Part 2 of a Unique Look at Social Media for Financial Services
Mar 2nd, 2010 by David Svet
Part 2 of 3 — Yesterday’s post looked at the first two principles from Hildy Gottlieb’s book, The Pollyanna Principles, in light of how they might be applied to the securities sector’s opportunity with social media. Today SPURspectives is covering a few more of the principles and how they address some of the biggest objections I have heard by financial services firms about adopting social media. These are two of the most common:
What if someone says something bad about us? Why should we provide educational information to anyone except our customers?
• Everyone and everything is interconnected and interdependent, whether we acknowledge that or not.
This is the beauty of social media; it models the real world in how we are all interconnected and interdependent. It’s what makes social media work. Don’t worry that someone might say something bad about you, they already are. Social media gives you a vehicle to find out and do something about it. It’s a brilliant channel that enables you to listen to your customers and immediately respond. It’s also a public channel where you will operate in a totally transparent manner. By providing outstanding service and education to your customers through social channels, you will also be publicly demonstrating how good you are to your prospects. That creates demand — a good thing.
Is this really necessary since we’ve been an established institution for many years? We have effective systems in place for sales and marketing. Why disrupt what we know works?
• “Being the change we want to see” means walking the talk of our values.
• Strength builds upon our strengths, not our weaknesses.
Among the millennial generation Pew says that 75% use social media. Microsoft research on millennial financial habits reveals that 51% intend to never invest in a 401(k) plan. The oldest millennials are 30 years old. The youngest are 10. More than half of this generation should currently be investing but in fact very few are or intend to begin. Nearly every financial sector website has a statement of values that includes something about delivering exceptional service and communicating clearly with your investors. This is how you can do that. Your values haven’t changed. Your strengths haven’t changed. Your audience simply moved to a different channel and has only heard what’s being said in your absence. Now you have a fantastic opportunity to move to that channel and do what you do best — help a new generation plan for their future.
Image: McCulloch’s Leap, Major Samuel McCulloch escaping Indians by forcing his horse to jump down Wheeling Hill. 1851 lithograph by Nagel and Weingaertner; image from Library of Congress
