Social Media Pivotal, Not Proxy for Brand Awareness

Post on May 29, 2012


For the past four years, Corporate Insight, a provider of competitive intelligence and user experience research for financial institutions, has been studying the evolution and trends in social media. A recent report entitled Social Media Leaders revealed that a few innovators continue to experiment with new methods, topics and tools, in a bid to propel the industry forward.

The research firm looked in-depth at more than 90 financial services firms and the report offered rankings for four types of social properties: Facebook pages, Twitter profiles, proprietary communities and blogs. The research was conducted on companies that Corporate Insight tracks continuously through its monitor services, including annuity issuers, banks, brokerages, credit card issuers, insurance companies and mutual fund firms.

For example, over the past few years, recruitment pages from financial institutions have become increasingly popular, both on Facebook and Twitter. According to the report, roughly 10% of the financial firms reviewed provide information on career opportunities from promoting recruiting events and describing the firm’s corporate culture, to providing access to general career advice from third-party sources and simply listing job openings at the firm.

In addition to the general recruitment accounts, a few firms use social media to recruit advisers such as Allstate through its Be Your Own Boss At Allstate effort. State Farm also promotes its internship program through its Facebook State Farm research and development page and corresponding @SFRDC Twitter account.

“Recruiting has increased over the last several years and I think we’ll continue to see that increase at a large number of firms,” said Alan Maginn, senior analyst and social media expert at Corporate Insight. “As far as the questions financial services firms should be asking as far as social media, they would be correct to ask if there is a real value they can provide, not getting involved just to do it. At the same time, clients [and] consumers are already talking and they have more sway over what a brand is and does, so there needs to be some level of involvement in those conversations.”


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