Social media is more complicated than “ do it” now
This kind of post drives me nuts. Datamonitor release a press release announcing that banks need to take social media seriously. This is a headline from 2006.
Anna Large, analyst, Datamonitor, says: "Banks have adopted a "bury-their-heads -in-the-sand" approach to the part social media could play in both retaining and obtaining customers. At the heart of this is the idea that social media is just a fad, that consumers are essentially non-committal. However, the fact that 50% of UK consumers are using online tools to make their financial decisions indicates that banks need to start appreciating the power of sites such as Twitter and Facebook."
The general Arrington/Scoble/Jeremiah consensus is that social is spammed out, lacking direction, and as Arrington says looks like the web did in 1999 through Alta Vista – a mess. The challenge of social media is spam and credibility.
Relevance to Bankwatch:
The answer to social media is deeper than “get involved”. That was the 2006 message. Now its 2010.