Social Media Marketing Framework (SMMF) Analysis Continuation
Just a brief continuation from the previous blog post, applying the Social Media Marketing Framework (SMMF) to the financial services industry provides a unique and interesting look into a slightly alternative use of social media marketing. Traditionally businesses that operate within the financial services industry were averse to the utilisation of social media due to the potential for a slight shift in power from the financial institution to the consumer (of which was true yet not necessarily detrimental). During the beginning, these businesses implemented a traditional approach of which the scope involved one-way communication from the organisation to the consumer to achieve various goals such as deployment of new products etc. These days many of these businesses have developed a more interactive communication environment that focuses more intensely on cultivating long-term customer relationships. The cultural dimensions within these industries still largely remains traditional with a focus on mass marketing practices although when combined with a centralised structure and higher levels of governance assists with creating the professional appearance that is essential for businesses within this industry. (Dave Chaffey, 2019)
Dave Chaffey, F. E.-C., 2019. Digital Marketing. s.l.:Pearson UK.