Research covers use of LinkedIn, Twitter, Facebook, Company Blogs, YouTube
Top 50 financial software companies in financial services researched

 
The research, carried out in May 2010, is designed to: provide clarity into how certain social media tools are being used in this niche market, provide a benchmark for future research and give companies more information about what the leading firms in this sector are doing.
 
The results show:
- Twitter is being used by over 40% of companies
- Approximately 20% have company blog(s)
- YouTube channels are being used by 20%
- Over 40% use video tools on their website
- Less than 10% have a Facebook account.
 
Many companies in the market rightly incorporate social media strategies into their PR and marketing. For many there is uncertainty about which tools and strategies to adopt and what is being used by their target audiences. This research is designed to give people an indication of what the leading firms in the sector are doing to help them implement the right programs and procedures.
 
To request a full copy, please email socialmedia@cognitomedia.com or
visit http://marcoms.cognitomedia.com/cognito-social-media-survey.

The explosion (good and bad) of the media landscape is presenting all sorts of questions and dilemmas for PRs and journalists in the financial services sector. The terminology and options available are often bewildering for even the most seasoned PR pros. Cognito's latest edition of WoM helps to give an overview of what companies should be doing. Cognito is also about to launch the results of some new research into the use of social media in the financial sector. To ensure you get a copy, please email Tom.Coombes@cognitomedia.com.

For those who are confused as to what to do, here is an at a glance tip guide.

1) Focus on developing quality content
Interesting news, opinion and positioning is more important than ever

2) Evaluate the best channels for your business
Few companies can afford to send everything to everyone. Who are your audiences? What do they read? Which industry sites do they spend time at? Pick your distribution mechanisms accordingly.

3) Plan, don't react
Step back and plan your approach and landscape. Thorough planning and evaluation of the options from the outset is critical.  

We have two ears and one mouth, suggesting we should listen twice as

much as we speak.  FT - A tip for business on social media

highlights how the same rules apply when using social media and why it is

equally important to find out who your listeners are.

In what is already making waves in both new and traditional media - President Obama's supposedly "off-the-record" comment about hip-hop artist Kanye West broke on Twitter thanks to ABC News. 

Read the story here. Following public backlash against West's outburst at the MTV Video Music Awards, CNBC and Obama chit-chat prior to a broadcast interview in what is typically off-the-record conversation. Obama refers to West as a "jackass" and ABC News, not realizing that this part of the conversation was off-the-record, quickly tweeted the news.

As you can imagine, the story has become viral and Pres. Obama, I'm sure, is regretting having ever said anything at all. Interestingly, as soon as Pres. Obama makes the comment, he quickly backpedals as he realizes how his comment may come across as the people in the room burst out into stunned laughter. But it was too late - as soon as the tweet was out, it became headline news.

To be fair, the conversation was supposed to be off-the-record. However, in an era where social media empowers reporters and citizens to instantly publish unedited and unverified news and even overheard comments can break stories - communicators and spokespeople need to be unduly cautious about what they say, how they say it, and in particular, who's listening.

I'm eager to see if this will instigate another Beer Summit as the President tries to band-aid this PR boo-boo. Or, given it's Kanye we're talking about, a Hennessey Summit. We'll just have to wait and see...

The FT's Lucy Kellaway believes, '[Twitter] is potentially the best communication tool there is; the trouble is that most executives are making a complete hash of using it.' She suggests Tweeting has two clear advantages: keeping communications to a minimum and spreading simple messages so that 'followers' go looking for more information. She illustrated this with Alistair Darling's 'real-time' update of the Budget report last Wednesday. Apparently it worked for her!

Cari Tuna at the WSJ, reiterates an important point: companies are new to this form of communicating and they aren't sure where they can go. After a couple of 'early bird' problems, some technology firms remain cautious about taking the leap into the unknown and with good reason. Intel says it will avoid 'using blogs and Twitter for investor issues, because it fears violating SEC disclosure rules or inviting public criticism in a company-hosted forum'.

Nevertheless there are tangible benefits of being connected, 'allowing [businesses] to spread company news and track the opinions of employees, investors and outsiders.' All that's needed is a little caution. Firms need to create a simple social-media policy before leveraging new forms of technology.

Cognito is working with its clients to devise good social-media strategies and used in the right way, Tweeting can help position your proposition in a positive light.

A nice blog piece from Jacob Jehger at Celent on what Banks can do on Twitter. Pleasing/not surprising to see him single out a couple of the forerunners we highlighted in the recent PRNewsarticle: WellsFargo and ING.