The social media excuses that make me go Psycho

The social media excuses that make me go Psycho

I want to get something off my chest – something that’s been grinding my gears for several months. It’s the two excuses we’re still coming up against in the financial services sector to avoid social media marketing: “We’re not sure we can justify the cost because it’s difficult to link sales and leads to activity – i.e. to demonstrate return on investment.” “Social media is difficult because of the regulations in our industry – I don’t want to get my company into trouble.” I feel sufficiently irked in the autumn of 2015 to be forthright in my responses to those excuses. Firstly, the conversation about whether there is a financial return to social media is finished – or at least it should be. Don’t get me wrong – it’s still important to know if your activity is driving sales and leads (and how you’re going to prove it). But my argument is that not knowing the answer to this question is no longer a good enough excuse to do nothing. This is because the uptake of social and digital technology by, let’s face it, virtually everyone is now no longer in doubt. So arguing about whether social media has an ROI is like agonising over whether the office phones have an ROI. We use them because the people we do business with use them. Take Millennials. This is the generation that most of the businesses we speak to are interested in – the next generation of wealthy high-achievers. Its members must be mystified by the slow, stuffy, stale online activities of financial firms. Millennials were born into the technology era. Their...

Social media ROI: how you can demonstrate the value to your business

Michael Taggart, MRM’s head of social and digital, recently gave a talk to financial services businesses about how they could identify and report the return on investment (R.O.I.) of their social media programmes to their businesses. Here are the slides. For a free consultation on this topic, please email Michael at michael.taggart@mrm-london.com or tweet him (@michael_taggart). [slideshare id=11232627&doc=socialmediaroi-120124054325-phpapp02] If you’d like to watch the film presentation in film, click...