As media transition into the twenty-first century and the way business and marketing have changed, researchers ‘studies concentrate on the significance of electronic media and social networks as an advertising tool and efficient communication medium and how it influences customer behavior and observations.
Electronic Media or social network helps the public to easily and efficiently access facts and ideas via phones, laptops, PC, tablet, etc using internet services.
Social networks like Facebook, LinkedIn are electronic media that empower stakeholders as communications participants by enabling them to exchange content, review content, respond to content, or add new content.
To achieve the quality and productivity of Electronic Media a number of techniques, policies, and procedures are set up.
E-media is thus the new term that businesses use to meet the E-consumers.
New communications are born as technology advances and old ones-many of which seemed fresh not so long ago-fad away.
You might never come across the options of communications that you have unless you try to do it. You may try to communicate with staff, friends, supervisors, clients, customers, suppliers or any other business contacts.
The development of electronic or social media has encouraged the development of new products and services in the finance sector and legal sector services, and it is forcing firms to redesign their business model to be competitive.
Whether for interpersonal or marketing communications, various forms of electronic communication are critical to efficiently and cost-effectively getting business done.
In short, how a firm embraces E-Media sources will determine its ability to compete and eventually become successful.
Social networking, as well as electronic media, are essential sources to boost your business. Social networking will advertise across various channels and provide an efficient electronic interface. This will compensate the communication channel to address consumers and various stakeholders would leave the company’s positive market effects.
HOW BENEFICIAL IS ELECTRONIC MEDIA IS FOR LEGAL SERVICES?
It is understood that legal services firms or practitioners cannot typically advertise their services by advertisements in newspapers or television, like other businesses.
What other option does their company have to grow and advertise their legal services? This is where E-media paves the way for legal sectors to offer their services indirectly using handles for electronic media such as emails, phone calls, newsletters, blogs, podcasts, etc.
By engaging with people on a social network you will draw new customers all while keeping former customers involved in your services.
Although many legal firms have yet to implement an electronic media strategy, it’s obvious that law firms are becoming more popular with it. Most law firms have a presence at LinkedIn, as stated by a survey. More than half have yet to set up a Facebook account, however, while just a handful is on Twitter.
Moreover, less than a quarter of law firms hold a blog and more than a third of those who have said they have gained new clients by blogging.
Additionally, 35 percent of professionals say they have received new clients from social media. By keeping an active social media presence, you will rise above your competition and help you acquire new clients.
But this isn’t the only advantage of getting an electronic media presence. For one, when searching for specific resources many people start at social media search engines.
If your brand is not present there, how do you know potential customers? The same is true for such search engines as Google.
Approximately 80 percent of people use search engines to find information about local products and services. Your profiles will appear in the Google search results when your brand is present and active on a social network, bringing consumers into your firm.
HOW CAN ELECTRONIC MEDIA BOOST FINANCIAL SECTOR BUSINESS?
Digital transformation necessitates financial institutions to employ an electronic media and communication strategy that takes advantage of new tools to reach customers.
There are many more touchpoints today that potential customers can come across with your product, service, or brand.
The tools on which the content can be distributed e.g. smartphones, laptops, computers, smartwatches and the social networks that can be used to distribute them have multiplied.
A survey conducted by distinguished financial sector service provider estimates that as many as 8 million banking customers from their mobile phones were doing business with them in 2017, a rise of 68 percent compared to the previous year.
Moreover, users are increasingly showing keen interest in electronic media. They are investing in features like trading, online payment, checking services and account management.
“Content is king” in electronic media, and the attention is not just on the product anymore.
The center of gravity has moved towards the client and their needs and desires.
For this reason, many banks have started to diversify their methods of communication, mixing the practical with the aspiration.
Banks such as Kotak Mahindra and SBI also follow the same strategy. In addition to their attractive online banking services such as 811 by Kotak Mahindra Bank, they also produce informative content. Their content provides interesting and insightful banking-related issues as well as lifestyle topics.
Here is an example of Axis Bank, and its use of Instagram. This approach increases consumer interaction by bringing editorial content to heart.
In electronic media “content is king,” and the focus is no longer only on the product.