“You cannot underestimate people’s ability to spot a soulless bureaucratic tactic a million miles away,” warns social media expert Gary Vayernchuk. “It’s a big reason why so many companies that have dipped a toe in social media waters have failed miserably.”
HubSpot reports that social media has evolved from personal “advice, stories and experiences” to an “outdated, stodgy means of communicating” where businesses blatantly pitch their products and services. As a result, people have disengaged and businesses feel they have failed in social media. Conclusion: “It’s time to make social media personal again.” Tell me what you think about this article – do you agree?
The Social Media Examiner summarized the results of Technoratimedia’s 2013 Digital Influence Report which found that blogs are the third most influential digital resource, behind retail and brand sites. Blogs beat out Facebook, Twitter, etc. - are you surprised? The study states that bloggers tend to share both positives and negatives so they are seen as more trustworthy, and followers look to them for an objective view. This study also discusses the size of a social community and how that impacts trust and thereby purchase behavior - and bigger is not necessarily better! So what do you think – do you trust bloggers more than what you read on Facebook, etc? Would a blog help build trust in your markets? http://www.socialmediaexaminer.com/blogs-outrank-social-networks-for-consumer-influence-new-research/ and here’s the link for the full study: http://technoratimedia.com/wp-content/uploads/2013/02/tm2013DIR.pdf
Here’s a free and comprehensive report by HubSpot to help you understand where the online conversation is happening in banking, as well as 32 other industries. It’s an interesting resource and can help you think through your next steps in developing your social media strategy. HubSpot tracked and analyzed keywords that describe 33 industries to provide answers to the following questions:
- Where do your customers talk online – search engines, blogs, or social media?
- Which social media sites do your customers use the most?
- Where is the greatest online competition in your industry?
- Where is your greatest opportunity to leverage the Internet to generate new business?
Any surprises in the results? http://www.hubspot.com/online-marketing-opportunity-by-industry/
If you’ve been following my post you know how critical engagement is to the effectiveness of your social media efforts. eMarketer just posted the results of a February 2013 study by Ascend2 that shares what marketers around the world say are the most effective tactics to drive engagement. Interestingly, “the top three most effective social marketing tactics were also the most difficult tactics to execute.” Read the article and find out the most effective tactics – do you agree with these findings?
The Financial Brand audited 600 financial institutions and found that 20% had at least one glaring and easy to fix glitch in their social media activities. The errors they found are described as ridiculously simple: “busted links, links to abandoned accounts, incomplete and empty profile information — an array of simple and obvious mistakes that could (and should) have been fixed long ago.” I recommend that you audit your institution’s social media use and look for the common errors in the attached article. Find out if you’re one of the 80% in the clear – please let me know what you find out! http://thefinancialbrand.com/28298/7-ridiculously-simple-social-media-fixes-for-financial-marketers/
HubSpot recently published a list of what they consider the top “101 Companies Rocking Social Media”
and you guessed it, no financial institutions made the cut. They like how Square, PayPal and VISA “rock” Facebook but that’s it. The report is interesting and not only lists the companies and rank by Facebook, Twitter, Pinterest, Linkedin and Google +, but shares samples and briefly discusses what they like about each company’s effort. So what’s your favorite from the list? http://cdn1.hubspot.com/hub/53/101-Companies-Rocking-Social-media-HubSpotv5.pdf
Just last week Forbes published an article sharing 10 hidden benefits of social media – the ones you can’t really measure. Not surprisingly they include the ability to communicate and reinforce your brand messages (whether direct from you or indirect in how you engage), how you can showcase your expertise and influence, and how social media provides immediate access to your followers. It’s an interesting list and reminds me of the hidden benefits of many other marketing tactics. So what do you think – does this thinking make social media worthwhile? http://www.forbes.com/sites/work-in-progress/2013/03/12/the-hidden-benefits-of-social-media-marketing-why-your-strategy-may-be-working-better-than-you-think/