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As part of its focus on social media for the finance industry, social media agency, Bloom Worldwide, polled leading financial brands about their current social media objectives and challenges and what opportunities they believe social media can provide in 2014.

 

Whilst the challenges are to be expected –regulation, privacy, exposure – there is also a definite feeling of optimism when it comes to the opportunities that social media presents. It’s less about direct sales via social, and more about building relationships and trust through social channels with 92 per cent of the respondents citing increasing customer engagement and communication as the number one social media opportunity in 2014.

 

Whilst this is an encouraging statistic which marks social media’s ascendancy as a central digital touch-point for consumers and financial brands, the survey also revealed some significant barriers that need to be addressed:

 

– 46 per cent indicated a limited internal understanding of the benefits, lack of headcount and a risk averse internal business culture as the key barriers

Laura Dinneen, Strategy Director at Bloom Worldwide said: “The results of this survey are encouraging, showing that a traditionally cautious business sector now understands that social represents a significant opportunity to get closer to customers and build loyalty and trust. It’s also important to understand that embracing social media as a customer engagement channel often requires a top-down cultural change where the benefits are understood and measured against clear business objectives. You can’t have one without the other.”

 

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