There are plenty of companies out there that do Social Media well. We know who they are. Zappos, Comcast, Dell, Ford, and hundreds more. The list gets bigger every day.
But, after reading this article back in January, I was intrigued. I waited to hear about how banks were scoring big with social media. But, I didn’t seem to hear the same excitement that was generated by, say, Frank, over at twitter.com/comcastcares.
Now, admittedly, I just started following some of the banks on twitter, and the two ones I noticed and liked are:
http://twitter.com/bofa_help
http://twitter.com/ask_wellsfargo
They are good at customer service, but at the end of the day, you really can’t get much done in 140 characters with a bank, right?
I just don’t see them being that social. It’s where you cash you check, deposit some money, or hit the ATM. Banking, for lack of a better word, is a commodity. Do we really need a tweet from EastWest mortgage telling you about the latest interest rate on a jumbo mortgage? Does a bank need a facebook page to convince you to buy a Red Sox-branded credit card?
When I walk in to my bank, they know my name, shake my hand, and genuinely like having me around. I don’t think a bank can duplicate that feeling with social media.
I do see these banks continuing to listen through social media, and that’s about all they can really do now. Take the rants and the raves from angry customers, distill that information and address it internally, don’t just don’t try to save the day by addressing my concerns online. It’s our money you’re talking about.
Tyson
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So, you have 200 friends on Facebook, 350 Linkedin contacts, and are just getting started with Twitter with about 50 or so followers. Good for you!
But what do those relationships mean to you personally, professionally, socially? How are they intertwined?
There’s a great new article written by BusinessWeek’s Stephen Baker that I am finding fascinating. Its hypothesis? The value in online friendships for businesses and individuals is growing, but what exactly makes those friendships happen and how and why do they flourish?
That’s where the Googles, Microsofts, Yahoos and MITs of the world come in. They are pouring through the mountains of data out there to figure this out. And when you figure this out, that is when the money starts pouring in. If they can understand why your high school classmate likes TIDE detergent, why she shared a coupon with you on Facebook, and why you clicked on that link, then they may just have the keys to the kingdom.
Which brings us back to the relationships that you’ve established online. There is some intrinsic value in every connection you’ve made. There is a reason why you probably only follow the activity of 15%-20% of your friends on Facebook. You like to keep your Linkedin contacts separate from your Facebook contacts, or maybe you don’t. Perhaps you are friends with your boss on Facebook- that’s ok.
No matter how you divvy up your social media relationships there is a rhyme or reason to it, and that’s where this space gets exciting. What do you think?
