October 8, 2012
, Managing Partner, Peppers & Rogers Group
The banking and telecommunication sectors in
have not utilized the power of social media yet, according to
, Managing Partner, Peppers & Rogers Group.
Social networking is becoming more and more relevant in today's world, especially in the
region. As evidenced by the impact that Social Media has had in fueling the Arab Spring, the companies should embrace this new trend and place increasing focus on Social Media activities. In fact, they need to enter the 'Social' era with a structured approach and best practices in their Social Media adoption.
"Telecommunication companies reacted but they have not used the full potential of social media; they have responded only by providing the gadgets, but the telcos are yet to leverage the use of social networking to generate revenues," Jabali argues. The telecom companies, even the banking sector can leverage through building advocacy or affinity. "As an example, the telecom and banking sectors can create clubs for high school or university students using the power of social media. You can talk to this group of people and know their interest/needs and can bring them forward to be more loyal to you in the early stages of their professional lifecycle," Jabali suggests.
Jabali notes that customers nowadays are not only intelligent, but also becoming more and more demanding. "It's not about 'I'll take what you give' anymore. It's about 'provide what I need'. It is a challenge for the firm, but we see that companies are adapting to new challenges," he asserts. "We see more and more customers purchasing smart phones not only because they have cash, but because they know the value of what they are paying for," he adds.