Why Banks and Credit Unions Should Pay for Instagram Ads

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Why Banks and Credit Unions Should Pay for Instagram AdsIf your bank or credit union is not currently using or exploring Instagram as a marketing tactic, you should be.

Instagram is currently the fastest growing social media platform.

We’ve shown you how banks and credit unions can use Instagram for free, but now it’s time to see what the benefits are for paid ads.

Why Banks and Credit Unions Should Pay for Instagram Ads

Instagram advertising, based on the stats below, it’s a desirable audience to reach.

  • 53% of Instagram users follow brands on the platform
  • 90% of Instagram users are under the age of 35
  • Instagram users are predominantly female
  • 33% of adults who graduated college use Instagram
  • 37% of adults who make more than $75,000 use Instagram

How can a paid Instagram strategy benefit you?

  • Building brand recognition

Instagram is best used as a platform to show the type of impact you have on your members or client’s lives. Don’t be tempted to use it to sell services.

  • Competition

Competition against other banks and credit unions on Instagram is lower. This gives you an opportunity to reach consumers more easily.

  • Tell your story

Show your members and customers what kind of impact you are having on the community. Share stories of your rock star staff members and highlight individuals who show your commitment to causes that are meaningful. Don’t hide your light under a bushel, shine it! Instagram is a great way to do just that.

  • Reach a younger demographic

Not only is Instagram growing rapidly, but 90% of its users are under the age of 35. That makes it an ideal platform for reaching a younger demographic. Use Instagram to expand the reach of your PR efforts and solidify those branded hashtags.

  • Recruit talent

One of the best ways to recruit fresh new talent to work is to show your company culture. Instagram can be used to support staff recruitment with posting jobs and showcasing how awesome it is to work at your bank or credit union.

Ways to implement paid Instagram ads

If and when you start using Instagram, make sure you use an Instagram Business Account. Having a business account will allow you to see account analytics. 

Now, connect your Instagram Business Account to your Facebook pages ad manager. Instagram ads are run through Facebook ad manager.

Keep in mind that the images you chose and the text copy need to look and feel like they belong on Instagram. Though many Facebook ads can and often are run on Instagram too, thoughtfully planning an Instagram ad that will feel natural in a user’s feed will yield the best results.

In addition –

  • Set up an audience to retarget people who have engaged with your Instagram account. 
  • Create audiences based on interests and life stages.
  • Use the above list of strategy ideas when setting up ads and creating audiences.
  • Use hashtags in your Instagram ads. Research hashtags to make your ads discoverable by a larger audience.

 

There are many compelling reasons to use Instagram and now you can feel confident in running ads on the platform too. Whether it’s telling your story or reaching a younger demographic with branding and PR, Instagram is worth the time and effort.

 

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About Author

Amy Jones

Amy has been a marketing professional in Huntsville for over 15 years. She has a diverse background in marketing, special events and public relations from the corporate world, shopping center management and non-profit performing arts. As an account manager with Move Digital, Amy enjoys helping clients tell their story through a dynamic digital footprint. Amy is also the web content manager for Our Valley Events, a hyper-local website keeping the Rocket City in-the-know. During her non-screen time, Amy is the busy mom of 2 boys who likes to obsess over musical theatre, Doctor Who and Snapchat (in that order).