Success on Social Media for Financial Institutions with a Low Budget 

An example of a financial institution use of social media to reach customers
A post for one of our clients, OpenSky, receives high engagement on Facebook.

Utilizing social media to build your financial institution’s digital presence can seem difficult, especially if your company doesn’t have a budget to accommodate all of your ideas; however, don’t fear, as there are some tips and tricks to follow that can get your financial institution the exposure you want to grow your social media presence. 

Define a goal 

The first and arguably most important step is to define your financial institution’s social media goal. Are you looking to gain followers? Increase engagement? Build brand awareness? Outlining a clear goal will help narrow your social media vision to build a precise and effective strategy, and therefore budget your social spending. 

Limit platforms 

Break out of the mindset that using every single social media platform will yield the best results. Analyzing your financial institution’s target audience along with staying on track with the company’s social media goal will help to determine which platforms are best for your brand. In this scenario, sometimes less is more. 

Use free tools 

Since social media is one of the main ways of marketing these days, there have been hundreds of tools, platforms, and apps created to aid in the overwhelming world of social media management. The best part is that many of these tools are free or offer inexpensive subscription plans. These tools have functions ranging from scheduling, tracking, and even designing. Take advantage of these tools to get logistical and creative help for social media when you just don’t have the time or big budget for it. 

Search for micro influencers & partnerships 

Having little to no budget for social media doesn’t mean your company can’t tap into the influencer world. There are dozens of micro and nano influencers out there who would be more than willing to partner with your financial institution for an exchange of services. Even consider reaching out to local or small independent businesses who could also potentially be beneficial for a cost-free partnership. 

Repurpose content 

Consider repurposing your financial institution’s old social content to create new, engaging material when you are short on funds. This is a simple and easy way to keep your social channels active while still sharing readily available brand-specific information. Make sure the content you are pulling from is old enough so that your audience won’t be overexposed to the same information too soon. 

Remember that you don’t have to spend money to be successful on social media. A goal, creativity, and determination can build your social channels without the budget. 

If you would like help with marketing and advertising, feel free to contact us. We offer a variety of services like digital marketing & analytics, marketing & brand strategy, and more to small and large companies. 

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