Social media has been considered superfluous by many players in the financial services industry, however, in recent years we have seen many companies reluctantly adapt after witnessing high levels of penetration, use, and engagement from consumers of all ages. New channels such as Instagram, Snapchat or Facebook’s Livestreaming, to name a few, have been key focus areas and will continue to show importance for the rest of 2017. Many marketers now have social media influencers as part of their marketing strategy; to easily and quickly convince and reassure consumers of the brands strong market presence. An Influencer has over time established credibility due to their interest and interaction in a specific industry. With their following comes the power to persuade a large audience simply because of their authenticity and access to thousands of other social media profiles.
Social media is now also being used to communicate with companies and is no longer a medium to simply market and communicate. A study conducted by Twitter demonstrated “when a customer Tweets at a business and receives a response, that customer is willing to spend 3–20% more on an average priced item from that business in the future”.
The new generation favours fast-paced technology due to being raised in social media and modern technology communities. This increases the demand for applications characterised by fast technological performance. With social trading, online influencers and social opinion polls it’s time to innovate and respond to customers in the same way they connect with each other. Due to the rapid evolution of peer-to-peer reviews, social media can be used to surface links to read positive evaluations of a trading experience from other clients in the same city trading similar products.
The impact of social networking websites will significantly push the technology revolution to continue growing and have an impact on our everyday lives. With all this in mind, and considering the highly regulated industry marketers work in, controlling the messages being posted and protecting the brand image should be at the forefront of any social media engagement strategy. The applications used for linking smartphones to TV, computer screens, smart books and other electronic devices will mean that social media presence in peoples homes will continue to be strong for years to come.
The biggest takeaway may be that without using social media for re-targeting, customisation and analysing data correctly, social media marketing can’t compel like it used to. Mobile, personalisation and contextual marketing are all vital parts of a successful social media marketing strategy, each promising a better ROI when implemented correctly together.