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Viewing report
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Social Media in Financial Services: The Customer as the Advisor
Datamonitor, June 2011, Pages: 56
Consumers increasingly turn to fellow customers to advise them on their financial services, driven by low trust in traditional advice sources and facilitated by social networking. Online peer groups are influential in purchasing decisions in all industries due to trust in the opinions of fellow consumers. FS providers must engage with peer-based advice to continue to be part of the advice process.
Features and benefits:
- Retain a full role in the advice process by learning how to leverage the power of social media as an advice tool.
- Learn how to use social media channels effectively through cross-sector analysis of best practice.
- Build strong relationships with customers by understanding how to use social media to create a sense of community.
- Attract new customers through understanding how to implement consumer driven promotion of products and services.
Highlights:
- Trust in the opinions of fellow consumers is high and will continue to play a crucial role in the decision making process. Research from Lansons shows that the influence of peers is increasing while that of the traditional media is decreasing. FS providers must recognize the power of consumer opinions and leverage this to their advantage.
- Consumers seek out user-generated content and reviews before making a purchase in order to select the best product for their individual needs. The online channel allows consumers to read quickly reviews on virtually any product available. Social media has facilitated this process with consumers obtaining advice from their social networks.
- Negative reviews and opinions travel quickly on social media channels of advice. FS providers need to have a presence on these channels to be aware of negative publicity and deal with these comments effectively.
Your key questions answered:
- To what extent do consumers turn to their fellow customers for advice and guidance?
- How can the FS industry become part of the social media conversation?
- Why is social media playing an increasingly important role in the FS advice process?
- What can FS providers do to ensure that they still play a full role in the advice process?
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