FIS Modern Banking Platform
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June 15, 2018
Dan Brames, FIS | Head of Retail and Corporate Payments
How do you keep track of your company’s social media presence?
If you don’t remember the last time you saw – much less opened – a Yellow Pages phone directory, you already know the power of the internet to revolutionize how we find information.
While we all know that internet search engines have replaced the Yellow Pages as our tool for finding a business’ contact information, many retailers still don’t fully appreciate the value of social media on their reputations. After all, whether you know it or not, your business is on social media.
One of the first things a small business must check is the most basic – your business listing. A study by searchengineland.com found that 73 percent of consumers lose trust in a business when its online information is incorrect. While maintaining up-to-date business listings seems easily doable, today’s consumers expect more information than the basics about a business, especially one that’s new to them.
Word-of-mouth recommendations have always been a powerful source of persuasion. Family, friends and beyond can make it far more likely that someone chooses or doesn’t choose a particular company or service. Add the internet to the process and word-of-mouth can instantly reach anyone with an internet connection. While studies in the past showed that consumers with a negative experience told 10 or more people about it on average, that was still relatively contained. Now, a negative experience can spread through one’s trading area like wildfire. And seventy percent of Internet users trust those recommendations, according to an Accenture study. Meanwhile, Brightlocal found that 87 percent of consumers won’t consider a business if it has a low rating on a review service.
Unfortunately, many small businesses lack resources to keep up with what’s going on on social media. And that can cost them business. A Harvard Business School study found that 1-star increase in a business’ online rating was associated with a five to nine percent increase in revenue.
Fortunately, aggregators are now making it possible for businesses with limited resources to track their social media presence efficiently and effectively. The best tools:
Source: FIS SMB Digital Marketing Platform
If you want to optimize your social media presence:
FIS | Head of Retail and Corporate Payments
Dan brings over 20 years of financial and payments industry experience to FIS through senior marketing and management roles. Most recently, he was a management team member at Valutec which was acquired by Metavante in 2007 and FIS in 2009.
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