Since the growth of social media sites online, financial services firms have started using Twitter as means to:
- Comment on valuable news stories
- Bring greater attention to press releases or websites
- Advertise key products, services and rates
- Respond to customers who comment about their firm
Customer service is probably the most intriguing, since it represents a new method for companies to communicate with customers.
Financial companies use Twitter as a strategy for answering consumer questions and address any complaints – even setting up calls with customer service to ensure the user’s issue is handled well. It is inspiring to see organizations find an important use for social media sites as it is expected that other firms will follow suit.
In addition to directly responding to follower questions, companies have been able to use their Twitter profile to highlight information regarding mergers and acquisitions.
Financial firms who are afraid to step into the social media waters approach it almost as an experiment. They load up their LinkedIn profile and communicate to their network often and also experimented with Twitter. however, they use social media platforms more as a personal tool than business promotion.
Many consultants find that on LinkedIn if they stay connected they will usually get a good response. If they post a note that they receive from a new customer, at times, they will receive a lot of “congrats” from the database and a few inquiries. “Who is the customer?” “What kind of work are you doing for them?” etc. LinkedIn can be one of the most powerful social media tools if used properly. Where else could you have 350 direct connections and 100 times that on a second level? Altogether, there could be nearly three million two levels away. Mind boggling.
As for Twitter, some companies find great use in it for attracting clients and updating current customers on current events. Others try it for a couple of months just to see if they could find some value. Eventually, they cancel as they consider non-relevant tweets as spam. Although, most who fall into this category will also be those who still cannot figure out the relevant use of Twitter a business tool. But, they will also ask “WC?” Who cares?? They come back with the typical statement that those come back with who do not understand Twitters true value and how to use it properly.
Many in this camp feel Facebook is the place to be. While they feel LinkedIn has too much structure and Twitter has none, Facebook, they feel is the middle ground that will appeal to business people.