2 Questions to Ask Yourself Before Starting a Foursquare Promotion at Your Bank or Credit Union
Location-based social media delivers content directly to your customers’ mobile devices based on their location. The most pervasive use of this emerging technology is Foursquare and chances are the youth in your market are very familiar with the hottest “next big thing” in social media since Twitter.
Unfortunately, Foursquare promotions are not highly evolved yet and they will require some serious strategic thinking. I recently read a great blog post about Foursquare ‘mayor promotions.’ The article covered many insightful thoughts about Foursquare as a promotional tool for financial services marketers – there were a lot of insightful commenters, too. I think there are two big questions that come out of the discussions about location-based social media.
2 important questions you should ask yourself before jumping on the bandwagon:
1. Do you really want to promote branch visits? You probably know right off the bat if this answer is a resounding yes or a deafening no. It’s really important to consider this first and foremost. No matter the answer, the answer to Foursquare can still be yes.
Suggestions for those wanting to increase branch traffic
Umpqua Bank, most famously known for reinventing the branch experience just opened yet another in the midst of our current recession. The new branch is under a new model that is less expensive and quicker to build – and it garnered $80 million in deposits the first year, rather than the projected $15 million. If you’re one of the few banks and credit unions working under the ‘Umpqua model’ and you want more traffic? Foursquare was basically made for you. Seek and destroy.
Suggestions for those not wanting to increase branch traffic
The post I referred to earlier suggests that you refer users to other businesses you have a relationship with (ones they might enjoy visiting). Some suggested ideas from that post included your financial institution’s favorite charity, food bank, and animal shelter. What about taking it another step further and promoting businesses that bank with your financial institution?
Maybe changing traffic patterns is more your style. Instead of promoting more visits, how about changing when someone visits? That’s a goal touted by Pepsi who is partnering with Pepsi-selling restaurants (Pizza Hut, Taco Bell) in their latest Foursquare promotion. Pepsi claims that their 200,000 partners will receive valuable information because they’ll be “reaching out to consumers who are on the go and offering promotional deals that will drive traffic into stores.” For instance, in cases where traffic is high on weekends, Pepsi’s partners can offer deals on other days of the week. Could your institution benefit by reducing Saturday or ‘after hours’ transactions?
2. Are you interested in focusing on customers/members or prospects? Are you already participating in social media as a customer service outreach? Are you trying to engage social media users regardless of their customer/member status? Perhaps you’re doing both.
If you’re considering Foursquare, you’re probably already engaged in other social media tools. How are you applying them to your overall business goals? Be sure you answer this question before heading down the Foursquare path. As with any social media, you need to address your target audience, make a content marketing plan and write measureable goals.
Suggestions
Follow-up with visitors – think personal messages like a tweet vs. ‘would you like to take a survey about your latest visit?’ Maybe Foursquare could enhance a Twitter presence? Don’t forget to ask yourself what your Twitter goals are first.
Ultimately, Foursquare and location-based social media are new territory (pun intended). What do you think about location-based social media for financial services? I’d love to hear your thoughts!
