Social Media Benchmarking: Why You Need to Benchmark Your Social Media Activity
By Sandra BuschNov 9
Everybody knows this tired, old saying: the customer is always right.
Although annoyingly clichéd it is still as relevant as when it was first uttered.
In a sense it is not about being right or wrong, but the concept of making sure the customer feels valued throughout their journey within a company.
This is true across all consumer-facing industries, yet some are faced with more challenges than others.
Our recent focus on the finance sector has exposed the issues surrounding the relationship between FinServ providers and their consumer bases.
Since the devastating impact of the 2008 banking crisis, the industry has experienced a rise in negativity and customer distrust.
Few want to feel the worry of their precious earnings being threatened by computer glitches and online scams, so accordingly a reassuring, trustworthy reputation needs to be upheld during the consumer life cycle.
This was discussed across the board, with wide agreement that a brand should always take into consideration the implications of actions upon the consumer.
With the advancement of technology comes the increase of digital practices. Although great for speeding along transactions it does mean that some processes are becoming dehumanized.
The loss of this human interaction can leave some consumers feeling lost and abandoned. Bringing back the personal touch is therefore imperative for maintaining an effective, human avenue of communication.
Social media is the metaphorical ‘New World’ for FinServ brands who have been too scared to venture there – until now.
Nearly 60% of those working in financial services think that their industry has not effectively utilized social media and many want to see that change.
There is great awareness in the industry that customers flock to the web for advice as well as to connect with retailers.
Moving forward with a customer-centric approach FinServ providers will need to have a presence on social media, otherwise they will begin to isolate their customer base.
Being able to contact a customer service assistant – via Twitter, Facebook or any other social platform – will satisfy consumer needs for a quick response while demonstrating the brand’s ability to maintain a healthy consumer experience to potential future customers.
Many of the talks at the Customer Experience Exchange focused on these issues directly, looking at the correlation between improving social channels and increasing ROI.
You see, by enhancing the customer satisfaction of current clientele, they are more likely to reinvest in an organisation.
It is not enough to simply capture a lead, the relationship must be maintained. This can be achieved through making sure that the brand is continually popping up on a new feed or addressing complaints on forums.
Behind every customer there is a story.
It is important for industries, such as finance, to look beyond the regulations and restrictions to see the issues that are facing the customer.
By trawling through mentions of banking institutions it is obvious that consumers wish to see improvements on this.
That is why events such as the Customer Experience Exchange are necessary because sometimes it comes down to realigning priorities.
Our recent report on financial services dives into this topic in greater depth with a focus concentrating on customer services. You can download this report here.