We’ve always advised our clients to understand who their customers are. The implications of this are that when planning your marketing campaigns, you understand customer’s life and the need your product solves. And by extension, if you understand your customer at this level then you can also comprehend the messages and communications channels favored by your customers allowing you share and send information that is attractive to customers.
Evidence of this is in the most recent study cited in this article from ZDNet. High net-worth individuals are spending time on Facebook and not so much on Twitter. Interestingly the article cites how older high net-worth individuals are using financial analysts blogs as sources of information.
There is an opportunity for financial advisers, banks, and financial consultants to connect better with their audiences. Yet a recent study shows that 80% of financial entities use cliched marketing for their brand. According to the survey:
“The study also revealed that while social media has become very popular, the majority of companies are not using these platforms effectively. For instance, only 15 percent of the companies surveyed use Facebook and YouTube. Blogs are regularly updated by just 10 percent of the firms surveyed…
The jury is still out on the best way to use Twitter and Facebook for investment firms, but they are without a doubt platforms that must be appropriately exploited …”
We’ve counseled financial firms and discussed social media programs with banks and what we know is that the regulatory environment holds many back from finding creative ways to use social networking and media to support brand development. However, the first to do so with creativity will gain large results and set the tone for any others to come.
If your business serves the needs of wealthy individuals and you’ve resisted employing social networking as part of your communications strategy, now is the time to change your ways.