You may not realise it, but the science of psychology plays a key role in marketing; in particular, the idea of social proof.
When used well, social proof can have amazing results on your engagement levels. But what even is social proof? And how do you go about using it in your financial marketing?
We’ve put together a simple guide to social proof and 3 simple ways you can apply it to your marketing strategies today.
What is Social Proof?
‘Social Proof is a psychological theory where people assume the actions of others, in an attempt to reflect the correct behaviour for any given situation.’
Essentially, in situations where we are uncertain of what to do, we copy the actions of people around us who appear to have more knowledge, in order to fit in. This is important when it comes to marketing as people are likely to follow what others are doing.
There are 3 main types of social proof;
- Expert: when an expert in your industry recommends your products or services or is associated with your brand. It works because we are more inclined to believe in people who have relevant expertise.
- Celebrity: when a celebrity endorses your products. It works because we are more likely to align ourselves with people we want to be like and whose lives we follow daily on social media.
- User: when your current users recommend your products and services based on their experiences with your brand. It works because we are more likely to put our trust into products and services that have been praised by our peers. How Do I Use Social Proof in Financial Marketing?
1. Show Appreciation for Mentions and Reviews
It’s good practice to collect positive reviews from your every-day clients, but when it comes to social proof just asking for them isn’t enough. Make sure you display them for potential customers to see, and think beyond a testimonials page on a website; glowing reviews can always be posted to social media too. The same goes for if you receive a mention from the press, a brand or an influencer. Make sure you share these mentions using phrases like ‘honoured to be featured…’ to avoid coming across as boastful.
2. Shout About Key Milestones and Stats.
A quick and easy way to create social proof is to show off any data that shows you have a big and successful business. This can be anything from reaching a certain amount of followers on social media to the size of your customer base. When people see others using your services, they will gain a positive first impression and be more likely to hire you. Be creative when it comes to the data, anything from the number of countries your customers are in, to number of recommendations can work for social proof.
3 Use Social Proof to Craft Ad Copy
The final simple way to use social proof is to use it to form the basis of your ad copy. If you’re unsure about what to include, just think back to the three main types of social proof; expert, celebrity and user. You could create ads that feature expert recommendations, an industry influencer endorsing your services or simply any success stories from satisfied clients.
There are lots of other ways you can effectively use social proof in your financial marketing, but these 3 simple options should give you the perfect places to start.