The importance of social media for business has been established firmly by brands such as Coca Cola, Ford, IBM, Dell, Burger King and Starbucks to name a few. These companies used social media platforms effectively to sell more products and services, engage and empower their customers to build a fan following, manage brand reputation, run effective marketing campaigns etc.
With more and more people in India coming online and social media gaining more and more online timeshare, Indian business also have started realizing the potential social media. Internet and online users are more significant for financial market firms in the investment, trading and banking sectors. With the push for online banking and online trading, social media becomes the natural choice for financial market firms to engage their customers.
Many Indian firms started off by using Orkut and then shifted to Facebook as the latter started gaining significant market share. Some firms have started setting up Linkedin and Twitter accounts. There are financial advisory and brokerage firms that have their own Youtube channels that post video update about market-related news and developments. Check out the Youtube channel of Kotak Securities and Karvy's Private Wealth channel. A few stockbroking firms have their own blogs, check out the blogs by Angel Broking and Geojit.
All these are steps in the right direction and if done right, social media can reap good rewards for a long time. But the million dollar question here is, Are We Doing it Right?