Recently, we received an e-mail from a reader with the following question:
“We’re struggling with how the whole Web 2.0/social media thing applies to industries and organizations for whom such a strategy isn’t super intuitive. Everyone seems to be preaching that this is the wave of the future, but we’re skeptical. Certainly for some, but not everyone, as some seem to suggest.
We are 100% focused on credit unions here, and can’t figure out why anyone (regular people like you and me) would want to engage “socially” with a financial institution. Simply put: If I’ve got 15 minutes to kill on the internet, am I going to ‘hang out’ at Wells Fargo’s blog? Or XYZ Credit Union’s MySpace page? Doubtful…”
Recently, our President, Jen Sterling had the pleasure of moderating a panel at New Media Nouveaux – a conference geared at explaining in plain-English how companies can benefit from using Web 2.0 tools.
“New media can be a whirlwind,” she explains, “but in the end, it all boils down to creating a niched community. It’s not about reaching everyone – mass marketing is a thing of the past. You may have a small market, but if they’re engaged that’s what matters.”
So the question becomes, who is your community and what do they care about? For example, a blog at Wells Fargo could be (and actually is) a tool that engages customers who are in the market to use their financial products.
The first Wells Fargo blog (Guided by History) was originally launched to be specifically devoted to earthquake & disaster preparedness, and has since expanded to include categories such as:
Commercial Electronic Office(R) – discussing new products from Wells Fargo
Stagecoach Island(SM) – learning how to manage your money
The Student LoanDown(SM) – a resource for financing college and managing debt
These blogs don’t replace the marketing efforts of Wells Fargo, but rather add a new channel that helps engage Wells Fargo in a conversation with its prospects and customers. In addition, since blogs are generated in Google-friendly HTML, readers often time stumble upon a blog entry through a search engine.
Social networking sites such as myspace.com are quickly falling out of favor due to the generic nature of the audience. There’s been a lot of buzz recently around Ning – a platform that allows anyone to launch a laser-focused social networking site.
A quick search for “credit union” on Ning reveals dozens of social networking sites that have already been built to target this audience.
So which new media channel is right for your professional service? That’s still up for debate. “It’s kind of trial and error at this point,” Jen explains. “There’s a reason it’s called new media – the rules are still being formed.”
One reason companies are jumping on board is the low participation costs. Most social networking tools are free – the only investment being time. So there is little financial risk to trying it out.
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Filed under: Marketing, Professional Services, Social Media | 6 Comments
Tags: social media marketing, Web 2.0
I really like the quote you posted:
“There’s a reason it’s called new media – the rules are still being formed.”
Brilliant.
Chris from rawstylus.wordpress.com
Curious…where is the RSS on this blog? Thanks!
I love this blog! New Media is as exciting as the early days of the Internet. You’ve taken the spin and hype out of the new media tornado and boiled it down to simple facts of the why, where, how, if, and who should be using specific and not-so-specific new media applications. Sign me up!
You mentioned the expansion of our first blog beyond disaster preparedness, it’s initial purpose. One thing we learned early on was to be a good host in the blogosphere and follow where your community wants you to go. It’s like hosting a party. As the host, you can set the theme, but in the end, it’s your guests that determine what happens next.
Blogs are one thing.The rest of the whole Web 2.0 thing is another. Take MySpace pages:
http://www.myspace.com/macdillfederalcreditunion
Running a good blog takes mounds and mounds of writing, and most people aren’t the best writers.
Re: Wells Fargo and its FOUR blogs. Wells Fargo has a gazillion in assets and thousands of employees, so finding the time, money and manpower to fuel a blog (or FOUR!) is a lot easier.
For more on the topic of blogging in the financial industry, see these recent blog etnries and their subsequent comments:
http://marketingroi.wordpress.com/2007/08/14/the-question-isnt-should-banks-blog-but-how-and-when/
http://opensourcecu.com/articles/2007/7/23/oh-come-on
I liked Ed Terpening’s comment very much — that it’s important to be a good host in the blogosphere and pay attention to where your audience wants you to go. The image of hosting a party was perfect.
And I agree with Jeffry — blogging takes tons and tons of writing — it better be good! And there is SO much bad writing on the web in general. Yet — why is so little attention paid to good writing, and why is bad writing given so much slack? Every word, grammatical error and punctuation mark reflects your image and credibility.
This is a real help as I explore for clients the whys, why nots, and hows of having a corporate blog. Thanks.