Social Media Explorer Launches Banking Industry Report

LOUISVILLE, KY--(Marketwire - Jun 12, 2012) - Perhaps no U.S. industry has changed as much in recent years as banking. Events like the mortgage crisis, Bank of America's ill-fated rate increase and Occupy Wall Street have soiled consumer confidence in U.S. Banks. In an effort to earn back their trust, these institutions have begun to evolve and adopt social media marketing as a new way of connecting and engaging with their consumers -- though with not much success.

With that in mind, Social Media Explorer -- a digital and social media marketing agency and information products company -- introduces The Conversation Report: What Consumers are Saying About Banking. The 112-page report provides research-driven insights and analysis to help banks, financial institutions and the marketing and public relations firms that counsel them to:

• Better understand the online conversations around banks and bank products;
• Know what the consumer is thinking and saying; and
• Provide recommendations to help banks walk the path of the social business.

"What most banks are doing in the social media space is not enough to win back consumers," explained Social Media Explorer's CEO Jason Falls. "The Conversation Report delivers an in-depth analysis of the topics and conversations that will help guide marketing decision-making for banks and other institutions in the coming months and years."

While traditional market research says what fellow bank marketers are thinking or doing, The Conversation Report offers first-ever, unfiltered insights into what the public is saying about the top bank brands, community banks, credit unions and the products and services they offer.

Some of the key insights include:

• Despite the Economy & Occupy Wall Street Movement, People Mostly Like Their Bank: Using NetBase's sentiment analysis, the report found that of the top 25 FDIC asset banks, 23 had higher than 60% positive sentiment in online conversations surrounding their bank.
• For Banks in Social Media, Size Doesn't Necessarily Matter: Being the biggest bank doesn't necessarily equal having the biggest piece of the online conversation pie. For example, Goldman Sachs, the 21^st largest FDIC asset bank, ranks third in online buzz and conversation.
• Banks Should Know Customers are Fickle: One of the top conversations taking place on the banking industry is customer service. While it was listed as one of the top three positive areas consumers discuss, at the same time it was one of the top three negative areas consumers discuss for seven of the top 10 banks.
• Advertising Works ... At Least In Driving Sentiment: Banks that made a big splash in advertising scored big with consumers talking positively about them online. For example, Capital One and HSBC's ad campaigns are notable and "buzzworthy" for being either humorous or thought provoking. This matters because other bank ad campaigns failed to crack 8% of positive online conversations.

"I'll always recommend more focused research and assessment for individual banks and brands before determining marketing goals and objectives," explained Falls. "But, my hope is that this report highlights online conversations about banks and bank products to strengthen the online marketing decisions for these organizations."

The Conversation Report is now available for purchase here. The cost for a single user license is $497. For group licenses, contact us here. To learn more about the report, visit www.conversationreport.com.

About Social Media Explorer:
Social Media Explorer is a digital and social media marketing agency and information products company. It provides an array of digital and social media marketing services including strategic consulting and implementation featuring our Full Frontal ROI methodology, campaign development, content planning, team and executive coaching, conversational market research and technology/social media industry promotion and endorsement. Our information products include live conference events, keynote speakers, a learning community and The Conversation Report, a vertical-focused market research report on what online consumers are saying about brands and products.