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Beyond listening and monitoring: Social media for Financial Services

With advances in optimization tools, analytics and software, social media is now much more of a science than an art

Overview

Social media is so much more than a means of listening to customers or monitoring the brand reputation. It can generate critical business benefits and connect companies to customers in powerful ways at a time when strong customer relationships are essential for competitive differentiation.

So how can the financial services industry use social media marketing to personally engage customers and drive business benefits? It takes a data-driven, methodical approach where social media is an integral part of the overall marketing strategy—and a willingness to tweak approaches with a test-and-learn mindset that’s as flexible as social media itself.

Financial services firms can seize opportunities from social media by understanding social audiences, mapping customer needs to a meaningful social experience and ensuring that their organization has the right capabilities to deliver—every time.

 

Download PDFDownload Moving Beyond Listening and Monitoring: Social Media Marketing for Financial Services [PDF, 753KB]

Analysis

Getting Results

Making Social Pay

To build the right social media marketing approach, companies have to start by deeply understanding their social media readiness across all aspects of the organization, procedures, processes and technologies.

In particular, the organization has to be aligned with the social media marketing strategy and have a group responsible for social media activities. Procedures have to be adapted to incorporate social media as a possible channel through which the prospect and customer can interact with the organization. Specific processes need to be in place in order to guide the execution across all customer-facing touchpoints. The right technology must be available. Not only specific social media marketing components, but also more traditional components need to be social media “ready”.

Laying the foundation

Roadmap of Social Media Tactics

Every financial institution has its own business priorities and unique types of customer interactions it wants to conduct.

Accenture has identified 11 fundamental social media tactics companies can consider when building personalized customer relationships. Each tactic involves detailed and customized decision-making to help achieve the targeted outcome, but the schematic figure (right) provides a high level roadmap of the tactics available.

Listen, learn, earn

Social media is in many respects an unstoppable cultural force - ubiquitous and powerful. For financial institutions it has vast potential beyond listening and monitoring.

A methodical, data-centered, approach to social media marketing gives financial institutions the opportunity to increase customer acquisition, improve cross selling, drive customer retention, deliver operational efficiency and reduce risk.

There is great power in social media, which can be a negative, given the speed with which issues spread on social media. But it can also be extremely positive - able to foster better relationships or create additional touchpoints in the digital marketing space.

 

Download PDFFor more information, download the full PDF. [PDF, 753KB]