Even in the heavily regulated financial services industry, the social enterprise is becoming mainstream. So says Julie Meredith, a community engagement specialist at
In a recent blog post, Meredith laid out four business activities financial services firms' social CRM should track. In a nutshell, those four business activities are customer service issues, corporate announcements, relationships and leads, and your markets.
Let's glean a few nuggets of wisdom from Meredith, who came to Salesforce.com as part of the $326-million Radian 6 acquisition last year. Radian 6 gave Salesforce.com a social media monitoring platform to expand its offerings.
Customer Service 101
According to Meredith, an effective social CRM system will help you do three things: (1) keep your ear to the ground, (2) react quickly and effectively, and (3) track customer service issues.
She points to major companies in the financial services sector, including TD Bank, Vanguard and American Express, that use Twitter for customer service. It stands to reason that any company that uses social media tools as part of its customer service agenda would track those conversations.
Meredith then moved on to tracking corporate announcements. As she sees it, outposting messages can be tricky in the financial services sector because there are stringent regulations. She suggests that starting off with a library of pre-approved messages is a good place to begin -- and it should be tracked.
"Morgan Stanley Smith & Barney just recently gave their 17,000 financial advisers the green light for social media -- allowing their FAs to post pre-approved tweets and linked-in messages," she wrote. "This is a significant development for financial services, considering the industry's hefty regulations around communication, and pre-approved tweets will be their first step in creating their online presence and joining the social conversation."
Relationships and Leads
What about relationships and leads? Yes, social CRM system can track those, too. And not just the leads, but also the source of those leads, Meredith suggests.
She offers a specific example: "So when tracking 'Web site' inquiries one can just as easily track 'social media' or 'Twitter' as another lead source. This will make it easier to track new leads as a result of either a DM Twitter inquiry or a Facebook wall post through the sales cycle, starting at the point of entry."
Don't Forget Your Markets
Last, but probably not least in Meredith's eyes, is tracking your markets. Under this point, she includes merger and acquisition activity, press releases, and company personnel changes. She stressed that wealth management firms need to keep their finger on the pulse of the activity of their markets, and that social CRM can help.
Posted: 2012-07-09 @ 3:35pm PT
Social CRM must be embraced. This article points out the basics of Social CRM. It is a channel that more and more customers are embracing. Unfortunately, not all companies are doing so. Surveys indicate a varying range of the percentage of companies that have embraced this technology. Unfortunately, even the best numbers are showing that it is not yet the norm.