BANKINGNEWS Issue 06 June 21, 2010 where the opportunities, risks and marketing opportunities are banks in social media and the need of monitoring as a basis for successful marketing in social media. Twitter, Facebook, YouTube, RSS feeds, XING the number of social media services is increasing. At the same time often remains unanswered the crucial question: what actually brings social media? There are real opportunities in the social Web for banks and financial institutions? The answer is clear: Yes. Because the so-called social Web exists and grows from day to day. And discussed there is about what motivates people. And thus also about money and financial products.

The social Web is thus crucial for the marketing: today, studies show that Internet users more trust online recommendations as advertising. Even if one does not know himself. That the value of trust ‘ is just for financial institutions in these days of enormous importance, probably should not be emphasized. You read about social media much, but little concrete. Are social media as distribution channels be used? Yes and no. Because: Twitter, YouTube and co are indeed excellent places to engage in effective marketing. But not a traditional advertising approach, who is attempting to pour old wine into new channels, will fail. What is the recipe for success of social media marketing for banks and financial institutions? I must disappoint you: there is not a panacea.

And m.E. never will be. Social media has many faces and facets and affects in many divisions. In the marketing as well as in the sales in the corporate communications as well as in Mr. This means: social media only one-dimensional to use, will be difficult long-lasting success for promotional purposes. To unlock the real potential of social media, advertising and marketing in social media need to be thought rather the customers, not the product here.