“What the h#ll are you doing?”
“The Vulcan Neck Pinch??”
“No, no stupid, you’re doing it all wrong..” -Spaceballs
There are plenty of social media advocates and probably as many or more naysayers in the finance industry. I’ve witnessed all sorts of different viewpoints and honestly, I respect them all. Some people have valid points about ROI being difficult (or imposible?) to measure, others claim it is just a waste of time and money. I agree. ROI is difficult to measure. ROI may very well be nonexistent. Credit unions may be wasting their time and money on social networks and new media.
The one thing that is constantly overlooked is the fact that the vast majority of financial institutions that are engaged in some sort of new media campaign are “doing it all wrong” like Lonestar in Spaceballs. The fact remains that most of the chatter about these issues is taking place on the very communication channels that are being called into question. I’m still trying to figure that one out…
So when is new media pointless and when is it priceless? New media is priceless when it is social. It is often called “social media” but most of the time it is anything but social. The advent of Facebook, Twitter, WordPress, Google+ (insert other platform here) occurred because people became sick of being talked at and wanted to have their fair share in the conversation. This fact is too often overlooked.
When I see a credit union or any other business talking about how great they are all day and offering nothing of substance, I cringe (I cringe a lot.) new “social” media isn’t about your business, it’s about the people who keep you in business. It’s about people interacting with each other and sharing information, laughs and insights.
The next time someone says, “Social media has no utility in the finance industry” I encourage you to think, “Is this really the case?” Are the communication platforms being used to facilitate dialogue or are they simply internet billboards? New media isn’t for everybody and I will never say that it is, but when it is done correctly it is priceless. With the proliferation of smartphones, businesses that can remain relevant and add value to their Fans and Followers have the ability to be with their members/consumers everywhere they go (who really leaves the house without their cellphone?)
It would do us all well if we focused more on the engagement and conversations to come in the future rather than a persons sometimes random impulse to click a button. Conversation is key. If you are using new media to talk about yourself (business), you are wasting your time. If you are interacting daily with your Fans and Followers, you will see the return. New media is unconventional. Traditional measurement techniques do not work. You wouldn’t weigh a rock with a thermometer, so please do not try to gauge the importance of a social exchange with a spreadsheet.
What are your thoughts? Am I nuts? Am I genius? Are you bored yet? Let’s talk.