A recent Wall Street Journal article states social media fail to live up to early marketing hype based on a newly released Gallup report. Bank marketers may want to look at this data to see if they need to update their social media strategy.
The article cites the Gallup poll reports a clear majority of Americans say social media have no effect at all on their purchasing decisions. The data is gathered from respondents from Gallup’s State of the American Consumer report.
The poll was a Gallup Panel Web and mail study of over 18,000 U.S. adults and was conducted between December 12, 2012 and January 22, 2013. Some of the feedback identifies the timeliness of the poll and how quickly social media and consumer trends change in the digital space.
Of note, the Gallup report does state, “companies can use social media to engage and boost their customer base. Consumers appreciate the highly personal and conversational nature of social media sites, and they prefer interacting in an open dialogue as opposed to receiving a hard sell. And companies’ use of social media to provide timely responses to questions and complaints accelerates brand loyalty and, eventually, sales. When it comes to social media efforts, businesses stand to benefit when they utilize a more service-focused approach rather than one dedicated to simply pushing their products.”
A strategic approach will help bank marketers focus on goals and implement tactics that are tied to results. Data shows that companies now stress quality over quantity and social media must be tied to real business objectives.
Social Media Strategy Checklist
An audit of social media platforms used by your financial institution can reveal if your strategy includes engagement on social media and interacting with followers. Are your goals related to any of the following marketing objectives?
• Build awareness
• Increase web site traffic
• Improve search engine rankings
• Better understand your customers
• Improve customer service
• Identify new product ideas
• Strengthen relationships with customers, prospects, and influencers
• Generate leads
• Generate sales
Your social media strategy and results should be connected to the objectives you are measuring. A comprehensive review of your social media marketing plan may be needed to change your focus to get results. Does this information change the way you approach social media for your bank or credit union? Share your thoughts on the Gallup findings and if that will change your approach to using social media.