E-commerce Link: Banking on Social
Unfortunately, Chase's Facebook group had no means to prompt, or capture information on, students' actual state of need. For instance, did the students Chase attracted need a card? If so, what credit line and services did they expect? When might they need one? The bank communicated with Chase +1 group members about once a month and used Facebook to deliver announcements about the product. Essentially, the bank advertised rather than educate students on getting the most from credit cards.
Use Social for More
Think about Chase's problem in "social" terms: The bank failed to leverage what mattered most to students, making it nearly impossible to prompt them to apply for its card in a social environment. For instance, the bank didn't design a system that hooked and followed up with students. In effect, Chase didn't generate applications on leads that could be pursued and closed. It simply got exposure for the new card.
At the time, this campaign was heralded as a win based on the number of fans generated and the involvement of several hundred student "ambassadors" who weighed in. These students gave feedback on how the Facebook program was designed, but this kind of listening merely amounts to a digital focus group—market research. It wasn't part of a sales-focused process.
Paul Adams, Facebook's global brand experience manager, puts it very bluntly when he says, "We're still seeing the fans and followers arms race—businesses trying to gather as many fans as possible. But I think that's fundamentally wrong."
When asked if there is too much focus on the total number of Twitter followers, friends or Facebook "likes," he is equally blunt.
"Many brands run competitions on social media platforms. You have to 'like' or 'follow' that business to enter. So the question is whether they are making connections with advocates of their brands or with people who simply love competitions," says Adams in an interview with O'Reilly Radar.