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Breaking Through the Noise: Facebook's EdgeRank and Solving the Trust Gap  - BDI 4.2.13 Wealth Management & Social Media Leadership Forum
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Breaking Through the Noise: Facebook's EdgeRank and Solving the Trust Gap - BDI 4.2.13 Wealth Management & Social Media Leadership Forum

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Case Study: Breaking Through the Noise: Facebook's EdgeRank and Solving the Trust Gap …

Case Study: Breaking Through the Noise: Facebook's EdgeRank and Solving the Trust Gap
Rising above the noise isn't just an issue of Facebook and EdgeRank. Five strategies Financial Service providers can use to earn trust, not just fans and followers.
Presented by: Augie Ray, Director of Social Media Strategy, Prudential

www.bdionline.com

Published in: Business

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  • 1. Rising Above the Noise: Facebook’s EdgeRank and Solving the Trust GapAugie RayDirector of Social MediaPrudential
  • 2. Look! A Fan Surge!170,000160,000 Bank Transfer Day150,000140,000 11/19130,000 159,577120,000110,000100,000 10/22 90,000 66,353 80,000 70,000 10/20 10/23 10/26 10/29 11/1 11/4 11/7 11/10 11/13 11/16 11/19 @augieray #bdi1
  • 3. All Fans are Not Created Equal High Value Fans Low Value Fans+$ -$ @augieray #bdi1
  • 4. The Simple Facebook EquationFansA * ∑ Ue We De = Success @augieray #bdi1
  • 5. The (Slightly Less) Simple Facebook EquationFansA * ∑ Ue We De * b = Success @augieray #bdi1
  • 6. Look! Lots of Engagement! Total Insurance Conversation Percentage of Social Media Volume by Brand Conversations by TopicCompany #1 Use/Choose/Company #2 Recommend SwitchCompany #3 Not use/Drop/ Not WantCompany #4 0% 50% 100% @augieray #bdi1
  • 7. It’s Not Just a Facebook Issue You’re followed, but are you on Twitter lists? You’re followed on LinkedIn, but who cares?It’s easy to forget that the goal isn’t to be liked orfollowed, it’s to earn attention, consideration,awareness and advocacy. @augieray #bdi1
  • 8. Chicken or egg? 1. Follow/Like 2. Engagement 3. Trust @augieray #bdi1
  • 9. The trust gap55% say “It’s hard for me to know who to trust forfinancial advice.” (2012 Household Financial PlanningSurvey, Certified Financial Planner Board of Standards &Consumer Federation of America)Millenials are four times more likely than baby boomers(28 percent vs. seven percent, respectively) to say theyare unwilling to act on the advice of a financial advisorwithout first consulting other sources. (Accenture) @augieray #bdi1
  • 10. The trust gap Choosing a new advisor: HHs w/ $100k to $1mm Offers products from a variety of companies Depth of products & services Fees or commissions charged Investment track recordIndividual provides transparency & keeps me informed Individual is honest and trustworthy 0% 50% 100% Source: National Association of Personal Financial Advisors @augieray #bdi1
  • 11. Use trust that already exists @augieray #bdi1
  • 12. Borrow peer-to-peer trust Fidelity’s Stock Plan Services communities allow sponsors to discuss with peers: • New regulations and industry trends • Opinions of Fidelity’s products and services • Administrative best practices 45% of Fidelitys SPS client base registered to use the site @augieray #bdi1
  • 13. Become more transparent @augieray #bdi1
  • 14. Build one-to-one relationships Source: July 2012 “Collaborative Advice,” Forrester Research by Bill Doyle @augieray #bdi1
  • 15. Build trust with contentGoal: Increase followers of Christopher Taylor, head of Financial Institutions. • Posted content • Banner Ads • Targeted InMail to VPs, Owners, Partners & C-level in FinServ • 700,000 ad impressions • 850+ ad clicks • 1,000 new connections in six weeks • Email had open rate of 14% & CTR of 15% @augieray #bdi1
  • 16. Out of an abundance of“ caution, many mutual fundsand other investment companiesmay file materials on their socialmedia sites with FINRAunnecessarily. ” @augieray #bdi1
  • 17. Thank you! Augie Ray @augieray