By John C. Drachman
The business-building implications of social media for liquidity-pinched financial services firms are growing larger.
For smaller fund managers looking to stand out in a crowded market that is especially good news: Social media’s track record is proving its promise in cost-efficiency when compared to traditional methods.
For example, recent data from marketing firm LederMark Communications underscores the growing popularity of these tools among financial services professionals. According to that survey, up to 40% of all users say that social media strategies are helping them build new business.
While this alone doesn’t prove that all social media strategies have delivered, it does remove one of the barriers to trying a social media effort: social media has been proven to increase business.
A number of investment service providers and publications have been tackling the implications of the growing realization that revenue growth likes social media.