Helping the financial industry adopt social networking
Who is driving social media adoption in your company?
Considering the huge potential for business development and client outreach through social media, how is your company exploring social media oppotunity? What departments tend to "own" the issue?
Tags: Insurance, compliance, distribution, marketing
Views: 17
Replies to This Discussion
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Permalink Reply by Denise Tretheway on -
Right now, IS is driving social media but not alone. HR, Marketing, Compliance are involved and we will be adding representatives from the business divisions (i.e., Wealth Management, Corp Banking, Economic advisors, Legal, etc.)
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Permalink Reply by Susan Scrupski on -
Hi Tom. We are about to publish some data on this. Social media is typically related specifically to marketing efforts, however. There is a lot of confusion regarding the memes. I once published this chart to make it easier to make sense of them. Hope that helps.
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Permalink Reply by Tom Caraher on -
Thanks for the reply Denise, it will be interesting to see how others respond and if long-term IS/IT move from the driver role to the enabler role and marketing and business development begin to see the power of social media in the business.
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Permalink Reply by Tom Caraher on
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Susan thanks - your broad overview of all the stakeholders paints a fairly compelling arguement for social media adoption at the enterprise level. Thanks.
Susan Scrupski said:Hi Tom. We are about to publish some data on this. Social media is typically related specifically to marketing efforts, however. There is a lot of confusion regarding the memes. I once published this chart to make it easier to make sense of them. Hope that helps.
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Permalink Reply by Pam Fritz on -
Our compliance department is driving the issue at this time. We want to facilitate the use of social media asap and are working with Smarsh on the solution. Corporate Communications and Marketing are the other two players that want to see this project go forward. Establishing policies and procedures the reasonably comply with all the rules and regs prior to "allowing" the reps to use this media is our primary step. Marketing and our face to the public will follow closly, providing templates and marketing ideas as to how to best promote the reps and the company and how to add value for our customers or propective customers.
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Permalink Reply by Adam Verchinski on -
Tom,
I would answer your question with two parts:
1) Who is pushing for social media?
2) Who is responsible for delivering social media?
Depending on the question above, you actually get different answers on who is "driving".
The sales force is the one who is pushing to make use of social media. In that fashion, the "in the trenches" sales force are the ones who are driving social media.
Who is responsible for delivering social media tends to be Marketing and Communications, whether a dedicated team or members of PR, depending on the organization's structure. So in that sense, Marketing and Communications are driving social media adoption.
I think the best answer is one in which Sales & Marketing partner together to co-own the social media initiative with involvement day 1 from stakeholders in legal, IT, and client servicing.
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Permalink Reply by Neal Linkon on
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For us it's marketing and communications, but with compliance, legal, supervision and others partnering with us.
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Permalink Reply by Chris DuBois on -
Interactive marketing is leading the discussion at our company-- accountable for a recommendation and roadmap. Legal and Compliance are key partners and sales, public relations and HR are helping to explain the relevance and potential import to our executive team.
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Permalink Reply by Tom Caraher on
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Adam, thanks for you're reply and I think the way you separated pushing and delivering is right on target. My personal thoughts of wining organizations are that marketing and sales are a partnership and should always be collaborating on the needs and initiatives of the other group.
Tom
Adam Verchinski said:Tom,
I would answer your question with two parts:
1) Who is pushing for social media?
2) Who is responsible for delivering social media?
Depending on the question above, you actually get different answers on who is "driving".
The sales force is the one who is pushing to make use of social media. In that fashion, the "in the trenches" sales force are the ones who are driving social media.
Who is responsible for delivering social media tends to be Marketing and Communications, whether a dedicated team or members of PR, depending on the organization's structure. So in that sense, Marketing and Communications are driving social media adoption.
I think the best answer is one in which Sales & Marketing partner together to co-own the social media initiative with involvement day 1 from stakeholders in legal, IT, and client servicing.
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Permalink Reply by Nanette Grant on
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Education department is driving, planting seeds and leading by demonstrating. Our gen X & Y employees are catching wind of the activity and letting management know they're interested. Interest is definately peeked in some areas, other are sceptical. The major roadblock is removing the stereotype associated with social media.
On the plus side, the corporation enlisted interns to research and report on the potential uses and cautions with social media this summer.
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Permalink Reply by Susan Scrupski on
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Here is some data we collected last year. Of course, many of our members are rolling out internal initiatives; therefore, it's understandable IT is driving the collaboration and social efforts. What's interesting, as this chart reveals, is who is behind the non-IT initiatives. We are in the process of updating this table, but the numbers are looking fairly the same in terms of percentages, so far.
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Permalink Reply by Susan Weiner, CFA on -
Great topic!
At the smaller firms that I work with, it's the business owner or marketing consultant who's driving social media adoption.
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