Social media has become a powerful tool for banks to increase engagement and customer retention. Banks must engage in comment management to differentiate themselves from their competitors. They do this through appropriate and concise responses. Content marketing for any financial institution will be your bank’s most important advantage. An easy and effective way to manage your comment section will involve crafting a game plan for your bank’s comment section.
Following the Covid-19 pandemic, the overall function of banks has been affected by their presence on social media. Your bank will need to revitalize its social media strategies, especially concerning the management of the comment sections. Financial institutions have begun to use digital-based tools for overall customer satisfaction and promotion through their comment sections. If you’re searching for ways to improve your comment management, keep reading to learn more.
Reasons Why Banks Should Manage Comments on Social Media
Social media allows customers and non-customers to engage with any company through its comment section. A lack of response to customers’ comments, good or bad, is a missed opportunity to answer questions or resolve an issue. Here are some reasons a bank should use a standard response to its comment section.
Attract New Customers
Financial services have become a more digitally represented industry, and with that comes a chance to reach younger clients. Many clients from the Gen Z age group are looking to social media for their financial information. With 70% of Gen Zers already saving for retirement, banks will have to create more engaging content to attract new customers. Your bank’s ability to showcase its personality through comment resolution will appear more relatable to the younger generation. Many financial institutions have moved to social selling to nurture new prospects and clients online.
Take a social media platform like Instagram. It’s one of the most popular apps in the world. Instagram has more than one billion active monthly users. Creating aesthetically pleasing posts on your bank’s business page will generate traffic. However, a lack of engagement in the comment sections will send a message to potential clients that your bank is untrustworthy and unprofessional.
Strengthen Customer Loyalty
Your bank’s ability to engage with comments on social media is often the quickest and most effective way to offer good customer service. Social media comments are the first place dissatisfied customers will go with their negative experiences and thoughts about a financial institution. Customer trust is built through clear and meaningful comments, but responses to each comment help strengthen that trust. Creating a detailed response on local social media platforms is a great way to build connections with your local community members and patrons. Your bank must personalize each answer to a positive comment.
All businesses are susceptible to receiving negative comments. Correctly addressing negative comments can help strengthen customer loyalty. Your bank’s ability to respond to negative comments involves a timed problem resolution. A lengthened response time runs the risk of losing the trust of valued customers. A short, personalized, and timely response will show humility. A lack of any response to negative comments is said to be as harmful as ignoring emails and phone calls, so your bank’s response to all negative comments helps to build trust with new and existing clients.
Improve Your Brand Image
Creating fun and engaging content is only half the battle for your bank. Management of your bank’s comment section can help improve your brand image.
Banks On Social Media
Social media marketing for banks may seem strange, but the institutions that take advantage of it can propel their businesses in unprecedented ways. Banks have moved from being a tool primarily used for social engagement to an effective means of customer service. However, engagement online is a direct result of effective customer service. Utilizing the most popular apps will ensure that your bank receives the highest engagement.
What Does Comment Management Look Like For Banks On Social Media?
Your bank has more than likely carefully crafted a presence on social media through apps such as Facebook, Instagram, Twitter, and even TikTok. Developing an effective marketing strategy requires banks to carefully regulate their comment sections to protect their customers, manage complaints, and answer any questions concerning the bank’s policies. Legally, banks should utilize a strict policy for customer engagement through their comment sections to ensure the safety of their clients, even themselves.
Protecting Customer Data
A principal aspect of comment management is protecting your customer’s data. Some customers, when leaving comments, negative and positive, may overshare sensitive pieces of information. Sensitive information could involve sharing account numbers, social security numbers, and card numbers. Data securement is the primary component of a highly functioning bank. Social media comments pose as much of a risk to clients as scam calls and email phishing.
Your bank can help secure your client’s sensitive information by constantly monitoring your comment section. While monitoring, your employees can immediately find any information deemed a threat to your institution and clients. However, following the removal of a customer’s comment, follow up with a response that details the reason for comment removal and an answer promptly.
Responding To Complaints and Negative Comments
Your bank will most certainly run into negative comments and complaints regularly. However, your reaction to each negative comment is more important for your brand’s image and customer satisfaction. According to an article in Forbes, 97% of business owners stated that a company’s online reputation management strategy is key to the makeup of their company. Positive and negative comments are essential to a brand’s online reputation, with negative comments holding the most weight.
Negative comments should be an opportunity to build trust with current patrons and possibly future patrons.
Your bank’s ability to manage negative comments relies on the amount of work it takes to handle the complaint. Generally, faster responses are better. While quick responses show a desire to assist your clientele, your bank must still respond appropriately. This response should include an acknowledgment of the complaint, which entails an apology. After your admission, craft a unique solution. If a solution falls within the category of compromising information, recommend that the patron speak to a customer service representative or come into your financial institution. It’s important to note that most hateful comments communicate a problem or negative feedback. When your bank makes an informed, respectful and quick response, it fosters trust between your institution and its clientele and serves as an opportunity for free promotion.
The time it takes to respond to a negative comment is only half the battle. Negative words have the ability to destroy your online reputation, and because of that, your bank must respond to every hate comment. A lack of response can put people off your financial institution. Refrain from hiding or completely ignoring negative comments for positive management.
Answering Questions Promptly
The speed at which you respond to any comment on one of your social media accounts differentiates you from your competitors. A general willingness to help clients will look like a detailed and concise response to any question. This type of response involves constant monitoring of each website’s comment section. Monitoring your comment section will highlight your bank’s understanding of its policies, which provides free PR.
Tools Used For Comment Management Online
Comment management for banks involves using the correct type of procedures and policies. In order to sustain an engaging, responsive, and informative comment management system, you must have consistent training. Social media training for your bank requires specific virtual tools, like the ones below.
Utilize a Bank Social Media Management Expert
Hiring a social media manager whose primary function is comment management will help take your bank’s reputation and overall customer satisfaction to the next level.
When looking for a possible social media expert, look on social media sites. Social media platforms like Instagram, LinkedIn, and Twitter have a large surplus of social media professionals. A consistent social media presence through managing comment sections help to produce great content and will draw in potential candidates.
Create Social Media Staff Policies And Procedures
Your bank’s staff should either hire a social media manager to aid in comment management or have all employees go through proper social media policies and procedures. Using both options will ensure a positive reputation with clients.
Comment Like A Boss
Comment management for your bank will require intensive and adaptable planning. Your bank will benefit from brand reputation improvement, customer retention, and strengthen customer loyalty. Social media marketing combined with your bank’s ability to demonstrate mastery over your comment section will set your bank apart from your local competition.
- How can your bank benefit from comment management?
- Should I respond to negative comments?
- Why should banks spend time on comment management?
- Does it matter how fast I respond to comments online?
- Why should my bank hire a social media manager?