Social media has become a lightning rod for debate. While its detractors say it's all hype and its evangelists tout social media as marketing's great panacea, the reality of its merits lies somewhere in the middle.
Recently Jeffry Pilcher, publisher of The Financial Brand, struck a nerve last month when he posted "11 reasons social media is a waste of time for financial institutions."
"When you hear there are 500 million people on Facebook, the implicit and explicit understanding is that you should be too. Look, Facebook is a social gathering place for friends and family-if you follow that rationale, people go to a lot of places like bars to socialize, too, but you don't see financial institutions flocking there," said Pilcher. "Therein lies the contradiction. Who really wants to 'friend' their financial institution?"
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