests of the local community. It's about showcasing the human element behind financial services, presenting real stories, and providing valuable financial insights in an engaging way.
- Tailored Financial Tips: Create bite-sized educational content that addresses common financial questions or concerns specific to the local community.
- Storytelling: Share success stories of local individuals or businesses that have benefitted from the bank's services, reinforcing the bank's role in the community's growth.
- Brand Personality: Highlight the bank's unique personality and values through behind-the-scenes content and employee spotlights.
Community Engagement and Challenges
Engagement on TikTok goes beyond just posting content; it's about fostering a sense of community. Challenge-based content encourages participation and can go viral, offering a powerful means to increase visibility and connect with the audience.
- Host a hashtag challenge that invites users to share their financial goals or savings tips, aligning with the bank's messaging.
- Engage with users who participate in challenges by commenting and sharing their content, creating conversations and relationships.
Influencer Partnerships
Do you have someone in your community (locally or virtually) who is an active voice online with a growing audience of followers? Collaborating with local influencers can be an effective way to tap into existing communities and amplify the bank's message. By partnering with trusted voices within the community, banks can gain credibility and reach segments of the audience that may be harder to engage directly.
Careful Selection of Influencers
Choose influencers who align with the bank’s values and resonate with the target demographic.
Work with influencers to create authentic content that doesn't compromise the bank’s integrity.
Analyzing and Adapting
Every marketing strategy requires analysis and adaptation. By leveraging TikTok's analytics, community banks can understand what content performs well and adjust their approach accordingly. This data-driven strategy ensures that the bank's marketing efforts are continuously refined to meet the interests and needs of the local audience.
Metrics Matter
- Trackmetrics such as views, likes, shares, and comments to gauge content performance.
- Analyzeaudience demographics to ensure the content aligns with the bank's target customer base.
- Adjust the content calendar based on trends and feedback to maintain relevance and engagement.
We’re Here to Help
At WSI, we understand the transformative power of strategic marketing on platforms like TikTok for community banks. Our expertise in digital marketing positions us to guide financial institutions in leveraging these strategies to build a stronger online presence and deeper community connections. For those banks ready to embark on this digital journey, we stand ready to make your local impact a global success. Contact us today to get started!