Helping the financial industry adopt social networking
5 Reasons Why Wall Street {Hearts} Social Media
1. Trust deficit: With trust in financial institutions at a record low, Wall Street will need to turn to the channels people trust most -- the communities they know and the wise crowds they respect.
2. "Quants meet Metrics, Metrics, meet Quants." Although Wall Street is behind in social media adoption today, can anyone doubt that once the compliance issues are hashed out, Wall Street's talent for numbers will turn it into the leader of all industries in tapping its real-time, metrics-driven marketing power?
3. It can connect directly to sales: Especially for B2B, or in this case, institution-to-institution. Not every tactic that's necessary to succeed in social media connects to sales. But some tactics WILL every single time.
4. Complex and Small are Beautiful: The more technical the financial product, the easier it is for experts in it to find your thought leadership on it. The more complex the issues around it, the greater the desire for its small community to discuss it. Institutions can create that bridge just as SocialTurns is for all of us.
5. Wall Street understands and likes social media more than it realizes: Why? Because as 1999's Cluetrain Manifesto (a landmark in social media thinking) declares in the first of its 95 Thesis, "Markets are Conversations." Meaning that the conversations happening online have more in common with trading floors than they do with advertising, media relations, brochures and other tactics that have come to define modern marketing. Cluetrain argues that the rise of mass production in the last century spurred the rise of mass marketing, and we all forgot that marketing was supposed to be a conversation. But those impulses and instincts only grew stronger in finance. And once awareness spreads (and it already is) of how similar social media and markets are to each other, nothing will unring that bell.
I'm excited that SocialWare has launched this community, especially since it brings together PR and compliance officers. There are too few conversations happening between those two groups and I'm glad they've stepped in to fill the void.
What reasons do YOU think Wall Street will {heart} social media?
My blog: http://B2BFormula.com
2. "Quants meet Metrics, Metrics, meet Quants." Although Wall Street is behind in social media adoption today, can anyone doubt that once the compliance issues are hashed out, Wall Street's talent for numbers will turn it into the leader of all industries in tapping its real-time, metrics-driven marketing power?
3. It can connect directly to sales: Especially for B2B, or in this case, institution-to-institution. Not every tactic that's necessary to succeed in social media connects to sales. But some tactics WILL every single time.
4. Complex and Small are Beautiful: The more technical the financial product, the easier it is for experts in it to find your thought leadership on it. The more complex the issues around it, the greater the desire for its small community to discuss it. Institutions can create that bridge just as SocialTurns is for all of us.
5. Wall Street understands and likes social media more than it realizes: Why? Because as 1999's Cluetrain Manifesto (a landmark in social media thinking) declares in the first of its 95 Thesis, "Markets are Conversations." Meaning that the conversations happening online have more in common with trading floors than they do with advertising, media relations, brochures and other tactics that have come to define modern marketing. Cluetrain argues that the rise of mass production in the last century spurred the rise of mass marketing, and we all forgot that marketing was supposed to be a conversation. But those impulses and instincts only grew stronger in finance. And once awareness spreads (and it already is) of how similar social media and markets are to each other, nothing will unring that bell.
I'm excited that SocialWare has launched this community, especially since it brings together PR and compliance officers. There are too few conversations happening between those two groups and I'm glad they've stepped in to fill the void.
What reasons do YOU think Wall Street will {heart} social media?
My blog: http://B2BFormula.com
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