Money Talks

Money Talks October 2010, Edinburgh

Money is one of those ‘objects’ so pervasively embedded in our everyday experience that it disappears from our perception as an autonomous entity

Only when something happens we focus on its meaning and realize once again that it goes way beyond being just a measuring unit

Money is a physical thing and a cultural construct. It represents at the same time wealth and human needs. Money is a ‘social representation’, like myths, religions and any other system of collective signs.

This makes social media the richest insights field ever and an unprecedented opportunity for the financial industry

But like in the Draughtsman’s Contract, we need a grid to look at reality and make sense of it

partitioning reducing complexity hierarchy independence

mining for patterns decoding the shape of phenomena, rather then micro values

What is Pulsar? social media monitoring analysis and strategic and analysis software consultancy from Face 9

Key system components 3 1 Analy1cs Web crawler So;ware analy=cs tools and human searches for speciﬁc analysts process the key-‐phrases in a data methodical, automated manner 4 Online DB relevant pages Dashboard stored in an online live interac=ve database dashboard generates real-‐=me data visualiza=on and 2 customized reports

Outputs What is being said about your products and brands and iden=fy the What major themes and issues When Compare and contrast buzz generated over =me, iden=fy peaks of ac=vity against ac=ons and events Where Which are the key online venues for these conversa=ons and where around the world they are taking place Who Who is shaping the debate and who are the key inﬂuencers? Discover why conversa=ons are happening is it posi=ve, nega=ve or Why neutral, and determine the impact on your business

We looked at a range of financial products - targeting key areas Mortgages Credit Cards Savings Investments

We looked at a range of financial products - targeting key areas Advice Mortgages The Big 5 Advice Building The Big 5 Credit Cards Socie1es Independents Recession ISAs Advice Stocks Accounts Savings Investments Banks vs Building Bonds ISAs Socie1es Shares Overseas

1 month of tracking

1 month of tracking An average of 2902 mentions a day* * Across all four areas

1 month of tracking An average of 2902 mentions a day* A total of 101,580 mentions* * Across all four areas

Where are they talking?

The financial ‘expert’ is still the most vocal 16000 14000 12000 Blogs 10000 Micro-‐blogs 8000 Forums 6000 Social Networks 4000 Video 2000 0 Mortgages Credit Cards Savings

The real hub of conversations for most products is still forums 1200 1000 800 Blogs Micro-‐blogs 600 Forums Social Networks 400 Video 200 0 Mortgages Credit Cards Savings

But not just financial forums…

But not just financial forums… Thebump.com CafeMom.com

But not just financial forums… Thebump.com CafeMom.com Thestudentroom.com

But not just financial forums… Thebump.com CafeMom.com Conversa1ons will happen in the communi1es consumers trust to provide good advice. Some1mes that’s ﬁnancial experts But some1mes its people who understand your circumstances Thestudentroom.com

In investments the speed of micro- blogs has been embraced Blogs Micro-‐Blogs Forums Social Networks Video Investments

What are people talking about?

The pride of saving is something to shout about That moment of ‘starting the road to saving’ is something to tell your friends about. has achieved something great: I have opened a Savings account and am in the process of saving the moneys for the FUUUTURRRE Wooooo savings account star1ng to look preNy nice :P

But the recession taboo on debt seems to have slipped… During the recession credit cards became an embarrassment Up to May credit card lending ﬁgures from the Bank of England remained low

But the recession taboo on debt seems to have slipped… During the recession credit cards became an embarrassment Up to May credit card lending ﬁgures from the Bank of England remained low Now it looks like people are returning to being happy to talk about credit card use. It looks like a return to the pre-‐recession comfort with credit cards is a likely possibility…

And a lot of news sources are talking about mortgage debt troubles

…but people don’t seem happy to admit to their troubles online The discussion of mortgages and the recession doesn’t translate through to the hubs of conversation - forums and social networks

So what about the double dip…

Its being talked about the most in relation to mortgages… Unsurprisingly the dip’s more direct relation to the housing market has made it a strong conversation topic in mortgages… 3.5% Of conversa=ons in mortgages 1.3% Of conversa=ons in investments 0.66% Of conversa=ons in savings 0.39% Of conversa=ons in credit cards

But its not consumers who are talking… 450 400 350 Blogs 300 Micro-‐Blogs 250 Forums 200 Social Networks 150 Video 100 News 50 0 Mortgages (Double Dip)

But its not consumers who are talking… 450 400 350 300 Recession: 247 Reac=ons Blogs Micro-‐Blogs 250 200 Double-‐Dip: 13 Reac=ons Forums Social Networks 150 Video 100 News 50 0 Mortgages (Double Dip)

But its not consumers who are talking… Most of the real discussion is happening on news sources and blogs – consumers haven’t really started talking about the double dip. 450 Yet. 400 350 300 Recession: 247 Reac=ons Blogs Micro-‐Blogs 250 200 Double-‐Dip: 13 Reac=ons Forums Social Networks 150 Video 100 News 50 0 Mortgages (Double Dip)

Some thoughts to take away…

Some thoughts… Engaging with consumers is likely to be achieved through forums – but social networks and news sites are opening social spaces as well. Widening the scope beyond the ﬁnancial forums is beneﬁcial. You might be able to encourage consumers to tell people about their savings and share their feelings about their account. But you’re unlikely to get them to talk about to you about their mortgage troubles, it looks like an online social taboo. The double dip is beginning to factor in online conversa=ons – but it doesn’t seem to be something that consumers have engaged with.

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Money Talks

by Face, the Co-Creation Agency on Oct 14, 2010

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Money Talks — Presentation Transcript