Can Credit Card Companies Use Social Media?
[We hope you enjoy this guest post from Author Keyvon Goreshi]
When you think of credit cards you don’t really see them as large players in the realm of social media. In fact many credit card companies struggle when it comes to gaining a foothold in networks like Facebook. Unlike Nike or Apple, credit card companies never are really something people find enough favor in to “like”. But part of their ineffective social media advertising strategy is how they integrate it, and if they want to integrate it well these are the steps they need to follow.
The first thing credit card companies need to do is make their social media presence accessible. Simply having a Facebook page is weak when it comes to integration. I’m talking about integration with the cards themselves. Obviously it won’t be directly on the card, unless Chase has been developing a new credit card that has wifi capabilities and a means of sending messages.
Rather, companies want to head more towards something a lot of people already have; smartphones. By creating an app for their card, companies can allow customers to share purchases on Facebook and be more socially connected to their credit card.
Why would they want to do that?
This is the next step that credit card companies would have to take. They need to give customers a reason to “Like” them on Facebook or share things they’ve bought. Many businesses often offer coupons to people who like their or advertise for them via status updates.
Coupons don’t exactly apply with credit card companies so they’ll have to take a different approach. One commodity credit cards could offer is points. Often accompanied with purchases, companies could attach points to social media activity revolving around their credit card. Since travel rewards are among the most popular bonuses on points towards those rewards could also make for an enticing offer.
And the final step credit card companies need to do is make use of what they get.
If your customers are sharing, tweeting, and posting their purchases from your app it can help you better customize incentives for them making them feel like a valued individual. Plus, there’s no reason credit card companies couldn’t use social media as a means of advertisement or providing other services. For example Twitter could be used as a more direct means of providing customer service as opposed to phone calls that endlessly end up on hold. Facebook pages could also be used as a means of advertisement once enough people like it from the above incentives.
All in all, if credit card companies want to gain social media prowess, they need to adjust their strategy and shift consumer attention away from their card’s social media profile and more towards the social media experience and benefits their card offers.
This was written by Kayvon who reviews offers for CreditCardForum.com, which is the leading consumer forum for discussing and rating credit cards.
[Thanks, Kayvon Ghoreshi, for sharing your thoughts & expertise with the FB Ads Lab Community. ^ Jen]