Financial Sector: Stop selling [and start listening]…for success
Thursday, 18 November, 2010 Leave a comment
I understand why there is a fear of transparency BUT if you have heard the name Warren Buffett you may already be aware of this, abridged, little “gem” from is considerable stock of ready wisdom in quip form:
“Be fearful when others are greedy and greedy when others are fearful”
The cost of social media is paid in a currency called transparency. But it is a price worth paying. Forming the basis for a strategy that can deliver, secure and sustain a strategy with competitive advantage through differentiated products and services.
How else is a financial institution ever going to cultivate 2 million “fans”?
Banking and financial
JPMorgan Chase went from an unpopulated community with little to no member activity to very active (more than 2 million fans) by using a tight focus, such as using the community to determine where to “invest” its charitable donations. The communities that do well tend to focus on a very specific segment, such as small businesses or support CSR initiatives.