Social media being used for educational purposes. It’s not a new
concept, but it is continuously being used for new applications. among
the most recent is the use of social media for educating consumers
about money management. it’s not just individual financial planners
that have turned to social media for this reason, but the companies
themselves. Amidst legal issues and user privacy concern lies a hope
that the financial industry as a whole can regain the trust of the
American consumer base, turning to social media for marketing and
brand-building goals.
Doing so could be a tight-rope walk, but TIAA-CREF and Putnam
Investments are among those financial industries that are targeting
their core demographics through the use of social media, according to this
report. Aggregating educational content and tools, extending online
classes and games and socially-driven challenges, these institutions
are hoping that the combination of useful content within a virtual
environment can help them to gain long-lasting relationships with
customers.
Content is the key to this particular method of acquiring and retaining
customers, as many corporations have learned that building a Fan Page
on Facebook isn’t enough. The juxtaposition of content and presence is
a rather lofty goal that many brands have been trying to archive for
the past year or so. Improved options for integrated social network and
mobile apps have made it easier for third parties to offer a higher
level of convenience to their customers, with the growing adoption of
this applied technology increasing the trust factor around such
marketing and brand-building campaigns.
This trust factor is very important when it comes to the use of
social media by financial institutions. The legalities of having an
interactive web presence as a financial institution or a financial
adviser are very specific in what type of information can be shared
online. For the most part, those partaking in social media towards the
education of new and existing customers are sticking to the educational
realm, providing information that does not cross over into the advice
arena.
Utilizing games and challenges that encourage a user to enlist the
participation of their friends is another tactic that these financial
institutions are using, which can actually increase engagement and
produce longer site visits. That’s all well and fine for the companies
providing the games and challenges, but I’m rather curious to learn of
the success rates of such attempts at luring in customers.
Making education fun and social is something I think could be useful
in several areas, far beyond the financial realm. The ability to
passively consume content at your own pace, combined with the options
to learn in an enlivened environment, could really pay off for certain
establishments. Some banks have been trying different variations of
this for a few years now, with some even creating virtual environments
within the likes of Second Life in order to create a space for teens
and adults to learn their lessons is a safer manner.
Providing the information many consumers are already looking for is
another good move on the part of TIAA-CREF and Putnam, with Putnam
being particularly aggressive in this regard. The benefit for the
consumer is the option to access information they would have likely
stumbled across had they been online researching for themselves anyway.
The danger, of course, is that a company such as Putnam could be rather
biased in its curated offerings to customers and new clients.
Nevertheless, it’s smart for a brand to position itself smartly
within social media, giving consumers a mini place of research refuge
(even if its slanted). The use of social media in this way will help to
drive the web in a more semantic direction, hopefully offering a way
for search engines to give users answers to their questions instead of
just links to third party web sites.
This article credited by EverythingPR
