What Is Social Media?
Social media allows us to share content, which includes photos, events, and opinions in real-time, instantly and efficiently. This is made possible by applications and websites created especially for this purpose.
Most of us access and use social media through apps on our smartphones, iPad, or tablets, but a desktop setup can be just as effective. Smartphones and tablets just give more of us easier and instant access to social media.
In the same way, social media gives us a window on the world, it gives us information on developments in the financial world. Businesses have recognized the power of social media as a marketing tool and are exploiting its potential.
The financial world also shares data on the internet and through social media. MarketBeat is an internet publication focused on information in the financial industry. There we get trading advice and real-time information on great stock trading opportunities or when a company is going public and a new IPO is being offered.
What We Need to Know
The information we need from social media will depend on our interest and involvement in the financial world. As a consumer or client, we may want to know about opportunities or deals available.
As a business owner or manager, we may need information about competitors and their products and services so as to get a competitive edge for our business.
Importance of Social Media to Business
For businesses, Social media provides a very effective way to market their services while allowing consumers to access services and products in which they are interested, with great ease.
So businesses use social media to connect with customers through their blog posts on their sites and on platforms like Facebook, Twitter, Instagram, and others.
Some have web crawlers constantly scanning the internet for financial subjects and relevant information. They mine data from millions of tweets, message board posts, chats, news items, and their comments daily.
The information collected is analyzed to extract and investigated what is happening in the financial world. They extract this information from social media and make sense of it to guide trading in the financial world.
Social media posts have become very important as an indication of trends in the financial world. The data obtained from scanning social media is used by stock exchanges in the United States and Europe to give insights into the financial markets.
Social Media Driven Information
It is now usual for banks, insurance companies, and other financial services providers to be engaged with clients through Facebook and Twitter. Through these social media channels, they provide information and receive feedback on their services.
In this way, social media helps us to know about changes to the service we receive as customers or clients. Also, financial service providers use social media for marketing their services.
The information provided in their marketing campaigns will give insight on new services being provided as well as changes to existing services. This keeps us abreast of what is happening in the financial service industry.
Social media provides early info on success and failures in the industry. From posts on social media, we learn what is happening with different services being offered. You can see reactions to new products, regulations, and challenges as they happen.
As a business person, you can listen to social media and find out about what your competitors are doing. You can also learn about your customers or clients and get a general sense of the trend in your industry the mood of customers and competitors towards your company. You can get a sense of any problem with your company or products and find solutions or answer questions and respond to comments.
Social Media Groups
Another way to get to know what is happening in the financial world is to join a group that shares your interest. Facebook offers groups for different interests. It will be easy to find a group that fits your interest or start one. This will allow you to ask questions to get the information you need about what is happening in the financial world.
The power of social media, with its immediacy and influence is truly shaping how a business is marketed. It also shapes the way we get informed of happenings in the financial industry.
