Driving Loyalty & Advocacy in Banking, Financial Services, Insurance

Building Loyalty with Social Media Banking / Financial Services / Insurance Str ö mstad, 23 August 2010

Pragmatic, Unbiased, Social Media Advisor Visible-Banking.com (since February 2007) Visible Banking Page (since August 2008) @Visible_Banking (since February 2009) Stats (August 2010) -> 1,2k+ rss readers -> 85+ video interviews -> 30+ events Stats (August 2010) -> 520+ fans -> 50+ videos -> 80+ posted items Stats (August 2010) -> 2,6k+ followers -> 2,8k+ updates -> 220+ listed Mission: help financial institutions across the world better UNDERSTAND and LEVERAGE social media, successfully engage with people, and build trusted relationships.

What’s Loyalty for a Brand? a fan, sometimes also called aficionado or supporter, is a person with a liking and enthusiasm for something. Fan is faithfulness or a devotion to a person, country, group, or cause. Loyalty in marketing, consists of a consumer’s commitment to repurchase or otherwise continue using the brand and can be demonstrated by repeated buying of a product or service or other positive behaviours such as word of mouth advocacy . Brand loyalty

LOYALTY = LISTEN ENGAGE INVOLVE REWARD ADVOCACY + + +

TRANSPARENCY

Still Doubting the Power of Social Media? 2 months 4,000+ members 3 weeks 420,000 views

Benchmarking Social Media in Finance Source: Visible-Banking.com, July 2010 220+ channel tracked 25+ countries 6,165+ videos uploaded 2,500+ comments 1,350+ accounts 60+ countries 784,680+ followers 557,800+ tweets 500+ pages / groups / apps tracked 55 countries 3.491 million fans 72.8k monthly users app 240+ blogs tracked 20 countries 1,600+ posts 2,540+ comments Banks, Central Banks, Credit Unions, Investment Management, Credit Card, Insurance

You Must Listen to your Influencers

Customer Support Excellence

Client Support on Twitter: Driving Advocacy

Wake Up Call: 92M Global Users on Twitter

How Much Do You Really Know About Twitter?

Twitter is (not only) for Celebs

How Would You Define Transparency?

Customer Reviews & Product Co-Creation * over 15,000 incremental applications for products and policies were started (in the first year). * “thousands of members have provided reviews, and USAA has used those reviews to drive product improvements, improve Web site conversion, and increase interactive marketing effectiveness.”

Transparency: Moderation & Control

Finding the Right Voice to Connect

Building Groups vs Building Communities

KYF: Know Your Followers-Fans-Following ? Following / Followers Competitors Employees Clients Journalists Consultants Bloggers Prospects

Mobile: Penetration & Usage Gartner: “Mobile phones will become the main source to access the Internet before PCs by 2013” 4 4.6 B: mobile subscribers 1.7 B: credit cards 1.5 B: televisions 1 B: computers Penetration Usage 12% : average response rate to a “call to action” on mobile (vs 2% for traditional media) 90% : average opening rate of texts (3x more than emails) 30mn : average opening time of a marketing message on mobile (vs 24h for an email)

Foursquare: Geoloc. + Comments + Reward March 2009 3m users

The Key to Success: Reward Your Users Successful Social Media Initiatives, Buzz & WOM Active Communities Fun / Experience Visibility Exclusive Content Contest / Prizes

Recommendations
Start LEARNING & listening now!
Spend wisely & leverage limited resources Don’t spend much on technology, put in place the right processes
Be relevant: repackage & reuse existing content
Make it easy To register, contribute, share, spread the word
KYF – “Know Your Followers”
Reward your members & convert those contacts Exclusive content, visibility, fun / entertainment, contests 11
Manage Expectations & Identify success criteria

Christophe Langlois
Mobile: 0044 (0)7736 446 357
Email: [email_address]
Linkedin: http://linkedin.com/in/christophelanglois
Twitter: http://twitter.com/visible_banking
Visible Banking: http://bit.ly/VBSpeaking
Thanks, and Now Let’s Work Together! Connecting Benchmarking Coaching Key Services Starting our Collaboration Connect Audit & Recommendations 1 KYF & Content Strategy Internal Workshop 2 3

Building Loyalty with Social Media Banking / Financial Services / Insurance Str ö mstad, 23 August 2010

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Driving Loyalty & Advocacy in Banking, Financial Services, Insurance

by Christophe Langlois on Aug 25, 2010

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Driving Loyalty & Advocacy in Banking, Financial Services, Insurance — Presentation Transcript