SlideShare a Scribd company logo
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[object Object],[object Object],[object Object],[object Object],[object Object],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
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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
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Get your team on board
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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
 
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[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
QUESTIONS? www.slideshare.net./iconiq
 
 

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