Banks have begun to do more on social media than provide customer service or be start conversations. More and more, banks are promoting and marketing their brand. One way banks can do this is by tapping into the conversations of potential customers. For example, Bank of America researched what economic-savvy people were talking about in Davos, Switzerland. They learned that #davoswomen was trending and proceeded to use that hashtag. They tweeted about the rising influence of women in the world of economics.
Linda Boff, the social media representative for General Electric, explains that tapping into the conversation is worth it. She claims that if a company fails to receive any responses, they have not waisted much time.
Navy Federal Credit Union started a marketing campaign called “Four Million Members, Four Million Stories” that involved giving away Credit Deposits to winners of their video contest on Facebook. After this promotion turned out so well, they decided to actually sell products on Facebook. They ended up developing 300,000 followers.
Jennifer Sadler, Navy FCU ‘s social media strategy manager, noted when you’re invited into a fans personal space, you have to be careful to not get yourself uninvited. It’s hard to gain interest and trust, but easy to lose that in an online presence.
The picture below shows Navy FCU’s Facebook cover that included some of the pictures people shared during the “four million members, four million stories” campaign.