Friday, February 24, 2012

Why financial services suddenly had a social media conversion

It's been a while since we first started the conversation. And last year suddenly the dialogue changed complexion.

Instead of saying:

"Really? No it's just another Gen Y fad" or

"Sure, that will work for Coke but not for our (insert financial services brand here) audiences" or

"I don't think we need twitter or facebook. Not really our audience"

...many senior executives started to ask...

"How do we get there?"

And what drove the change? Well there was carrot and stick I suspect - from above, below and outside.

Before I start sounding too much like a Dr Seuss book, let me explain.

Many times recently I have heard (forgive the paraphrasing if you recognise yourself):

1. The Board want to know what we are doing about social media
2. Our staff feel we really should be using social media / using social media more
3. We had this issue that started on twitter/facebook/on a blog/online but we couldn't deal with it properly because we're really not set up to.

And so now we have social media religion. Yes, it's a touch feverish but doubtless that will settle down after the first blush of conversion wears off and social becomes the 'new new new normal'.

We've had the "new normal", post GFC. We've had the "new new normal" of volatility and GFC Mark II threats. Now I'm calling a similar major shift - the new new new normal.

Okay it's kind of hokey jargon but long term, social media will fundamentally change how we communicate as people and organisations far more than a couple of bouts with liquidity issues, bank failures and sovereign debt issues.

Possibly it already has.

If so, most in financial services are playing catch up.

1 comment:

  1. Thank you Carden! I love reading this type of commentary. We recently launched a website dedicated to building an authentic and open community for financial advisors to better communicate with investors and for investors to make better informed decisions as to who is managing their money. We're ready for the new, new, new normal, too.


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