In October, Michael Ellison led a panel discussion on Social Media for the Mutual Fund Education Alliance's e-Commerce Committee. Joining him on the panel were Stephen Johnson, Director of Social Media at TIAA-CREF, and Paul O'Connell, Director of Internet Marketing & Communications at Putnam Investments.
This was a great discussion because we were able to blend Corporate Insight's research for our latest study on social media (To 'Friend' is the Trend: Social Media & Financial Services Today) with insights and commentary from those actually in the trenches at two firms leading the financial industry in social media use. We have made the slides available here with permission from both TIAA-CREF and Putnam and below are some key takeaways from the discussion:
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The "social" web IS the web - This was a point that was repeated by all panelists. Social media, while a major shift in how consumers interact with corporations, is really just the latest evolution of the Internet. In a few years' time, it is unlikely we'll be discussing "social media" because it will simply be the way in which our online world works.
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The financial services industry is finally taking note of the available social media tools. 51% of the asset management firms Corporate Insight tracks now use social media and FINRA has acknowledged the importance with Reg Notice 10-06.
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Content is king - The old adage rings true with social media and the best laid plans can be undermined by poor content that doesn't resonate. Luckily, asset management firms are generally not short on quality content that investors would like. How you aggregate it and distribute it will impact your social media efforts.
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Listening is key - The game changer with social media is that firms no longer control all of the content. Clients and prospects are talking about their experiences and opinions of the firms regardless of corporate social media efforts. Marketers need to be listening to what is being said about them.
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Measuring ROI is achievable, but not easy - The first step in doing so is to figure out WHY you are undertaking the effort in the first place. When the reasons are clear, the measurements can be determined.
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Support from the top is important - Social media tools are often easy to come by and inexpensive to use. However, to fully realize the benefits takes an investment in time and human capital. Support from the top goes a long way and greasing the wheels to a successful social media strategy.
For more information about our latest social media report, please download and excerpt from our study To 'Friend' is the Trend: Social Media & Financial Services Today.
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