The social network imperative for bank marketers

Virtually all banking marketers will be active in social media this year, yet according to Accenture, most feel unprepared and are overwhelmed by the challenges and associated risks.  Targeting the uninitiated, this introductory piece provides guidance on how to be successful in “social”.

The article top-lines the uses of social, the challenges and a method for developing a plan.  Most of the stated benefits are generic but the challenges are well explained.  Some good examples show that social media need not be so daunting and can contribute in a fairly straightforward way to mainstream business activity.

As is common at times like this we are however, left a bit with the impression that participation in this burgeoning new field is a worthwhile end in itself; the article even talks of “white space”.  While it does have its own quirks and benefits, we should not get too besotted as beyond all the gloss, social media is just another channel with a role to play in the marketing, sales and service mix and should be a tool for the delivery of commercial strategy not the focus of it.