Sunday, March 4, 2012

Banking and Social Media, The New Paradigm - the 4 Main Components of Social Media Strategy II/IV (Personal Branding)

Components of Social Media Strategy

  • Corporate Branding (see blog post 5th March)
  • Personal Branding (this blog)
  • Client Acquisition 
  • Client Retention

2) Personal Branding ...for Client Advisors

In general to support their corporate branding its helpful that companies encourage employees in their activities to build up an own valuable web presence with social media. A positive and professional personal branding of employees will reflect on the company in a positive way.

When the individual web presence of employees is important for companies in general e.g. a food company, how important must it then be for a bank, to whom clients entrusts with all their savings.

In our days, when evaluating new employees HR responsibles very often research in the internet as well. Some companies (→ report Wall Street Journal Online February 2012) are not interested anymore in receiving CV's but ask potential candidates to send them links with evidence on their web presence.

Hiring the wrong person can generate a loss of a full years salary. Bad client advisory and wrong investments can cost far more. Therefore as a potential client, I would be very interested to learn more about the person to whom I entrust with all my assets and all my confidential information, before even transferring my funds. Funny enough many of my colleagues working as client advisors do not have a web presence at all, no XING, no LinkedIn and no Facebook.

Again if I wanted advisory service on investing a fortune o a few millions, I would asks my Relationship Manager to give me access to at least his Facebook, XING and Facebook profile. A relationship manager not having a web presence doesn't need to be bad. Only I would not have the transparency I want. Would a HR responsible hire a candidate where he can not make a clear judgment due to lack of information. No he wouldn't!...Neither would I and should a client accept a client advisor where he can not judge properly.

Therefore it should be of big interest for banks, to coach their client advisors on the crucial elements and the key content of personal social media profiles. Client advisors should understand how having a convincing CV and description of the own personality can have a positive impact on future or even existing clients. Reading recommendations by other XING, LinkedIn members, finding out that there are some common contacts or even seeing on Facebook that their future client advisor has a social life and is a great person will certainly influence wealthy individuals in a positive way.

Of course the above mentioned may not be needed to consider for 60 year old clients. For 25 year olds, who spend an important part of their life on Facebook or social medias in general I certainly would recommend to give it a few least.

Keep in mind “Facebook might be tomorrows golf court. Instead of fighting to have a good golf handicap, Relationship Managers maybe should rather fight to have a good web presence”

... to be continued  --> Social Media Strategy "Client Acquisition and Retention"

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