While financial services companies are generally keen to jump on the social media bandwagon, few have made concrete steps to budget for a marketing program or measure its results, according to a report by Ron Shevlin, senior analyst at Aite Group in Boston.
A survey or 166 companies, 85% of them banks, found that 60% of financial institutions still consider themselves novices at marketing themselves through social media. And while 90% of financial services companies expect to have a budget dedicated to social media by 2012, 30% of companies don’t have any budget allocated at all now. The harsh realities of actually running a successful social-media don’t end there. “We asked where the money is going, how they’re organizing their social media efforts and how they’re measuring the results and they’re not measuring anything,” Shevlin said. “The bottom line is that while financial services firms see a lot of metrics as being important, most firms don’t think they’re doing particularly well.”
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