This is an excerpt from our new 18-page Pinterest guide – Getting Started with Pinterest: Strategies for Financial Services Firms. Download the full guide free of charge.
By now, you have likely heard of Pinterest, the social media network that values imagery over text and is the fastest growing website of all-time. In addition to Pinterest’s intuitive image sharing platform, the network also incorporates many social aspects of Twitter and Facebook to connect users and spread content.
Despite the network’s popularity and rapid growth, the financial services industry has not yet embraced Pinterest. As of this writing, none of the firms covered by Corporate Insight offer a significant Pinterest presence. We think this won’t last, and that firms should be reaching out to the network’s growing audience. Here are three ways financial services firms can utilize Pinterest to increase digital word-of-mouth and expand their social media reach:
Themes such as the transition into retired life already rely heavily on visuals in television commercials and online marketing. Thus, it comes as no surprise then that several prominent financial services firms have already released interactive image-centric retirement marketing campaigns that would transition effectively into Pinterest pinboards.
A great example is Prudential’s Day One Stories, a microsite that asks retirees to post photos of their first day of retirement. In addition to the photos submitted by the public, Prudential also posts their own films, profiles and audio. This mix of personal and proprietary content plays well on Pinterest and would be an effective extension of a firm’s retirement marketing strategy. The pinboard would not only serve to deepen relationships with users by encouraging their contributions but also allows the firm to send targeted messaging without coming off as overly self-promotional.
2. Savings & Investment Goals
Savings and investment goals are great motivators for clients. Having users post photos of their goals and aspirations is an easy way to engage your audience on Pinterest and can be the foundation for a quality banking or brokerage presence. Principal’s Dreamcatcher, a microsite that asks investors to post photos of their investment goals or “dreams,” is another example of an online campaign that would work well as a Pinterest pinboard.
3. Credit Card Rewards
Credit card issuers have long been among the most innovative and creative marketers in the financial services industry, due in large part to the nature of the financial product they are selling. Credit cards and card rewards programs lend themselves to a wide range of marketing strategies that wouldn’t make sense in other areas of financial services.
Pinterest offers a number of opportunities for credit card issuers, particularly with regards to rewards. Pinboards can be used to showcase reward options, from merchandise to experiences. Firms can also encourage members to post photos of different items and experiences they have redeemed with their points. They can capitalize on this publicity by linking back to their website for similar redemptions, perhaps offering discounts or point bonuses to incentivize Pinterest followership. For example, a cardholder that clicks an image of a gift card on a Pinterest reward-themed pinboard would be linked back to the firm’s rewards site and would then earn bonus points after completing the redemption.