San Francisco, CA… Trying to monetize social media in the payments arena is like trying to monetize your telephone, SignaPay President Kevin Jones told WSAA attendees in San Francisco last week.

Participating on a panel discussing the uses of social media, Jones said they “were less like an advertising vehicle and more like a telephone: you know you need it, but you don’t look for ROI.”

Jones explored five uses for social media: spreading the word; building the brand; interacting with customers; recruiting talent; and, growing sales. 

“Word of mouth was one of the first marketing tools, and it remains one of the most successful,” he noted, adding “but the message has to be worth spreading.” Jones advised changing the subject from standard industry issues to general interest news and activities. He cited SignaPay’s recent 5-mile run as an example.

“People do business with people, not logos,” Jones said. To build your brand and spread the word with social media, “give your current and future customers reasons to want to know you.  Develop a personality that reflects the way you do business, and put it out there.”

While social media can be an effective way to stay in touch with business partners, Jones discouraged ISOs from using them for customer service or sales.

“Many businesses use social media as an alternate customer service department,” Jones said, “but I don’t think that is a wise choice for ISOs.” On the one hand, he said, “merchants don’t really want to interact with their payments processors on the social media level, and encouraging them to will likely open a can of worms.”

From a cost perspective, Jones doesn’t believe that social media will reduce the number of calls into a customer service center, nor provide the ISO with more or better information.

“There are more effective and efficient ways to stay on the pulse of our merchants’ needs and feelings,” he said.

For sales, Jones recommended using social media to support and supplement other efforts, rather than replace them, and he encouraged users to focus on developing thought leadership.

“If you participate in existing social media outlets by posting informed and informative content, you will develop a reputation as an industry leader,” Jones said. “When the time is right and someone is thinking ‘I need an ISO’ or ‘I need a processor,’ you’ll be someone they think of and know how to reach.

Jones believes that social media will continue to be a marketing force, and suggests that ISOs begin getting their hands wet now. “Use it to build brand and expand reach rather than to drive quick sales,” he advises. 

SignaPay is an ISO headquartered in Dallas, TX. For more information, visit www.signapay.com or visit the company’s page on Facebook.

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