LIMRA Study: Financial Services Companies Increase Engagement with Social Networks
WINDSOR, Conn., Aug. 1, 2013 — Financial services companies have increased their engagement with social media sites, according to a new LIMRA study.
The LIMRA report “Retweets, Likes and Shares: How Financial Services Companies are Using Social Networks,” revealed that with increased usage of social media, strategies are evolving.
“We found that 9 out of 10 companies currently use social media and most agreed that compelling content is vital,” said Norah Denley, distribution and technology research for LIMRA. “Posting content that provides value to an audience is just as important — if not more so — as reaching the audience in the first place.”
The LIMRA study looks at the strategies of how companies are currently using social networks and their outcomes, so far:
- Facebook: Sixty-five percent say they use Facebook to build community. Results indicate that companies are increasing engagement with audiences and some companies are using Facebook as a customer service channel.
- LinkedIn: Nearly 7 out of 10 say they use LinkedIn to recruit staff. Surveyed companies report they have seen success in recruiting efforts on LinkedIn, as well as increasing audience size.
- Twitter: Six in ten say their main objective for Twitter is brand awareness. Companies report that Twitter is providing value to the brand and helping customers while increasing their reach.
- YouTube: Brand awareness is the main objective for 83 percent of the companies surveyed. The use of video supports other initiatives for companies which say YouTube is an easy way to host videos and increase SEO.
- Google+: Fifty-eight percent say they use Google + for brand awareness and to build community. While results with surveyed companies have not been clear, many compared Google+ to Facebook.
The most popular social media sites continue to grow in influence and a number of new sites are rapidly gaining attention. Financial services companies are still figuring out where they need to have a presence and where they can abstain. In addition, companies must understand the key networks where they choose to put their efforts in order to be successful with informed and effective strategies.
LIMRA sent an online survey to financial services companies in the United States and Canada that have individual lines of business. Fifty-three responses were received.
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LIMRA, a worldwide research, consulting and professional development organization, is the trusted source of industry knowledge, helping more than 850 insurance and financial services companies in 73 countries increase their marketing and distribution effectiveness. Visit LIMRA at www.limra.com.