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Social Media And Financial Services Marketing: U.S.
Synergistics Research Corporation, Jan 2010, Pages: 223
This study examines consumer usage of various social media channels and evaluates their role in the marketing mix for financial services. The research involved a United States Internet Survey of 1,000 consumers age 18 or older.
Research Issues
Financial services providers have expanded their online marketing tactics beyond e-mail blasts and banner ads and are now embracing the rapidly expanding world of social media including social and business networks, blogs, online forums, podcasts, and chat.
The overwhelming popularity of social networks such as Facebook and MySpace has caused financial institutions to brainstorm on how to turn these goldmines to their advantage. And today, many have established Facebook pages and have used You Tube and Twitter to expand their reach.
These popular tools are playing an increasingly important role in the marketing and communication mix. The ability to interact with customers and potential customers is a major benefit of social media. At the same time, providers must address a number of issues including privacy, security concerns, and propriety.
Marketing financial products and services through these channels requires providers to think outside the box and communicate differently. Financial services providers are newcomers to social media networks -- consumers were first to use these sites and they certainly give consumers more control.
How do consumers feel about financial institutions using these types of online resources for communicating with consumers? E-mail continues to offer opportunities for targeted communication with consumers, and mobile devices are developing as potential vehicles for e-marketing and other online financial activities.
How do social media channels, as well as e-mail and provider Web sites, fit into an overall marketing strategy? Do these new alternatives reach a broader market than just younger consumers? What objectives should providers have when adding social media to their marketing mix?
Understanding the consumer viewpoint regarding these issues and others is essential for developing and implementing successful social media marketing and communication programs.
** Please note that due to restrictions this report cannot be sold to clients in the US or Canada**
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