Lisa Hassis and Alan Rae(2008), in the paper ‘Social Networking: the future marketing for small businesses’, highlighted recent developments in the market which has demonstrated the growing power of online markets in creating brand reputations and customer relation. The methodologies adopted by the authors were based on the investigation done on the new technologies use by entrepreneurial growing businesses in the London area. The paper concluded with the view that in the future the social network will play a major role in the marketing where externally they will be able to replace customer annoyance with engagement and internally they will help to transform the traditional focus on control with an open and collaborative approach which will help to be success in the modern business environment. Due to developments in the technologies and lower cost will bring more and more information to the customers and unprecedented levels of transperancy in dealing with the customers.
Miljana Mitic and Alexandros Kapoulas (2012), ‘understanding the role of social media in banking marketing’, the objective of this paper was to understand the role of web 2.0 and social media relating to banking sector and also to understand the resistence of web 2.0 trend in the banks and how it is aligned with the RM approaches and the alternative paths for advance customer relationship. This paper gave much importance to the practices of banks in the region of South East European. Three case studies were done where the practices and RM approaches of retail banks in South East European were described and the data were collected through interviews with the top management documentation and bank’s official website. The paper identified some reasons for which the bank do not use social media include lower customer demand for interaction with banks in social media and concerns
about the safety of web 2.0 for banking and lack of alignment with current RM strategies. The paper has revealed the challenges of banks in the RM efforts and the future vision of RM in online setting and identified the needs for social media in the banking market and gave insights on RM strategies which connect the electronic channels with the customers to the banking approach.