Slow to Accept Social Media in the Business World

It is no lie that many corporations and companies that have decided to use social media to target their audience, get their name out there, or even promote their products but there companies that are saying no way to social media. These corporations have come out straight with it says that social media gives way to "reputational risks" and "requires too much time and energy" to maintain a less but serious account.

The Industry That Will Not Give In


I find this no surprise that only 19% of this industry has started the use of YouTube and blogs. Banking has always been on of the most conservative industry in business. In a recent New York Times article called "Banks Slow to Embrace Social Media", speaks to a Ms.Lloyd of Standard Chartered Private Bank, which uses all forms of social media to connect and communicate with its customers. Ms. Lloyd stated,

"“One thing that has become clear since we began to use social media: Customers now take it for granted that they can communicate with their bank through social channels. This is how it should be and we will continue to speak to customers through the channels that they are active on.”

 The article as well states that the banking industry may have started the move to social media as 42 of 50 banks surveyed have Twitter accounts, but only 26 of those banks had recently posted updates to these accounts. This problem of getting banks with the times goes beyond social media as many of them still using basic Web site formats and giving little tools to its customers.

smedio.com

The Top Dogs' Refusal 

Socialmediatoday.com

Social media has presented its self to society so quickly that it became like a viral YouTube video, it was everywhere overnight. The banking industry has resisted its infectious nature but so has one other big business player, the Fortune 500 top companies. These companies do have Facebook pages, Twitter accounts, and YouTube channels but they have maintained one condition through the whole process. Social media will not be their focus, and they will continue to maintain the original trustworthy classical norm. These top companies like Wal-mart and Frannie Mac have social media but have less than a 1,000 followers to support them. This discovery have found in the a recent study done by the University of Massachusetts at Dartmouth's Center for Marketing Research, the study served up a very true look at the lack of social media in F500 companies.

"There is also evidence of change in the adoption of these tools by industry and a clear sign from some companies that these are not part of their communications strategy."

Even with all the benefits to social media, these large corporations have opted out of these communication strategies to stick to the once again just like the banking industry, original standard format.

International Trend

Digital Workplace Blog

It is not hard to argue with the fact that most of the world's largest corporations come from within the United States but a recent Canadian study shows that even outside of the large corporations that social media is not catching as it was first thought. The Canadian research study states that corporations do have the accounts but are rarely posting content, engaging their customers or listeners, and do not know how to act through these new communication tools. Social media has revolutionized how we communicate among our friends and family, we took steps to integrate it into the workplace with good amounts of success. But it still seems that we are going to continue struggle till we fully recognize the power of social media at the large corporation level and among the most conservative industries.