The Impact of Social Media on Increasing ROI in Banking Sector
There is an increased concern of
engaging customers via innovative social media such as Facebook and Twitter in
banking sector. It is also interesting to note that many banks have received
benefits from incorporating with social media. So the question that raise to
the mind, what are benefits? Facebook has been identified as the strongest
social media used to quick access to bank staff and system. Twitter has also
follow the same pattern as Facebook, where it helps customers in notification
purposes and priority access to new products and services. Other benefits may
include financial guidance and links to other relevant processes. It is quite
concern in banking sectors to use mobile devices in increasing investment.
That’s said, by incorporating this service and other social media and mobile
banking, levels of customer advocacy and loyalty could be improved.
How banks could determine the ROI of
a social media services? Developing a social media strategy is a critical step in
promoting the communication between the customer and bank staff. Four steps
should be made in order to determine the ROI of a social media program in
banking sector. First step include evaluating the current social media
environment. ROI need to be aligned with three business objectives:
customer acquisition, customer service and community engagement in order to
evaluate the current banking situation. The second step includes benchmarking
social media performance using sentiment analysis, which can shape each media
channel to evaluate the effort. The third step includes develop insights and
taking action, which target to evaluate customer experience problems and
potential risks. The last step is more important, which includes ROI Metrics:
Track your success. In this step, one of the biggest issues is achieve
company goals and objectives by setting of metrics that can promote social
media and implement new actions of measuring social media's ROI. Let’s now see
the interesting below link.
http://www.youtube.com/watch?v=ivtTzBHNH1g
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