Women Heavily Rely on WOM When Investing

 

According to the latest Info-Currents report Investment Conversations, based on the Large Purchase Study, there are stark differences in the way men and women make investment choices. Women rely on face-to-face conversations, while men are more likely to act based on their past experiences. Considering the combined effect of online and offline word of mouth, nearly six in 10 (56 percent) of women say they make investment product and service choices based on word of mouth, while only 32 percent of men do so. 

 

The study validates financial institutions' programs geared towards female customers. It also suggests that companies prepared to answer women's questions and assist with their review process to inform those peer-to-peer conversations will have a competitive advantage. 

 

To download a full copy of the Investment Conversations report, please click here. 

 

 

 

 

 

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IBM Reveals Gaps In Corporate and Consumer Perceptions Of Social Media

A recent CRM Study (2011) by IBM Institute for Business Value reveals significant gaps between what brands prioritize in their social media communications and what consumers expect when communicating with companies through social media. Guess what? Consumers are not so focused on activities that are deeply engaging and entertaining. (They probably prefer Hollywood for that.) They are looking for discounts. They want to make purchases or they are looking for reviews that will help them solidify their buying decisions. Meanwhile, companies are spending dollars on providing general information and product updates. A significant percentage of companies believe consumers follow them to feel part of a community (64 percent) or to access customer service (63 percent). As the image below shows, these items are not as high on consumers' list.

So, have we been wrong about polls and quizzes and 2 minute videos that bring color and interaction to Facebook fan pages? Not necessarily. However, we are missing an opportunity to close a sale if we do not bring product to these activities and give consumers the chance to try products, read reviews and purchase in one click. Consumers have their friends and other personal connections on social networks giving them a sense of community. When it comes to b-to-c relations in social media, commerce should be at the center of branded activities.

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cmp.ly Launches Social Media Compliance Solution for Financial Services

cmp.ly, the company that creates turnkey compliance solutions for blogger engagement and social media activities has just announced a product for financial services. These regulated companies no longer need to fret the technical complexities about information sharing in social media when communicating with their online stakeholders. The tool works for investor relations, brokers, funds and employees. It simply helps them engage in social media, while ensuring that they are in compliance with the law.

cmp.ly appears simply as a short URL at the end of a brand announcement, blogger post or Tweet. The URL takes users to an area that houses appropriate documentation for the promotional activity. For financial services specifically, the tool makes sure corporate messages in social media are in compliance with FINRA, SEC and FTC rules and regulations. cmp.ly is currently partnering with StockTwits to showcase its financial tool. Here's how social media content appears with the cmp.ly/F links:

Each cmp.ly link within a social media post has a unique code. This helps the system track syndication and measure online word of mouth as content gets picked up and quoted elsewhere. The traceable nature of content also means that content that gets syndicated remains in compliance. Companies do not need to worry about liability issues as users share and re-tweet or re-post content. 

You can watch a video announcement about this smart solution here. 

 

 

 

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Can Your Phone Be Your Wallet?

According to trends revealed in the March/April 2011 issue of MIT's Technology review, in the US, we haven't given up on our checks but we are increasingly accessing our card information on mobile devices. Meanwhile, a global review of mobile payments show that emerging markets are ahead of developed markets when it comes to this emerging form of money exchange. The analysis does not indicate whether these payments are coming from simple or smart phones, but they do underscore a certain level of comfort with mobile payments. 

These numbers also suggest that Google's latest partnership with Citibank to offer a mobile wallet app to Citibank Mastercard and Nexus 4S phone customers is on the right track. When the Google wallet app launches, it will let users simply tap their phones on paypass signs and make payments directly from their accounts. They will also have opportunities to redeem coupons and benefit from special offers. Few merchants, including Sports Authority, Container Store, Duane Reade, Walgreens and Macy's have signed up for the deal. Google is assuring potential early adopters their transactions will be secure. 

This is indeed exciting news for those of us with messy bags and multiple gadgets, looking to consolidate everything on a smart phone. But the real opportunity seems to be for those emerging market economies with populations eager to adopt new technologies and need easier ways to access money and make transactions. The next trend to watch is the boost these types of technologies can bring to local economies and help connect publics with merchants in more efficient ways. 

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TOMS: What's Next?

TOMS Shoes' new campaign, Next Chapter, puts a fresh spin on the classic social media campaign model where brands ask their fans to create content. The company that donates a pair of shoes for every purchased pair is about to unveil the next chapter in its history. As it is gearing up for the big announcement, it is asking its fans what they want from the future and how they are contributing to making a difference in the world. 

Anyone who's set up one of these campaigns asking for photo and video submissions knows that content creators are far and few in between and it's a lot to ask consumers to go film something, post it and tell all their friends about it. These campaigns need inspiration. They also need a system that makes it easy for consumers to create and submit content. 

TOMS is speaking to a certain type of idealist consumer. Folks who choose their brand not just as a fashion statement, but also as a social business. These people are likely to have something to say about the future. They have hope. They have ideals. They want to make a difference. Most importantly, they believe they can make a difference. 

For this audience, telling and sharing their story would not be enough. It's ordinary. It's not that exciting. But TOMS is tapping into their ideals and giving nature by asking them to think about the future. 

Given the audience's mindset and TOMS' motivating messages, I hope we see many submissions. 

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The Word on Banking

The latest report from the Large Purchase Study shows that offline WOM is significantly more likely to influence banking-related purchases than online WOM. Yet, there is a twist in this all too familiar plot line. The impact of online word of mouth on banking product and service purchases has been significantly increasing over the past couple of years.  

Banks have a significant opportunity to grow their customer base and invest in long-term relations through online communications and marketing. The report shows that young adults and ethnic minorities, are more likely than their respective counterparts to listen to online buzz when choosing their banks.

As young customers get older and go through various life events and changes, they will need banks' help with credit, mortgage and retirement products. They will continue to turn to their online sources. Banking brands that earn their trust today will have significant competitive advantages in the future to earn these customers' business.

The latest census data pointed to significant growth in Hispanic population between 2000 and 2010. Considering the Hispanic population's (especially the younger Hispanic segment's) affinity for social media, banks that manage the word online and proactively communicate with Hispanic customers through social channels will stand a real chance with them. 

To download the full report and read more about the influence of word of mouth on banking-related purchases, click here.

 

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Don't Just Call It An App

Smart clients are pushing back on app ideas -- they don't want an app for app's sake. Considering the sea of content competing for attention in social media, they are right. There are hundreds of thousands of apps being downloaded as we speak. What will make yours noticeable and compelling to use?

Think of an app like a web site or any other destination on the web your brand owns. You need to take care of it the same way: develop interesting content, make sure it fulfills a need, make sure it works without a glitch and promote it!

So, an app is not just a widget on your Facebook page's corner to engage users. It is an extension of your brand and your service. Therefore it needs to be part of your marketing and communication plans. 

An app can collect data, keep users focused for minutes at a time and get them to return to your site and revisit your brand. Why not give it the push it deserves, so it can work hard for you? 

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