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The myths, facts and hardcore realities of social media marketing for financial institutions.

The myths, facts and hardcore realities of social media marketing for financial institutions.

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    Results 2.0 Results 2.0 Presentation Transcript

    •  
      • 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
    • 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?
      • 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
    • 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.
    • 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
    • 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
      • 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
    •  
    •