In 2013, LIMRA asked financial services firms about their future plans for social media. For the most part, plans emphasized growing the community and learning more about how to best use the different networks.
What a difference a year makes. A 2014 study of 54 financial services companies reveals much more awareness of social media platforms resulting in more specific plans for the future. For example:
LinkedIn: While LinkedIn is still cited as an effective recruiting tool, more than a third of companies also noted “thought leadership” as a top objective.
Facebook: Plans include improving the quality of the content to be helpful and engaging, or as one respondent said, “Become conversational versus broadcasting.”
YouTube: Several companies are looking to expand their use of video and refine the content toward more of an “edutainment” style. Target audiences include potential customers and sales agents.
Twitter: Among future strategies mentioned were using Twitter as a channel for social customer service.
Google+: While still a relatively new platform for most companies, 41 percent cited building the community among their top objectives for Google+. Only Facebook had higher numbers for this objective.
The survey also revealed that financial services companies tend to have an active social media presence on an average of four different networks.