The great turnout at the Broadgate Mainland digital trends seminar was indicative of the increasing importance of social media channels to financial services companies. Three journalists leading the way in the digital world shared their views – Jeremy Gaunt of Reuters, Julian Knight from the Independent on Sunday and David Ricketts of the FT Group.
The panel confirmed the findings of our recent digital trends survey that they consider themselves multimedia journalists and for two out of three it had always been the case – too young to remember life without the internet. Video, podcasts, blogs and Twitter are communications vehicles for each working day.
The overriding theme expressed by the journalists is that digital and social media has become a vital tool for journalists researching their stories. For example, consumer forums can be used for finding case studies of disaffected customers, blogs can be accessed for important economic research and social media is an excellent medium for keeping abreast bites of breaking news and information. Twenty six per cent of respondents to our digital trends survey stated that they used social and digital media for this purpose at least once a day.
Some concerns were expressed over whether the use of online information sources is reliable for news stories. The journalists who spoke at our event always check information gathered online before publishing or reposting it, as they would for information gathered from more traditional sources.
The ability to convey information in a concise manner has always been key in communicating stories in the media. But this approach is even more important in the era of online news where attention span is shorter and lengthy opening paragraphs much loved by US newspapers are not an option. The panel said that PRs need to mindful of this clarity and present information accordingly.
Twitter is a useful mechanism to share ideas. Journalists can reach communication departments and spokespeople quickly to gather views and comments for articles. This works in tandem with other communication tools, but journalists still prefer receiving press releases via email and meeting face to face.
Bugbears regarding financial services websites are not uncommon. Companies should view their website as their shop window, and make it as easy as possible for clients and journalists alike to find information. Journalists find it useful to have profiles and pictures on company websites, as well as telephone numbers rather than email forms as a contact mechanism, cited as a mechanism set up to avoid customer interaction.
In a survey conducted among attendees at the event 90% of respondents identified a business advantage in using social media over traditional media, mentioning the possibility of reaching a broader audience and speed as the main benefits.
Financial services companies’ digital platform of choice varies. Sixty per cent use Twitter to communicate with customers and keep abreast on topical issues and only 30% use YouTube and 20% Facebook for business purposes.
Linkedin is the most used social media tool among staff of financial services companies, with blogs and review sites increasing in popularity.
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