The document summarizes research on how the financial sector views and uses social media. It finds that while many in the sector are interested in social media's potential, fears around compliance, costs, and lack of skills have limited its adoption. Current use is mostly for monitoring rather than engagement. To succeed, the sector needs to embrace social media to rebuild brands and trust, and view it not as a selling tool but a way to revolutionize communications. Measuring return on investment and gaining senior buy-in will be key to increased future use.
The document discusses the relationship between the financial sector and social media. While many businesses have embraced social media, the financial sector's adoption of it has been slow and uneven. The sector sees opportunities in social media but also fears about potential damage and lack of expertise. The report finds interest within the sector to adopt social media more fully, but a lack of resources and understanding are holding it back. It provides recommendations for how the sector can better utilize social media.
This document describes Burson-Marsteller China's integrated Digital and Social Media (D/BM) practice. D/BM identifies key audiences and influencers, creates social media programs and campaigns to build online connections, and manages issues and campaigns. The document outlines D/BM's end-to-end digital solutions and team members. It also discusses trends in social media and China, the importance of online relationships and influencers, and how to evaluate social media initiatives and align them with strategic goals.
From Social Media To Social Crm 2 Reinventing The Customer RelationshipFriedel Jonker
Most companies have embraced social media and see it fundamentally changing how they do business. However, many are still in the early stages of social engagement and are not fully exploiting its benefits. While most have elements of a social media program, few have implemented a fully integrated Social CRM strategy with executive sponsorship, cross-functional governance, and processes for sharing customer insights. Companies face challenges in measuring ROI from social media efforts and mitigating risks, with only about a third effectively analyzing social data or monitoring their brand. Moving from isolated projects to comprehensive Social CRM strategies will be required to truly leverage social media's potential for customer relationships.
This document discusses how companies can adopt the ethos of social media in their customer engagement strategies. It outlines that social media has become mainstream in Australia, with users spending many hours per month on sites. While companies recognize the marketing opportunity, most struggle to incorporate social media strategically. The document advocates adopting the ethos of social media - transparency, genuineness, relevance and proximity. It provides a three-phase methodology for companies to develop social media capabilities and opportunities in line with this ethos.
This document discusses how social media has changed how businesses interact with and engage customers. It provides an overview of the evolution of social media marketing and the two main approaches: passive, by analyzing user generated content; and active, using social media as an engagement and communication tool. The document also examines how companies can use influencers and hyper targeting on platforms like Facebook and LinkedIn. It aims to understand the role of social media strategies in creating buzz and engaging customers.
Today Social Media is witnessing a rise in customer participation leading to an equivalent rise in social media applications for customer service. Therefore, organizations need an actionable framework that can respond efficiently and proactively to customer requests and unmet needs.
This presentation focuses on the following
Listening to the entire universe - Why is it important and how should it be approached?
Understanding and measuring customer experience through social media – the possibilities today
Enabling ongoing social media engagement for improving customer experience
Role of social media networks in penetration of internationalAlexander Decker
This study investigated the role of social media networks in helping small and medium enterprises (SMEs) in Kenya penetrate international markets. It focused on SMEs located at Yaya Centre in Nairobi. The study found that social media networks had a statistically significant positive effect on SMEs' ability to penetrate global markets. Specifically, social media networks explained 62.8% of the variation in SMEs' global market penetration performance. The study concluded that social media networks play an important role in helping Kenyan SMEs internationalize their business and access overseas customers.
The document discusses managing risks associated with social media use. It identifies common social media risks like damage to reputation, privacy issues, and legal liabilities. It recommends developing a social media strategy and policy to guide appropriate use and address risks. It also stresses the importance of listening to social media discussions, having a crisis communication plan, and obtaining proper insurance to cover social media activities. The overall message is that not participating in social media also carries risks, so organizations should thoughtfully engage with social media while mitigating potential downsides.
The document discusses the relationship between the financial sector and social media. While many businesses have embraced social media, the financial sector's adoption of it has been slow and uneven. The sector sees opportunities in social media but also fears about potential damage and lack of expertise. The report finds interest within the sector to adopt social media more fully, but a lack of resources and understanding are holding it back. It provides recommendations for how the sector can better utilize social media.
This document describes Burson-Marsteller China's integrated Digital and Social Media (D/BM) practice. D/BM identifies key audiences and influencers, creates social media programs and campaigns to build online connections, and manages issues and campaigns. The document outlines D/BM's end-to-end digital solutions and team members. It also discusses trends in social media and China, the importance of online relationships and influencers, and how to evaluate social media initiatives and align them with strategic goals.
From Social Media To Social Crm 2 Reinventing The Customer RelationshipFriedel Jonker
Most companies have embraced social media and see it fundamentally changing how they do business. However, many are still in the early stages of social engagement and are not fully exploiting its benefits. While most have elements of a social media program, few have implemented a fully integrated Social CRM strategy with executive sponsorship, cross-functional governance, and processes for sharing customer insights. Companies face challenges in measuring ROI from social media efforts and mitigating risks, with only about a third effectively analyzing social data or monitoring their brand. Moving from isolated projects to comprehensive Social CRM strategies will be required to truly leverage social media's potential for customer relationships.
This document discusses how companies can adopt the ethos of social media in their customer engagement strategies. It outlines that social media has become mainstream in Australia, with users spending many hours per month on sites. While companies recognize the marketing opportunity, most struggle to incorporate social media strategically. The document advocates adopting the ethos of social media - transparency, genuineness, relevance and proximity. It provides a three-phase methodology for companies to develop social media capabilities and opportunities in line with this ethos.
This document discusses how social media has changed how businesses interact with and engage customers. It provides an overview of the evolution of social media marketing and the two main approaches: passive, by analyzing user generated content; and active, using social media as an engagement and communication tool. The document also examines how companies can use influencers and hyper targeting on platforms like Facebook and LinkedIn. It aims to understand the role of social media strategies in creating buzz and engaging customers.
Today Social Media is witnessing a rise in customer participation leading to an equivalent rise in social media applications for customer service. Therefore, organizations need an actionable framework that can respond efficiently and proactively to customer requests and unmet needs.
This presentation focuses on the following
Listening to the entire universe - Why is it important and how should it be approached?
Understanding and measuring customer experience through social media – the possibilities today
Enabling ongoing social media engagement for improving customer experience
Role of social media networks in penetration of internationalAlexander Decker
This study investigated the role of social media networks in helping small and medium enterprises (SMEs) in Kenya penetrate international markets. It focused on SMEs located at Yaya Centre in Nairobi. The study found that social media networks had a statistically significant positive effect on SMEs' ability to penetrate global markets. Specifically, social media networks explained 62.8% of the variation in SMEs' global market penetration performance. The study concluded that social media networks play an important role in helping Kenyan SMEs internationalize their business and access overseas customers.
The document discusses managing risks associated with social media use. It identifies common social media risks like damage to reputation, privacy issues, and legal liabilities. It recommends developing a social media strategy and policy to guide appropriate use and address risks. It also stresses the importance of listening to social media discussions, having a crisis communication plan, and obtaining proper insurance to cover social media activities. The overall message is that not participating in social media also carries risks, so organizations should thoughtfully engage with social media while mitigating potential downsides.
Social Media in Financial Services: Survey ResultsOmobono
1) The document discusses a study on how financial services companies are using social media for B2B marketing. It found that most see social media as a tool for customers rather than connecting different audiences.
2) Respondents also demonstrated a lack of education about social media and tended to only use platforms like Twitter and Facebook personally rather than for business value.
3) Financial marketers believed social media was only appropriate for audiences under 30 and not those over 50. However, the study aimed to understand current uses and identify opportunities to adapt marketing plans to digital tools.
From Social Media to Social Business - Marketing in the 'Social Age'Stefan Pfeiffer
Presentation on how Marketing needs to change in the 'Social Age' from Mass Marketing to 1:1 Marketing taking in particular Social Channels and behaviors into consideration. A bit of a focus on Healthcare due to the fact, that this was presented for one of our Healthcare customers.
Reputation Management In The Era Of Social MediaBen Maynard
The digital media leaders surveyed see social media as now integral to their business operations. Over 80% said social media is a key part of their communications mix and is playing a significant role in other areas like sales and customer service. While traditional media still drives much of their reputation, the power of social media buzz on reputation and sales is recognized. Most view several social media platforms as already essential, with more agreeing they will be in the next 12 months, though some caution about credibility of information shared remains. Monitoring influence and how information spreads across digital and traditional media is important but challenges in measurement exist.
The digital media leaders surveyed see social media as now integral to their business operations. Over 80% said social media is a key part of their communications mix and is playing a significant role in other areas like sales and customer service. While traditional media still drives much of their reputation, the power of social media buzz on reputation and sales is recognized. Most view several social media platforms as already essential, with more agreeing they will be in the next year. However, they are cautious of some information shared on these sites and monitoring influence across digital and traditional media is important but challenging.
Reputation Management in era of social mediaBen Maynard
A white paper based on research among the fifty finalists in the Media Momentum Awards 2011. It looks at how they use social media to communicate and manage their reputations and suggests some areas of best practice as well as identifying potential blindspots.
The document discusses social media governance in enterprises. It describes how social media can add value across the customer experience from product development to fulfillment. However, organizations need governance structures to coordinate cross-functional efforts and maximize business value from social media. The key components of social media governance include principles, processes, governance structures, responsibility matrices, and metrics. These help answer questions from different departments and support internal champions of social media initiatives.
1. The document discusses a social media plan for a new business called ABC focusing on the role and functions of social media. It defines social media and discusses the differences between social media, social networking, e-commerce, and e-communications.
2. The document analyzes the role of social media in small businesses including marketing, customer service, and sales. It also discusses specific social media platforms like Facebook and Google+ through SWOT and PESTLE analyses.
3. The role of social media in retail businesses is explored through generating awareness, marketing, customer service, and sales channels. The document concludes that social media provides opportunities for businesses through visibility, partnerships, and engaging with customers.
Ernst & Youngin Liiketoiminnan lait -seminaari 14.2.2013 Helsingissä, Antti H...EY Finland
The document discusses the opportunities and risks of social media use for enterprises. It identifies several potential internal uses of social media, including for customer feedback, recruiting, knowledge sharing, and training. However, it also notes reputational, compliance, privacy, and security risks. The document advocates implementing effective social media governance, policies, monitoring, and employee awareness training to help enterprises unlock benefits from social media while mitigating risks.
This document discusses the importance of e-reputation management in today's digital world where customers can instantly share their experiences and opinions online. It notes that negative feedback online can quickly go viral and damage a company's reputation. While e-reputation management is important, it is often an afterthought for many companies. The document advocates for proactive e-reputation strategies like search engine optimization, content management, and social media monitoring to optimize a brand and encourage positive customer interactions online. It also stresses the importance of responding to customer complaints to build trust and loyalty.
This POV is here to provide guidance on how financial and investment management institutions can use social media to drive business relationships in compliance with strict government regulations.
From Social Media to Social CRM, IBM Institute for Business ValueIBM Danmark
The document provides an executive summary of a study on social media and customer relationship management. Some key findings from the study include:
- Most consumers use social media to connect with friends and family, not to interact with brands. Only 23% interact with brands on social sites.
- There are three categories of social media engagement: engaged authors (5%), casual participants (75%), and silent observers (20%).
- Consumers expect tangible value in return for their time, attention, and data on social platforms. Companies need to provide experiences that deliver value to customers.
- Privacy concerns and spam are the top reasons consumers are reluctant to engage with brands on social media. Transparent communication is important to drive engagement.
Digital Strategy & Social Media Fact Sheet - Booz AllenSteve Radick
Booz Allen Hamilton provides strategy and technology consulting services including digital strategy and social media capabilities. They help clients develop tailored digital strategies that integrate social media with communications, marketing, and other plans. Booz Allen analyzes clients' digital environments, determines goals and objectives, and designs and implements social media programs and platforms to achieve desired outcomes. Their expertise encompasses developing internal and external social media strategies and addressing legal, privacy, and security concerns.
This document discusses how banks can use social media effectively. It outlines common social media platforms like Facebook and Twitter that are well-suited for banks. It also describes the key benefits of social media for banks, including building trust and interacting with customers. Examples are given of how some banks have successfully used social media through initiatives on their Facebook page, Twitter account, blog, and more. Potential mistakes in using social media and legal considerations for banks are also covered.
Organizations successfully leveraging social media are seeing benefits for sales, marketing, and customer service. Yet most organizations are struggling to define a business strategy that makes the most of these opportunities. This storyboard will help you:
* Identify achievable social media opportunities
* Evaluate the risks of social media versus the benefits
* Understand IT’s role in the deployment and maintenance of a social media project
Social media continues to grow at a breakneck pace, and businesses need to get on board or they will be left behind. This storyboard, complete with real-world case studies of social media at work, will help you build a foundation for the successful integration of social media into your CRM strategy.
Social media and networking are driving changes in financial services. Customers are increasingly using social media and expect tailored online banking services available anywhere. This has led to the rise of social lending platforms that operate outside traditional banks. While this poses risks and challenges to banks, there are also opportunities to partner with social lending platforms to offer new services or provide payment processing and risk management. Banks will need to differentiate their offerings and rebuild customer trust to remain competitive as networking continues to change customer expectations and behaviors.
Social Media's Growing Influence Among High Net Worth InvestorsLinkedIn
Social media is increasingly being used by high net worth investors to research financial information and make investment decisions. The study found that 5 million high net worth investors in the US and Canada use social media for these purposes. LinkedIn is the most popular and trusted social media platform for financial information, used by 73% of high net worth investors who research finances on social media. The study also found that social media users are more engaged in managing their own investments than non-users. Financial companies and advisors have an opportunity to use social media, especially LinkedIn, to better connect with and provide relevant information to high net worth investors.
Social media is increasingly being used by high net worth investors to research financial information and make investment decisions. The study found that 5 million high net worth investors in the US and Canada use social media for these purposes. LinkedIn is the most popular and trusted social media platform for these investors, with 73% using LinkedIn compared to 53% using financial discussion boards and just 29% using Facebook, Google+, and Twitter combined. The study also found that financial companies can improve their brand perceptions among high net worth investors by advertising on LinkedIn. Financial advisors have an opportunity to use social media, especially LinkedIn, to prospect for new clients and strengthen relationships with existing clients.
Learn more about Automotive Digital Marketing at the most popular professional network for car dealers and interactive marketers working in the auto industry at http://www.automotivedigitalmarketing.com/
Learn more about Automotive Digital Marketing at the most popular professional network for car dealers and interactive marketers working in the auto industry at http://www.automotivedigitalmarketing.com/
Navigating Social Media in the Automotive IndustryDMEautomotive
A helpful whitepaper by DMEautomotive, aimed at providing a brief description of social media, its importance and insights on how dealerships can integrate social media into their marketing strategies.
A helpful whitepaper aimed at providing a brief description of social media, its importance and insights on how dealerships can integrate social media into their marketing strategies.
Social Media in Financial Services: Survey ResultsOmobono
1) The document discusses a study on how financial services companies are using social media for B2B marketing. It found that most see social media as a tool for customers rather than connecting different audiences.
2) Respondents also demonstrated a lack of education about social media and tended to only use platforms like Twitter and Facebook personally rather than for business value.
3) Financial marketers believed social media was only appropriate for audiences under 30 and not those over 50. However, the study aimed to understand current uses and identify opportunities to adapt marketing plans to digital tools.
From Social Media to Social Business - Marketing in the 'Social Age'Stefan Pfeiffer
Presentation on how Marketing needs to change in the 'Social Age' from Mass Marketing to 1:1 Marketing taking in particular Social Channels and behaviors into consideration. A bit of a focus on Healthcare due to the fact, that this was presented for one of our Healthcare customers.
Reputation Management In The Era Of Social MediaBen Maynard
The digital media leaders surveyed see social media as now integral to their business operations. Over 80% said social media is a key part of their communications mix and is playing a significant role in other areas like sales and customer service. While traditional media still drives much of their reputation, the power of social media buzz on reputation and sales is recognized. Most view several social media platforms as already essential, with more agreeing they will be in the next 12 months, though some caution about credibility of information shared remains. Monitoring influence and how information spreads across digital and traditional media is important but challenges in measurement exist.
The digital media leaders surveyed see social media as now integral to their business operations. Over 80% said social media is a key part of their communications mix and is playing a significant role in other areas like sales and customer service. While traditional media still drives much of their reputation, the power of social media buzz on reputation and sales is recognized. Most view several social media platforms as already essential, with more agreeing they will be in the next year. However, they are cautious of some information shared on these sites and monitoring influence across digital and traditional media is important but challenging.
Reputation Management in era of social mediaBen Maynard
A white paper based on research among the fifty finalists in the Media Momentum Awards 2011. It looks at how they use social media to communicate and manage their reputations and suggests some areas of best practice as well as identifying potential blindspots.
The document discusses social media governance in enterprises. It describes how social media can add value across the customer experience from product development to fulfillment. However, organizations need governance structures to coordinate cross-functional efforts and maximize business value from social media. The key components of social media governance include principles, processes, governance structures, responsibility matrices, and metrics. These help answer questions from different departments and support internal champions of social media initiatives.
1. The document discusses a social media plan for a new business called ABC focusing on the role and functions of social media. It defines social media and discusses the differences between social media, social networking, e-commerce, and e-communications.
2. The document analyzes the role of social media in small businesses including marketing, customer service, and sales. It also discusses specific social media platforms like Facebook and Google+ through SWOT and PESTLE analyses.
3. The role of social media in retail businesses is explored through generating awareness, marketing, customer service, and sales channels. The document concludes that social media provides opportunities for businesses through visibility, partnerships, and engaging with customers.
Ernst & Youngin Liiketoiminnan lait -seminaari 14.2.2013 Helsingissä, Antti H...EY Finland
The document discusses the opportunities and risks of social media use for enterprises. It identifies several potential internal uses of social media, including for customer feedback, recruiting, knowledge sharing, and training. However, it also notes reputational, compliance, privacy, and security risks. The document advocates implementing effective social media governance, policies, monitoring, and employee awareness training to help enterprises unlock benefits from social media while mitigating risks.
This document discusses the importance of e-reputation management in today's digital world where customers can instantly share their experiences and opinions online. It notes that negative feedback online can quickly go viral and damage a company's reputation. While e-reputation management is important, it is often an afterthought for many companies. The document advocates for proactive e-reputation strategies like search engine optimization, content management, and social media monitoring to optimize a brand and encourage positive customer interactions online. It also stresses the importance of responding to customer complaints to build trust and loyalty.
This POV is here to provide guidance on how financial and investment management institutions can use social media to drive business relationships in compliance with strict government regulations.
From Social Media to Social CRM, IBM Institute for Business ValueIBM Danmark
The document provides an executive summary of a study on social media and customer relationship management. Some key findings from the study include:
- Most consumers use social media to connect with friends and family, not to interact with brands. Only 23% interact with brands on social sites.
- There are three categories of social media engagement: engaged authors (5%), casual participants (75%), and silent observers (20%).
- Consumers expect tangible value in return for their time, attention, and data on social platforms. Companies need to provide experiences that deliver value to customers.
- Privacy concerns and spam are the top reasons consumers are reluctant to engage with brands on social media. Transparent communication is important to drive engagement.
Digital Strategy & Social Media Fact Sheet - Booz AllenSteve Radick
Booz Allen Hamilton provides strategy and technology consulting services including digital strategy and social media capabilities. They help clients develop tailored digital strategies that integrate social media with communications, marketing, and other plans. Booz Allen analyzes clients' digital environments, determines goals and objectives, and designs and implements social media programs and platforms to achieve desired outcomes. Their expertise encompasses developing internal and external social media strategies and addressing legal, privacy, and security concerns.
This document discusses how banks can use social media effectively. It outlines common social media platforms like Facebook and Twitter that are well-suited for banks. It also describes the key benefits of social media for banks, including building trust and interacting with customers. Examples are given of how some banks have successfully used social media through initiatives on their Facebook page, Twitter account, blog, and more. Potential mistakes in using social media and legal considerations for banks are also covered.
Organizations successfully leveraging social media are seeing benefits for sales, marketing, and customer service. Yet most organizations are struggling to define a business strategy that makes the most of these opportunities. This storyboard will help you:
* Identify achievable social media opportunities
* Evaluate the risks of social media versus the benefits
* Understand IT’s role in the deployment and maintenance of a social media project
Social media continues to grow at a breakneck pace, and businesses need to get on board or they will be left behind. This storyboard, complete with real-world case studies of social media at work, will help you build a foundation for the successful integration of social media into your CRM strategy.
Social media and networking are driving changes in financial services. Customers are increasingly using social media and expect tailored online banking services available anywhere. This has led to the rise of social lending platforms that operate outside traditional banks. While this poses risks and challenges to banks, there are also opportunities to partner with social lending platforms to offer new services or provide payment processing and risk management. Banks will need to differentiate their offerings and rebuild customer trust to remain competitive as networking continues to change customer expectations and behaviors.
Social Media's Growing Influence Among High Net Worth InvestorsLinkedIn
Social media is increasingly being used by high net worth investors to research financial information and make investment decisions. The study found that 5 million high net worth investors in the US and Canada use social media for these purposes. LinkedIn is the most popular and trusted social media platform for financial information, used by 73% of high net worth investors who research finances on social media. The study also found that social media users are more engaged in managing their own investments than non-users. Financial companies and advisors have an opportunity to use social media, especially LinkedIn, to better connect with and provide relevant information to high net worth investors.
Social media is increasingly being used by high net worth investors to research financial information and make investment decisions. The study found that 5 million high net worth investors in the US and Canada use social media for these purposes. LinkedIn is the most popular and trusted social media platform for these investors, with 73% using LinkedIn compared to 53% using financial discussion boards and just 29% using Facebook, Google+, and Twitter combined. The study also found that financial companies can improve their brand perceptions among high net worth investors by advertising on LinkedIn. Financial advisors have an opportunity to use social media, especially LinkedIn, to prospect for new clients and strengthen relationships with existing clients.
Learn more about Automotive Digital Marketing at the most popular professional network for car dealers and interactive marketers working in the auto industry at http://www.automotivedigitalmarketing.com/
Learn more about Automotive Digital Marketing at the most popular professional network for car dealers and interactive marketers working in the auto industry at http://www.automotivedigitalmarketing.com/
Navigating Social Media in the Automotive IndustryDMEautomotive
A helpful whitepaper by DMEautomotive, aimed at providing a brief description of social media, its importance and insights on how dealerships can integrate social media into their marketing strategies.
A helpful whitepaper aimed at providing a brief description of social media, its importance and insights on how dealerships can integrate social media into their marketing strategies.
A recent survey explains how companies aiming to reach customers through social media have been successful using three key capabilities. These capabilities help strengthen organizations' social media presence as they move to digitize their brands.
XDemographics: Facebook skews
1. Twitter - A microblogging platform for sharing short updates. slightly female and young, but is growing
2. Facebook - A large social network for connecting with friends in all demographics.
and brands. It has over 500 million active users. XEngagement: Users spend over 700
3. YouTube - The leading video sharing site where users can billion minutes per month on Facebook.
watch, share, and comment on videos. XApplications: The Facebook Platform
4. Foursquare - A location
Gaining and Maintaining a Competitive Advantage with SOCIAL MEDIA (WSI - Cyprus)WSI (Cyprus)
You keep hearing about social media and how it's spreading like wildfire. But as a business
person with a crazy schedule - saddled with the added stress of rocky economic times and a
shrinking marketing budget - you need to know: Is there any real business value to social media,
or is it mostly buzz? And if there's value, how on earth will I have time to learn it and use it
effectively?
The Coming Change in Social Media ApplicationsVlastimil Dejl
This document summarizes the results of a survey on how businesses are currently using social media and their future plans. The survey found that marketing and public relations are the most common current uses, while sales and collaboration lag behind. However, lead generation is the business function organizations want to focus on most going forward. Additionally, smaller businesses use social media more frequently than larger ones to communicate externally and engage customers.
The Coming Change in Social Media Business ApplicationsElizabeth Lupfer
Social Media Today presents a whitepaper on the coming change in social media business applications. From the intro: Companies have been using social media primarily as a general communications tool—mostly for public relations and marketing. That’s about to change, as
businesses discover its value as an essential tool for customer engagement—
providing lead generation, immediate customer contact, and customer interaction.
http://socialmediatoday.com/submitform/socialmediabusinesswhitepaper50109
I researched, wrote, and rolled this study into a white paper which was published by the social media network, “Social Media Today.” The study has been translated into Italian, Spanish, and Portuguese and replicated for comparison in South Africa. This study launched with an ad campaign form the sponsor, Neustar, which included ad placements on LinkedIn, Facebook, the Lucid Media and Federated Media ad networks, as well as ad placements on the Smart Brief, IT Toolbox, and LifeHacker.com web sites.
The Coming Change in Social Media Business Applicationswhite paper
The survey found that:
1) Currently, marketing and PR are the leading business uses of social media, while sales and collaboration lag behind. Looking ahead, organizations see lead generation as the top future use.
2) Smaller organizations use social media more frequently than larger ones for external communications like branding, PR, and customer outreach. Larger organizations use it more for internal communications.
3) For external use, Twitter focuses on sharing news and extending customer reach, while internally it focuses on information sharing and networking. Looking ahead, organizations want to use Twitter more for immediate customer contact.
The Coming Change in Social Media by Social Media TodayElizabeth Lupfer
In a major paradigm shift that is impacting public relations and marketing oranizations, companies are now viewing social media as their front line strategy for customer engagement, immediate contact, and lead generation. This means the software tools we use in the social space will be changing a lot too. This gamebreaker call was based on research developed by our resident trendspotter, Josh Gordon, in Social Media Today's latest free download white paper The Coming Change In Social Media. It's our focus here at Social Media Today to help frame the issues and put them into perspective so that community members can use them as a roadmap and drive the future of social media. Don't get behind the curve.
social media and networking drive changes in financial servicesBoni
Banking and insurance companies are facing changes driven by social media and an increasingly participatory online environment. Customers expect banking services that allow full interaction and customization. Social lending websites now facilitate peer-to-peer lending outside the traditional banking system. While these developments present opportunities, banks also face challenges in adapting to changing customer expectations and behaviors.
Social media provides opportunities for businesses but also risks that must be managed. It allows enhanced communication, branding and insights but could spread information quickly in a crisis. Most executives see risks but few have formal incident or policy plans. Governance is key to harness social media benefits while avoiding issues through training, monitoring and defined strategies.
Similar to Social Media And The Financial Sector (20)
1. Made in heaven or a
Marriage from hell?
Social media and the
financial sector
Chris Jackson, Head of Digital, Cicero
2. Cicero Consulting
• Launched in 2000
Government Relations
• Financial sector focused
Financial
Research
sector
Digital
Comms • London, Washington, Sing
apore and Brussels
Media Relations
• Over 130 clients across
the globe
3. Our experience
European Association of
Public Banks
European Association of
Cooperative Banks
4. What is social media?
Principles of social media The impact
Learning 50 million
tweets per
day in Pinterest:
2010 over
Commerce Communicating 104415903
visits in
March 2012
Facebook:
750 million
active users
in 2011
Engagement Sharing LinkedIn:
13+% of
companies
Social media on LinkedIn
is no longer a are in the
Discussing finance
fad
sector
5. The value of social media
Close the gap through social media
Customer Business
6. “Today, the brand is no longer determined by
what the company says about itself; it’s
determined by all the things that are said
about the company by others, in the real
world”
7. “The financial sector and social media is like
teenagers and sex. Everyone is talking about
it, very few are doing it and those that aren’t
doing it too well (with one or exceptions)”
8. Our research
• To understand how the financial sector views social
media
• 158 interviews with senior decision makers in the
financial services sector
• Captured perspectives of those working across
Europe, North America, Asia and the Middle East
• Conducted between October-November 2011
9. Social media and the finance
sector
• Used to working with • The financial crisis
sophisticated technology
• Traditionally conservative
approach
• Understanding large quantities
of fast moving data
• Compliance and regulation
• Well resourced • Social media is for teenagers(?)
• Often thought leaders • The financial sector isn’t ‘loved’
by the public
10. Financial crisis & social media boom
Financial crisis damaged
trust in the sector
Social media used to criticise
financial sector for crisis
Financial crisis damaged
budgets
Self-confidence in the
financial sector declined
11. How the financial sees social media
1/3 interested in
35% see social media Interest in Social media offers a
45% excited by social how social media can
as a source of market monitoring and new way to
media influence
intelligence listening communicate (57%)
government
Expectation of Communicating to
Cost effective form Fear of competitors
customers and customers of
of marketing leaving them behind
employees tomorrow
Social media viewed as the future of communications
12. Fears of social media
Lacking skills and Return on
Brand damage Resource and cost
experience Investment
27% fear compliance Limited senior buy in
Financial sector lacks skills, experience, confidence and
capacity to maximise potential
13. Compliance and social media
Fear from compliance teams leads to reluctance
to engage
Financial regulators unsure about social media
Rapid and fluid nature of social media tests
capcity
Danger of employees using social media against
the company
Importance of capturing discussions
14. Social media use today
Management of social media
3% 3%
7%
11%
30% of financial firms manage their social
media strategy through one department
11%
29%
42% of organisations surveyed have used
consultants to understand the bigger picture
36% 48% of organisations are using agencies to
monitor social media
We do not use social media
We are interested but do not have a social media presence
We are exploring how we can use social media
We use social media platforms to supplement existing business activity The financial sector is building up capacity
Social media is fully integrated into our business activity
As an organisation we do not yet know how to maximise the use of social media
Don't know
15. Looking ahead
Return On Which are the best methods of measuring a successful social media
Investment strategy?
35
31.3 31.1
27.5 30
26.7
24.4 24.4
22.9 22.9 25
Metrics 20.6
20
15
9.2
10
5
Gaining
buy-in 0
Strategic
approach
18. The financial sector is
Conclusions
waking up to social
media
Must embrace social
media rather than shy
away
Social media can help
rebuild brands and
trust
Social media is not
about selling
Ultimately
revolutionising
communications
19. The more willing you are to surrender
control, and rely on external endorsement and
validation, the more credible and powerful the
message can become.
20. Thank you
For more information
Chris Jackson
Chris.Jackson@cicero-group.com
www.cicero-group.com
+44 2076659540