Wechsler Ross & Partners

Social Media Analysis, Author Michelle Collins

An initial recommendation for positioning is one that is based upon current industry challenges, articles and industry feedback suggesting that there is a great deal of opposing views about methodology and best practices. It’s also clear that agencies are struggling to demonstrate total value to clients. In addition, clients are unfamiliar or uncomfortable with the utilization of various social media tools. The resistance factors include:

  • General predispositions based upon influence factors, such as defined lines of personal and professional life or family and those lesser peers who utilize the media for pure social purposes vs. professional.

  • C-level or executives who view their role and contacts in a private and privileged manner and not appropriate for general view or use.

  • Time and resource limitations.

As such, it is recommended that Wechsler select a position that leverages current reputation and strengths within the niche of financial services and related professional service firms.

The initial approach should focus on a consultative strategic partner role vs. execution and delivery service. Wechsler is best positioned to deliver social media marketing insights to clients through objective communication of current state of business, trends and best practice models, and business driven recommendations or discussion initiation. The advantages of this research and consultative approach include an ability to establish a broader relationship with current and potential clients whom may be more resistant to sales/marketing efforts due to economy and business operation focus/needs. As such, a true dialogue and a resource driven relationship will create new opportunities for consultative roles and long-term, solution-driven services.

Various peers and industry leaders have published articles about what to do or not do. Razorfish Agency. "Fluent: The Razorfish Social Influence Marketing Report" [online]

  1. Brands must socialize with their customers because "top-down" advertising isn’t going to work.

    • Agree with this position as the nature of social is that it is bilateral, but I differ in the opinion that some media may be used in a more traditional advertising model depending upon the client objectives.

  2. Brand must develop a credible voice along the parameters of engagement, humility, and authenticity.

    • Agree

  3. Brands must make their social relationships more symmetrical - that is, with value for both the brand and the customer.

    • Agree

Communicating Ideas. Social media, traditional communication and content should be driven by education, facts, lessons learned, industry related information, and unique ideas generated by the agency through an assessment of gaps and opportunities defined by their knowledge of client business and business drivers.

  • LinkedIn is a leader in peer and career oriented networking for technology, financial and business professionals. The tone and community culture is less social and more business/career-oriented. There is a clearly defined sense of protocols and hierarchies similar to that of traditional business introduction etiquettes. The growth and popularity of LinkedIn has increased member registration and interaction in a positive manner with the development of user/peer groups and additional application features specific to job searches. However, the negative and brand integrity issues stem from the mass appeal, as junior associates and other individuals are engaging in direct solicitations with senior individuals without a clear understanding of protocol. This has created a withdrawal and defined approach for LinkedIn users who opt for selectivity and quality vs. pure quantity (300+). The selective approach is driven by an understanding that the terms of the contact’s relationship acceptance is one that requires the highest level of professional etiquette and thus, not open to sharing with any interested party. Those that possess quantity appear to have two general motivations. Recruiters/executive placement specialist and HR/operations oriented individuals do so by nature of their roles. Other individuals use this tool as a marketing and self-promotion tool with the idea that they will be more relevant and connected to the recruiters/executive and HR professionals.

  • Email is the traditional form of digital communication and a gateway to additional online communication links, sites. The tone of emails has changed over the years with an expectation that mass communication is less desirable and a more personal approach is expected. Email design and content has also changed with the advent of strict spam and corporate filters that often reject heavy image driven content, sales/marketing solicitations and non-compliance/approved external linked sites. Thus, email has become a more regulated, bilateral form of communication wherein the reader is provided short links and suggestions for review through a more familiar tone.

  • twitter is the newest form of micro blogging and social networking. There appear to be five tiers of communicators. twitter is also asymmetric in that the relationship is not bilateral and there is no condition for another party’s acceptance of a mutual interest, exchange or introduction. twitter allows you to be a part of the community whether you are an active contributor or casual observer with no relevant connection.

    • Information tsars (tech savvy and knowledge disseminators).

    • Lifestyle connoisseurs (artists, entertainment, individuals who choose to use the platform for hobby and lifestyle pursuits).

    • Media/PR/Journalist/Advertising pros (industry)

    • Chatter addicts (amateurs and those that are seeking mass audience through random discussion).

    • Wallflowers (those who observe and do not have predictable response triggers).

  • The tone and communication style requires succinct articulation of thoughts, similar to that of media headline requirements and is generally positive or helpful in nature. twitter appears to be a strong tool for PR/press release content and viral marketing techniques, which require the art of subtlety, uninhibited discussions. twitter's applications that provide for real-time updates appear to be gaining momentum in financial services (trading and banks) driven by a need for direct-consumer interaction and customer resolution needs. (See Bank of America-http://www.finextra.com/fullstory.asp?id=19529; http://www.finextra.com/fullstory.asp?id=20182)

In addition, an article published online by Dean Procter, "twitter Providing Insights? Draw Your Own Conclusions" [08/07/2009] cites statistics about male vs. female users and followers.

Although men and women follow a similar number of twitter users, men have 15% more followers than women. Men also have more reciprocated relationships, in which two users follow each other. This "follower split" suggests that women are driven less by followers than men, or have more stringent thresholds for reciprocating relationships. This is intriguing, especially given that females hold a slight majority on twitter: we found that men comprise 45% of twitter users, while women represent 55%. To get this figure, we cross-referenced users’ "real names" against a database of 40,000 strongly gendered names.' (from Bill Heil, a graduating MBA student at Harvard Business School). Even more interesting is who follows whom. We found that an average man is almost twice more likely to follow another man than a woman. Similarly, an average woman is 25% more likely to follow a man than a woman. Finally, an average man is 40% more likely to be followed by another man than by a woman. These results cannot be explained by different tweeting activity - both men and women tweet at the same rate.

  • FaceBook is an established social networking and promotion medium for individuals seeking to post and keep tabs on their social group updates. It is also used as an alternative email tool to reach individuals (known and less acquainted) in a less obtrusive manner. Career networking is moderate, less selective and less formal than LinkedIn. The tone of the community is self-promotion, and open minded. There is a development of a cross over approach from active users on FaceBook with those that engage in twitter. There appears to be those twitter users who use FaceBook as a secondary relationship-building tool after initial twitter contact and vice versa via FaceBook-twitter. Statistics show that there is a fairly balanced demographic of women and men who use FaceBook. However, there is an increase in female users as of late. In addition, a review of peers (Nurun, EuroRSCG, Razorfish) suggests that FaceBook is best utilized for peer-peer networking for purposes of a more personal connection or career opportunity/new talent recruitment, event promotion or press/pr driven announcements.

Strategic Insights Notes - for Asset Management Firm Digital RFP, Author Michelle Collins

Challenges

How would you devise the information architecture including the first-and second-level navigation to meet the needs of each persona? The common points of interest for each persona speak to the need for similar resources. However, the priorities and depth of information differ. The weight and space allocated to the common needs would be tailored to address the priorities:

  1. A need to find products, services, strategies in a manner which allows for them to see a broader snapshot of each with information, performance, trends, facts, education, strategies, decision making. The current architecture requires quite a bit of navigation and separate windows vs. an architecture that enables the user to maintain a wireframe with secondary importance items in view, but provide for a flexible content area within the page to create dynamic content.
    • Asset management topics (most requested, etc); Discussion topics (strong approach, start a conversation - great way to engage). Like the dynamic content sections within - allows for variety of content without navigation away.
  2. Literature, educational and informational material.
    1. Facts.
    2. Trends (beyond normal, should touch upon consumer interests and global).
    3. Stats.
    4. Bios.
    5. Tutorials/glossary terms.
    6. Strategy (risk).
    7. Customer discussion/communication points.
    8. Media/press (company, managers working for firm).
    9. Decision-making.
  3. FAQs
  4. Top reviews/articles/managers/funds/strategies (this should be presented in a manner which provides the recommendations from the firm, from customers like them, and the individual user preference).
  5. In the news.
    1. The firm reputation and crisis management.
    2. Legislative policies, impact and proposed solutions by the Firm.
      3. Health impact and advice
    3. Specific content segmented by target audience.
      1. Gen X - interesting article: http://www.advisorone.com/article/why-gen-x-gen-y-dont-use-financial-advisors-and-how-get-them
      2. Women (late thirties +).
      3. Institutional Investors.
      4. Financial Advisors.
    4. Trade & Associations (accounting, finance, technology).
    5. Awards & Recognitions (charitable, employment, client satisfaction, technology/business).
  6. Social media communication tools (email, share, post, comment, twitter, LinkedIn) to make information sharing, opinion gathering and credibility decisions.

Both first and secondary levels of navigation must provide an ability to reference a broader picture and view of key decision making information to include: facts presented by the firm, media and external source opinions/articles, educational/tutorials, decision making tools (calculations, external feeds of price / activity, professional bios which include information about the individuals social connections/social commitment (including alumni, charity, public outreach), global impact.

Noticeably, the current site presents a few areas for consideration given the challenge of navigating and viewing multiple channels of information.

  • Asset management insights - education for your clients difficult to find, can’t click on any images or text links, only can email, which then allows you a link which you can click through in the body of email which takes you to the content.

  • Other issues with inability to navigate back/forth in general (you can get stuck in the U.S Economic outlook pop-up window prompting for selection of view).

  • Literature - summary prospectus is fine, would be good to have a dynamic content or rollover which would provide a key snap overview of performance rating or other important information (possibly right column).

  • Products - separately managed accounts (on landing and link to first page navigation); the main content/copy area - copy headlines are confusing, as the blue text would seem to point to active link, but this is not the case. Our approach - PDF listings on right would be better served with a video presentation and print/email/share option.