Amortization Deep Dive: The Rule of 78s
As we talked about previously, there are many reasons why understanding amortization methods is helpful for financial professionals. Today, we’re...
Why Lenders Should Use Instagram:
Instagram is the hottest social media platform right now, and we want to show you how lenders can be amazing Instagram marketers.
Instagram offers amazing potential for lending companies since the interaction level is through the roof! Seriously, if you are concerned about the “millennial lending crisis” there are two things that you need to do. First read this article and then get on Instagram! Even if you're not concerned with the millennial lending crisis you probably are concerned with attracting new customers, in this case there is one thing for you to do, get on Instagram.
Why you should be on Instagram
Obviously we are keen on using Instagram in the lending industry. We believe that with the right touch and with the right marketing plan Instagram can become a influential lead generator for your business. Here are 4 reasons you should be on Instagram:
The reason lending companies are on social media (in general) is to inform, engage, and convert contacts into leads. Instagram is a great platform to achieve all three purposes.
Instagram has nearly 500 million daily users who are more willing to interact with you on Instagram than on any other social media platform. Instagram has a 2.261% interaction rate with Facebook coming in at second with only 0.216%. That means it is 10 times more likely you'll find customers and generate organic engagement with your customers through Instagram than Facebook. The formula is quite promising: lots of people in the top of the funnel + people willing to engage with you = more customers conversions.
Instagram and Facebook have tied the knot! Back in 2012 Facebook bought Instagram, which allows for easy cross platform usage of content and advertising. You may be more familiar with Facebook than you are with Instagram, but the good news is that both use Ad Manager allowing you to advertise or boost a post from a singular location on both platforms. You can even have your Instagram posts automatically posted on your Facebook page, to help streamline you social media marketing. You are also given individual Insight metrics for Facebook and Instagram so you know exactly where your contacts are coming from, giving you the power to optimize them. Further being on Facebook and Instagram helps you create a holistic social media presence, not to mention that Facebook and Instagram together account for 1 in 5 minutes spent on a mobile device.
As I hinted in the introduction, Instagram is a great way to reach Millennials, an age group that has been particularly elusive of lending institutions. Over half of Instagram users (55% ) are considered Millennials. The other half of Instagram users are roughly split between Gen X and Z. As far as we have observed this is the highest concentration of millennials on any platform and they're surprisingly responsive to advertising and business posts.
Instagram has about 25 million business accounts which is pretty good compared to the over 50 million small business pages on Facebook. With less businesses using the platform it will make your account stick out that much more. But don't worry, we wouldn't tell you to sail into uncharted waters. Several lending companies have already found some big success using Instagram
Definitely take a moment to view these and other success stories and their pages (links found at the top of each success story.)
How Deep?
Well, now you know that you need to be on Instagram but like any social media platform, Instagram is an ever-changing jungle that you should only venture into as far as it is profitable for you. So before you dive into Instagram it is important to consider your goals for your Instagram account. Consider your goals, size, target, and budget to get the most out of Instagram and determine how far you will venture. There are a few options on Instagram use:
How to do it
If you go to Instagram's website it does a good job of walking you through the process of setting up an account, but we are going to give some tips and insights we had as we set up a test account of our own account.
Now go and give it a shot, run some tests, look at your customer data and see if Instagram will work for your company and go “ham” on the “gram.”
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