From the Denim Social Media network blog :
By now most financial institutions recognize the power of social media. And with good reason, more than half of consumers report using social media to discover new brands. Savvy marketers are expanding both their organic and paid social media strategies. In fact, 91% say they’re planning to increase their social media spending in the next three years. Change happens fast in the social media sphere, so what should financial marketers look for this year?
We’re drilling down into each network to look at social media trends to watch in 2022. Let’s jump in!
FACEBOOK
The OG social network, Facebook still boasts the most active users by far – 2.9 billion! It’s not just your mom’s social network, either – the largest group of Facebook users are Millennials, a key target audience for financial institutions. Facebook is not stranger to the news, but here’s what’s really breaking through:
Algorithm Changes: Facebook will reduce the amount of political content that appears in feeds and potentially give users the option to switch off the intelligent technology that usually fills feeds.
More Video: Short-form video continues to grow in popularity and since it gets more engagement than static content, it will get more eyeballs.
The network for professionals, LinkedIn is so important for the financial services industry, because it is a natural home for customers, local businesses and employees. With WFH becoming the norm, hiring and career features will continue to grow on the network. Here’s what we’re seeing in feature announcements from LinkedIn:
Career Support Capabilities: LinkedIn is rolling out features that allow employers to connect with prospects, interview them, or send video messages all within the network.
Twitter is… how do we say this… a unique place. It’s become a place for information and conversation. Like LinkedIn, it’s a place for professionals, but is more a free-flowing and potentially unwieldy dialogue. We see Twitter headed toward:
Return to Chronological: We expect to see a shift to a more chronological feed, again- less dependent on algorithm so that users see more content from handles they follow directly. It will be important for brands to post at a steady cadence to stay in-feed.
Business Focus: Twitter’s Blue business suite will add functionality specific for business use. Think enhanced editing capability and longer tweets that will allow users to read in article mode.
While financial institutions have been slow to adopt the network, it hasn’t slowed Instagram’s user growth (1.1 billion and counting). This channel is key to reaching younger audiences, so look out for these changes:
Feed Evolution: The network may be shifting back to chronological timeline, but continually puts focus on engaging video content, in addition to the static square images that made it famous.
Get Reel: As it competes with TikTok, Instagram is putting the gas on short-form video with Reels. Look for more short-form video with adaptations for users who watch with the volume muted.
Worn out, yet? We get it, social media moves fast and that can be tough for legacy industries like financial services. But you don’t have to go it alone. Denim Social is here to help. If you’re trying to understand what all of these changes mean for your team, check out our webinar, “Social Media Network Drilldown” below:
Want to learn more?