Financial services companies have increased their engagement with social media sites, according to a new LIMRA study.
The LIMRA report “Retweets, Likes and Shares: How Financial Services Companies are Using Social Networks,” is based on survey responses from 53 U.S. and Canadian financial services companies that have individual lines of business.
The report reveals that with increased usage of social media, strategies are evolving.
“We found that nine out of 10 companies currently use social media and most agreed that compelling content is vital,” says Norah Denley, distribution and technology research for LIMRA. “Posting content that provides value to an audience is just as important — if not more so — as reaching the audience in the first place.”
The LIMRA study looks at the strategies of how companies are currently using social networks and their outcomes so far:
- Facebook: Sixty-five percent say they use Facebook to build community. Results indicate that companies are increasing engagement with audiences and some companies are using Facebook as a customer service channel.
- LinkedIn: Nearly seven out of 10 say they use LinkedIn to recruit staff. Surveyed companies report they have seen success in recruiting efforts on LinkedIn, as well as increasing audience size.
- Twitter: Six in 10 say their main objective for Twitter is brand awareness. Companies report that Twitter is providing value to the brand and helping customers while increasing their reach.
- YouTube: Brand awareness is the main objective for 83 percent of the companies surveyed. The use of video supports other initiatives for companies that say YouTube is an easy way to host videos and increase SEO.
- Google+: Fifty-eight percent say they use Google+ for brand awareness and to build community. While results with surveyed companies have not been clear, many compared Google+ to Facebook.