Every week, a new star is born on social media. Individuals from the worlds of news, entertainment, and sports almost instantly turn audience interest into thousands of followers and money-making brands, as seen with athletes at the recent Winter Olympics. Financial services firms may not be capturing as many headlines, but some are learning how to gather social media followers to build loyalty and profits. For example, Avidia Bank used a social media teaser to promote its new mobile app feature, and doubled its Twitter followers in just three months.
The power of social media is its ability to immediately engage the audience and get people actively involved. Instead of monitoring your social media buzz, you manage it in real time. That makes it a great tool for financial services firms that are already looking to build closer, more personal relationships with customers.
To power responsive, opportunistic media engagement, you need the right operating model. It’s all about driving conversations and inspiring participation, instead of reacting to issues or passively answering questions in a call center.
Think of your social media model as an active engagement center. It should have:
- Data scientists, enabled with the right tools and platforms, to listen and analyze different sources of data—and gain insights from them in real time
- Empowered staff who understand their rules of engagement and can represent your brand on the fly, based on these insights
- A business operating model that empowers your command center to deliver on the promises made to customers.
This is a very different dynamic to a classical marketing approach. Old-school marketing was based on a defined campaign rhythm, with pre-planning and approvals that made it difficult to stay timely and relevant. Social media marketing can put your firm right in the middle of your customers’ conversations—fast.
But despite the medium’s inherent speed and agility, setting up a real-time social media engagement center can’t happen overnight. It’s a cultural shift for your organization that needs nurturing and time to grow organically. You’ll need:
- To develop or add new skills to your workforce
- New operating models, evolved based on your company’s specific needs and experience
- Data management engines to help you acquire and enrich the data you need to power social media marketing.
To effectively tap into the full potential of social media as part of your digital marketing strategy, see our point of view paper, Unlock the Full Potential of Digital Marketing: Three Ways to Connect Data with Context.
Click here to learn more about how Capgemini can help you enhance your marketing ROI.