Social Media for Credit Services

If your business provides any kind of credit services, you’re probably already familiar with the tricky balance you have to strike while advertising — many people could benefit from your services, but few know of the options available to receive a line of credit or repair an existing credit score.

A credit service marketing plan should focus on getting your business name and services in front of the right people’s eyes while simultaneously earning leads and nurturing them into conversions — and social media marketing is the perfect way to do that.

Benefits of social media marketing for credit services

Social media marketing and paid advertising can help your credit service company find and connect with its customer base. With the right strategy and platform, you can:

• Build and nurture a following: Social media increases awareness for your company, and as you collect and engage with new followers, you’ll build a sense of trust and credibility that helps convert leads into customers. This is also a simple way to learn more about your client base, including their values and interests, and you can use that information to make more informed advertising decisions.
• Match your marketing to your budget: Starting a social media account for your business is free, and the only resources you have to invest in organic social media marketing is the time to create posts, engage with your audience, and map your strategy. Each platform also offers paid advertising options you can implement and pause at any time, making it easy to fit into your monthly marketing budget.
• Establish your brand: A strong online presence helps establish your brand, drive traffic to your website, and improve your reputation and credibility. Credit services that are already on social media will undoubtedly have access to more high-value leads than companies with no online presence at all. 
• Provide customer service: Many companies use social media as a way to supplement customer service during and after business hours by sending follow-up questions to past customers, answering questions on posts, replying to private messages from potential and current customers, and addressing frustrations or concerns.

Types of social media marketing for credit services

Social media marketing falls into two categories — organic and paid. Your credit service company should incorporate both strategies if you want to find the most success on your platform.

Organic

Organic social media marketing is every free thing you do to build your brand and following and tell your story, such as:

• Posting an update
• Sharing a video or picture
• Engaging in the comments
• Answering direct messages
• Sharing or viewing Stories or Reels
• Creating an event
• Reposting a meme
• Posting a blog article from your website
• Using hashtags and links

Your organic marketing should balance promotional content with entertaining or educational content — stick to the 80-20 rule for the best engagement and feedback. You can use a content calendar to schedule posts ahead of time and track which topics and content types you’ve already posted. Content calendars also make it easier to map a cohesive and consistent theme or message across your platform.

Explore Social Media Compliance for Financial Institutions

Paid

While organic efforts are essential, you’re probably not going to see a significant boost in followers or sales without pairing it with paid advertising. 

Paid ads let you target specific groups of people with an ad that appeals to their wants and needs. For example, if you were launching a series of credit repair Facebook ads to grow brand awareness for young adults in debt, you could target those ads to reach non-followers in a specific age bracket with a college degree.

You can also retarget anyone who’s engaged with your posts in the past but hasn’t followed your page or visited your website.

Paid advertising on social media might look like:

• Boosted posts that stand out in current followers’ social feeds
• Sponsored content that targets a specific demographic of non-followers
• Sponsored image posts that appear directly in social feeds
• Sponsored Stories or videos ads
• Partnerships with influencers
• Sponsored text, image, or video posts on others’ accounts

Ad options vary across platforms, but a bidding strategy can usually help you optimize your ad budget. Pay-per-click (PPC), pay-per-view, and cost-per-mile (CPM) let you choose what you can afford, ultimately only paying for warm leads with a higher chance of converting.

Social media platforms for credit services

Unless you’re working with a professional social media management team or digital marketing agency, limit yourself to one or two platforms instead of trying to keep up with multiple accounts. 

Choose your core platforms by asking the following questions:

• What kind of people are most likely to want or need your services?
• Which platforms are those specific groups most active on?
• Which platforms do your competitors have the most engagement on?
• What type of content and ads are you interested in promoting?
• How is your existing organic engagement if you already have a business account?
• Do you or your team have the skills and experience to fully use and optimize the platform?

Keep in mind that each platform has its own advertising policies for credit services and other financial accounts. Ads should generally avoid promising any sort of unrealistic outcome, and you must disclose any fees associated with credit applications or similar services. Credit repair advertising promoting education or specific skill-building is typically safe. 

Facebook

Facebook users are the most demographically diverse, with ages spanning 18 to 65 and older. The platform lets you share any type of content, like pictures, videos, livestreams, and text posts. You can also create and join groups and promote events. 

Paid ad formats include:

• Promote video, image, or text posts.
• Carousel ads with multiple images in a single advertisement.
• Immersive ads, called Instant Experiences.

TikTok

TikTok is ideal for businesses looking for business-to-consumer (B2C) advertising, especially if your target demographic is younger. Adults ages 18 to 24 make up 43% of the app’s users, with 35 to 54-year-olds making up the second-largest group. 

TikTok’s short video format and engaging algorithm make it a goldmine for finding a specific demographic and building a two-way connection that highlights your brand’s story without overtly promoting your services. Almost 70% of TikTok users say it inspires their purchasing decisions, and more than 70% report a deeper connection with brands after interacting with them on the app.

Your TikTok strategy should incorporate current trends and challenges, but be as original as possible and give users a reason to stick around. You could also consider partnering with a TikTok creator, which could boost your click-through rates by as much as 193% while exposing you to a whole new audience of potential leads.

Note — TikTok currently has the most restrictive advertising policies for finance-related companies, and it doesn’t permit credit repair service advertising at all.

Instagram

Instagram’s users fall between the ages of 18 and 64, but most fall under 25. The platform focuses on visual content, like grid photos and videos, longer videos called Instagram Reels, and Instagram Stories, which can be livestreams, pictures, or other shared content. 

The range of interactive options makes organic marketing fun and simple, and users are already accustomed to seeing sponsored content in their feeds.

Meta, the conglomerate that owns Facebook, also owns Instagram. By linking your Instagram and Facebook accounts, you can reach two separate audiences for less work and manage paid advertising campaigns more easily.

Growing your social presence with WebFX is a walk in the park.

“WebFX allows growing your social media platforms to be stress-free! They are knowledgeable and adapt to your company needs!”

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Let WebFX handle your credit service’s social media strategy

Part of WebFX’s full-service digital marketing services includes social media management, advertising, and custom strategy building. Our team of over 500 experts specializes in everything from ad design and content creation to search engine optimization (SEO) and competitor research, ultimately driving over $6 billion in sales and generating 24 million leads for businesses like yours. 

Request a free proposal today to learn how our social media marketing services can help your credit service grow its following and convert leads into loyal customers.

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