High schools, colleges and universities, notorious slow starters in the use of technology are now exploiting the use of social media to its core. Social media are used to offer promotions, discounts, and news from round the campus.
Since this generation spends a majority of their time on the internet, social media is a great place for schools to form lasting connections. An adoption study by the University of Massachusetts Dartmouth shows usage of various social media rising precipitously.
In this study of educational institutions, there are several lessons that can apply to financial services institutions as well. A commonality is that you are providing an intangible product, one that is heavily dependent on the dissemination of information, and that relationship and a high degree of customer focus are core elements of the business model.
- Facebook: 98%
- Twitter: 84%
- Blogs: 47%
- Linkedin: 47%
- Message boards: 37%
- Sharing learning materials
- Promotion: virtual tours, reaching out to potential customer inquiries.
- Promote activities
- Show off the personality of the institution through customer content
- Customer feedback and collaboration
- Inauthentic: Lack of relevant knowledge about the audience, institution or products shows up
- Lack of engagement and one-on-one
Snap Principle of Social Media:
Never forget that you are in the business of customer engagement.