Seeking True Value of Social Media for Financial Institutions
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."
Shevlin said that is the value that social media presents. It takes the incremental cost of member or prospect messaging down to nearly zero, and marketers can focus on relationship-building through conversations because they don't have to obsess over the ROI of every message.
"If you are simply pumping out marketing messages, then you are just making old use of what you did in other channels in this new one," said Shevlin. "So marketing has not learned yet what social media means in terms of how it's different."