Helping the financial industry adopt social networking
Why are you getting into social media?
This blog cites 3 reasons financial pros are getting into social media. One, consumers' increasing reliance on social media for financial information. Two,online social networks is now mainstream with users spanning Gen Y to Baby Boomers . Three, online social networks' sharing mechanisms generate referrals. What is your reason for getting into social media?
Tags: financial, marketing, media, services, social
Views: 2
Replies to This Discussion
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Permalink Reply by Matt Llorente on -
One reason is to protect your Brand. With 2 Billion internet users of which 500 million are on Facebook it makes sense to be the owner of your Fanpage or else some will make (control) it for you.
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Permalink Reply by InvestmentPal on -
Yes, branding definitely a key driver for many social media activities, be it brand protection or brand building
Matt Llorente said:One reason is to protect your Brand. With 2 Billion internet users of which 500 million are on Facebook it makes sense to be the owner of your Fanpage or else some will make (control) it for you.
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Permalink Reply by Ken Hittel on -
even if we, from the corporate "home office" perspective, didn't see significant benefits to the company from social media participation -- which, however, we do -- we would have had to jump in just b/c our agents -- born & trained social networkers -- were already there. our agents began gravitating to linkedin & facebook years ago & they're participating in full force now, so it was & is imperative for us to equip them to participate fully, both from regulatory-compliant and "best practice" effectiveness standpoints.
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Permalink Reply by Blane Warrene on -
Matt is right on point - listening and monitoring (market intelligence) is as critical as the content creation and sharing of other's useful information on social media. The combination of all of the above is the driver and value behind social networks.
From a client service perspective - clients are already there in droves - primarily for personal reasons yet they are connecting and researching who they do business with.
Certainly a business also believes in its principles and strategies and should share those and cultivate opportunities for more qualified relationships.
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Permalink Reply by InvestmentPal on
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Hi Ken, Thanks for the HQ perspective. Most aptly described...“born & trained social networkers”. Agents are “following” their prospects online and so it does makes sense that companies are “following” their agents online. It will be interesting to see if HQ’s will become more involved in providing basic materials which agents can use, where relevant, while crafting a unique post, engaging in a discussion, or curating content
Ken Hittel said:even if we, from the corporate "home office" perspective, didn't see significant benefits to the company from social media participation -- which, however, we do -- we would have had to jump in just b/c our agents -- born & trained social networkers -- were already there. our agents began gravitating to linkedin & facebook years ago & they're participating in full force now, so it was & is imperative for us to equip them to participate fully, both from regulatory-compliant and "best practice" effectiveness standpoints.
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Permalink Reply by Dan Schreibstein on -
Great post -- I have a couple additional stats to throw into the mix:
- 36% of investors say they're interested in corresponding with FAs through social media
- this number jumps to 53% when looking at investors under 35 y/o
(Source: Investmentnews)
The truth is that the effectiveness of a word of mouth recommendation that happens in social media (even from a stranger) outpaces the effectiveness of a traditional conversion-focused advertising campaign. People continue to look for a recommendation when making purchase decisions and through social media, these recommendations happen in a public forum.
Participating in social media not only gives you great power to close business, but raise awareness and increase preference around a brand while you're doing it.
InvestmentPal said:Hi Ken, Thanks for the HQ perspective. Most aptly described...“born & trained social networkers”. Agents are “following” their prospects online and so it does makes sense that companies are “following” their agents online. It will be interesting to see if HQ’s will become more involved in providing basic materials which agents can use, where relevant, while crafting a unique post, engaging in a discussion, or curating content
Ken Hittel said:even if we, from the corporate "home office" perspective, didn't see significant benefits to the company from social media participation -- which, however, we do -- we would have had to jump in just b/c our agents -- born & trained social networkers -- were already there. our agents began gravitating to linkedin & facebook years ago & they're participating in full force now, so it was & is imperative for us to equip them to participate fully, both from regulatory-compliant and "best practice" effectiveness standpoints.
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Permalink Reply by InvestmentPal on
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Dan, interesting stat on 53% of investors under 35 looking to correspond with FAs thru social media. half of that segment, the Gen Y-er's, are projected to inherit more than $18 trillion, becoming the wealthiest generation ever! (source: Deloitte)
Dan Schreibstein said:Great post -- I have a couple additional stats to throw into the mix:
- 36% of investors say they're interested in corresponding with FAs through social media
- this number jumps to 53% when looking at investors under 35 y/o
(Source: Investmentnews)
The truth is that the effectiveness of a word of mouth recommendation that happens in social media (even from a stranger) outpaces the effectiveness of a traditional conversion-focused advertising campaign. People continue to look for a recommendation when making purchase decisions and through social media, these recommendations happen in a public forum.
Participating in social media not only gives you great power to close business, but raise awareness and increase preference around a brand while you're doing it.
InvestmentPal said:Hi Ken, Thanks for the HQ perspective. Most aptly described...“born & trained social networkers”. Agents are “following” their prospects online and so it does makes sense that companies are “following” their agents online. It will be interesting to see if HQ’s will become more involved in providing basic materials which agents can use, where relevant, while crafting a unique post, engaging in a discussion, or curating content
Ken Hittel said:even if we, from the corporate "home office" perspective, didn't see significant benefits to the company from social media participation -- which, however, we do -- we would have had to jump in just b/c our agents -- born & trained social networkers -- were already there. our agents began gravitating to linkedin & facebook years ago & they're participating in full force now, so it was & is imperative for us to equip them to participate fully, both from regulatory-compliant and "best practice" effectiveness standpoints.
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Permalink Reply by Loic Jeanjean on -
Protect and control. Also it is recommended to registrer your brand on as many social websites as possible. You never where your target audience is going to hang around in the next 6-18 months. Nobody knows who will be the next Twitter, but be having your brand everywhere, you alleviate the risk of somebody else (competitors anyone) taking your spot on the next big social site
Matt Llorente said:One reason is to protect your Brand. With 2 Billion internet users of which 500 million are on Facebook it makes sense to be the owner of your Fanpage or else some will make (control) it for you.
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Permalink Reply by InvestmentPal on
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Loic, good point on brand protection. You would think the marketing folks at Apple would have gotten to Twitter fast enough...http://twitter.com/apple
Loic Jeanjean said:Protect and control. Also it is recommended to registrer your brand on as many social websites as possible. You never where your target audience is going to hang around in the next 6-18 months. Nobody knows who will be the next Twitter, but be having your brand everywhere, you alleviate the risk of somebody else (competitors anyone) taking your spot on the next big social site
Matt Llorente said:One reason is to protect your Brand. With 2 Billion internet users of which 500 million are on Facebook it makes sense to be the owner of your Fanpage or else some will make (control) it for you.
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Permalink Reply by Dan Schreibstein on
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Be careful when taking this approach. Of course, you want to be able to manage your brand appropriately, but "land grabbing" handles, pages, etc, is a good way to get suspended from these platforms. Plus, as you start to make these presences live simply by claiming them, they'll start to appear in search results. This can detract from a brand online if it isn't clear where to head for the actively-used account.
And we've often dealt with squatters on handles and Facebook pages, this isn't something to get too concerned about. It's very easy to reclaim these as necessary, and @InvestmentPal: I guarantee you that if Apple wanted that handle, Twitter would give it back to them in a second...
Loic Jeanjean said:Protect and control. Also it is recommended to registrer your brand on as many social websites as possible. You never where your target audience is going to hang around in the next 6-18 months. Nobody knows who will be the next Twitter, but be having your brand everywhere, you alleviate the risk of somebody else (competitors anyone) taking your spot on the next big social site
Matt Llorente said:One reason is to protect your Brand. With 2 Billion internet users of which 500 million are on Facebook it makes sense to be the owner of your Fanpage or else some will make (control) it for you.
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