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Chris Zagorski Posts Tagged ‘Technology’
How people feel about financial services companies and social media
Most financial services companies are committed to the world of social media. But
what do specific groups think about financial companies on their social networking sites?
The older the respondent, the more likely they are to say that they use social networking only to connect with friends and family (70% of those 55+ vs. 50% of those 24 and younger). They are also more likely to say they ignore the advertising of financial companies (36% of those 55+ vs. 25% of those 25-34) and find it annoying (36% of those 55+ vs. 25% of those 25-34).
The good news is that these numbers do not tend to increase with income. The number of people who find financial advertising annoying actually drops off at income levels of $100k+.
So what does this mean? Financial companies may want to consider targeting by age on more specifically targeted sites. However, for social media overall, targeting by income will probably work best.
Offering coupons for local businesses like restaurants on social networking sites would be successful with 16% of consumers overall, but this drops off with age. The attractiveness of this incentive jumps substantially with incomes of $100k+. Providing incentives such as contests, promotional rates, etc. appeals to 11% overall. It similarly drops off with age but increases with income.
The percentage of respondents who agree that “the company donates to a cause I believe in” is an attractive incentive (8% overall), This drops off with age but jumps substantially with income over $100k. And the percentage who agree with the statement, “I feel more comfortable with a company after seeing it on a social networking site” (8% overall) drops off with age but is consistent across income groups.
I’m working on Mintel’s Social Media and Financial Services report right now (due to publish April 2010). I’ll keep you posted of other insights I find as I get deeper into the data.
2010 Financial Services Trends – get the slides here
We had a successful webinar yesterday; thanks to all who attended! Sorry about the sound difficulties at the beginning of the webinar.
Those of you who tuned in submitted tons of great questions about our financial services trend forecasts for this coming year. I’m crafting answers today and this weekend, so I hope to have them up on the blog by Monday. Please of course, feel free to use the comments field here if you’d like to submit more questions about our predictions.
In the meantime, Mintel Comperemedia’s fabulous marketing team has created a link to the webinar recording. You can either listen to it again (or for the first time if you missed it yesterday!) or you can download the slides to peruse at your own leisure. Click here to do so.
The early tweet gets the worm
As social media networks continue to gain popularity, businesses are realizing the advantages of signing up for websites such as Twitter and Facebook. Companies have the ability to build their customer base, along with benefit from free marketing by using social media. Due to the constraints of the economy and its effects on marketing budgets, companies need to consider alternative ways to connect with consumers and maintain/increase business.
Let’s take airlines on Twitter, for example. It’s obvious these companies are adapting to the times and embracing the influences of social media. Airlines use Twitter to provide travel updates, promote special deals, disseminate company announcements and relay weather-related news. Companies within the airline industry also have the opportunity to connect with current and future customers in a non-invasive way, quickly and effectively.
In an industry that is as dynamic as air travel, dedicating energy to developing and maintaining social media accounts could greatly benefit business. Whether it be a savvy traveler or a savvy social media user, individuals will follow these forward-looking companies for key information and important updates.
Is social media the answer for insurance companies?
A recent article in National Underwriter Property & Casualty talks about social media and advanced technology in the insurance industry: “The study by Deloitte suggests that firms that are successful will master technology and social media to interact better with a widening age spectrum of customers and employees.”
It’s an interesting solution. Social media and technology are being talked about a lot, but it seems like little is being done. I’m interested to hear what you all think about this. When do you think insurance products will have a channel in social media? Will it help drive sales and build relationships?
Another interesting issue raised by this article is how the insurance industry needs to attract people into the industry. How can insurance companies become more interesting places to work?