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Impact on Social Media

Impact on Social Media

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In line with ING’s ambition to be at the forefront of developments in social media, ING is today presenting the study ‘Impact of social media 2012 (#SMING12)’ based on a survey among 1,500 Dutch consumers. The survey shows that consumers find social media increasingly trustworthy. 65% said they find the information posted on online media to be trustworthy. 40% of consumers find posts made on social media to be trustworthy.

ING has expanded its social media presence rapidly over the past years in its main markets, implementing monitoring tools and stepping up ING’s online interaction to bring the customers closer to its company.

Social media are always considered to be very influential. But what impact does information posted on social media actually have on consumers and the reputations of companies? How trustworthy do consumers find this information? The social media press release about the study ‘Impact of social media 2012’, including infographic and the full report can be found at http://pressdoc.com/p/000qcj

In line with ING’s ambition to be at the forefront of developments in social media, ING is today presenting the study ‘Impact of social media 2012 (#SMING12)’ based on a survey among 1,500 Dutch consumers. The survey shows that consumers find social media increasingly trustworthy. 65% said they find the information posted on online media to be trustworthy. 40% of consumers find posts made on social media to be trustworthy.

ING has expanded its social media presence rapidly over the past years in its main markets, implementing monitoring tools and stepping up ING’s online interaction to bring the customers closer to its company.

Social media are always considered to be very influential. But what impact does information posted on social media actually have on consumers and the reputations of companies? How trustworthy do consumers find this information? The social media press release about the study ‘Impact of social media 2012’, including infographic and the full report can be found at http://pressdoc.com/p/000qcj

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Impact on Social Media

  1. 1. #SMING12 IMPACT OF SOCIAL MEDIA 2012
  2. 2. ABOUT THIS STUDY More and more news about financial But exactly what impact does all institutions is appearing in online and that online buzz actually have on social media. consumers? And how reliable do consumers think all that information is? ING has seen an increase in the Is it different from other online media? buzz around its brand over the past And from traditional media? few years too. From around 10,000 mentions each month in 2011 to 30,000 mentions in September 2012. These questions have led ING to carry Analysing this buzz has shown out a major study on the subject. that people are discussing, sharing You can read the results of the study and commenting on anything and in this report. everything. And all that buzz has quickly started to seem very important. 2
  3. 3. WHAT CAN YOU EXPECT FROM THIS REPORT? Answers to the question of how consumers come into contact with financial news in online and social media. Answers to the question of how reliable consumers think that financial news in online and social media is. And insights into the impact that financial reports in online and social media have on consumers. All this has been presented on the basis of dozens of facts and insights into the perceived reliability and impact of financial reports in online and social media. 3
  4. 4. MAIN CONCEPTS TRADITIONAL MEDIA ONLINE MEDIA SOCIAL MEDIA Traditional media include Online media reports Social media reports ‘offline’ media such as include articles on online include posts/stories/ television, radio, news- news websites, news- reports which appear on papers, news magazines paper websites, weblogs, Facebook, Hyves, Twitter, and so on. In any case, forums/discussion plat- YouTube, LinkedIn, it concerns reports, forms, review sites and Google+ and so on. sources and media that the websites of compa- are related to news and nies/organisations. current affairs. 4
  5. 5. WHAT IS THE MAIN THING THAT WE HAVE LEARNT? Financial reports in online and social media have been shown to have a major impact on consumers: social media play an increasingly influential role in developing reputations and brand preference for companies. Whilst traditional media are still perceived as being more reliable and having a greater impact, the impact of traditional media is being put under pressure since the rise of social media. 5
  6. 6. CONTACT WITH FINANCIAL REPORTS IN ONLINE AND SOCIAL MEDIA IT HAS BEEN SHOWN THAT CONSUM- ERS COME INTO CONTACT VERY FRE- QUENTLY WITH FINANCIAL REPORTS IN ONLINE AND SOCIAL MEDIA. 6
  7. 7. HOW OFTEN DO CONSUMERS COME INTO 1 IN 3 CONSUMERS SEE CONTACT WITH REPORTS ABOUT THE FINANCIAL FINANCIAL REPORTS IN 42% SECTOR IN SOCIAL MEDIA? SOCIAL MEDIA AT LEAST ONCE A WEEK More than half of consumers 15% 10% 12% 9% see reports about the financial 8% 5% 0% sector in social media ‘less than once a month’ or more Never Less At least Weekly Several than once a times a Daily Several times a frequently. once a month month week day HOW OFTEN DO CONSUMERS COME INTO 55% OF CONSUMERS SEE CONTACT WITH REPORTS ABOUT THE FINANCIAL SECTOR IN ONLINE MEDIA? FINANCIAL REPORTS IN 22% ONLINE MEDIA AT LEAST 18% 19% ONCE A WEEK 13% 13% 11% 5% 0% Never Less At least Weekly Several Daily Several than once a times a times a once a month week day month N=750 7
  8. 8. HOW OFTEN DO CONSUMERS COME INTO CONTACT WITH REPORTS ABOUT ING NEARLY 1 IN 5 CONSUMERS 56% IN SOCIAL MEDIA? SEE REPORTS ABOUT ING ON SOCIAL MEDIA AT LEAST ONCE A WEEK 16% 9% 9% 4% 29% SEE REPORTS ABOUT 3% 2% 0% ING IN ONLINE MEDIA AT Never Less than At least once a once a Weekly Several times a Daily Several times a LEAST ONCE A WEEK month month week day HOW OFTEN DO CONSUMERS COME INTO CONTACT WITH REPORTS ABOUT ING IN 30% ONLINE MEDIA? 24% 17% 16% 5% 6% 2% 0% Never Less than At least Weekly Several Daily Several once a once a times a times a month month week day N=750 8
  9. 9. CONSUMERS CAN RECALL REPORTS FROM ONLINE AND SOCIAL MEDIA EASILY 74% of consumers can recall reports about ING in online and social media. Consumers recall reports from news websites best of all. A quarter of consumers can remember reports about ING on Twitter or Facebook.
  10. 10. THE TOPICS THAT CONSUMERS RECALL ABOUT FINANCIAL MARKETS AND ING VARY A LOT BETWEEN CHANNELS Social media are mainly focussed on personal experiences and choices, customer service and product services, and marketing communications. Traditional online media are dominated by news on financial markets and the economic crisis. TWITTER FACEBOOK FORUMS REVIEW SITES NEWSPAPER WEBSITES ONLINE NEWS WEBSITES Financial crisis 37% Advertising/ 42% Personal 42% Customer 46% Financial crisis 60% Financial crisis 51% communications experiences service & Product services Personal 37% Personal 36% Reasons for not 41% Financial market 55% Financial market 49% experiences experiences choosing a bank Products 46% in general in general Customer 36% Customer 36% Financial crisis 39% Reasons for 38% Financial situation 55% Financial situation 47% service & service & choosing a bank of bank of bank Product services Product services N=108 N=313 N=99 N=134 N=498 N=476 10
  11. 11. CONSUMERS remember OF THOSE FINANCIAL REPORTS THAT CONSUMERS REMEMBER, THE TONE IS: FINANCIAL reports, whether they are Facebook positive, neutral or 42% 33% negative Review sites 58% 28% The financial reports which consumers recall from Facebook Blog 31% 26% and review sites are mainly positive. Forum / discussion platform 40% 25% The financial reports which Twitter 41% 25% consumers recall from blogs, forums and discussion platforms Hyves 56% 20% are mainly negative. Newspaper website 56% 16% The financial reports which consumers recall from review Online news site 58% 16% sites, newspaper websites and online news sites are mainly Negative Neutral Positive neutral. 11
  12. 12. PERCEIVED RELIABILITY OF FINANCIAL REPORTS IN ONLINE AND SOCIAL MEDIA Financial reports in traditional and online media are seen as more reliable than reports in social media. The study does show, however, that reports in social media are gradually increasingly seen as reliable. 12
  13. 13. CONFIDENCE IN SOCIAL MEDIA THERE IS RELATIVELY LOW CONFIDENCE IN FINANCIAL 3,94 REPORTS IN ALL THE General 4,66 MEDIA INVESTIGATED 5,05 On a scale of 1 (not reliable 3,92 at all) to 7 (very reliable) Financial market 4,63 traditional media do not 5,00 score higher than 5 (quite reliable). 3,77 ING 4,49 TRADITIONAL MEDIA 4,77 ARE SEEN AS THE MOST RELIABLE Social media Online media Traditional media N=1,100 Social media are seen as less reliable than online and traditional media. 13
  14. 14. ONLINE MEDIA ARE GENERALLY SOCIAL MEDIA ARE SEEN AS SEEN AS RELIABLE LESS RELIABLE 6 OUT OF 10 TRUST REPORTS 3 OUT OF 10 THINK THAT REPORTS ABOUT ING IN ONLINE MEDIA ABOUT ING IN SOCIAL MEDIA ARE RELIABLE 41% 65% 39% 39% 37% 64% 36% 58% 32% 28% 27% 23% 30% 27% 26% 12% 10% 9% ING Financial markets General ING Financial markets General Unreliable Neutral Reliable Unreliable Neutral Reliable 14
  15. 15. SOCIAL MEDIA ARE TRUSTED MORE BY FREQUENT SOCIAL MEDIA USERS 7 6 5 4 3 2 1 er ily ly lly kly th v Da na ee Ne on io W M as cc O Average perceived reliability of social media by frequency of use on scale of 1 (completely unreliable) to 7 (very reliable) N=1,100
  16. 16. CONSUMERS THAT USE 4,68 SOCIAL MEDIA REGULARLY Total 5,04 TRUST NEWS IN SOCIAL 5,27 MEDIA JUST AS MUCH AS 4,74 TRADITIONAL MEDIA General 5,01 5,14 For consumers that use social media at least once a week, 4,68 the differences between social, Financial market 5,23 online and traditional media 5,44 are minimal, or even negligible. 4,56 ING 4,72 5,21 01 02 Very unreliable 03 04 Neutral 05 Very reliable 07 06 Social media Online media Traditional media Consumers who use No significant differences social media at least weekly. 16
  17. 17. THE IMPACT OF FINANCIAL REPORTS Traditional media and online media have a greater impact on consumers than social media. At least, that is what consumers say. Reports in social media more often succeed at changing opinions, preferences or behaviour than reports in traditional and online media. 17
  18. 18. THE WAY THAT CONSUMERS THINK ABOUT THE IMPACT OF ONLINE MEDIA DIFFERS FROM THE WAY THEY BEHAVE IN REALITY In a direct ranking of the perceived impact of various media forms, social media are given a low score. However, reports in social media more often lead to a change of opinion, preference or behaviour. This means that the real impact of social media is greater than the impact of online news media.
  19. 19. Informative television programmes AND newspapers ARE PERCEIVED TO HAVE 4 to 5 times MORE impact than social media # MEDIA TYPE impact score Informative television programmes on news and current affairs (such as NOS Journaal, RTL 1 16 Nieuws, Pauw & Witteman, EenVandaag, DWDD etc.) 2 Newspapers, national and regional (such as Trouw, Telegraaf, Financieel Dagblad, 15 Dagblad van het Noorden, Noord Hollands Dagblad, Brabants Dagblad etc.) Newspaper website (such as Trouw.nl, Telegraaf.nl, FD.nl, dvhn.nl, noordhollandsdagblad.nl, 3 brabantsdagblad.nl etc.) 12 4 Online news websites which are not linked to a newspaper/periodical/magazine (such as Nu.nl, Z24.nl etc.) 10 5 Informative radio stations such as BNR, Radio 1 etc. 8 6 News magazines (such as Elsevier, 360, Quote, HP/de Tijd etc.) 8 7 The company’s website 7 8 Review sites (such as kieskeurig.nl, vergelijk.nl, independer.nl and zoover.nl) 7 9 News and current affairs on entertainment radio stations such as Radio 538, Qmusic, Sky Radio etc. 5 10 Forums/Discussion platforms (such as forum.fok.nl, forum.viva.nl, nujij.nl, Radar/Kassa forum etc.) 4 Entertainment television programmes on news and current affairs (such as Pownews, 11 3 RTL Boulevard, Shownieuws, Dit was het nieuws etc.) 12 Social media (Facebook, Twitter, Hyves, LinkedIn etc.) 3 13 Blogs (such as Geenstijl.nl, Dumpert.nl, deJaap.nl, DutchCowboys.nl, Emerce.nl etc.) 1 19
  20. 20. HOWEVER... Financial reports lead __% of consumers to... OPINION CHANGED NEGATIVELY CONFIRMATION OF CURRENT CHOICE 39% 33% 34% 36% 29% 30% 26% 26% 22% 21% 22% 24% 22% 24% 24% 19% OPINION CHANGED POSITIVELY CONVINCED OF CHOICE 33% 27% 29% 25% 25% 22% 23% 20% 20% 19% 16% 17% 17% 12% 14% 13% es k s te s on s ew new er SWITCHED BANKS oo te te og si itt yv si si si eb b Bl Tw us H ce s w w sc ie Fa 26% er ev di 25% 24% ap s/ R e 21% 20% m in sp 17% nl ru O Fo 12% 11% N Financial reports in social media more often lead to a change of opinion, preference or behaviour es ok ne tter s / te s s te te og s si yv bo m si si i eb than reports on online news sites Bl Tw ru H ce s w w Fo w ie Fa er ev or newspaper websites. ap R e in sp nl ew O N 20
  21. 21. CONNECTION BETWEEN IMPACT THE IMPACT OF FINANCIAL AND FREQUENCY REPORTS IN SOCIAL MEDIA IS 9 GREATER FOR FREQUENT SOCIAL 8 MEDIA USERS Impact of social media 7 6 Reports about ING in social media in 5 particular have a significantly greater 4 3 impact on daily social media users. 2 1 0 er lly ly y ly kl th ai ev na ee D on N io W M as cc O Frequency of social media use N=750 ING Financial sector N=750 N=750 21
  22. 22. CONNECTION BETWEEN IMPACT THE MORE RELIABLE CONSUMERS AND RELIABILITY THINK REPORTS IN SOCIAL MEDIA 8 ARE, THE GREATER THE IMPACT 7 THAT THEY HAVE The impact of reports in social media is Impact of social media 6 5 twice as high for consumers who think that social media are very reliable than 4 for consumers who do not think that 3 social media are reliable. 2 1 0 Very unreliable Neutral Very reliable ING Financial sector N=646 N=643 22
  23. 23. 17 17 16 16 15 CONNECTION BETWEEN TRADITIONAL MEDIA THE IMPACT OF Impact Informatieve TV TV 15 14 AND FREQUENT SOCIAL MEDIA USE TRADITIONAL MEDIA Impact Informatieve 14 13 DECREASES AS 13 17 12 17 CONSUMERS USE 12 SOCIAL MEDIA MORE Impact of informative TV 11 Impact of newspapers 15 15 11 10 FREQUENTLY 10 13 9 13 This effect is strongest 9 8 amongst young people. 11 11 8 7 9 79 llM M e e s s s s s s it it ijk ijk lijk lijk ijk ijk oo oo to to el el el el N N en en de de ek ek ag ag an aan Af Af W W D D 7 7 ya Frequentie social media gebruik er lly ly y ly er ly y ly kl th ai ev kl na th ai ee ev na D on ee D N on io Frequentie social media gebruik W N io M W as M as cc cc O O Frequency of social media use ING (N = 750) Frequency of social media use ING (N = 750) (N = 750) Financiële markt ING (N = 750) Financiële markt (N = (N = 85) ING jongeren 18 - 24 750) Financial market (N = 750) INGjongeren 18 --24 (N = 84) FM jongeren 18 24 (N = 85) ING youth ages 18 - 24 (N = 85) FM youth ages 18 - 24 (N = 84) FM jongeren 18 - 24 (N = 84) 23
  24. 24. THE IMPACT OF FINANCIAL REPORTS IN SOCIAL MEDIA IS 2 TO 2.5 TIMES GREATER ON YOUNGER PEOPLE The impact of online reports is more or less the same for all ages. 8 7 6 Impact factor 5 4 3 2 1 0 18 - 24 25 - 34 35 - 44 45 - 54 55 - 64 65 + years years years years years SOCIAL MEDIA REPORTS - FINANCIAL SECTOR N=655 ONLINE MEDIA REPORTS - FINANCIAL SECTOR
  25. 25. WOULD YOU LIKE TO LEARN MORE? 25
  26. 26. THE FOLLOWING SLIDES GIVE A DETAILED OVERVIEW OF THE RESULTS OF THE STUDY. THEY ARE BASED ON FIVE RESEARCH QUESTIONS. 26
  27. 27. STUDY CONDUCTED BASED ON FIVE SURVEY QUESTIONS: SURVEY QUESTION 1 How often do consumers come into contact with reports in social media about the financial sector in general and ING in particular? How often do consumers find these financial reports in online and social media to be reliable?   SURVEY QUESTION 2 SURVEY QUESTION 3 traditional media (television, radio, etc.)?   To what extent does trust in financial reports in online and social media differ from trust in messages in To what extent do consumers remember financial reports in online and social media?   SURVEY QUESTION 4 SURVEY QUESTION 5 reputation?   To what extent do financial reports in online and social media have an impact on brand preference and 27
  28. 28. RESEARCH QUESTION 1 To what extent do consumers come into contact with reports in social media about the financial sector and ING in particular? 28
  29. 29. Facebook and YouTube 67 % Facebook are the most used social 24 % 72 % media platforms 54 % YouTube 73 % 67% of consumers use Facebook 13 % at least once a week. YouTube is 31 % used a lot too: 54% of consumers Google+ 36 % 55 % use this network at least once a 23 % week. Linkedin 34 % Uses this medium at least weekly 57 % Pinterest and Foursquare are the 21 % least popular. Twitter 26 % 66 % Uses this medium at least monthly 16 % Hyves 25 % 59 % Never uses this medium 5% Foursquare 8% 88 % N=1,500 5% N=1,500 Pinterest 7% 90 % 29
  30. 30. Online news sites and 63% Online news newspaper websites sites 72% are used the most. 20% More than half of consumers use 60% these platforms once a week Newspaper sites 68% (63% and 59% respectively). 21% Uses this medium at Weblogs and forums/discussion 26% least weekly platforms are the least popular. Review sites 52% Review sites are mainly used 22% Uses this medium at sporadically. least monthly 21% Forums/ discussion 32% Never uses this platforms 51% medium 15% Weblogs N=1,500 23% 64% N=1,500 30
  31. 31. TYPE OF SOCIAL MEDIA USERS EXPLANATION OF USER TYPES •  Inactive: Respondent who has indicated that he/she Inactive 10% uses social/online media, but creates, contributes or consumes content less than monthly. •  Consumer: Respondent who has indicated that he/she Consumer 87% uses social/online media and consumes content at least monthly. Contributor 70% •  Contributor: Respondent who has indicated that he/she uses social/online media and contributes content at least monthly. Creator 64% •  Creator: Respondent who has indicated that he/she N=1,500 uses social/online media and creates content at least monthly. The largest proportion of our respondents are media consumers, whilst many of them are contributors and creators. There is also an overlap between media consumers, contributors and creators, and most creators are consumers of media too. 31
  32. 32. HOW OFTEN DO CONSUMERS COME INTO 33% OF CONSUMERS SEE FINANCIAL CONTACT WITH REPORTS ABOUT THE FINANCIAL SECTOR IN SOCIAL MEDIA? REPORTS IN SOCIAL MEDIA AT LEAST 42 % EVERY WEEK More than half of consumers see reports about 15 % the financial sector in social media from time to 10 % 12 % 8% 9% 5% time. 33% of consumers come into contact with this sort of reports at least once a week. It has also Never Less than At least Weekly Several Daily Several once a once a times a times a day appeared that 14% of consumers see reports about month month week the financial sector at least once a day. HOW OFTEN DO CONSUMERS COME INTO CONTACT WITH REPORTS ABOUT THE 55% SEE REPORTS ABOUT THE FINANCIAL FINANCIAL SECTOR IN ONLINE MEDIA? SECTOR IN ONLINE MEDIA AT LEAST 22 % 19 % 18 % EVERY WEEK 13 % 13 % 11 % Consumers come into contact with reports about 5% the financial sector more often in online media, and 0% more than three quarters of them see reports like Never Less than At least Weekly Several Daily Several this from time to time. 55% of consumers come into once a once a times a times a month month week day N=750 contact with reports about the financial sector in N= online media at least every week. 24% say that they 750 see financial reports every day. 32
  33. 33. HOW OFTEN DO CONSUMERS COME INTO 19% SEE REPORTS ABOUT ING CONTACT WITH REPORTS ABOUT ING IN SOCIAL MEDIA? IN SOCIAL MEDIA AT LEAST EVERY 56 % WEEK Almost a fifth of consumers come into contact with reports about ING in social 16 % media at least every week. Another 6% 9% 9% 3% 4% 2% of them say that see at least one report about ING in social media every day. Never Less than once a At least once a Weekly Several times a Daily Several times a day month month week 29% SEE REPORTS ABOUT ING HOW OFTEN DO CONSUMERS COME INTO IN ONLINE MEDIA AT LEAST ONCE CONTACT WITH REPORTS ABOUT ING IN ONLINE A WEEK MEDIA? 30 % Consumers come into contact with reports 24 % about ING more often in online media, but 17 % 16 % it is still concerns a minority of consumers. 29% of consumers see online reports 5% 6% about ING at least every week. 2% Never Less than At least Weekly Several Daily Several once a once a times a times a day month month week N=750 33
  34. 34. Conclusions Consumers come into contact with reports about the financial sector more frequently than reports about ING. Consumers come into contact with reports in online media more frequently than reports in social media. Consumers primarily see reports about the financial sector in online media. A minority of consumers come into contact with reports about the financial sector and ING in social media every week. But over half of them see reports about the financial sector in social media from time to time, and a third of them see these every week. Specifically for ING, this means that more than half of consumers never come into any contact with reports about ING in social media. But it was shown that a fifth of consumers do see reports about ING in social media every week. Though they are often not the majority of consumers that see reports on ING or the financial sector in online media or social media, the figures are substantial for a sample that is representative for the Netherlands, with more or less as many online media/social media savvy users. 34
  35. 35. RESEARCH QUESTION 2 To what extent do consumers think that financial reports in online and social media are reliable?  35
  36. 36. GENERAL 32% OF CONSUMERS THINK THAT FINANCIAL 27% REPORTS ABOUT ING IN SOCIAL MEDIA ARE 19% 21% RELIABLE 13% 12% The perceived reliability of reports about ING is 6% 4% slightly lower than that for reports about financial markets (39%) and general news stories (36%). Additionally, reports about ING in social media are FINANCIAL MARKETS the ones most often perceived as unreliable. 41% 24% see these reports as unreliable, compared with 23% 18% 39% for reporting about financial markets and 37% 13% for reports in social media in general. 7% 9% 5% 41 % 39 % 39 % 37 % 36 % 32 % ING N = 461 28 % 27 % 28 % 23 % 21 % 19 % 10 % 10 % 10 % 3% ING Financial markets General Very unreliable Neutral Very reliable N = 434 Not reliable Neutral Reliable 36
  37. 37. 7,0 FREQUENT SOCIAL MEDIA USERS CONSIDER 6,0 SOCIAL MEDIA MORE RELIABLE 5,0 Consumers who use social media more frequently 4,0 also find it to be more reliable. Consumers who use social media every day give it a score of 5.6 on a 3,0 scale of 1 (not at all reliable) to 7 (very reliable). 2,0 Consumers who never use social media give it an Very unreliable 1,0 average score of 2.2. r lly ly kly ily ve th na Da ee Ne on io Frequent social media users find it ‘quite reliable’ to W M as cc ‘reliable’ (scores 5 and 6 on a scale of 1, unreliable, O Average perceived reliability score on a to 7, very reliable). Consumers who never use social scale of 1 (totally unreliable) to 7 (very media say that it is ‘unreliable’ (score 2 on a scale of reliable) 1 to 7). Differences between monthly use and weekly use and weekly use and daily use are negligible. 37
  38. 38. CONSUMERS THAT MAKE MORE Very reliable 7 ACTIVE USE OF SOCIAL MEDIA 6 THINK THAT FINANCIAL REPORTS 5 IN SOCIAL MEDIA ARE MORE Neutral 4 3,4 3,9 04 03 RELIABLE 3 2 For all types of users it has been shown Very unreliable 1 that more active users give a higher Inactive Active Not a Consumer reliability score than less active users. Consumer Very reliable 07 06 05 04 04 Neutral 04 03 03 03 02 Very unreliable 01 Not a Contributor Not a Creator Contributor Creator 38
  39. 39. ALL RESPONDENTS ING-CUSTOMERS THINK SOCIAL Very reliable 7,0 MEDIA REPORTS ABOUT ING 6,0 ARE MORE RELIABLE THAN NON- 5,0 CUSTOMERS DO 4,0 Neutral 3,9 3,6 3,0 Though the difference between the 2,0 averages is rather small (customers Very unreliable 1,0 give an average score of 3.9, non- ING customer Non-customer customers give it 3.6), that difference is significant. The higher score of 3.9 is USE SOCIAL MEDIA WEEKLY still relatively low on the scale of 1 to 7. Very reliable 7,0 The score of 3.9 means that consumers 6,0 feel fairly neutral about reports about 5,0 4,0 ING in social media. 4,0 Neutral 3,7 3,0 Amongst the consumers that use one 2,0 of the social networks at least every Very unreliable 1,0 week, ING-customers find social media ING customer Non-customer reports on ING more reliable than non- customers do. 39
  40. 40. GENERAL ONLINE MEDIA ARE SEEN AS RELIABLE 44 % SOURCES 26 % The overwhelming majority of consumers 18 % 8% say they see online media as being reliable 0% 1% 2% (sometimes ‘reliable’ to ‘very reliable’). This N = 351 applies whether it refers to reports about ING FINANCIAL MARKETS (58%), the financial markets (65%) or reports 48% on news and current affairs in general (64%). In any case, online media are generally seen 27% as ‘quite reliable’. It is striking that only a very 14% small proportion of consumers think online 1% 2% 6% 2% media are unreliable. N = 377 65 % 64 % ING 58 % 42 % 30 % 30 % 27 % 26 % 14 % 7% 12 % 2% 4% 2% 9% 10 % Very unreliable Neutral Very reliable ING Financial General markets N = 336 Not reliable Neutral Reliable 40
  41. 41. PERCEIVED RELIABILITY OF ONLINE MEDIA ONLINE NEWS PROVIDERS ARE CONSIDERED TO BE THE MOST RELIABLE 77% 71% 66% 64% Out of all the online media, newspaper websites 46% are considered the most reliable (77% scored them ‘quite reliable’ to ‘reliable’), followed by 21% online news sites (71%). BLOGS: THE LEAST RELIABLE e es es s s og ite rm sit sit sit Bl eb bs fo Out of all the online media, newspaper websites ws w at we rw vie pl ne pe n are considered the most reliable (77% scored Re n tio e sio pa in isa us ws nl them ‘quite reliable’ to ‘reliable’), followed by O an sc Ne rg di online news sites (71%). O s/ m ru Fo Percentage that feels this medium is reliable COMPANY WEBSITES SCORE REASONABLY WELL 64% of consumers think company websites are reliable, when referring to news items and current affairs which involve ING, for example. 41
  42. 42. 7 Very reliable AGE HAS A LIMITED INFLUENCE ON HOW 6 CONSUMERS SEE THE RELIABILITY OF FINANCIAL REPORTS ON ONLINE AND 5 SOCIAL MEDIA 4 Neutral The frequency with which consumers use 3 social media plays a major role in the extent to which they think social media are reliable. 2 Very unreliable Age turns out to account for differences 1 amongst consumers that use social media 18-24 25 - 34 35 - 44 45 - 54 55 - 64 65+ every week. Weekly use of social media Weekly use of online media Amongst frequent social media users, older Less than weekly use of social media consumers find social media more reliable Less than weekly use of online media than younger consumers. Consumers aged 35-44 years are the most sceptical when it Amongst infrequent social media users too, comes to reports in social media. there are no significant differences between Age is not associated with any differences the extents to which they find social media between frequent social media users’ and online media reliable. perception of the reliability of online media. 42
  43. 43. Conclusions The perceived reliability of social media varies. In most cases, the reliability score stays roughly around the middle, on a scale of 1 (very unreliable) to 7 (very reliable). There are slightly more consumers who think that social media are unreliable than those who think they are reliable. Whether consumers find social media reliable is dependent on factors such as the frequency with which they use social media, their social media profile, and whether or not they are a customer. The more frequently consumers use social media, the more they think that social media are reliable compared to those who use them social media less frequently. Although the differences are less pronounced, it has been shown that older frequent social media users (at least weekly) find financial reports in social media more reliable than younger regular social media users do. ING-customers see reports about ING in social media as being more reliable than non-customers do. 43
  44. 44. RESEARCH QUESTION 3 To what extent does the perceived reliability of financial reports in online and social media vary from the perceived reliability of reports in traditional media such as television, radio etc.? 44
  45. 45. PERCEIVED RELIABILITY OF 3,9 ALL MEDIA IS RELATIVELY General reports 4,7 LOW 5,1 Consumers say that reports of financial reports are not Reports about 3,9 particularly reliable from any of financial 4,6 markets the media forms studied. The 5,00 perceived reliability of reports in social media is generally fairly 3,8 neutral. Online media reports are Reports about 4,5 ING mainly considered to be ‘reliable’, 4,8 but reports in traditional media forms are also seen as ‘quite Very unreliable 1,0 0,0 2,0 3,0 Neutral 4,0 5,0 Very reliable 6,0 7,0 reliable’. Social media Online media Traditional media REPORTS ABOUT ING ARE PERCEIVED AS LESS RELIABLE For the most part, reports about ING were perceived to be less reliable than reports of news and current affairs in general and about financial markets. 45
  46. 46. THE MORE FREQUENT THE USE OF 4,68 SOCIAL MEDIA, THE MORE RELIABLE Total 5,04 SOCIAL AND TRADITIONAL MEDIA ARE 5,27 PERCEIVED TO BE 4,7 Amongst consumers who use social media General 5 at least once a week, there are only minimal 5,1 or even insignificant differences between 4,7 their perceptions of the reliability of reports Financial market 5,2 in social, online and traditional media. 5,4 4,6 NO DIFFERENCE BETWEEN SOCIAL, ING 4,7 ONLINE AND TRADITIONAL MEDIA FOR 5,2 GENERAL NEWS REPORTS 1,0 Very unreliable 2,0 3,0 Neutral 4,0 5,0 Very reliable 7,0 6,0 There were no differences in the perceived Social media Online media Traditional media reliability of general news reports in social, online and traditional media. Consumers who use social No significant differences Both for reports about financial markets media at least weekly. and reports related to ING, there were no differences in the perceived reliability of online and social media. 46
  47. 47. TRADITIONAL NEWS SOURCES TYPE OF SOCIAL MEDIA USERS ARE THE MOST RELIABLE Traditional, news source 5,4 The reliability that consumers Online, news source 5,1 attribute to financial reports in Traditional, total 4,9 online news sources is significantly Online, total 4,6 higher than the reliability they attribute to financial reports in Traditional, entertainment 4,3 traditional media such as television Online, blogs, etc. 4,2 and radio in general. However, Social 3,9 the perceived reliability of reports Very unreliable Very unreliable 1 0 2 Neutral 3 4 Very reliable 5 6 7 on traditional news sources such as the television news, on the other hand, is significantly higher than the perceived reliability of financial reports on online news sources. The perceived reliability of reports on traditional news sources is significantly higher than the perceived reliability of financial reports on traditional entertainment sources. 47
  48. 48. Conclusions Financial reports in traditional media are generally seen by consumers as more reliable than financial reports in social media. The perceived reliability of social media increases the more frequently consumers use social media. Frequent social media users show smaller differences or none at all in their perceived reliability of reports in traditional, online and social media. Reports about news and current affairs in general, for example, are seen to be equally reliable in traditional media and social media. Additionally, online and social media are considered to be equally reliable when it comes to reports about both the financial market and ING. Traditional news sources (television news, newspapers and radio stations such as BNR) and online news sources (newspaper websites and online news sites) are perceived to be the most reliable. Entertainment from traditional sources (such as Pownews and the news item on QMusic), online social sources (blogs, etc.) and social media are given the lowest reliability scores. 48
  49. 49. RESEARCH QUESTION 4 To what extent can consumers recall financial reports from online and social media? 49
  50. 50. CONSUMERS RECALL MORE REPORTS TO WHAT EXTENT DO CONSUMERS REMEMBER REPORTS ABOUT ING IN SOCIAL MEDIA, BASED ON WHEN THEY ARE MORE FREQUENT FREQUENCY OF USE? SOCIAL MEDIA USERS 70% The more frequently that consumers use 60% a social media channel, the better they are 50% able to recall financial news, such as reports about ING. 40% It emerges that consumers recall reports about 30% ING much better when they are more frequent 20% users of the Facebook network. 10% Consumers who use Facebook every day can remember reports more easily. 0% Never Occasionally Monthly Weekly Daily The more frequently consumers use Twitter, Twitter Facebook Hyves the more Twitter reports they remember too. It is remarkable that consumers who use Twitter every day recall reports about ING less well than those who use Twitter weekly. 50
  51. 51. CONSUMERS CAN WHAT PERCENTAGE OF RESPONDENTS CAN RECALL RECALL REPORTS REPORTS ABOUT FINANCIAL MARKETS? ABOUT FINANCIAL Newspaper website 62% MARKETS MAINLY FROM NEWSPAPER Online news site 57% WEBSITES AND Facebook 16% ONLINE NEWS SITES. Twitter 15% Blog 14% 62% of consumers Hyves 9% can recall reports about financial Forums/discussion platforms 8% markets. For online Review sites 5% news sites this Percentage that recalls reports in this medium over the past 6 months N=397 percentage is 57%. For other media, the percentage of consumers that can to the reliability scores 16% for Facebook and recall reports on of forums and blogs, in 15% for Twitter. financial markets is this aspect social media lower. Compared score the strongest, with 51
  52. 52. WHAT PERCENTAGE OF RESPONDENTS CAN RECALL REPORTS ABOUT ING? Newspaper website 44% Online news site 42% Facebook 29% Twitter 26% Review sites 18% Forums/discussion platforms 18% Hyves 17% Blog 16% Percentage that recalls reports in this medium over the past 6 months N=1,500 From newspaper websites and online news sites, consumers can recall reports about ING less well than they can recall reports about financial markets. In this regard, social media score better. 52
  53. 53. THE SUBJECTS THAT CONSUMERS REMEMBER VARY SHARPLY BETWEEN PLATFORMS TWITTER FACEBOOK FORUMS / REVIEW SITES NEWSPAPER ONLINE NEWS (N = 108) (N = 313) DISCUSSION (N = 134) WEBSITE SITE PLATFORMS (N (N = 498) (N = 476) = 99) 1 Financial crisis Advertising / Personal Service & Financial crisis Financial crisis (37%) communication experience provision of (60%) (51,1%) (41.9%) (42.2%) service (46.3%) 2 Personal Personal Reasons to not Products (46.3%) Financial market Financial market experience (37%) experience choose the bank in general in general (36.1%) (41.4%) (55.4%) (48.9%) 3 Service & Service & Financial crisis Reasons to Bank’s financial Bank’s financial provision of provision of (39.4%) choose the bank situation (54.6%) situation (46.6%) service (36.1%) service (35.5%) (38.1%) 4 Stock markets, Product (30.7%) Service & Personal Organisation Organisation share prices etc. provision of experience (42%) (37.2%) (31.5%) service (37.4%) (33.6%) 5 Financial market Financial crisis Products (35.4%) Organisation Stock markets, Stock markets, in general (30.6) (26.8%) (27.6%) share prices share prices (39.6%) (33.6%) OVERALL Financial news & Marketing & Products & Products & Financial news Financial news service, service, service, service, provision of provision of provision of provision of service service service service (negative) (positive) 53
  54. 54. OF THOSE FINANCIAL REPORTS THAT Consumers remember CONSUMERS REMEMBER, THE TONE IS: reports which are positive, neutral and negative in tone. Facebook 25% 42% 33% It is not fundamentally the case that negative reports are easier Review sites 14% 58% 28% to remember; positive reports are remembered by many consumers too. Blog 43% 31% 26% The tone of the reports that consumers Forums/discussion platforms 34% 40% 25% remember can vary significantly. The overall tone of reports that consumers Twitter 34% 41% 25% remember is predominantly neutral. Hyves 24% 56% 20% Newspaper website 28% 56% 16% Online news sites 26% 58% 16% Negative Neutral Positive 54
  55. 55. REPORTS ON TWITTER, BLOGS AND Review sites 4% 7% 10% 14% 65% FORUMS ARE THE MOST LIKELY TO INCITE CONVERSATIONS Forums/discussion 6% 17% 9% 12% 56% platforms The consumers were asked whether they had Blog discussed the reports that they could recall 11% 14% 11% 16% 49% with other people. In most cases, more than Online news sites 3%6%3% 13% 77% half of the consumers do not discuss the reports with other people. Newspaper website 3%6% 5% 13% 74% Social media reports lead the most frequently to conversations. Of the social media Hyves 9% 7% 7% 13% 65% networks, reports on Twitter are the most frequently discussed (59% of consumers Facebook 7% 8% 7% 15% 64% discuss the reports ‘a few times briefly’). REPORTS ON ONLINE NEWS SITES AND Twitter 9% 16% 18% 16% 41% NEWSPAPER WEBSITES ARE THE LEAST LIKELY TO INCITE CONVERSATIONS Online news sites and newspaper websites are Yes, discussed several times in detail Yes, discussed several times briefly the least likely to incite conversations. Around Yes, discussed a few times in detail Yes, discussed a few times briefly three quarters of consumers do not discuss No, not discussed reports from these networks (77% and 74%). 55
  56. 56. Conclusions Around three quarters of consumers could recall news stories about ING from online or social media in the last six months. Reports in online media are the easiest ones to remember, in particular reports on newspaper websites and online news sites. Consumers can recall reports better the more they use social media. Reports on the financial sector too are most memorable on newspaper websites and online news sites. Here again, Facebook and Twitter were the social networks where consumers could remember the most reports. 56

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