Social media is usually seen as the advertising playground for consumer goods, fashion and technology brands, but that is not to say opportunities do not exist for representatives of other sectors. According to a new report from UK-based research outfit Timetric, wealth management firms are waking up to the marketing potential of social media, embracing various platforms to connect with customers, promoting products and address problems in real time.
Facebook, Twitter and LinkedIn are becoming a valuable tool for spreading the message but wealth managers have also become aware of the power of video presentations and promotions. As a result, many are posting clips on YouTube and Flickr, informing audiences of new products and services, major developments and company events. It reaches a massive audience, keeping users engaged, and is an attractive concept for advertisers and marketers, Timetric notes.
In addition to using established global platforms, many wealth managers have created their own social networks and corporate blogs to keep in touch with customers. For the purpose of reaching consumers and building brand awareness, local social networks remain extremely important.
However, wealth management firms are yet to fully reach the potential of their social media presence, the report notes. According to Timetric, they need to come up with more innovative ways to expand their follower base.