SoMazi - Finance industry educational package - Part 3

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Are financial institutions missing opportunities in social media? This is the third and final part of SoMazi's educational package which aims to assist Financial institutions in developing a clear …

Are financial institutions missing opportunities in social media? This is the third and final part of SoMazi's educational package which aims to assist Financial institutions in developing a clear social media strategy.

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  • 1. e Social Media for Financial Institutions: Educational Package – Part 3 SoMazi is one of the world’s leading strategic social media consultancies, specialising in amplification and monetisation of social engagement. www.somazi.com
  • 2. 2 The Importance of Advocacy Why You Should Care This week’s report focuses on advocacy – what it is, how to create it and who has successfully utilised it. To learn more about how to build your own community of passionate advocates and to see some successful examples of advocacy in your industry, keep reading. Why Are Advocates Important? 1.  They are frequent creators of positive information. 2.  They influence the opinions of others. 3.  They love to talk, and probably are already talking about your brand. 4.  They want to use social media to help others. 5.  They want to be recognised by brands for their valuable insights. 6.  They have a broad reach. 7.  They are loyal to brands with which they have a relationship. (source: Social Media Examiner, 2011) Did You Know? Brands with high advocate populations get 264% more earned media impressions than average brands. (source: Wildfire Report, 2013)
  • 3. 3 Social Advocacy What Is It? A social advocacy program gives the motivation and the means to an individual to become an informed and passionate part of your brand voice. PASSIONATE COMMITTEDMOTIVATED ADVOCATE Advocacy is linked with user behaviour. We apply behavioral psychology principles to determine how to best motivate participation.
  • 4. 4 The SoMazi Way - Social ARM ARM: Advocacy Relationship Management Social ARM How it Works Social Stars High Influencers Social Grassroots Peer Influencers Content & Experience Activation Conversation map & search intent model Give insights, content strategy & measurement benchmarks. Create remarkable content Advocate maps Enable advocate sharing & spreading word-of- mouth. Engage the right influencers Activate social channels & manage conversations Provide engagement & experience, driving word-of-mouth. Drive communities to advocate, take action Why it Works Visit microsite Engage with apps REWARD CTA leads to Facebook Engage in simple quiz REWARD CTA leads to Microsite Engage with apps REWARD Head to Twitter Engage REWARD With each cycle, the reward is harder to achieve. This stimulates competitive behavior, involvement, and consistency. Gamification-led model incorporates a continuous loop of triggers, actions, rewards, thereby extending brand awareness Gamification
  • 5. 5 Engaging With Your Followers Examples Of Successful Follower Participation Place customers at the heart of everything you do – ask them questions on interesting topics and showcase them on your site Increase interest and engagement whilst creating brand loyalty through reward systems and competitions
  • 6. 6 Engaging With Your Followers Examples Of Successful Follower Participation Show customers that you care by posting content relevant to their current situation Encourage followers to upload content and participate using gamification
  • 7. 7 Best-of-Breed Examples Who’s Doing It Right, Right Now? Learn more: http://www.somazi.com/2013/08/social-media-and-the-finance-industry-4-banks-who-lead-the-way/ ICICI Bank ICICI Bank was the first bank to offer a Facebook application to its customers, allowing clients to check account details and generate mini statements. The bank also uses the page to provide exclusive offers, helpful tips, product details and customer care services. Through both answering and asking questions and prompting people to ‘like’ and ‘share’ posts they help engage their users, grow their brand and strengthen their community. The results are impressive. The number of ‘likes’ on Facebook has soared from 800,000 to over 2 million in less than 18 months. First Direct Their ‘Little Black Book’ site allowed customers to recommend places to go and things to do, interacting with the brand without necessarily interacting with the bank. Through their social platforms they invite UK residents to share their thoughts and suggestions on various services and products. Their Facebook page remains engaging due to a constant stream of interesting facts, questions and videos, whilst their community is kept active through participating in conversations and answering questions themselves.
  • 8. 8 SoMazi At a Glance •  In 2012, Forbes included Maz in its Global Top 50 list of Social Media Power Influencers. •  In 2011, The Sunday Times listed Maz amongst its Global Top 50 Social Media People. •  In 2010 Maz was asked to join a select research team at Oxford University’s Business School to address the subject of ‘Social Media and Innovation’. •  He is a judge at the Shorty Awards alongside the likes of Steve Wozniak (“Woz”), Jimmy Wales of Wikipedia, and Craig Newmark, founder of Craigslist. •  Maz is an advisory board member for the globally renowned “Social Media Week” and “Social Media World” events. SoMazi was founded by social media specialist Maz Nadjm. His background in blue-chip multidisciplinary cross-channel social media amplification has seen him rise to become one of the world’s leading social media authorities. SoMazi operates on a simple principle – any involvement in social media should drive financial gain Contact Info: 18 Steynings Way London N12 7LN England Maz Nadjm Mobile: 07960811351 Landline: 02035981294 Email: maz@somazi.com Website: www.somazi.com Twitter: @Somaziww
  • 9. 9 SoMazi