Banks need to get LinkedIn.

• Author: Roy, Angelique
• Position: SOCIAL MEDIA

WHILE FACEBOOK WAS ORIGINALLY CREATED with college kids in mind, LinkedIn was designed for businesses and networking. It has since proven to be a successful tool in making new connections that eventually lead to referrals and drive sales.

LinkedIn Company Pages allow financial institutions to make connections without using a hard sales approach. It's also a chance for businesses to emerge as thought-leaders in their industry by facilitating-conversations around market trends and industry news.

The Stephenson National Bank & Trust (assets: $291 million) in Marinette, Wis., chose LinkedIn as the first social media platform for the institution because it fit with its brand and marketing strategy.

"It gives us the biggest opportunity for some kind of return on investment through the networking we can do with existing customers and with prospects?" says Marcia Hubert, assistant vice president of marketing. "It also helps us with potential cross-selling opportunities because we can see who our co-workers know and are connected to."

Financial advisers on LinkedIn expect that this year the site will play quite a significant role in their marketing, as investors are turning to LinkedIn more than any other social network when researching financial decisions. LinkedIn's audience of professionals is one of the most influential on the Web. It has the highest average income level of all social media sites.

Morgan Stanley Smith Barney reported that LinkedIn bought the financial firm an estimated $10 million in business over an 18-month trial period.

Opportunity to promote your bank

LinkedIn Company Pages should be fully developed--summary, photos, product/services descriptions--before promoted externally, as banks should ensure that they leave a solid first impression on LinkedIn users. LinkedIn Company Pages allow banks to highlight their best content and also further promote themselves through three rotating banners that click-through to the bank's website or targeted landing page.

LinkedIn research has shown, for example, that investors are on LinkedIn looking for real-time interaction, simple and informative content and relevant updates. As followers and page visitors like, share or comment on...