How useful is social media for the financial and professional sector?

Paul Carruthers,
Journey9






“Social media has immense potential for the financial and professional sectors, but I believe that sometimes too much focus is placed on using the channels as just another PR opportunity.  Growing up in the 1980’s, I remember an advert with the strapline of “Come and talk to the listening bank” and I think this is a principle that should be at the heart of any social media strategy.
 
Social media brings an almost unparalleled opportunity to engage with current and future customers and clients, but it’s important to understand that it is not just about talking. It’s obvious that if we’re to effectively communicate with people then we do have to talk (it helps to be interesting!) but we also have to listen.
 
In each of the popular social media channels there is an immense amount of business intelligence floating about. It could be discussions about your sector, your competitors and even your own company, but if you’re listening and aware of these conversations then you have the opportunity to be actively involved, build your profile with potential new clients and shape future discussions.
 
The social media landscape is littered with stories of companies who have been blissfully unaware of an impending flashpoint because they weren’t using channels such as Twitter or Facebook to listen to what was being said about them. If you’re not in the game at the start it can be a difficult road to recover from a potential PR disaster, because you’ll always be on the back foot.
 
Organisations would never think that ignoring the traditional PR and media channels was a wise move. These new channels aren’t fads – we’re at the start of a seismic shift in communication norms and a great first step in understanding how they can work for you is to listen to what people are saying about you. From there, you can start to make decisions about when to become involved in the discussions and what you want to say.”