Social media is probably a part of your community bank’s outreach or marketing strategy—or at least, if it isn’t, it should be. Nearly 4 million people use social media worldwide. So, it’s likely that your customers are users, too. But before you start posting, you and your team will have to answer a fundamental question: which platform(s) do we use? With so many social networking sites, it’s impossible to maintain an engaging presence on all of them. Choosing two or three will keep your strategy effective and manageable. But which ones to pick? Each reaches a different audience and has different capabilities. Here’s a breakdown of five of the big ones:
Facebook: Reach a Wide Audience
Of the major social media sites, Facebook is the market leader with the highest usage across the world. It boasts a user base of nearly 3 million across the world, with 7 in 10 U.S. adults maintaining accounts. The platform’s user base skews toward millennials, with the largest age demographic on the platform falling between the ages of 25 and 35—retirement accounts and home and car loans are likely to be on these users’ minds. However, nearly all age ranges are represented on the platform. A presence on Facebook can help your community bank reach a wide audience in a short time.
Instagram: Reach Young Adults
Also owned by Meta (Facebook’s parent company), Instagram is the fourth most-used social media app worldwide with 1 billion monthly active users. The largest age group present on the app falls between 18 and 29; the demographic likely to be applying for their first checking accounts, credit cards, and possibly home and car loans. Keep in mind as well that Instagram is uniquely driven by photo and video content, so before diving in, make sure that you have the resources to commit to creating that content.
LinkedIn: Reach Commercial Clients and Job Seekers
LinkedIn, a social networking app for professionals, has often been labeled “Facebook with a tie.” The app boasts 310 million monthly users worldwide, the majority of which fall between the ages of 25 and 34. While LinkedIn represents a niche audience, it also represents an opportunity to reach commercial clients for your small business banking services and commercial property loans. Many users hold senior titles within their organizations, with an estimated 65 million decision makers on the app. The app could also represent an opportunity to recruit talented staff members; 49 million people use LinkedIn to search for jobs each week.
Twitter: Reach Tech-Savvy Up-and-Comers
Twitter, boasting 296.5 million users and the rank of 17 th most popular social media app worldwide, could also be considered the gateway to a niche audience. The app’s user base, skews millennial (ages 25-34) and more heavily male than any of its competitors. This group of users are both technologically and financially savvy– they will likely be looking to build wealth, save for retirement, start businesses, and buy homes and vehicles.
TikTok: Reach Your Future Customers
TikTok may seem like a stretch for a community bank, but with the right resources and creativity, it could represent a significant opportunity. The app has experienced explosive growth since its founding in 2016 and now boasts 1.2 billion monthly active users. The largest age groups present are the 18-24 and 10-19 ranges. While the latter group may be too young to utilize your bank’s products and services, they may will one day grow into smart and savvy customers. TikTok may represent an opportunity to provide financial education and brand awareness to your community’s youth.
Getting the right support from a correspondent banking institution can also help your community bank thrive. Independent Community Banker’s Bank has established a reputation for excellence over the last 30 years. ICBB serves Community Bank’s throughout Illinois, Indiana, Ohio, Kentucky, West Virginia, and Tennessee to better serve their customers using a variety of services, including credit card solutions and loan participations. To learn more about how we can assist your bank visit www.icbb.bank or contact our Account Executive team solutions@icbb.bank.