Recently a panel member at the PAM Insights evening on social media along with Richard Lawes (FCA), Jeannie Gu (KPMG), Colin McLean (SVM), David Barks (Ledbury) (who were all fantastic) here are the results of the survey which comprised mostly of Wealth Managers and Private banks. It was a great event run by CitigateDeweRogerson.
LinkedIn favoured platform
Unsurprisingly LinkedIn (Corporate presence/client or company group) had 84% having an account and engages from. This was higher than those who engage from their own website 77%, then a company twitter account was third at 52% of respondents engaging from this platform. Facebook and youtube came in joint 4th with 25% engaging from this platform and only 21% using a company blog.
Increasing the effectiveness of online communication
Just over half of the respondents use the Creation of original content for their website (52%) as important to increasing the effectiveness of their online communication, next respondents use twitter (48%) and SEO (also 48%), and video creation (46%), then there’s a massive drop to Google Adwords or other advertising mediums (15%) with only 3% using twitter advertising and no one using fb ads.
Looking forward over the next 12 – 24 months firms will continue to focus on SEO and Wikipedia at the same level.
More focus will be given to promoted tweets and paid advertising on twitter (3% up to 19%) and Google + (increase from 8% to 36%) but less to the organic use of this platform (52% down to 45%). Focus on video is doubling (25% to 55%) as in the company blog ((21% to 45%) and there’s slight increase in facebook page/groups (25% to 29%).
There’s a slight decrease in focus on LinkedIn (from 84% down to 70%). Only LinkedIn and twitter (not promoted posts) are showing slight decreases.
Digital Media Programme
64% already have a digital media programme in place and are looking to expand it over the next 12 – 24 months, 15% recognise it’s importance and intend to start implementing next 12 – 24 months, while 17% remain put off, even though interested.
Over half felt the didn’t know where to start or what is most appropriate (9% fully and 47% slightly agree).
Only 19% felt that time and limited resources wouldn’t really impact their digital strategy.
- Compliance restrictions on content 69%
- Concerns about lack of control over content that’s communicated 67%
- Lack of resources 64%
- Regulatory issues with external content 44%
- Lack of awareness and knowledge, content stopping 33%
- Not in keeping with the brand 25%
- Building industry presence and credibility
- Attracting new clients
- Retaining existing clients
- Participating in industry debates
- Driving traffic to your website
Just over a quarter believe 20 – 40% of clients are on social, 40 – 60% (29%). Most believing it’s younger generations (70%) and entrepreneurs/business people (40%).
Regularity of use
Majority are posting weekly (42%) with a fifth posting daily (19%).
73% intend to increase their social media activity over the next 12 months. No one intends to decrease it.
It’s social selling not selling on Social
Yet firms are still more interested in pushing out their own agenda and content (80%) than any type of engagement and interaction with engaging with clients dropping to (55%) and customer service down to 7%. This shift in culture to focusing more on your audience and their needs, what they’d like to hear, and less on what your firm wants to push out – so the two are more aligned – is still very much in it’s infancy in the sector.