Facebook, Twitter, LinkedIn, Pinterest, Google Plus, YouTube….the list goes on. Added to that is the almost endless array of blogs and online forums. The value of social media and related digital communications vehicles are the subject of endless debate, particularly in the wealth and investment management industries.
• How important is it?
• Should we or shouldn’t we?
• If we do, which ones?
• What should we use it for?
• Perhaps most importantly, does it drive business?
There is no doubt the world has changed from the pre-digital days, and it is still evolving. Assigning a dollar value or calculating a return on investment for social media usage is difficult at this point in time, if not impossible. This does not mean, however, that usage of social media doesn’t have a critical role in communications.
Social media has some important benefits:
• Builds brand awareness of an organization
• Allows for immediate response and distribution of timely responses to current events
• Promotes new innovations, developments, awards, product launches and other positive company news
• Provides an additional outlet for showcasing intellectual capital
But social media is just one part of a comprehensive marketing and public relations effort, allowing an organization to increase the ways it touches prospects and clients. We believe strongly that organizations must recognize and cater to the fact consumers may have different preferences for how they receive information. Increasingly, preferences are skewing to electronic distribution. While this can sometimes lead to information overload, it also generates the opportunity to cost-effectively place one’s brand front and center with one’s audiences.