Social Media Marketing: Strategy Basics

by on Nov 14, 2013

Corporate Insight has been researching social media marketing practices in the financial services industry for over five years. We have released three comprehensive studies on the topic, the first dating back to 2008. On Tuesday, we will release our 2013 Social Media Guide for Financial Services as well as a preview of our new Social Media Update research service. The guide offers advice for firm’s looking to optimize their social presences. Our Social Media Update service will provide monthly updates on changes to major social networks (Facebook, Twitter, LinkedIn, Google+ and YouTube) and offer actionable tactical advice on how firms can best utilize these ever-evolving platforms.

Social media platforms offer a place for people and businesses to openly communicate and broadcast their message and share information, generationy_toolsmultimedia and other dynamic content. Social media extends well beyond popular social networks such as Facebook and Twitter and includes instant messaging, blogging, collaboration resources, social sharing tools and much more.

Social Media Categories
The Power of Digital Word-Of-Mouth
The rise of social media has made digital word-of-mouth one of the most valuable commodities in marketing. These social interactions can play a big role in making or breaking a company’s reputation and it is up to them to join the conversation and to choose the social forums best suited to communicate their message. Today, establishing an active, forward-thinking social media marketing strategy is of paramount importance in effectively promoting your company and managing the reputation of your brand.

Implementing a Social Media Marketing Strategy
It is free to join most social media platforms, but in order to succeed, social media marketing requires not only a certain monetary investment but also time and effort. Participation with social media marketing can vary based on how active your company wants to be in the social sphere. The image below offers a high-level overview of the estimated minimum amount of time that various phases of a social media marketing strategy require and the social tools and resources (both free and paid) that can be helpful.

 

 

Social Media Takes Time
Setting Expectations
Results will vary depending on your company’s social media strategy. For the most part, immediate results can be as simple as increases in Likes, followers, and other fan or client engagements. The long-term impact requires greater measurement and includes increases in market share, brand reputation and overall engagement with your target audience. From listening to what is being said about your brand to becoming an industry thought leader and producing engaging content to share, it is important to prepare a practical roadmap for success that fits your company’s business model and overall goals.

For more information on the Social Media Update research service, please contact Ben Pousty, Marketing Manager, at 646-454-2662 or bpousty@corporateinsight.com.