In a world where social media so often dominates communications, our latest insight report dedicated to the financial services sector examines the nature of the exchange between a Financial Services business and its customer.
What are your thoughts on the topic?
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__________________________________The vision of businesses and audiences communicating freely and informally across social platforms – some using AI-assisted technology – has, in part, come to fruition.
But for FS firms, that line between customer and business remains reasonably well drawn. FS firms are likely to see this interaction as more like ‘trusted advisor’ than friend, but the channel of communication blurs the picture.
“It’s fascinating,” says Rick Andrews of Legg Mason Asset Management, “I sent my 15-year-old daughter an email a few months ago. After a couple of days I realised she hadn’t replied. When I asked her about it she looked at me quizzically and said, ‘Dad, I never reply to email.’
“There’s a whole generation coming through that don’t see email as an option – their world is driven around social media. Even when it’s business communication or a business context, they’re completely comfortable reading that while reading stuff from their mates, their family etc.
“But we need to be careful. We need to not flood the medium with so much activity that people run away from social.”
So does social media have to be a one-stop shop for news, support and marketing?
As always, it depends on who you’re talking to.
“Our audience is relatively focused so we try to be as informational as possible,” says Daniel Sale of Telr, based in Dubai.
“My personal view is that social media is a contact channel where the contact is initiated by the client or prospect. You push out interesting content – some will get picked up, some won’t. But fundamentally I’m not putting that interesting stuff out to broaden my audience, it’s to encourage my existing audience to get in touch with me.”
Social media marketing might be a fight to cut through the noise, but there are clear advantages in terms of focus and personalisation.