Dr. Benedikt Köhler - The Numbers reveal: Is Social Media/web2.0 another fad or is it here to stay?

The numbers reveal: Is Social Media another fad or is it here to stay? Dr. Benedikt Köhler, Munich

Yet another fad?

Or here to stay?

What is Social Media? „ A variety of digital media and technologies that enable users to exchange among themselves and create media content, individually or in community.“ 1. Presentation of self in every day online life 2. Exchange of information, opinions, experiences or emotions in real-time 3. Collaboration and creation of content

Communication and banking via Social Media?

Banks used to be like this: Big is beautiful

Banks used to be like this: Walls & Fortresses

Banks used to be like this: Fake conversations

Banks used to be like this: Complex products

Banks used to be like this: Talk = Sales

Banks used to be like this: Behind counters

Social Media is going to change this!
Social Media means: The whole Internet is becoming social
Living an online life
Feedback
Dialogue
Social Media as a disruptive technology

The future of Social Media
„ 1990–2004 was the match being struck; 2005–2009 was the fuse; and 2010 will be the explosion.“ (Tim O‘Reilly and John Battelle)

It´s getting bigger
25% of search results for the world’s top 20 largest brands are links to user-generated content.
13 hours of video are uploaded on YouTube every minute.
Dell claims to have earned $ 3.000.000 via Twitter-Posts since 2007.
If Facebook were a country, it would be the 4th largest in the world – with 250 Mio users .
34% of bloggers post opinions about products and brands – in over 200.000.000 blogs.

Internet growing as fast as TV did

Social Media – importance for companies
Far-reaching implications:
Providing the information the customers expect on social media right now!
Possibility of a strong customer bonding causing loyalty.
Combination of marketing, CRM and PR in one unit, acting simultaneously.
Genuine dialogue between companies, customers and other stakeholders - in real- time.

Users are looking for product information

5 Dimensions of Corporate Social Media Corporation 2.0 Social Media Newsroom Corporate Blog Brand Monitoring Real-Time Support Trainee Blog Branded Channel

Social Media - challenges for finance
In the U.S. the trust in banks decreased from 69% to 36%
72% share their dislikes with a friend or colleague.
(Edelman Trust Barometer 2009)

People don’t trust bankers

People trust their peers – online!

Consumers 2.0 – Sapere aude „ Banks sell what‘s most profitable for them … Really good deals can only be found on the web … I‘m doing research myself and this way I get a truly independent offering.“

Finance – between tourism and fashion

Sparkasse with largest buzz in Social Media

Word of mouth can be positive … Friendliness Good Service Security Good Interest Rates

… or negative Failure Technical System Error No Money Transfer Disguise Mysterious Not Executed

… or “interesting”

New Conversational Landscape: Homepages

New Conversational Landscape: General Interest

New Conversational Landscape: Special Interest

From Mass society to Individualization

2 out of 3 German onliners use Social Media

More than 90% of teenagers use Social Media

Strongest growth in generation 60+

Social Networking more popular than Email

Online is a primetime medium … today!

16% of banks are active in Social Media …

… whatever „active“ means

Après moi, le déluge

What are the caveats?
58% are nervous about potential compliance problems.
45% don‘t understand social media marketing.
37% think it doesn‘t fit to their customers.
And four out of ten participating banks avoid discussing specific products and services in their social media efforts.

Wishes and needs of digital natives
48% of Facebook users between the ages of 18-34 would use secure gadgets if their bank offered it.
33% of 25-34 year old Facebook users would even consider switching to another bank that offered Web 2.0 gadgets for online banking. (WorkLight – Survey)
37% of U.S. customers liked to have testimonials and customer reviews on their bank‘s website (Forrester)

Social Media means a shift from Brands …

… to faces …

… and stories!

Finance in Social Media – Examples
Mint has over 20.000 Followers on Twitter …
… and is in dialogue with them by following back and answering to questions.

Missouri Bank provides a Facebook- Fanpage

Wells Fargo is hosting different blogs …
And even…

… their own virtual world : Stagecoach Island
… where you can „learn how to use your money wisely“

Social Media users elude banks and begin to lend money to each other – directly.

Social Media is not for everyone

Next Steps …
Charting your company’s Social Media Landscape with a full survey of all channels and platforms
Developing a strategic view of your company’s dialogical future (including Social Media Guidelines or Policies)
Beginning to grasp the disruptive power of Social Media Brand Building – giving the users a chance to live your brand online
Building strong and sustainable user experiences in Social Media
Experimenting with Social Media yourself by hosting Immersion Days at your company

Thank you very much! Questions? More information: http://www.ethority.de

ethority GmbH & Co. KG Büschstr. 7 (Ecke Gänsemarkt) 20354 Hamburg  +49 (0) 40 - 300 699 80 [email_address] www.ethority.de
Feel free to contact us!
For further information visit us:
http://www.ethority.de/weblog
http://www.twitter.com/ethority
http://www.facebook.com/ethority
http://www.youtube.com/ethority
Questions?

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Dr. Benedikt Köhler - The Numbers reveal: Is Social Media/web2.0 another fad or is it here to stay?

by Arjen Strijker on Nov 04, 2009

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Dr. Benedikt Köhler - The Numbers reveal: Is Social Media/web2.0 another fad or is it here to stay? — Presentation Transcript