Misha Logvinov, chief customer officer for social media technology provider Lithium, spoke with eMarketer’s Bryan Yeager about how financial services companies are building their own social experiences to get more control and better insights while empowering customers in the process.
In a radical experiment, Barclays is allowing customers to have input on everything from their card's look to its interest rate to the late-fee policy. And they get a cut of the profits, too.
What's desperately missing from most brands on Twitter is active, timely response. This is critical because consumer expectations for speedy service are climbing. Lithium CEO, Rob Tarkoff, shares findings from a recent Lithium-commissioned Millward Brown study showing that consumers will reward brands that harness Twitter's power to meet their rising expectations, while punishing those that fail to respond in a timely way.
Lithium hired Millward Brown to conduct a survey of 501 respondents who said they actively engaged with a company on Twitter, and the report shows the trend of people using Twitter for customer support purposes is not going away.
The next time you think about putting off a response to that tweet your brand just received on Twitter – or not responding at all – think again. According to research put out by Lithium Technologies, more than 70 percent of users expect to hear back from the brand they’re interacting with on Twitter, and 53 percent want a response within the hour.
Social customer service is gaining momentum and consumers are showing no mercy to those brands lagging behind. Lithium Technologies surveyed over 500 consumers that have used Twitter to engage with a brand and found over half (53%) who expect a company to respond to their tweet demand that response come in less than an hour – rising to 72% when their tweet is a complaint.
Lithium Technologies, supplier of social web technology for enterprises and brands, announced that Lithium Social Web has joined the elite Twitter Certified Products Program.
Lithium commissioned Millward Brown Digital to conduct the study evaluating consumer expectations when interacting with brands on Twitter. Surveying 501 respondents who claimed they actively engaged with businesses on Twitter, the study found a brand’s response time to tweets can significantly impact the brand’s overall reputation.
Two new studies, out from Interakt Digital Communications Group and Lithium Group, find Twitter an increasingly important tool for brands.
Consumers who expect brands to respond to their tweets expect those responses to come quickly, and they’ll punish brands who don’t meet their expectations, according to a study by Millward Brown Digital commissioned by Lithium Technologies.