Social Media in Financial Services: Survey Results

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A look at how B2B Financial Service marketers are Making the Connection with social media.

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Social Media in Financial Services: Survey Results

  1. 1. Making theConnectionSocial Media in B2B financialservices marketing
  2. 2. You are hereSocial media is on the mapBusinesses and governments are using it. Successfully.But how are B2B marketers responding to it?And how does it work in B2B financial services?
  3. 3. Social Media in B2B financial services marketingIn September 2010, Omobono partnered Three major themes emerged from the research: In short...with Legal & General to explore how, and if,the financial services industry was usingsocial media in a B2B context. Were theyusing it to source information, form 1 Respondent businesses are struggling to move beyond the ‘broadcasting’ mentality and tend to see social media as a customer- Understanding the current social marketing landscape helps identify successful strategies and identify opportunities to adapt marketing plans toopinions of products and providers and for centric tool, rather than one that can connect the digital tools customers are already using. Alltheir business. Did it yet form part of their different audiences, from building internal three themes that arose from the researchown marketing strategies? networks to sharing information with peers. exemplify challenges marketers must overcome in order to use relevant tools in appropriate,The research was conducted in two parts. Theinitial qualitative stage encompassed a series ofdepth interviews with financial intermediaries, 2 The responding marketers are generally under educated about social media, with little to no experience using the tools to create effective ways.including mortgage brokers and wealth IFAs. In business value. Most understanding is basedthe second phase a quantitative online survey was on limited personal use which, in many cases,conducted with financial advisors, managers and creates a bias towards these platforms andbrokers. preventing opportunities to use alternative spaces (ie: moving beyond Twitter andThe findings are based on responses from 508 Facebook to find spaces relevant to thefinancial marketers and help paint a picture of the audience).current state of social media marketing not only inthe heavily regulated world of financial services,but in B2B marketing in general. 3 Respondents see social media as a young person’s game. Most marketers think it is most appropriate for an under-30 audience and none find it fitting for a 50+ audience. 3
  4. 4. Our audience: (Thanks Legal & General)
  5. 5. Social Media in B2B financial services marketing Number of Age Regulatory advisors in your status company < 25 (0.39%) AR (44.09%) 0-10 (75.79%) 25-30 (4.92%) IFA/DA (53.15%) 11-25 (8.27%) 31-40 (20.47%) 31-40 (2.76%) 26-50 (5.51%) 41-50 (34.84%) 51-100 (4.72%) > 50 (30.37%) > 100 (5.71%) 5
  6. 6. Making the Connection75% of respondentsthink they know what How familiar are you with‘social media’ is. the term ‘social media’?Which means that 1 in 4 people don’t! Not at all (7.5%) I’ve heard it, but don’t know what it is (16.77%) I’ve heard it and think I know what is (27.81%) I know what it is (47.93%)6
  7. 7. How familiar with thesesites or aspects of socialmedia are you?Facebook Salesforce CityWire forumsTwitter Yammer MoneyMarketing user commentsLinkedIn Flickr Money SupermarketYouTube MySpace forumEcademy Bebo FoursquareSlideshare Digg Facebook PlacesXing Blogs
  8. 8. Making the ConnectionNever heard of it, Moneydon’t use it. Marketing MySpace user 7.14% comments 38.16% Xing 86.55% Flickr 45.04% Bebo Facebook Places Twitter 18.95% 57.27% 1.01% YouTube 0.61% CityWire forums Yammer 55.21% 91.31% Ecademy 82.25% Money Facebook Super- 1.15% market forums Blogs 26.62% 23.83% LinkedIn 26% Slideshare Salesforce 89.51% Digg 88.76% Foursquare 78.44% 80.31%8
  9. 9. Social Media in B2B financial services marketingHeard of it,don’t use it. Facebook 45.96% LinkedIn 40.67% Twitter Money 83.77% Marketing user forums 48.46% YouTube Slideshare Salesforce 42.71% 10.04% 10.56% Flickr 50.22% Ecademy Xing Yammer Facebook 16.4% 12.78% 8.69% Places 88.24% MySpace 88.24% Bebo 79.79% Blogs Digg CityWire 66.6% forums 34.47% 21.11% Money Supermarket Four forums Square 60.39% 19.03% 9
  10. 10. Making the ConnectionHeard of it,use it personally.Top sites used personally: Ecademy 0.22% YouTube Digg 1.26% Facebook Salesforce LinkedIn 0.45% Bebo 1.26% YouTube CityWire 55.47% forums MySpace MoneyMarketing 4.88% 4.62% user forums Blogs LinkedIn Slideshare 5.7% 6.17% 10.9% 0.45% Flickr Xing Foursquare 4.74% 0.22% 0.66% Facebook Twitter Places 9.33% 1.98% Facebook 44.42% Money Supermarket 0% forums 8.87% Yammer10
  11. 11. Social Media in B2B financial services marketingHeard of it, CityWire forumsuse it professionally. 5.54% LinkedIn Ecademy 22.43%Top sites used professionally: 1.12% LinkedIn MoneyMarketing Facebook user comments 7.68%Industry Forums:• Money Marketing• CityWire Xing• MoneySupermarket 0.45%• IFALife Facebook 8.46% YouTube Twitter 1.21% 5.88% 0% Bebo Blogs 3.4% Digg Salesforce Flickr 0.22% Foursquare MySpace Slideshare Money Supermarket Facebook forum Yammer Places 4.11% 0.66% 11
  12. 12. Making the ConnectionHow often do youuse social media for... Just reading Updating Commenting content & observing Includes forums, blog posts, profiles etc. Includes social profiles, blog posts etc. Never (25.1%) Never (45.53%) Never (46.35%) When I remember (16.46%) When I remember (12.47%) When I remember (20.46%) Once a month (7.82%) Once a month (9.15%) Once a month (8.14%) Once a week (18.52%) Once a week (18.09%) Once a week (14.41%) Once a day (18.52%) Once a day (8.73%) Once a day (6.26%) More than once a day (13.58%) More than once a day (6.03%) More than once a day (4.38%)12
  13. 13. Social Media in B2B financial services marketingChart scale relates to the amountof activity - a larger chartdenoting more activity. Uploading & downloading 24.59% Includes whitepapers, videos, photos, podcasts etc. % 2.8 .93 7% 38 ...& for how long ? 27 .66 % 4% 5.9 Never (48.95%) When I remember (17.36%) Once a month (15.27%) Once a week (12.13%) Once a day (3.35%) More than once a day (2.93%) In hours per week. 13
  14. 14. Making the ConnectionWhat are your primary intentsfor using social media?Personal Keeping in touch with friends Personal General Presence knowledge General news (226) (173) (81) (115)14
  15. 15. Social Media in B2B financial services marketing Respondents specified 3 intents each. Professional ) (11 ip 1) (33 nsh nd s (5 nes s are nes bra ent tio ) Aw usi em Rela a nd g B ith w nag er Bra ildin Ma stom ng cti Bu Cu era Build a Int Industry Lead knowledge Industry news network of Generation (114) (170) contacts (97) (67) 15
  16. 16. Making the ConnectionSocial media is seen as a young person’s game:18-25 26-30 31-40 41-50 50+30.48% 46.14% 22.34% 1.04% 0%What client age bracketdo you think is mostsuited to interactingwith a business onsocial media?16
  17. 17. Access & usage.Do you have access to social media siteson your business computer? NO 16.08% YES ! 83.92% if so...
  18. 18. Making the Connection...how often do you... Watch videos Read the online news online Read a blog Daily Weekly Monthly Sometimes Never18
  19. 19. Social Media in B2B financial services marketing Comment on Comment in Comment a blog a forum on Twitter Update your Share Facebook Update your interesting page LinkedIn profile content 19
  20. 20. Making the ConnectionHow do you typically share newsand information with friends?Respondents could specifymultiple preferences phone 20 I don’t social 300 media sites 101 e-mail 377 in person 28820
  21. 21. Social Media in B2B financial services marketing...and with colleagues? phone Social e-mail media sites 262 22 418 20 I don’t in person 251 21
  22. 22. Making the ConnectionHow reliable do youfind news andinformation fromsocial media sites? Not at all (25.05%) Somewhat (67.43%) Very (7.52%)22
  23. 23. Social Media in B2B financial services marketing Please rank your preferred method 3. 3. of business communication. 4. 4.2.2. 5. 5. el. Soc nn ial ha me dia nsc is no tio t per nica ceive d as a professional commu 1. 1.
  24. 24. Making the ConnectionSocial mobility. Do you use social What kind media on of device do your mobile you use? device? Yes (27.94%) Blackberry (9.17%) No (72.06%) iPhone (13.75%) Android (32.92%) Other Smartphone (32.08%) Other mobile phone (12.08%)24
  25. 25. Social Media in B2B financial services marketingHow important 100%does social mediarank in youroverall marketing 75%strategy?50% Very Moderately Slightly Not at all 3.36% 14.92% 19.96% 61.76%25%
  26. 26. Making the ConnectionOnly 3.5% ofrespondents have a Do you have a formal socialformal social media media strategy for yourstrategy for their business?business in place. No (82.05%) An informal one (14.42%) Yes (3.53%)26
  27. 27. Social Media in B2B financial services marketing How How many confident are people are you in your responsible for the interaction and understanding update of your of social business’ social media? media? Not at all (45.71%) None (54.55%) Somewhat (47.14%) 1-3 (41.96%) Very (7.14%) 4-10 (3.5%) 10+ (0%) 27
  28. 28. Making the Connection80% of respondents How much potential valuesee value in using social do you see in using socialmedia for business. media? None (20.7%) A little, I’m still testing (24.59%) Some value, I see potential (43.24%) A lot (11.48%)28
  29. 29. Social Media in B2B financial services marketing 22%In the next 3 years60% will be active 25%on social media fortheir business. 40%How do you see your business brand using 13%social media in the next 3 years? 29
  30. 30. Making the ConnectionBarriers to using social mediawithin financial services. What are Would the barriers removing a for social barrier increase media within your business financial use of social services? media? Not an appropriate marketing tool (133) No (9.17%) Customer privacy concerns (266) Unlikely (13.75%) Regulatory restrictions (351) Unsure (32.92%) Unclear understanding of how to use it (196) Likely (32.08%) Resource (staff & time) (143) Definitely (12.08%) None (18)30
  31. 31. Social Media in B2B financial services marketing35% of respondents know their competitors use social media: Unsure (56.13%)Do your No (9.56%) A few (29.11%)competitors Yes, a lot (5.2%) Competitorsuse socialmedia forbusiness?And do yourcustomers Customersuse socialmedia? Unsure (26.15%) No (2.51%) A few (42.26%) Yes, a lot (29.08%) 31
  32. 32. Making the ConnectionWhat specific business benefitshave you seen from your use ofsocial media? Improve Increased Monetary Search Media Customer Gain Presence Relationship Lead Generation Results (21) (37) (18) (18) Management (28)32
  33. 33. Social Media in B2B financial services marketingChart scale relates to popularity ofresponses - a larger circledenoting greater popularity. Growth of Network None Brand Awareness of Contacts (40) (42) (39) 33
  34. 34. Making the ConnectionWould you use a social mediasite if it enabled you to... Collaborate Filter content with colleagues Receive custom received and partners instant alerts Definitely Likely Unsure Unlikely No34
  35. 35. Social Media in B2B financial services marketing Integrate Integrate it across Track into your your current marketing website digital results easily presence Create Research Create a private, competitors tailored custom comprehen- network of networks sively contacts 35
  36. 36. Making the ConnectionWhat could a social media sitedo to make your job easier? “Enable real-time contact for customer relations” “Are you kidding, there is no use for social media in financial services” “Reduce the amount of time spent on marketing initiatives” “Allow people to “Improve PR share experiences of and marketing” good service”36
  37. 37. Social Media in B2B financial services marketing “Improve communications “Don’t know” with clients” “Nothing much, I think it is a very unprofessional method “Lead generation” of communicating” “Positively vet the ID of clients” “Bring in contacts, update our brand awareness, increase business in a time efficient manner” 37
  38. 38. Making the ConnectionDo you know of any other businessbrands who are using social mediain a way that you admire? “BBC” “Mary Portas” “Moneysupermarket” “Not in financial services” “The media generally - BBC, “No - but I realise it will need to be Guardian, Telegraph, Evening part of future strategy” Standard...” “Yes - a lot of companies advertise on sites like Facebook. I think the use of “Record labels and musicians” these sites for marketing will grow significantly over the next few years”38
  39. 39. Social Media in B2B financial services marketing “Ocean Finance “Virgin Atlantic” Martins Money Tips “Ifa Life” Money Supermarket” “Manchester United” “NJM Solutions” “Action Coach” “Not really looked” “All the high street shops, banks and Google” “ipatter is a developing site which offers scope for IFA’s - the character space per post is “Apple & Microsoft” sufficient to include risk warnings and regulatory information as applicable” “Tesco” “Coke, Prezzo, Sandals” “Starbucks” 39
  40. 40. To find out more about using social media for business, please call Ben Dansie on 01223 307000 or email ben@omobono.co.uk www.omobono.com40 40

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