Connections with Banks Inspire Social Media Moms to Become Brand Advocates

With retail banking becoming a fiercely competitive market, banks that want to target the consumers most likely to advocate on their behalf should consider targeting mothers who frequently use social media. Although women have traditionally been seen as taking care of household finances, new consumer connection data powered by Motista reveals that social media moms—women with one or more children under 18 living at home and who recently engaged in social media activity—are far more likely to try new products or services from their banks and nearly eight times more likely to try mobile banking services than their non-social media counterparts.

According to Motista’s recent bank study, overall satisfaction with their banks between social media moms and non-social media moms is even (54 percent vs. 53 percent), yet social media moms feel a stronger connection with their banks that have transformed them into brand advocates. Consider the following:

• Social media moms are twice as likely as non-social media moms to feel they belong with other customers of their bank (37 percent vs. 16 percent).

 

• Social media moms are two times more likely to feel that their bank gives them a sense of accomplishment (41 percent vs. 21 percent) and to feel their bank helps them achieve their personal goals (46 percent vs. 26 percent).

 

• Social media moms are more than twice as likely to say their bank actually helps them express who they are (35 percent vs. 14 percent) and say their bank improves family life (40 percent vs. 21 percent); they are also three times more likely to say their bank helps them be a better parent (32 percent vs. 11 percent).

 

Because of these connections social media moms are better customers who are more likely to try new products or services, including mobile banking, and deliver messages on behalf of their bank brands:

• Social media moms are five times more likely to forward information about their bank to a friend (53 percent vs. 10 percent).

 

• Almost twice as many social media moms show high purchase intent for trying new products or services from their bank (41 percent vs. 24 percent); and they are almost eight times more likely to try mobile banking (38 percent vs. 4 percent).

 

“While satisfaction levels with their banks are amazingly similar across all moms, social media moms definitely feel a connection to their banks their non-social media counterparts don’t,” said Alan Zorfas, chief product and marketing officer at Motista. “Social media moms are not only better customers, they are more likely to advocate for their bank and more willing to try new products—ultimately what every brand strives for. As financial institutions are upgrading their online and mobile presences, banks need to realize that social media moms are a key segment that they should target.”

For an info graphic of these findings, visit: http://www.flickr.com/photos/motista/sets/72157626516353687/

Concurrent to this data on banking and social media moms, Motista has also released data revealing the connections that motivate social media moms to advocate on behalf of eReaders (see press release here: http://motista.com/5311releasesocialmomereader/). Social media moms can be valuable brand assets. Knowing the connections that motivate them can help brand marketers turn them into a powerful media channel and help boost ROI on their marketing efforts. For more information on Motista and its consumer connection intelligence environment for Fortune 1000 marketers, please visit www.motista.com.

Motista Study: National Retail Banks

Motista continuously surveys a nationally representative sample of U.S. consumers in order to capture personal “connection” to their banks. Results from the web-based survey inform banks of the connections motivating prospects to choose their banks and customers to be loyal, buy more products and services, or to recommend their bank to others. The study includes consumers of the top-five national retail banks—Bank of America, J.P. Morgan Chase, Citigroup, Wells Fargo & Co. and U.S. Bancorp—and a number of superregionals. Data for this analysis was fielded during the first quarter of 2011 with a sample size of 5,586 women bank customers with children in household. (Margin of error +/- 2 percent at a 95 percent confidence level)

About Motista

Started by marketers for marketers, Motista empowers Fortune 1000 brands with consumer intelligence about what motivates consumers to act. Motista’s web-based solution provides easy, on-demand access to high-quality data proven to help marketers create deeper connections with consumers. Marketers at the world’s top financial services, consumer electronics, retail and household product brands use Motista every day to understand and build stronger consumer connection. The company is headquartered in San Mateo, Calif. To learn more, visit www.motista.com.