Beware Social Media Marketing Myths
Social Media in Financial Services 2010 – Market Research Business Aarkstore
Introduction
rapid pace of progress web technology and the rise of social media have given large amounts of energy to the consumer, which has huge implications for the acquisition and retention. This report dispels some common myths held by providers FS surrounding social media to reach the goal and value, and also highlights dangers associated with lack of adoption.
Scope
* Using extensive research primary and secondary recent trends in social media and consumer appetites for its use in space are identified FS
* Identification and in-depth analysis, assumptions widely by providers of MSDS for social media in scope, purpose and value
* Discussion the dangers associated with lack of adoption
* Provision of concrete actions for suppliers of FS to be taken to integrate Social Media in an overall conservation strategy
Highlights
In a world where social media is now difficult to leave, it is essential that providers recognize that FS is no longer an option not to engage in this sort of environment. Consumers identify with that string above all other online services so that providers must increase their visibility FS here to be noticed.
In light of the extent to which the value of customer relationships may be influenced by the channel, and confidence breeds confidence, so say, at the same time, it is essential that providers understand the volatility of trust as a concept and how easy it can be broken by misuse of personal information
While it is clear that this channel remains the most popular source of advice between Generations X and Y, it is clear that the strongest growth is seen in the older demographic segments, given their rapid growth in awareness and the emergence new tools to respond to them.
Reasons to buy
* This report provides key information on possibilities offered by social media platform and threats if they are ignored or misused.
* The primary and secondary data is used for a profile of how providers are or are not using the medium to their advantage, and highlight missed opportunities.
* The report provides practical strategies on how social media can be used to better interact with consumers and increase profitability long term.
Table of Contents:
Overview 1
Catalyst 1
Summary 1
Methodology 1
Table Contents 2
Table of Figures 3
Table of tables 4
INTRODUCTION 5
Digital networks are now more important than physical, which has affected consumers' attitudes toward information 5
The scope of social media knows no limits 6
The scope of media social world is truly 6
financial services providers have erroneous beliefs about the value of social media 8
Myth: Social media is a fad 8
Myth: Social media has limited value beyond younger population segments 9
Myth: The information shared through social networks can have a limited impact 10
Social media may not directly boost sales, but it adds a value of 10
Sales will be driven by viral marketing 10
Another reality: Social media is not going to solve all 12 problems
Not all consumers are online and not everyone has fast connections necessary for some elements of social media 12
THE FUTURE DECODED 13
Trend: Social media permeates every part of the day consumers to 13 daily
Social media is now engaged The most popular online 14
Time spent on social media varies from country to 15
Insight: Consumers are already used social media for their financing needs 16
Online media is the most popular source of financial advice for consumers in the U.S., the BRIC and APAC 17
Key Takeaway: consumers use social media providers therefore need at least 18 to increase their visibility
Insight: Social media are developing rapidly and alignment with consumer needs 18
Social media is fundamentally difficult prior beliefs surrounding the behavior of consumers 19
The power has shifted from businesses to consumers 19
Social media removing barriers privacy generally wrapped consumers' personal financial situations 19
Key Takeaway: nothing can be assumed with social media, consumer demand will continue to surprise 20
Insight: Consumers are revealing huge amounts of information through social media 21
The global nature of social media creates an opportunity in terms of information available 21
The value and quantity of feedback from consumers are able to give is much higher than previously recorded 21
Consumers are willing to offer this qualitative information directly to suppliers, but does not currently have the platform to make 21
All information can be used 23
The technology is only part of the solution 24
A holistic approach combining technology and culture is the key 24
Key Takeaway: FS providers should recognize the value of a customer-centric approach 24
positive perceptions of the brand are essential to improve customer loyalty and recommendations 25
Key Takeaway: Vendors should be wary of a backlash if the information Consumer abuse of their personal 25
Trend: Social media is more the preserve of the younger generation 26
The growth in use Twitter in the workplace also emphasizes social media more and more professionals to reach 28
Insight adults use social media to help financial decisions just as much as young 29
The popularity of online resources as an aid to financial decision making is evident in all 29 segments
Online resources to help financial decisions are frequently used by the segment 25-34 in nearly all 30 regions
The Online resources are more popular than traditional sources of advice for the 18-34 years 31
the price comparison sites, in particular, are easily accepted by older consumers that they are the youngest 32
The rise of aggregators financial account contributed to the popularity of the chain online help consumers manage personal finance in all 33 segments
Key Takeaway: FS providers should not assume that the media social are useful for targeting Generation X and Generation Y 34
Social media can: Trend be very harmful if ignored 35
Insight accessibility to higher product recommendations mean financial services providers have to work harder to retain customers 35
Those who in favor of online media are more likely to investigate other products in the next six months 36
Insight widespread publicity negative has the potential to cause severe damage if not frustrated 37
"People power" should not be underestimated 37
Key Takeaway: FS providers should not forget the consumers about the very good or very bad 40
ACTION POINTS 41
ACTION: Social Media must be central banks' communication strategies 41
Integrating technology data mining techniques and social media to create a comprehensive strategy for customer retention 42
Any social media strategy is worthless unless accompanied by a corporate culture initiated 42
Motivate your employees 43
Reward your employees 44
Engage your employees as you would expect to hire your customers 44
ACTION: The banks must find their place in the "new community" 46
Transparency and community building are important in building confidence 47
Social media is not only for small, agile players, and there are social media to meet all 48
ANNEX 50
Additional data 50
Methodology 54
Further Reading 55
Ask the analyst 55
Datamonitor consulting 55
Disclaimer 56
For more information please visit:
http://www.aarkstore.com/reports/Social-Media-in-Financial-Services-2010-38018.html
About the Author
Aarkstore Enterprise specialize in providing online market business information on market research reports, books, magazines, conference booking at competitive prices, and strive to provide excellent and innovative service to our customers.
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