What is the future of financial media?
Along with the Wall Street Journal and the Financial Times, Hearsay Social recently co-hosted a JFAM forum on the floor of the New York Stock Exchange with the aim of answering that very question. The forum boasted twenty financial marketing and social media experts over five different panels, focused on topics like social media, branding and reputation, and mobile marketing.
“The financial services industry is undergoing a shift in emphasis from purchased media to owned and earned media,” explained Amy Millard, VP of Marketing at Hearsay Social. “Financial companies are finding greater success at a lesser cost with owned and earned media channels.”
Paid media, like display ads and sponsorships, can be contrasted heavily with longer-lasting, more credible examples of owned and earned media, like social pages and viral buzz, respectively. Social media, which can fall under both owned and earned media, is increasingly becoming a boon for financial advisors and representatives.
That said, some financial institutions are wary of the informality and risk often associated with social media. Aware of these concerns, the panelists emphasized the value of experimentation for financial institutions to achieve social marketing success. And, as always, compliance is of the utmost importance as financial firms begin to aggressively integrate and adopt social media.
This was one of the most successful and visionary JFAM events to date, not only revealing the bright future of social media usage within financial institutions but also highlighting its already strong prevalence.
Gramercy Institute's "JFAM:Forum@NYSE" last week (for financial marketers). Panelists underscored value of "experimentation" for success.
— Bill Wreaks, (@Wreaks) July 7, 2012