DAI Partners Releases Survey on Social Media Use by Financial Firms

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DAI Partners and Tools, Inc. Survey, "Social Media Marketing in the Financial Services Industry: Where Things Stand Right Now" finds financial firms using social media tentatively.

It’s clear that financial companies understand the need to build a credible voice in the social media space right now.

In a newly released survey by DAI Partners and Tools, Inc, “Social Media Marketing in the Financial Services Industry: Where Things Stand Right Now,” nearly every financial services company is using or thinking about using social media to increase brand awareness, promote products and services, enhance credibility and recruit staff. At the same time, not a single financial firm expects to see any material return on their social media spending in the foreseeable future.

“Financial firms are still building their social media infrastructure and testing the waters,” Tools, Inc. Co-founder John Salvati said. “They are taking social media seriously and don’t want to miss the boat but don’t expect to see any material return on investment for years.”

In April and May 2011, Tools, Inc. and DAI Partners surveyed individuals responsible for social media in prominent financial services firms with assets under management ranging from $14 billion to $1.4 trillion. Personal, in-depth interviews were conducted with eight firms and two firms responded in writing.

Currently, social media is used most often for recruitment (70%) and increased brand awareness (70%). Asked for the strategic rationale for building social media marketing infrastructure, 100% said “to engage the audience” rather than “to drive sales.” LinkedIn is used most (80%) but Facebook is what every company either already uses (50%) or is studying for use (50%).

“It’s clear that financial companies understand the need to build a credible voice in the social media space right now,” said DAI Partner Elizabeth Powell. “Many of the survey’s respondents remember companies lagging behind when the Internet gained prominence and believe today’s social media challenges are similar in scope.”

Regulatory issues remain a concern with 100% of respondents stating that they are an obstacle to social media usage and planning. In addition, 50% of respondents said that “older executives” are a stumbling block to long-term planning.

Despite these challenges, 90% of respondents expect their firms to increase social media usage in the next 18 months. Looking ahead, one remarked, “When it comes to this stuff, the future is even more unknowable than usual.”

A complete copy of the survey is available at DAI Partners.

New York, NY-based Tools, Inc. (toolsco.com) creates advertising and marketing communications in all media for the financial services industry. DAI Partners (daipartnerspr.com), with offices in Los Angeles and Washington, DC, works exclusively in the financial services industry, providing strategic public relations services and communications planning.

About DAI Partners:
DAI Partners provides strategic public relations and communications exclusively for financial services companies and organizations. DAI helps clients achieve their marketing and business objectives with measurable results. Founded in 1989, DAI Partners is located in Los Angeles, New York and Washington, DC.

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