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Presentation: Banking on Social Listening: 10 Steps to a Successful Social Strategy

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Is your financial services brand ready to start investing in social media? Are the challenges of compliance and regulations holding you back? Don’t get left behind. Watch our recorded webinar to learn …

Is your financial services brand ready to start investing in social media? Are the challenges of compliance and regulations holding you back? Don’t get left behind. Watch our recorded webinar to learn how to develop an effective social listening strategy


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  • 1. Banking  on  $ocial  Listening      10  Steps  to  a  Successful   Social  Strategy       $  
  • 2. CONVERSATIONS ABOUT YOUR BANK ARE ALREADY HAPPENING ON SOCIAL MEDIA Social  media  has  provided  your  customers  with  a  megaphone  to  share   their  voice     Use  social  listening  to  keep  your  finger  on  the  pulse  of  all  conversa?ons   about  your  brand,  products  or  services,  or  compe??ve  research     Integrate  social  listening  into  customer  service,  marke?ng,  crisis  and   reputa?on  management,  and  sales  and  HR  ini?a?ves  to  achieve  business   results  
  • 3. According to Forrester … 45% of online U.S. adults who have a Twitter account want to interact with financial services firms via Twitter. Consumers are interested in receiving promotional alerts, financial advice, and customer service from their financial provider via Twitter. 3
  • 4. IN THIS PRESENTATION WE WILL SHOW YOU HOW TO:   1 Align  Social  Media  Monitoring  with  Business  Objec?ves   2 Develop  a  Strong  Social  Media  Policy   3 Create  a  Playbook   4 Understand  the  Social  Landscape   5 Cover  all  Channels  and  Languages     6 Build  a  Community  Around  Your  Bank   7 Be  Prepared  for  Escala?ng  Crises   8 Engage  with  Customers  and  Prospects   9 Compliance:  Archive  Content  and  Engagement   10 Measure  and  Report  Your  Success  
  • 5. ALIGN SOCIAL MEDIA MONITORING WITH BUSINESS OBJECTIVES ●  Iden?fy  your  business  objec?ves  across  various  business  units  and  products  -­‐   whether  retail  or  investment,  consumer-­‐facing  or  research     ●  Evaluate  how  social  media  can  help  achieve  your  specific  goals  –  one  size  does   not  fit  all,  but  social  listening  can  serve  varied  needs   ●  Business-­‐aligned  social  media  strategy  jus?fies  the  business  case  for  inves?ng  in   social  media  monitoring  and  engagement  
  • 6. BUSINESS OBJECTIVES PART 2: AUDIENCES Retail  and  investment  financial  services  are  different,  therefore  social  strategies   must  be  tailored  to  fit:     ●  Develop  dis?nct  processes  for  business   units  AND  audiences  –  financial  advisors   likely  don’t  need  to  see  retail  consumer   ac?vity!   ●  Understand  how  to  approach  different   audiences     ●  Compliance    Compliance      Compliance  
  • 7. DEVELOP A STRONG SOCIAL MEDIA POLICY     ●  Implement  a  clear  social  media   communica?ons  policy  to  share  with  your   employees  and  financial  advisors   ●  Leave  no  ques?on  around  what  company   informa?on  is  acceptable  to  share  and  how   engagement  is  recorded  and  archived   ●  Make  sure  your  team  is  expertly  trained  on   compliance  regula?ons…  as  well  as  your   social  monitoring  and  engagement  tools  
  • 8. CREATE A PLAYBOOK Your  social  media  playbook  should  be  a  “how-­‐to”  book  for  employees,  built  on   the  fundamentals  of  your  social  media  policy.  It  should  include:     ●  Priori?es  for  social  listening   ●  What  can  –  and  CANNOT  -­‐  be  shared  on  social  media,  and  what  needs  to   be  shared  out  of  the  social  media  sphere   ●  When  to  take  engagement  offline  and  route  them  to  a  customer  support   representa?ve   ●  A  process  for  responding  as  quickly  as  possible  to  your  consumers,  and   priori?zing  engagement  around  nega?ve  feedback  and  crises  
  • 9. UNDERSTAND THE SOCIAL LANDSCAPE ●  Do  your  customers  and  prospects  engage  on  Twicer,  blogs,  forums   or  mainstream  news?   ●  What  words  and  ideas  do  they  use  the  most?         ●   Are  they  discussing  “banks”,  “credit   cards”,  “investments”,   “equi?es”,  or  “brokers”?   ●  Or  are  they  discussing  less  direct  terms   –  “500”,  “teller”,  “fund”,   “points”,  or  “trust”  (in  its  various   meanings)?  
  • 10. COVER ALL LANGUAGES AND CHANNELS ●  Where  are  the  conversa?ons  you  care   about  taking  place?  Blogs,  forums,   message  boards,  LinkedIn,  online   communi?es,  or  interna?onal  social   networking  sites?   ●  Do  ideas  or  terms  vary  by  pladorm  or   country?   ●  Can  you  leverage  customers  or   employees  on  these  pladorms  (within   compliance  regula?ons,  of  course)?  
  • 11. BUILD A COMMUNITY AROUND YOUR BANK ●  Use  social  listening  to  understand  and  connect  with  your  community   ●  Discover  top  influencers  driving  the  financial  services  conversa?on   ●  Connect  with  top  influencers  for  brand  advocacy  programs   ●  For  example:  retail  banks  can  create  posi?ve  glow  with  their  direct   customers        
  • 12. BE PREPARED FOR ESCALATING CRISES Be  alerted  of  crises  before  they  escalate,  have  the  right  alerts  set  up  in  advance.   You  can  base  aler?ng  on:       ●  Data  spikes  to  watch  for  an  unusual  influx  in   nega?ve  online  conversa?ons  pertaining  to   your  brand     ●  Real-­‐?me  alerts  from  your  listening  pladorm   for  your  most  sensi?ve  topics  –  a  unique  value   of  social  media  to  investment  banking  
  • 13. ENGAGE WITH CUSTOMERS AND PROSPECTS     ●  Seek  out  customer  issues  and  collect  insights  to   establish  real-­‐?me  engagement  with  your   customers   ●  Depending  on  the  situa?on,  take  the  conversa?on   offline  or  refer  the  customer  to  the  appropriate  link   or  customer  service  number   ●  Several  large  financial  services  companies  -­‐  Charles   Schwab,  TD  Bank,  Fidelity  Investments,  Vanguard,   American  Century,  American  Express,  and  New   York  Life  -­‐  use  social  media  for  customer  service,   thought  leadership  and  keeping  their  brands  top  of   mind.  
  • 14. COMPLIANCE: ARCHIVE CONTENT AND ENGAGEMENT   ●  The  financial  services  regulator,  FINRA,   requires  that  all  social  media  content  is   stored  for  at  least  three  years   ●  Financial  services  companies  must   therefore  leverage  a  social  listening   solu?on  that  archives  all  company   social  ac?on       ●  Times,  they  are  a  changing’:  Last  year,   Morgan  Stanley  Smith  Barney  granted   its  17,000  financial  advisers  par?al   access  to  Twicer  and  LinkedIn  
  • 15. MEASURE AND REPORT YOUR SUCCESS ●  Create  metrics  and  key  performance  indicators  to  track  your  social  media   success         ●  Don’t  waste  ?me  tracking  informa?on  that’s  not  important  to  your  brand   ●  Keep  it  simple  -­‐  one  short-­‐term  goal  associated  with  one  KPI  at  a  ?me     ●  Where  Possible,  Break  Silos:  communicate  across  departments   (retail  ←→    wholesale)  and  leverage  insights  across  the  enterprise.  
  • 16. @SYNTHESIO HTTP://SYNTHESIO.COM team@synthesio.com