Social media is a vital component of your marketing and communications strategy and has increasingly become a major channel through which Americans get their news.
According to Pew Research Center, 68% of all Americans turn to social networking sites to stay informed and that number isn't likely to drop anytime soon. Pew also found that users favor the social media as a news source for the convenience, making social media platforms essential to any marketing plan.
There are 5 key channels your bank should be using (depending on your audience):
Set up a Google Analytics account on your website to test effectiveness. You may find that one channel works better than others in your market, which will help you allocate resources more effectively. Get customer feedback too. Ask customers which social media platforms they use, and which ones they prefer to interact with their businesses on. This will also help you better plan your communications outreach.
While not directly related to social media, the use of online forums like Yelp and Google Places are also becoming an important communication channel for consumers. Be sure to monitor such sites and respond accordingly.