Could FinTech adopt Instagram for Social Media Marketing
Instagram is the world’s largest photo-based social network with over 400 million users sharing images and videos every day. That’s roughly equivalent to one in five internet users interacting which each other on a daily basis. Which is also a massive potential audience.
Since being bought by Facebook, the network has continued to grow in popularity, particularly with younger users. 41% of Instagram users are less than 25. 90% of are below the age of 35.
But is the image-first approach right for your business? Can sharing photos really boost engagement and sales for a FinTech provider?
Instagram and B2C FinTech businesses
If your FinTech products and services are targeted at millennials, you must seriously consider adding Instagram to your marketing mix. No other platform offers the chance to connect with so many people in younger age ranges.
That’s not to say that connecting with these people is simple. Your marketing team will need to formulate a highly visual campaign to promote financial products. Which is notoriously difficult when all that most of your customers see is your smartphone app.
But this ‘problem’ also offers plenty of opportunities to get creative, showing people what really happens behind the scenes at your business. How does the money transfer seamlessly across the world? Try answering common service questions with images to provide additional interest to your clients.
Instagram and B2B FinTech businesses
For B2B businesses the case for using Instagram is not as obvious. The few businesses using the platform for marketing are primarily focused on consumers. But people buy from people, and if your target audience uses Instagram in their personal life, there’s no reason that they won’t engage with your brand there too.
As a social network, you can use Instagram to be social with existing customers and prospective buyers. It sounds unintuitive, but major B2B vendors like General Electric and Intel have put the platform to work for them – so why not a FinTech provider?
Moving forward with Instagram marketing
With so many users, Instagram is hard to ignore. In fact, ignoring Instagram could be a costly mistake that limits the reach of your inbound marketing campaigns by cutting out a huge potential audience.
And although the medium and presentation are different, marketing on Instagram is not really that far removed from normal inbound marketing techniques. Your content needs to address genuine customer problems, and published in such a way that it is put in front of your target audience.
As you would expect from a Facebook-owned company, there are advertising options available, using promoted posts to target specific subsets of users. Rather than relying on the organic spread of posts, you can ensure that your B2B message reaches prospective clients – even on this most informal of social networks.
And most importantly of all, Instagram remains fairly untouched by the FinTech industry, giving your business an opportunity to dominate your niche there.