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  • + VickieJazz Say WOW Marketing 2 months ago
    I like how you differentiate yourself in social media - your industry focus will add value for financial institutions, although you make alot of good points for ANY industry. And to show how social media spreads like wildfire - would you believe I got the link to this presentation from a post you made on http://socialmediab2b.com/2009/08/social-media-roi/? :) Thanks for the tips.
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  1.  
    • 15+ years as a branding, advertising and marketing strategist
    • Over 50 financial branding projects
    • 30+ financial naming projects
    • Noted speaker and author in the financial industry
    • Publisher of The Financial Brand
    Jeffry Pilcher
  2. MYTH You have to use online social media.
  3. REALITY CHECK There are probably more important things you could be doing.
  4. airforcefcu.com
  5. Don’t use online social media tools simply because… … it’s cool … you’re bored … they say it’s the wave of the future … other financial institutions are doing it … free Web 2.0 tools are available … young consumers are online … people love social networks
  6. Assume you don’t need Web 2.0 tools
  7. www.sitorsquat.com
  8. forum.colts.com
  9. Establish a business case
  10. Most social media projects start with the solution, then look for the strategy. REALITY CHECK
    • What is your strategy?
    • What are your goals?
    • What do you hope to accomplish?
    • How does it fit your business model?
    • How will you define success?
    • What are you saying?
    • Who are you saying it to?
    • What do you want them to do?
    • Outcomes vs. goals
    • Uncovering service issues
    • Input from engaged customers
    • Better search engine results
    • Word of mouth referrals
    • Hip, tech-savvy brand halo
    • PR opportunities
    • Networking within financial industry
    • Drive sales
    • Improve customer retention
    • Build brand
    • Create name awareness
    • Extend CSR initiatives
  11. changeeverything.ca
  12. twitter.com/bofa_help
  13. Hello there! I work for Bank of America. Let me know if there’s anything I can do to help. So Bank of America charged me $5 overdraft but my balance was positive. That’s not cool. Credit union here I come.
  14.  
  15. Establish realistic expectations
  16. MYTH If you build it, they will come.
  17. www.mylifemymoney.org
  18. REALITY CHECK Most social media experiments are duds.
  19.  
  20. MYTH Web 2.0 is all about Gen-Y.
  21. Millions of Gen-X and Boomers love and live Web 2.0 lifestyles. REALITY CHECK
  22. smallbusinessonlinecommunity.bankofamerica.com
  23. MYTH Your marketing department can handle it.
  24. REALITY CHECK You need more manpower.
  25. MYTH You’ll make a big splash in no time.
  26. It’s hard, and takes a ton of time, energy and good writing. REALITY CHECK
  27. MYTH You can’t sell stuff in a Web 2.0 world.
  28. Create a product tie-in
  29.  
  30.  
  31. Use traditional media channels
  32. MYTH As long as it’s awesome, people will find it.
  33. MYTH You can do it all online.
  34. MYTH It’s free.
  35. REALITY CHECK blog Twitter YouTube Facebook microsite TV radio newspaper magazines outdoor billboards sponsorships cinema ads direct mail statement stuffers website events online ads promotional items in-branch brochures email ATM screens plasma screens Google Adwords word of mouth on-hold message newsletter transit PR
  36.  
  37. Make it entertaining
  38. Internet users are oversubscribed. REALITY CHECK
  39. Financial institutions are uncool. REALITY CHECK
  40. bankofamerica.com/mobanking
  41. speedysroadtrip.com
  42. www.buckthenorm.com
  43.  
  44.  
  45. Put something at stake
  46. Hold a contest or
  47. Big rewards or little results. REALITY CHECK
  48. www.wellsfargo.com/somedaystory
  49. 53unlockyourdreams.com
  50. Capture MCIF information
  51. www.bankofamerica.com/oncampus
  52. Monitor and measure results
  53. There is almost no data showing an ROI on Web 2.0 tools. REALITY CHECK
    • Business objectives
      • New relationships acquired
      • Promo accounts opened
      • Promo accounts switched
      • Funds on deposit ($)
      • Average per new member ($)
      • Total loans held ($)
    • Target audience
      • Member growth in target ages
      • ∆ in average age of members
      • % with promo account
      • % with promo +other account
    • Marketing, Media & PR
      • Direct mail response rate
      • Reach, frequency
      • Hits, impressions
      • Online ad clicks
      • Click-through rates
      • Earned PR media ($)
      • Community size
      • Website traffic and page views
      • Average time on site
      • Contest entries
      • Email subscribers
      • RSS subscribers
      • Blog comments
      • YouTube video views
      • Facebook fans
      • Twitter followers
    Things you should measure.
  54. Get your team on board
    • What not to do:
    • Don’t introduce the tool first, then the strategy
    • Don’t talk about how cool it is
    • Don’t say “that’s where Gen-Y is”
    • Don’t say it costs basically nothing
    • What to do:
    • Outline the strategy
    • Make Web 2.0 part of a broader promotion or initiative
    • Talk about business results
    • Get straight to the value
    • Talk about clear objectives, metrics and outcomes
    • Be prepared to share hard numbers
  55. Make sure employees… … know what you’re doing … know why you’re doing it … are kept in the loop … participate in social media … know the rules … identify themselves online … don’t masquerade as customers … don’t “salt the mine”
  56. You can’t control the conversation. REALITY CHECK
  57.  
    • Formula for disaster:
    • No business strategy
    • No focus
    • No product tie-in
    • No budget, no staff, no marketing support
    • Measuring the wrong stuff
    • Not getting your team on board
    • Keeping staff in the dark
    • Sending in shills and salt the mine
    • Expecting to go viral
    • Assume you don’t need Web 2.0 tools
    • Establish a business case
    • Establish realistic expectations
    • Create a product tie-in
    • Use traditional media channels
    • Make it entertaining
    • Put something at stake
    • Capture MCIF information
    • Monitor and measure results
    • Get your team on board
  58. QUESTIONS? www.slideshare.net./iconiq
  59.  
  60.  

+ Jeffry PilcherJeffry Pilcher, 7 months ago

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