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Social Media in B2B financial
services marketing
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In September 2010, Omobono partnered Three major themes emerged from the research: In short...
with Legal & General to explore how, and if,
the financial services industry was using
social media in a B2B context. Were they
using it to source information, form
1 espondent businesses are struggling to
R
move beyond the ‘broadcasting’ mentality
and tend to see social media as a customer-
Understanding the current social marketing
landscape helps identify successful strategies and
identify opportunities to adapt marketing plans to
opinions of products and providers and for centric tool, rather than one that can connect the digital tools customers are already using. All
their business. Did it yet form part of their different audiences, from building internal three themes that arose from the research
own marketing strategies? networks to sharing information with peers. exemplify challenges marketers must overcome
in order to use relevant tools in appropriate,
The research was conducted in two parts. The
initial qualitative stage encompassed a series of
depth interviews with financial intermediaries,
2 he responding marketers are generally
T
under educated about social media, with little
to no experience using the tools to create
effective ways.
including mortgage brokers and wealth IFAs. In business value. Most understanding is based
the second phase a quantitative online survey was on limited personal use which, in many cases,
conducted with financial advisors, managers and creates a bias towards these platforms and
brokers. preventing opportunities to use alternative
spaces (ie: moving beyond Twitter and
The findings are based on responses from 508 Facebook to find spaces relevant to the
financial marketers and help paint a picture of the audience).
current state of social media marketing not only in
the heavily regulated world of financial services,
but in B2B marketing in general. 3 espondents see social media as a young
R
person’s game. Most marketers think it is
most appropriate for an under-30 audience
and none find it fitting for a 50+ audience.
3
Our audience:
Number of
Age Regulatory advisors in your
status company
5
Making the Connection
75% of respondents
think they know what How familiar
are you with
6
How familiar with these
sites or aspects of social
media are you?
Facebook Salesforce CityWire forums
Twitter Yammer MoneyMarketing
user comments
LinkedIn Flickr
Money Supermarket
YouTube MySpace
forum
Ecademy Bebo
Foursquare
Slideshare Digg
Facebook Places
Xing Blogs
Making the Connection
Flickr
45.04%
Bebo
Facebook Places
Twitter 18.95%
57.27%
1.01%
YouTube
0.61% CityWire forums
Yammer 55.21%
91.31%
Ecademy
82.25%
Money
Facebook Super-
1.15% market
forums
Blogs 26.62%
23.83%
LinkedIn
26%
Slideshare Salesforce
89.51% Digg 88.76% Foursquare
78.44% 80.31%
8
Social Media in B2B financial services marketing
Heard of it,
don’t use it.
Facebook
45.96%
LinkedIn
40.67%
Twitter
Money 83.77%
Marketing
user forums
48.46%
YouTube
Slideshare Salesforce 42.71%
10.04% 10.56%
Flickr
50.22%
Ecademy Xing Yammer Facebook
16.4% 12.78% 8.69% Places
88.24%
MySpace
88.24%
Bebo
79.79%
Blogs
Digg CityWire 66.6%
forums
34.47%
21.11%
Money
Supermarket
Four forums
Square 60.39%
19.03%
9
Making the Connection
Heard of it,
use it personally.
Top sites used personally: Ecademy
0.22%
YouTube Digg
1.26%
Facebook
Salesforce
LinkedIn 0.45%
Bebo
1.26%
YouTube
CityWire 55.47%
forums MySpace
MoneyMarketing 4.88% 4.62%
user forums Blogs LinkedIn
Slideshare 5.7% 6.17% 10.9%
0.45%
Flickr Xing
Foursquare 4.74% 0.22%
0.66% Facebook
Twitter Places
9.33% 1.98%
Facebook
44.42%
Money
Supermarket
0%
forums
8.87%
Yammer
10
Social Media in B2B financial services marketing
use it professionally.
5.54%
LinkedIn
Ecademy 22.43%
Top sites used professionally: 1.12%
LinkedIn
MoneyMarketing
Facebook
user comments
7.68%
Industry Forums:
• Money Marketing
• CityWire Xing
• MoneySupermarket 0.45%
• IFALife
Facebook
8.46%
YouTube Twitter
1.21% 5.88%
0% Bebo
Blogs
3.4%
Digg Salesforce
Flickr 0.22%
Foursquare
MySpace
Slideshare Money Supermarket
Facebook forum
Yammer
Places 4.11%
0.66% 11
Making the Connection
More than once a day (13.58%) More than once a day (6.03%) More than once a day (4.38%)
12
Social Media in B2B financial services marketing
Uploading &
downloading
24.59%
Includes whitepapers, videos, photos, podcasts etc.
%
2.8
.93
7%
38
...& for how long ? 27
.66
%
4%
5.9
Never (48.95%)
14
Social Media in B2B financial services marketing
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(114) (170) contacts (97) (67)
15
Making the Connection
NO
16.08%
YES !
83.92%
if so...
Making the Connection
18
Social Media in B2B financial services marketing
19
Making the Connection
phone
20
I don’t
social
300 media
sites
101
20
Social Media in B2B financial services marketing
phone Social
e-mail
media
sites
262
22
418
20
I don’t
in person
251
21
Making the Connection
Somewhat (67.43%)
Very (7.52%)
22
Social Media in B2B financial services marketing
el.
nn
ial
ha
me s c
dia ion
is no at
t per ic
ceive mun
d as a professional com
1.
1.
Making the Connection
Social mobility.
Do you
use social What kind
media on of device do
your mobile you use?
device?
Android (32.92%)
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Social Media in B2B financial services marketing
How important
100%
strategy?
50%
Only 3.5% of
respondents have a Do you have
a formal social
formal social media media strategy
for your
strategy for their business?
business in place.
No (82.05%)
Yes (3.53%)
26
Social Media in B2B financial services marketing
10+ (0%)
27
Making the Connection
None (20.7%)
A lot (11.48%)
28
Social Media in B2B financial services marketing
22%
In the next 3 years
60% will be active 25%
on social media for
their business. 40%
How do you see your business brand using 13%
social media in the next 3 years?
29
Making the Connection
None (18)
30
Social Media in B2B financial services marketing
Do your
No (9.56%)
A few (29.11%)
competitors
Yes, a lot (5.2%)
Competitors
use social
media for
business?
And do your
customers Customers
use social
media?
Unsure (26.15%)
No (2.51%)
A few (42.26%)
31
Making the Connection
Improve Increased
Monetary Search Media Customer
Gain Presence Relationship Lead Generation
Results (21) (37)
(18) (18) Management
(28)
32
Social Media in B2B financial services marketing
33
Making the Connection
Collaborate
Filter content with colleagues Receive custom
received and partners instant alerts
34
Social Media in B2B financial services marketing
Integrate
Integrate it across Track
into your your current marketing
website digital results easily
presence
35
Making the Connection
38
Social Media in B2B financial services marketing
“Manchester United”
“NJM Solutions” “Action Coach”
“Tesco”
“Coke, Prezzo, Sandals” “Starbucks”
39
To find out more about using social media for business,
please call Ben Dansie on 01223 307000 or email ben@omobono.co.uk
www.omobono.com
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