Launch
Social media and banking will not seem to have a strong regards at the initially look for the topic, tend to be indeed complexly related today with the continuous evolution of the banking sector and the large impact of social media on the masses. While today various international banks are using social networking as a connectivity and marketing tool with its customers, Indian banking institutions are also a little way behind. ICICI, one of India’s biggest banking institutions, already features a Facebook app allowing customers to view their particular account information, check statements and up grade their debit card, among other activities, but nevertheless maintains a careful attitude to social media technique.
While there is no doubt that social media is all the trend amongst selling and advertisings sectors, it is yet to generate major inroads in the financial services and financial sectors. A new report via Ovum, the technology provide of marketplace analyst firm Datamonitor discloses that a many banks globally aren’t but ready to accept social media.
Personal privacy and Data Security are two of the most important hindrances to mass-scale social media adoption inside the banking sector. Moreover, many banks do not believe social media gives them an advantage to engage buyers. In fact , consider that it’s an unhealthy proposition that might compromise delicate financial info. Startling as it can seem, the recent Ovum research indicates that 60 per cent in the world’s price tag banks do not plans to use social media down the road. There are apparent exceptions nevertheless ” United kingdoms’s First Immediate, Australia’s SNATCH, Wells Fargo in the US and Rabobank in the Netherlands have got adopted social websites as a communication channel. When American banking institutions mostly rely on Twitter, Australia’s NAB used YouTube and Twitter to pacify disgruntled customersafter their online financial system dropped over.
And going by encouraging response received up to now, the approach appears to be attractive the desired outcomes. 14 % banks presently use social websites as a marketing tool, with a further more 12 per cent planning to put it to use to promote all their business at the conclusion of 2012. Some problems which the groups might deal with are the following: The financial sector relies upon sensitive economical data on a regular basis. Though Facebook . com has made several changes to their privacy best practice rules over the last few years, a lot more should be done in in an attempt to simplify whom gets to discover what details. Perhaps, a different sort of set of personal privacy controls pertaining to banks and financial institutions could help.
Presented the current circumstance, it’s unsurprising that most banks prefer Tweets over Fb as the former has virtually no privacy weaknesses. The Ovum report signifies that social websites offers a massive untapped opportunity for financial institutions. Consumer confidence inside the banking sector has strike an all-time low and a personal contact of social media would function as a perfect shot in the provide to lift up the battling global financial sector. Before all of us plunge in to this quickly deepening connection between social networking and banking, let us first understand some fundamental concepts regarding banking and social media individually.
Banking
Within the Central Federal government Act
Section 5(b) in The Banking Regulation Take action, 1949
(b) Banking means the accepting, for the purpose of lending or investment, of deposits involving from the public, repayable on demand or otherwise, and withdrawable by talón, draft, buy or otherwise;
Generally speaking, a financial institution is a loan company and a financial intermediary that accepts debris and channels those debris into financing activities, possibly directly by loaning or perhaps indirectly through capital markets. A lender connects customers who have capital deficits to customers with capital écart.
Due to their impact within a financial system and an economy, banks are generally extremely regulated in most countries. The majority of banks operate under a program known as fractional reserve bank where they will hold only a smallreserve of the money deposited and lend out your rest for profit. They are really generally susceptible to minimum capital requirements which can be based on a worldwide set of capital standards, referred to as Basel Accord.
Standard activities
Banks behave as payment providers by doing checking or perhaps current makes up customers, having to pay checks attracted by consumers on the traditional bank, and collecting checks deposited to customers’ current accounts. Banks as well enable buyer payments via other repayment methods such as Automated Removing House (ACH), Wire exchanges or telegraphic transfer, EFTPOS, and automatic teller equipment (ATM).
Banking institutions borrow money by accepting cash deposited about current accounts, by receiving term deposits, and by giving debt securities such as banknotes and provides. Banks provide money by making advances to customers upon current accounts, by making sequel loans, through investing in valuable debt investments and other kinds of money financing.
Banks provide different payment services, and a banking account is considered fundamental by many businesses and individuals. Non-banks that provide payment services such because remittance businesses are normally not considered as an adequate substitute for a bank account.
Products
Selling banking
5. Checking account
* Savings
2. Money market bank account
* Certificate of deposit (CD)
5. Individual old age account (IRA)
2. Credit card
* Debit card
* Mortgage
2. Home fairness loan
* Common fund
* Personal loan
2. Time debris
* ATM greeting card
2. Current Accounts
Business (or commercial/investment) banking
* Business loan
2. Capital raising (Equity / Financial debt / Hybrids)
2. Mezzanine financial
5. Project financing
2. Revolving credit rating
* Risk management (FX, interest rates, items, derivatives) * Term mortgage
* Cash Supervision Services (Lock box, Remote control Deposit Get, Merchant Processing) Economic features
The monetary functions of banks include:
* Concern of money, by means of banknotes and current accounts subject to check or payment at the client’s order. These kinds of claims in banks can act as funds because they are negotiable or repayable on demand, and hence highly valued at doble. They are effectively transferable simply by mere delivery, in the case of banknotes, or by simply drawing the that the rémunération may lender or cash.
* Netting and pay out of repayments ” banking companies act as equally collection and paying agents for customers, playing interbank cleaning and negotiation systems to get, present, end up being presented with, pay payment devices. This enables banking institutions to economize on reserves held intended for settlement of payments, seeing that inward and outward repayments offset the other person. It also permits the offsetting of payment flows among geographical areas, reducing the price of settlement between them. * Credit rating intermediation ” banks borrow and loan back-to-back automatically account as middle males. * Credit quality improvement ” banks lend money to regular commercial and private borrowers (ordinary credit quality), but are high quality borrowers.
The improvement comes from diversification of the bank’s assets and capitalwhich gives a buffer to absorb losses with out defaulting on its requirements. However , banknotes and deposits are generally unprotected; if the lender gets into problems and promises assets while security, to raise the financing it needs to keep to operate, this puts the note cases and depositors in an financially subordinated placement. * Asset liability mismatch/Maturity transformation ” banks get more in demand financial debt and short term debt, but provide more long term loans. In other words, that they borrow brief and lend long.
With a stronger credit rating quality than most other borrowers, banks can do this by aggregating issues (e. g. accepting deposits and issuing banknotes) and redemptions (e. g. withdrawals and redemption of banknotes), keeping reserves of money, investing in valuable securities that may be readily transformed into cash in the event needed, and raising replacement funding because needed by various resources (e. g. wholesale cash markets and securities markets). * Cash creation ” whenever a financial institution gives out a loan in a fractional-reserve banking system, a new quantity of digital money is done.
Laws Linked to Banking In India
1 . 1 ) Reserve Financial institution of India Act, 1934
1 . 2 . Bank Regulation Work, 1949
1 . 3. Negotiable Tool Act, 1881
1 ) 4. Customer Protection Act, 1986
1 . five. Limitation Work, 1963
Social networking
Social media utilize web- and mobile-based systems to support fun dialogue and “introduce significant and pervasive changes to conversation between businesses, communities, and individuals. Social media are social software which mediate human connection. When the technology are in position, social media can be ubiquitously attainable, and allowed by international communication methods. In the year 2012, social media became one of the most effective sources pertaining to news changes through websites such as Tweets, Facebook, and Google+.
Classification of social media
Social media systems take on a number of forms which include magazines, Net forums, blogs, social weblogs, microblogging, wikis, social networks, pod-casts, photographs or pictures, online video, rating and social bookmarking. By making use of a set of hypotheses in the field of mass media research (social presence, media richness) and social operations (self-presentation, self-disclosure) Kaplan and Haenlein created a classification plan in their Organization Horizons (2010) article, with six different types of social media: collaborative projects (for example, Wikipedia), blogs and microblogs (for example, Twitter), content residential areas (for model, YouTube), online communities (for case, Facebook), digital game worlds (e. g., World of Warcraft), and digital social realms (e. g. Second Life). Technologies consist of: blogs, picture-sharing, vlogs, wall-postings, email, instantaneous messaging, music-sharing, crowdsourcing and voip, to name a few. A number of these social media services can be bundled via social media aggregation platforms. Social media network websites contain sites just like Facebook, Tweets, Bebo and MySpace.
Portable social media
Social websites applications suited for mobile devices these are known as mobile social websites. In comparison to classic social media operating on pcs, mobile social networking display a better location- and time-sensitivity. One can differentiate between four types of cellular social media applications, depending on perhaps the message will take account from the specific precise location of the user (location-sensitivity) and unique received and processed by user instantly or having a time delay (time-sensitivity).
2. Space-timers (location and time sensitive): Exchange of text messages with significance for one particular location by one certain point-in period (e. g., Facebook Places; Foursquare) * Space-locators (only location sensitive): Exchange of messages, with relevance for one specific position, which are tagged to a certain place and read later by simply others (e. g., Yelp; Qype) * Quick-timers (only time sensitive): Transfer of traditional social networking applications to mobile devices to boost immediacy (e. g., publishing Twitter text messages or Facebook status updates) * Slow-timers (neither location, nor period sensitive): Transfer of classic social media applications tomobile products (for case in point, watching a YouTube video or reading a Wikipedia entry)
Mobile social networking can also be used away from home when you are not close to a personal pc, lap-top¦etc. Considering the new gadgets that are arriving at our finger tips, devices such as tablets, iPods, cell phones, and many other new items, there is no use for resting at home applying ones PC; mobile social websites has made other sources of internet surfing obsolete, and allows users to write, act in response, and surf in real-time. New media of social network such as “Instagram allows the world to interconnect and makes space and period much smaller. Instagram allows visitors to snap a photograph wherever they could be and share that with the remaining world immediately, delivering a social media web page full of foreign accomplishments and strange scenarios. This characteristic was released by Facebook and other existing social media sites, Instagram is a latest addition to the social media field, and made picture showing much easier. Cellular social media can be described as relatively new system since it is contingent on cellular devices’ capacity to access the world wide web.
There are various figures that be the cause of social media usage and performance for individuals around the world. Some of the most recent statistics will be as follows:
2. Social networking now accounts for 22% of all time spent online in the usa. * An overall total of 234 million persons age 13 and old in the U. S. applied mobile devices in December 2009. * Myspace processed more than one billion twitter posts in 12 , 2009 and averages practically 40 , 000, 000 tweets each day. * Over 25% of U. H. Internet page landscapes occurred in one of the leading social networking sites in December 2009, up by 13. 8% a year prior to. * Sydney has some of the highest social networking usage in the world. In using Facebook, Sydney ranks maximum, with more than nine mil users spending almost eight hours per month on the site. 5. The number of social websites users era 65 and older grew 100 percent throughout 2010, to ensure that one in several people in that age group are part of a social networking internet site. * By May 2012 Facebook has 901 , 000, 000 users.
2. Social media provides overtaken pornography as the No . one particular activity on the internet. * In June 2011, it was reported that iPhone applications struck one billion dollars in nine months, and Facebook added 100 , 000, 000 users in less than nine a few months. * If perhaps Facebook were a country it might be the planet’s third most significant in terms of human population, larger even than the US. * In June 2011, it was as well reported that U. S i9000. Department of Education examine revealed that online students out-performed those receiving face-to-face training. * Vimeo is the second largest search results in the world. * In four minutes and 26 seconds 100+ several hours of online video will be uploaded to YouTube. * One out of six higher education students will be enrolled in an online curriculum. 2. In The fall of 2011, it was reported Indians spend more time about social media than on some other activity for the Internet. A quick overview of Indian banks-Pictorial stats
Tweets
The Why and How of Social Media t. r. capital t Banking
Why Social networking matters to Banks?
Whether a bank’s ultimate aim is enhancing its manufacturer, reducing costs, increasing customer satisfaction, boosting creativity, or traveling revenue, social websites can be a beneficial pursuit. Enhancing the brand
Social media can play an important position in differentiating brands and making them even more relevant to consumers. Much of their power on this factor derives from your fact that within a consumer’s head, the most reputable spokesperson a business can possess is a “person like me. In fact , exploration shows that the number of people who trust such a hypothetical person more than that they trust brands or companies increases around the globe each year. How do banks make the most of “people with this problem? American Express, for one, created OPEN UP Forum, an internet community committed to connecting businesses with each other and providing valuable content to customers with which the business wants to have relationships. Today, OPEN Forum has more than 10, 000businesses involved, month-to-month traffic features reached of up to 1 . five million trips, 5 and the majority of content is made by the community. The result is a new touch point that drives manufacturer affinity, supplies American Communicate with a great immense possibility to create manufacturer impressions, and provides the company a chance to be at the center of essential conversations amongst its buyers.
Reducing Costs
Social media could be a major contributor to banks’ ongoing price reduction attempts, especially as they pertain to service, revenue, and advertising. For instance, financial institutions can use social media as a low-cost channel to distribute emails, host discussions, provide customer support, identify dissatisfied customers, and increase the influence and reach of traditional media initiatives. Consider Financial institution of America, which was the first and largest financial institution in the world to use Twitter for customer service. The financial institution uses a dedicated Twitter web page on which a multitude of real people”with their real photos” support customers solve their problems. User reviews reveals the sentiment amongst customers that receiving help through this site is easier and faster than traditional customer satisfaction.
In addition to driving customer care costs down, the site creates brand impressions across consumers’ social graphs, thus allowing different consumers to see the value in the channel for the variety of desired goals. The channel also can boost the impact of promoting. Consider, for example , how Discover Bank recently created a Facebook . com identity pertaining to “Peggy, a character from the popular number of TV advertisings. Today, that character is “liked simply by nearly 9, 000 customers, and treats them several times a day. Such campaigns create millions of further brand impacts inside of Facebook . com, as well as fresh opportunities pertaining to brands to interact with their customers in a cheap format.
Creating and enhancing innovation:
Banks can use the channel to produce better, more innovative products that reflect real-time client demand. Chase, for example , created an online community of mass-affluent consumers and tasked the group with designing credit cards purpose-built with their specific desires and needs. The end result: its remarkably successful Pursuit Priority Golf club Rewards greeting card. Chase likewise created a Community Giving plan that allows buyers to immediate thebank’s via shawls by hoda to certain charities. As of this writing, that community had described more than $5 million to 100 regional charities. Through this project, Chase’s philanthropic entity can be opening up the decision-making to crowds and involving thousands of people in the process Increasing revenue As the use of social websites to drive earnings within banking companies is still in its infancy, results from different industries further along the development curve happen to be encouraging. Avis, for example , have been able to use a variety of synchronised social media work to boost it is sales by simply 9 percent”in a competitive, commoditized industry with smooth or suffering revenues.
For example of a further and powerful effort, USAA, a financial services provider to get members in the US armed forces, allows guests to charge products just like auto insurance or home fairness lines of credit through adding a drafted review. In fact , USAA buyers have added thousands of evaluations to items, and consumers have reacted strongly: Inside the first 12 months of adding product reviews towards the site, USAA claims incremental sales of over 12-15, 000 products. This tactic clearly shows a direct impact on progress and illustrates the value of “people like me. In both equally cases, employing social media to unlock increased revenue needs firms to focus on fundamentals. Providing service that customers need to talk about and delivering products that are really worth recommending. When those conditions exist, the chance of successfully using social networking to drive revenue goes up significantly. A distinctively challenging industry
For many banks, all of the illustrations in the world are certainly not enough to get off the starting hindrances. Typical issues include:
¢ External sales and marketing communications are strictly governed with a host of rules and regulations that limit the actual can and cannot claim. ¢ Banks must see strict rules regarding consumers’ personal information and data secureness. ¢ Approved employees, whether from customer satisfaction, marketing, or another functional group, must be familiar with products, companies, rules, and the way to get items done within the bank”and they need to be fully developed enough making decisions and create responses to difficult queries. Plus, this must be done within the strict legal and regulating framework that banks live in and arise within real time in order to be powerful.
For many financial institutions, technology on its own is a key concern in terms of implementing a socialmedia technique. Banks need to identify and implement the tools they will must be active in social networks, from simple hearing platforms to sophisticated tools that enable the integration of social media with legacy CUSTOMER RELATIONSHIP MANAGEMENT systems, customer service tools and workflows, revealing and record keeping requirements, and general marketing analytics. Finally, a lot of banks should overcome a lack of organizational set ups and in-house talent to derive total business worth from social media. More specifically, many banks may find they have to close expertise gaps and bridge inside divisions among product-oriented teams, all whilst gaining older leadership support for a company-wide approach to social websites. This is zero small activity, especially offered the fact that a majority of senior market leaders are not well-versed in social media.
A course toward social media mastery
Even though the preceding paints a picture of industry-wide difficulties, there is a route that banking companies can use to begin with their social networking journey. This starts with gathering critical knowledge that will slowly move the development of their very own strategy and assure positive outcomes. To start with, banks need to strive to understand what their customers, prospects, and competition are talking about online, in addition to the social systems that seem most relevant. This consists of developing profiles of how different customer sectors actually employ social technology and understanding the practical significance of those uses. For example , techniques for student loan customers may vary widely from all those designed for non-public wealth administration clients in areas of performance, content, and technology. Financial institutions also need to assess their current social media capabilities and activities: All too often there are separate, potentially conflicting social media endeavours under method, as well as underutilized technology, observations, and experience. Banks need to begin to consider their group presence vs . that of person lines of business.
Buyers don’t help to make those differences, and not should banking institutions. It is critical for banks to have a firm grasp on what opponents are doing inside the social media space, and where “white space exists. Bank of America, American Communicate, and Pursue all have done this with the respective social websites efforts, yet that does not imply no space is left to establish a presence. To find this space, banks need to ask two questions of themselves: What can we deliver to our consumers that we may offer today, and howwill it supply them with value? Social websites sponsors need to critically review risk. Specifically, they must recognize specific social websites concerns, examine their likeliness, and set up processes to manage adverse occasions. Prior to concerning senior management, it is necessary to have answers to questions, instances of how others have navigated similar marine environments, and tangible ideas around the trade-offs between risk and reward.
And as mentioned before, banks must establish obvious business objectives and map them to certain areas through which social media can easily generate benefit. All of the previously mentioned becomes a moot point in the event efforts are certainly not driven by real business goals. By addressing all the preceding areas, social media teams can build senior leadership support for and support of overall social media initiatives. In Accenture’s experience, good initiatives typically involve a number of executives with deep enthusiasm for and experience with technology and social networking. It is crucial to look for and engage they and employ their influence to open the eyes in the broader C-suite.
Crafting a Social Media Technique
All of this job will put together banks to get the good development and implementation of the comprehensive social websites strategy. To be effective, such a strategy must cover the following areas:
Crafting the Vision:
With an overarching framework in place, social media could be designed from the beginning up, vs . as a number of disparate methods. It also can focus on a specific segments and experiences, as well as the necessary internal ‘piping’ to implement social networking connections around channels. Indeed, every good customer encounter is carefully designed and good social media experiences must follow suit.
Identifying and Testing Success:
A Bank’s Social networking strategy need to encompass well-defined metrics that reflect progress toward the bank’s organization goals ( as described in the vision). However , first and foremost, they must arrange with the same type of metrics that drive business today. For Example , a social media technique focused on revenue as a great outcome will need to look at driving traffic via social media, changing that traffic in leads, and successfully cross-sellingand up-selling customers that are communicating across social media channels. Essentially, viewing the efforts throughout the same sight that classic channels assess success.
Governance:
A social media strategy should include clear governance and effective organizational buildings, whether which means establishing an ardent social media center of quality or appointing social media winners across the bank’s functional groups and/or catalog. Regardless of the particular measures or perhaps structures in place, the bank’s goal should be to support efficient, effective diamond in social media with the right abilities, staff, and controls. this kind of Structure must be nimble, incorporate processes intended for iteration, and also have senior management included.
Technology:
Perhaps counter-intuitively, it is only when the vision, metrics, and organizational structures had been defined the bank should start thinking about solutions and the strategies they dictate. Banks Should start with standard learning and listening systems that allow them to “test the waters and identify parts of potential proposal, and then progressively integrate that platform with existing CUSTOMER RELATIONSHIP MANAGEMENT tools to accomplish a single watch of customers. Financial institutions must also consider what technologies are appropriate for record keeping and adherence for the policy.
Spotting that not all starting factors are the same:
The amount of Social Media experience that a financial institution has plays an important part while making a social media strategy. The scope of the social media approach depends on the relative social media maturity of the financial institution. The strategy used by a bank that has significant knowledge in social websites will differ in some aspects from the technique used by a bank which is new to social websites. Banks with less encounter in Social networking: The social networking strategy used by the financial institutions with no or relatively significantly less experience in social media ought to address the next questions: 2. They should take notice of the scope in terms of the functional areas included in the approach, important organization goals, as well as the business operations used to accomplish those goals. *
They should also concentrate on building involvement among crucial stakeholders and assessing their particular willingness to participate in theinitiative This is all the about creating an initial “coalition of the willing as it is about telling a compelling story on how social media can efficiently impact organization results. * They should as well learn from rely on agency companions and others which have been through the fireplace before. Banking institutions with significant experience in Social Media: The social media approach used by the banks with significant experience in social media should talk about the following queries: * The Social media champions within these types of banks need to know when it is time to seek support from inside and out of doors the firm.
This is needed because the expanding range of social media analysis and reporting will begin to overwhelm marketing staff and merits the involvement of dedicated analytical and specialized staff. 2. As these banks begin to grow the use of social media across catalog, they have to style governance types that can retain pace, and also focus on adding social media systems with CRM systems to obtain a truly all natural view of cross-channel, multi-product customers.
Good Integration of Social Media into the Operations:
Banking companies that have been successful in integrating social media to their operations often have grass-roots initiatives to thank. These banks have passionate leaders who have led social media efforts for individual product or service lines. The key to moving further than grass root base and getting the entire organization attracting the same path is actively engaging elderly leadership. Simply then does the full brand-building power of social networking truly be realized.
Just how banks use social media
In line with the survey conducted by MHP Communications amongst the heads of communications and public relations professionals at much more than 35 global banks to gain an understanding into social media behaviors across the financial industry. In broad conditions, use of social media is large with the many respondents (53%), using social networking both in a private and a small business capacity. thirty percent use social networking outside of a work context and 3% for business purposes only. 15% of most respondents do not use social networking at all, a high percentage given that social networking generally sits down under the communications department’s remit. Whilst social networking has become a popular activity, it is notable more respondents employ social mediafor personal means than in a small business context. When dealing with the purpose of social networking, it is broadly seen as a good source of information concerning what is happening in the media (75% of respondents).
Interestingly it can be less seen as a direct approach to the customer, nevertheless more to communicate commonly and advertise products and solutions: A lot more than two thirds say they use social media for communications and pr purposes, although 42% utilize it for advertising sales activities. Customer service is known as a key goal for 25% only. In the retail banking sector social networking has a more established footprint within the purchase banking globe. This employs the logical conclusion that for customer satisfaction and consumer engagement purposes the mass consumer companies are appreciative penalized able to speak with banks through these new, yet quite definitely established programs. And banking institutions are progressively keen to show up more plans whilst tackling the image the sector provides as including traditional and staid organizations. In the investment banking world social media takes on a different goal, and has even be a platform to get feared and avoided.
It is additionally not seen as an traditional immediate route to clients. This is changing however , and one mature PR director commented which the bank’s trading desk recently received a customer request for traders to be presented access to Twitter to keep an eye on and engage with client responses throughout the trading-day. The use of social networking within the internal communications function is relevant for about one third of respondents (36%) ” which in turn represents an enormous untapped potential given kids of opportunities to share know-how and details internally that social media produces. Free tools such as Yammer, Twitter with protected twitter posts or Google+ with individual circles make information available only to a multitude of00 people, to allow them to be used to streamline interior communication operations. However , which is a key problem for the heavily governed industry such as the banking sector, social media platforms are provided simply by external third parties.
Any shared data which can be of a very sensitive or confidential nature will certainly in many cases always be stored on the provider’s computers which may certainly not provide adequate protection or peace of mind for the financial sector. Many providers will be based in the US where legal guidelines may, beneath certain circumstances, require those to reveal their very own clients’ identities or various other data. As well, social media system providers are commercial procedures and there is the chance that info is abused, misplacedor inaccurately allocated. A lot of lenders feel that hypersensitive data should only be kept and transmitted on their own facilities to ensure complete compliance. Simultaneously, regulatory systems such as the Finance Authority (FSA) in the UK try to make social media more widely user-friendly for banks by publishing guidelines and recommendations.
As a result there is a advanced of low self-esteem as to what may and cannot be done. Irrespective of these issues, social websites is now viewed as forming an organized part of a communications plan rather than which represents solely a tactical activity, with 84% of banking institutions now having a specific social networking strategy. Practically one third is to execute a strategy, and 15% have got a fully designed strategy in position. More than 40% are currently in the act of creating a strategy, and only 16% have not started out thinking about and have absolutely decided not to have a social media strategy in position. A number of banking institutions do have got a social media strategy, although no identified goals intended for the strategy: 27% reacted that they have certainly not established particular goals because of their social media strategy. Measuring the success of a social media program is definitely perceived to become more complicated than for classic PR which might explain why metrics and, in effect, goals remain vague.
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