Six Principles for Social Success inFinancial Services: Case Studies, Trendsand Regulatory RequirementsJoanna BelbeySocial...
#BDI1 @Belbey
Agenda  About Actiance  State of the Nation  Social Media Maturity Curve  The Six Essential Principles for  Social Media S...
Why are we presenting to you today?  Joanna Belbey  Social Media and Compliance Specialist  FINRA Education Department  Ru...
About ActianceA decade of expertise, a history of firstsGlobal Operations •   3 US offices, three continents •   210 emplo...
Why Customers Select Actiance“We chose Actiance because they had the resources and partnering culture to help us with our ...
97.09% of people questioned in a survey said theirbuying decisions are influenced by social groups
Social media usage      A majority of respondents indicate using social media for one or more      business purposes.     ...
Social Media Maturity Curve                                                                                   Early Majori...
Case Study: Wealth Management Firm (NJ)Outline                           Real Results  LinkedIn Only                     L...
Case Study: RW BairdOutline                           Real Results  LinkedIn Already Available to     @MaryS_rwbaird  1200...
e
Slow Adoption by Financial Services Firms  Demanding oversight of online communications  are required (SOX, FRCP, GLBA)  R...
So why is social important to us in Financial Services?   In the USA Gen Y accounts for $2.4 trillion worth of personal in...
Contact
20% of enterprises that employ socialMedia beyond marketing will lead their industriesin revenue growth by 2015. GARTNER, ...
The Six Essential Principles for Social Media Success
Principle 1: Strategy  Social media is just another way to broaden your reach  Companies are successful in their social me...
Principle 2: Personal Brand  You, Dear Reader, are my most valuable asset  17% of consumers trust a brand. 70% trust recom...
Principle 3: Relevant Content  Content is King: use the personal approach  Deliver compelling, informative and entertainin...
Principle 4: Crowdsource  Empower the Social Consumer to work for you  Convert consumers into evangelists promoting your  ...
Principle 5: EducationKey Elements of a Social Media Training Program  Understand the role of social media in sales and  m...
Principle 5: Education (cont.)  Follow best practices to build out and maintain your  network  Integrate social media acti...
Principle 6: Analytics  Measuring clicks vs. measuring engagement  Comments are more valuable than “likes” and shares  are...
Six Social Principles for Success Create Integral Strategy      Develop Personal Brand   Crowdsource Content  Leverage Cus...
Actiance Webinar Wednesdays The Six Essential Principles for Social Media Success The Legal Issues of Social Media Social ...
Contact Information  info@actiance.com  @Actiance, @belbeyFurther reading:  Marketers Guide to Social Media in  Financial ...
Thank YouJoanna BelbeySocial Media and Compliance Specialisthttp://www.linkedin.com/in/belbey@belbeyConfidential and Propr...
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Six Principles for Social Success in Financial Services - BDI 11/15/12 Financial Services Social Communications 2012: Case Studies and Roundtables

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Case Study: Six Principles for Social Success in Financial Services
Presented by: Joanna Belbey, Social Media and Compliance Specialist, Actiance, Inc
Whether you’re just getting started or you’re a savvy social marketer, the challenges of rolling out social to teams, whether inwardly or outwardly facing, are somewhat different to those faced by using social media in a corporate marketing environment. This session outlines six key steps that organizations are taking to successfully enable individuals to get social (be they financial advisors, insurance agents, sales people or a wider distributed team), while meeting the demands of the organization.

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Six Principles for Social Success in Financial Services - BDI 11/15/12 Financial Services Social Communications 2012: Case Studies and Roundtables

  1. 1. Six Principles for Social Success inFinancial Services: Case Studies, Trendsand Regulatory RequirementsJoanna BelbeySocial Media and Compliance Specialisthttp://www.linkedin.com/in/belbey #BDI1 @Belbey@belbeyhttps://about.me/belbeyConfidential and Proprietary © 2012, Actiance, Inc.All rights reserved. Actiance and the Actiance logo are trademarks of Actiance, Inc
  2. 2. #BDI1 @Belbey
  3. 3. Agenda About Actiance State of the Nation Social Media Maturity Curve The Six Essential Principles for Social Media Success Upcoming Webinars, Materials#BDI1 @Belbey
  4. 4. Why are we presenting to you today? Joanna Belbey Social Media and Compliance Specialist FINRA Education Department Running training firm I help firms use social media while complying with the regulations Twitter: @belbey, @actiance LinkedIn: http://www.linkedin.com/in/belbey About.me/belbey My biggest challenge?#BDI1 @Belbey
  5. 5. About ActianceA decade of expertise, a history of firstsGlobal Operations • 3 US offices, three continents • 210 employeesDedicated Social Engagement Team • Partnering: networks, platforms, service providers • Regulators: FINRA, IIROC, FSA, SEBI… • Best Practice enablement, educationClient Engagement • 10 out of the top 10 US Banks, Top 5 CDN Banks • 284 FINRA firms • 100,000 Social Networking users under license#BDI1 @Belbey
  6. 6. Why Customers Select Actiance“We chose Actiance because they had the resources and partnering culture to help us with our long term strategy” – VP Technology, Interactive Marketing, Top 3 Wirehouse“Actiance’s platform allows us to execute our long term vision of integrating our internal social platforms with consumer networks” – SVP & CIO, Major Mutual Fund Company“Socialite Enable and Engage offer the best mix of compliance and marketing capabilities allowing our advisors to develop their personal brands” – Marketing Director, Top Regional Brokerage#BDI1 @Belbey
  7. 7. 97.09% of people questioned in a survey said theirbuying decisions are influenced by social groups
  8. 8. Social media usage A majority of respondents indicate using social media for one or more business purposes. SOCIAL M EDIA USAGE For which of the following business purposes do you use social media today? Respondents under 35 are more likely to use social media for business purposes than those 55 or older (68% vs. 45%)Base: all respondents in 2012 (1,428) and 2011 (1,597); multiple responses. #BDI1 @Belbey
  9. 9. Social Media Maturity Curve Early Majority Early Adopters • Corporate SM • Corporate Presence presence Early Consideration • Acceptable use policy • Social media usage • Some Corporate by distributed teams • Social media being Presence advisors used by distributed Pre-Consideration • Banned/ restrictive teams/advisors • Acceptable use policy policy in place • No Social Presence • Need to: use social to • Next step, use social • Pilot program for develop, strengthen to develop, strengthen • Restrictive social content distribution relationships, for relationships, for some policy might be in place some also as a sales also as a sales channel • No Social Tools channel • Need to: justify • Previous concerns • Need to: identify distributed teams about IIROC and/ or options, best practices usage impact of social media overcome by market acceptance and demonstrable results.#BDI1 @Belbey
  10. 10. Case Study: Wealth Management Firm (NJ)Outline Real Results LinkedIn Only LinkedIn Connection retirement Listening is Key, watching status change = $2.75m account acquisition connections who matter – Job Change noticed on Using Social as an integral Status Update = 401k rollover element of communications mix – FA obtains 400 new to spot change prospects in Energy market – New Commercial Account Opportunity through colleagues LinkedIn Connections#BDI1 @Belbey
  11. 11. Case Study: RW BairdOutline Real Results LinkedIn Already Available to @MaryS_rwbaird 1200 – 51 followers Veteran Advisers, tech savvy – 93 Tweets (at the time) Authentic Content – $1m prospect#BDI1 @Belbey
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  13. 13. Slow Adoption by Financial Services Firms Demanding oversight of online communications are required (SOX, FRCP, GLBA) Regulations governing electronic communications for Securities Firms and Retail Banks – FINRA, SEC, IIROC, FSA, SEBI, OCC, NCUA, CFOB (record keeping, advertising, suitability, supervision) Fear of data leakage, malware and viruses Banks, credit unions and brokerage firms typically slow to change#BDI1 @Belbey
  14. 14. So why is social important to us in Financial Services? In the USA Gen Y accounts for $2.4 trillion worth of personal income In 2025 Gen Y will account for 46% of personal income Source: Javelin Research http://www.stltoday.com/business/local/article_719f49d8-15e6-5c5d- 94b7-992ab12d9f97.html?print=1Based on 26,749 online adults, USA, Source: Forrester Research, June 2011#BDI1 @Belbey
  15. 15. Contact
  16. 16. 20% of enterprises that employ socialMedia beyond marketing will lead their industriesin revenue growth by 2015. GARTNER, MAY 2011
  17. 17. The Six Essential Principles for Social Media Success
  18. 18. Principle 1: Strategy Social media is just another way to broaden your reach Companies are successful in their social media use when social networking is part of the corporate DNA – Executive sponsorship. Senior management embraces social media as a way to reach customers, prospects, and partners – Executive engagement. Senior management understands the value and they are enthusiastic about the opportunities – Part of the corporate culture – Eliminate politics and streamline “Social Media is a part of the content approvals mix, not the solution” GARTNER#BDI1 @Belbey
  19. 19. Principle 2: Personal Brand You, Dear Reader, are my most valuable asset 17% of consumers trust a brand. 70% trust recommendations given by friends and connections Consumers are starting to purchase products through social media Movenbank requires individuals to register on Facebook ICICI Bank enables use of social to login in to one’s bank account Long-term objective: consumers and customers engage with the brand as embodied by individual employees#BDI1 @Belbey
  20. 20. Principle 3: Relevant Content Content is King: use the personal approach Deliver compelling, informative and entertaining content Start with pre-approved content Develop a library of interesting insights, investment challenges, wealth management tips, etc. Strive for personalized, unique content that informs your connections about you. Don’t just broadcast a brand message#BDI1 @Belbey
  21. 21. Principle 4: Crowdsource Empower the Social Consumer to work for you Convert consumers into evangelists promoting your products or services Before making buying decisions, consumers research online and seek recommendations from their network Provide useful information that establishes your expertise and is worth sharing#BDI1 @Belbey
  22. 22. Principle 5: EducationKey Elements of a Social Media Training Program Understand the role of social media in sales and marketing Establish your social media objectives Select which social networks are best for you Avoid regulatory pitfalls Build a network#BDI1 @Belbey
  23. 23. Principle 5: Education (cont.) Follow best practices to build out and maintain your network Integrate social media activities with corporate systems Analyze metrics to assess engagement levels of network Adjust your social media program#BDI1 @Belbey
  24. 24. Principle 6: Analytics Measuring clicks vs. measuring engagement Comments are more valuable than “likes” and shares are more valuable than comments The number of followers on Twitter, LinkedIn and Facebook is an important metric Active listening leads to effective engagement Create your own real-time data stream One measure of social media success is gamification#BDI1 @Belbey
  25. 25. Six Social Principles for Success Create Integral Strategy Develop Personal Brand Crowdsource Content Leverage Customers Educate and Train Measure & Analyze Norv Leong Director, Product Marketing
  26. 26. Actiance Webinar Wednesdays The Six Essential Principles for Social Media Success The Legal Issues of Social Media Social Media Best Practices- Implementation Checklist Social Networking USA- Compliance for FINRA Regulated Organizations Social Networking USA- Compliance for SEC Regulated Organizations Social Networking Canada- Compliance for IIROC Regulated Organizations
  27. 27. Contact Information info@actiance.com @Actiance, @belbeyFurther reading: Marketers Guide to Social Media in Financial Services IIROC and FINRA requirements mapped to Facebook, LinkedIn, and Twitter features Social Media Handbook Osterman Research: The Impact of New Communication Tools for Financial Services Firms Actiance Collateral Library http://actiance.com/products/collateral-library.aspx
  28. 28. Thank YouJoanna BelbeySocial Media and Compliance Specialisthttp://www.linkedin.com/in/belbey@belbeyConfidential and Proprietary © 2012, Actiance, Inc.All rights reserved. Actiance and the Actiance logo are trademarks of Actiance, Inc

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