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

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

MYTH You have to use online social media.

REALITY CHECK There are probably more important things you could be doing.

airforcefcu.com

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

Assume you don’t need Web 2.0 tools

www.sitorsquat.com

forum.colts.com

Establish a business case

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?

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

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

Drive sales

Improve customer retention

Build brand

Create name awareness

Extend CSR initiatives

changeeverything.ca

twitter.com/bofa_help

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.

Establish realistic expectations

MYTH If you build it, they will come.

www.mylifemymoney.org

REALITY CHECK Most social media experiments are duds.

MYTH Web 2.0 is all about Gen-Y.

Millions of Gen-X and Boomers love and live Web 2.0 lifestyles. REALITY CHECK

smallbusinessonlinecommunity.bankofamerica.com

MYTH Your marketing department can handle it.

REALITY CHECK You need more manpower.

MYTH You’ll make a big splash in no time.

It’s hard, and takes a ton of time, energy and good writing. REALITY CHECK

MYTH You can’t sell stuff in a Web 2.0 world.

Create a product tie-in

Use traditional media channels

MYTH As long as it’s awesome, people will find it.

MYTH You can do it all online.

MYTH It’s free.

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

Make it entertaining

Internet users are oversubscribed. REALITY CHECK

Financial institutions are uncool. REALITY CHECK

bankofamerica.com/mobanking

speedysroadtrip.com

www.buckthenorm.com

Put something at stake

Hold a contest or

Big rewards or little results. REALITY CHECK

www.wellsfargo.com/somedaystory

53unlockyourdreams.com

Capture MCIF information

www.bankofamerica.com/oncampus

Monitor and measure results

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.

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

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 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

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

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”

You can’t control the conversation. REALITY CHECK

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

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

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

QUESTIONS? www.slideshare.net./iconiq