More than just tagging, poking and ‘like’-ing

Social media is sometimes a misunderstood phenomenon.  Too often discussions on social media lead to throwaway tongue-in-cheek comments about watching dogs riding skateboards on YouTube, seeing pictures of inebriated friends on Facebook or outing celebrity misdemeanours and faux pas on Twitter. The actual fact is that excellent opportunities for interacting instantly with consumers, clients and businesses now exist in ways that they never have before, and those that harness the power of social media first are likely to benefit from a huge commercial advantage.

There is little doubt that the internet, new media and social media in particular are growing in popularity and will continue to do so. Twitter has 200 million users with 350 million tweets worldwide. Facebook has more than 750 million active users with 50% of active users logging on in any given day. Over 100 million professionals use LinkedIn to exchange information. With such huge numbers it is clear to see the growing role that the internet and social media have had, and will continue to have, in changing the way we purchase financial services and products.

 However, in spite of these compelling numbers, a recent study by Earnest Agency revealed that only 16 FTSE 100 companies use Twitter in any meaningful way. This is despite the fact that at least 20% of all Tweets contain a reference to a product or a brand, or the fact that 9 out of 10 client marketers agree it is unwise to ignore social media outlets as part of a marketing strategy.

Social media is therefore not just about salacious celebrity gossip, or videos of household pets doing wacky things. It should be taken very seriously. A conversation about you is happening somewhere online, whether you like it or not, and social media gives you a chance to shape this impression of your business directly. It should be used as a way to build personal relationships with your key publics and should also be integrated fully into your existing communications activity. But most importantly, social media is a way to direct customers towards the services you have to offer, and by not engaging with it you may well be missing out on a golden opportunity to grow your business.