Social Media - Where are we headed in 2011?

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My presentation on the future of social media in 2011 at the BDI Financial Services Social Communications Leadership Forum

My presentation on the future of social media in 2011 at the BDI Financial Services Social Communications Leadership Forum

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  • 1. Social Media: Where Are we Headed in 2011?Ben CathersLightspeed Financial
  • 2. Introduction to Lightspeed
    • Lightspeed Financial is one of the largest providers of direct market access trading technology to retail active traders, small to mid-sized hedge funds and institutions.
    • 3. Founded in 2006 when Lightspeed’s management team acquired E*Trade Professional Trading LLC.
    • 4. Headquartered in New York City with offices in Houston, TX and Sacramento, CA.
    • 5. Lightspeed maintains an active presence on Facebook, YouTube and Twitter and also manages its own online community, Lightspeed Spotlight, which provides exclusive trading webinars and educational events for customers.
    CONFIDENTIAL
    2
  • 6. Prediction: 2011 Will Be to Social Media What 1998 Was to Websites
    Not being engaged on social media will set a company back
    Customers will seek out companies that engage in social media
    The people who “didn’t get” the web back in the 90’s are the ones who do not “get” the social web in 2011
    Why? The web has become the social web
    The social web is an evolution that resulted from the original success of the web
    3
  • 7. But First, Let’s Go Back to 1996
    Bill Clinton is in office
    The FBI arrests the Unabomber
    The Chicago Bulls and Michael Jordan won the NBA championship
    4
  • 8. 1996
    In 1996, if you didn’t have a website or email, you were “behind the curve”
    Customers still wanted to interact with the business but lamented times when a sales question or customer service issue couldn’t be answered via the web or email
    Americans spent 30 minutes a month surfing the web
    Twenty million adults had access to the internet in North America
    In 2010: If you didn’t have a social media presence, you were “behind the curve”
    Customers interacted with your business via the web, email or phone, but they wanted to interact with your business on the social web.
    The average social media user in April 2010 spent 6 hours online a month on social networking sites. (Nielsen)
    Facebook eclipsed the 500 million member mark
    Twitter surpassed 100 million registered users
    5
  • 9. Now, Let’s Go Back to 1998
    • Monica Lewinsky
    • 10. Final Seinfeld episode
    • 11. Frank Sinatra died
    6
  • 12. Now, Let’s Go Back to 1998
    In 1998, if you didn’t have a website or email, you were a dinosaur
    There were 164 million internet users in the United States.
    The average user spent 6.5 hours online
    Google and Paypal are founded. AOL buys Netscape for $4.2 billion
    In 2011: If you don’t have a social media presence, you are “behind the curve”
    Facebook is now 10% of all time spent online
    Facebook is expected to surpass 600 million registered users in early 2011.
    30 billion pieces of content are shared every month on Facebook.
    7
  • 13. Let's Re-Read That Again
    More than 500 million registered Facebook users, of which 250 million of them use Facebook daily, share more than 30 billion pieces of content a month.
    These are your customers, leads and competitor’s customers sharing content about your brand, your competitor’s brand and about your industry.
    And the entire social web / social inbox isn’t exclusive to Facebook, either.
    8
  • 14. Shift in Behavior
    Your customers want to have the option to contact customer service on the web
    The value of the social inbox is increasing
    Consumer research is shifting to the social web
    The value of an email inbox is smaller than the value of the social inbox
    Customers use social tools to seek friends’/trusted advisors’ opinions on companies
    Posing a question via social media is how customers now do research
    Social media is now used to “investigate” a company and influence a buying decision
    Customers go to YouTube for product support
    Social influencers become more important in a marketing strategy
    9
  • 15. In Finance, Customers Use the Social Web to do Research
    Since its launch 12 months ago, the site has had more than 10,000 user-driven reviews of every type of financial product available. In fact, 75 new reviews are being posted every day.
    10
  • 16. Changing Shift of Customer Research
    CONFIDENTIAL
    11
    • “Lightspeed Trading Review” is a top ten source of keyword traffic for Lightspeed.com.
    • 17. Comparebroker.com and Investimonials are top ten referrers of site traffic for Lightspeed.com.
    • 18. Most search results for broker name + review do not feature the online broker’s website in the first ten results.
    • 19. “Online broker review” and “Online bank review” are trending keywords on Google Insights.
    • 20. Search Engine Optimization (SEO) is tied to social efforts
  • My Predictions for 2011
    My Thoughts:
    Facebook solidifies its hold as the premium social marketing platform
    Twitter will continue to serve an important niche
    Reddit will become part of a social media strategy
    Blogging will become more important
    YouTube becomes even more important in a social strategy
    Social media will be adopted by companies who have been studying the market / determining the value of social media
    Facebook credits become important in e-commerce
    Facebook apps continue to build traffic for viral, high content items
    12
  • 21. What the Experts Are Saying
    Group Buying continues it growth
    Mobile platforms drive social networking’s growth
    Facebook will surpass 600 million users
    Spam filters will become a thorn in the marketer’s side
    CONFIDENTIAL
    13
  • 22. Let’s Look at the Social Network Numbers One More Time
    CONFIDENTIAL
    14
  • 23. Facebook's Numbers are Still Staggering
    • Facebook has more than 500 million users and 50% of them sign in every day.
    • 24. That’s 250 million people on Facebook EVERY DAY.
    • 25. And more than 200 million people use Facebook mobile.
    • 26. Average user creates 90 pieces of content a month and is connected to 80 community pages, groups and events
    • 27. 70% of Facebook’s users are outside the US
    • 28. 700 billion minutes a month are spent on Facebook
    • 29. 10,000 websites every day integrate with Facebook (more than 2.5 million integrated already)
    • 30. 20 million application installs a day
    • 31. 250 million external Facebook engagements a month
    15
  • 32. As are Twitter and YouTube's Numbers
    Twitter
    175 million users as of October 2010
    370,000 new registrations per day
    300,000 registered twitter apps
    YouTube
    2nd most popular search engine on the web
    24 hours of video uploaded every minute
    Average person spends 15 minutes a day on YouTube
    16
  • 33. How Does This Affect Social Strategies in Finance?
    Facebook and Twitter become essential for communication
    Blogs become crucial for companies’ transparency and an important tool to establish credibility and accessibility to top leadership
    Video strategy is necessary
    Social Media Policy is now required
    Integration with compliance is required
    Social media becomes a more defined role within an organization
    Reddit needs to be understood
    17
  • 34. Facebook and Twitter Become Critical for Communication
    When there arenews/rumors about your business, customers are now trained to go to your social media channels to seek out an official response
    Customers want to go through the sales process on social platforms – let them
    Customers want answers to simple questions on social platforms – answer them
    Identify social influencers – interact with them
    Customers want to give you feedback – embrace it
    18
  • 35. Blogs Become Crucial for Transparency
    Blogs become talking tools
    They allow an instant reaction to news in the industry
    Builds a firm’s brand and credibility
    Connects with the users
    Syndication and valuable link backs. Assists with overall SEO strategy
    Lightspeed blog strategy
    Create interesting content that is relevant to our users and industry
    Take the viewpoint/perspective that is most likely to benefit our customers (and show it)
    Lightspeed Blog Topics
    Lightspeed blog topics include: High Frequency Trading: What’s the real story? An answer to 60 minutes. Mid-term elections and the stock market. Steinbrenner, Long-term investments and follow your dream, Regulatory Abuse: Managing Microburst
    19
  • 36. Blogs Become Crucial for Content Sharing
    Give ideas for the type of message to spread
    Syndication and back links become even more crucial
    What other content on your own corporate website would customers want to share?
    20
  • 37. Video is Even More Important
    • Ask yourself: how much effort and resources are you spending on SEO?
    • 38. Are you putting the same amount of effort into optimizing video
    • 39. Best practices: targeted keywords in title and tags. Make sure description mentions keywords
    • 40. Create video content that is both informative and interesting to users. Use “interesting” videos to lead to “informative” videos on product
    • 41. Promote videos on YouTube first, other social platforms second
    CONFIDENTIAL
    21
  • 42. Social Media Policy is Essential
    Needs to clearly spell out rules and policies for Social Media
    Sites that are banned/allowed
    How employees can interact on Facebook, Twitter, YouTube, LinkedIn and so forth
    When to determine if someone is acting on behalf of the company or themselves on social media
    Social Media Branding
    Describes content guidelines and how the brand should interact on the social web
    Works closely with marketing and PR teams
    Plans for the future
    Defines what a future social networking platform is
    “Blanket” policy covers all future social media policies on new platforms
    Regularly updated
    22
  • 43. Lightspeed's Social Media Policy
    Because of the ever-changing landscape of social media, Lightspeed has adopted a conservative, easy to understand social media policy:
    • You may not, under any circumstances, mention anything work-related on your personal social media profiles. Violation of this policy can result in termination of employment.
    • 44. Only the Social Media Manager can post content on Lightspeed’s social media products. Only the Social Media Manager can update blogs on the Lightspeed.com site.
    • 45. Every piece of content posted on Lightspeed’s social media products must be approved by the compliance department prior to posting.
    23
  • 46. Compliance Issues
    24
    • FINRA formed Social Networking Task Force in September 2009.
    • 47. FINRA issued regulatory notice 10-06. Key facts include:
    • 48. Every firm that allows associated persons to communicate through social media sites must ensure it can retain records of those communications.
    • 49. When a firm recommends a security on a social media site, NASD Rule 2310 is triggered.
    • 50. Static company blogs constitute “advertisements” under Rule 2210.
    “Firms must adopt policies and procedures reasonably designed to ensure that their associated persons who participate in social media sites for business purposes are appropriately supervised, have the necessary training and background to engage in such activities, and do not present undue risks to investors. Firms must have a general policy prohibiting any associated person from engaging in business communications in a social media site that is not subject to the firm’s supervision. Firms also must require that only those associated persons who have received appropriate training on the firm’s policies and procedures regarding interactive electronic communications may engage in such communications.”
    Source: http://www.finra.org/web/groups/industry/@ip/@reg/@notice/documents/notices/p120779.pdf
  • 51. Integration with Compliance is Required
    • Work with compliance team members to educate about social media
    • 52. Brainstorm ideas to streamline compliance process
    • 53. Develop a database of pre-approved social media comments
    • 54. Marketing related tweets, sales related tweets, customer service related tweets, etc., etc.
    • 55. Policy for instant comments/feedback
    • 56. All content needs to be approved, but exceptions can be made for content that isn’t specific about a certain security
    • 57. Social media playbook/guide
    • 58. Designed to guide junior social media employees
    • 59. Appoint a general email box or compliance employees for “social media duties”
    • 60. Ensures communication is relevant and interesting
    CONFIDENTIAL
    25
  • 61. Social Media Becomes More Integrated
    The rise of the Social Media Manager
    Just as a “webmaster” or “website manager” is now as common of a position as an accountant, the role of the “social media manager” will become as ubiquitous
    Social media internal teams with junior and senior employees
    Ever changing and evolving roles and responsibilities. “No day is ever the same.”
    Social media isn’t the afterthought in the marketing process
    Social planning/representation from social teams crucial in all PR/marketing campaigns and strategy meetings.
    There is no “social media voice” and “corporate voice”
    Everything is one voice. One style of communication.
    Social media is seamless with the website
    Ability to log in via Facebook/Twitter
    Sharing all content on a corporate website site via social media platforms
    26
  • 62. And What Trends Won’t Affect Finance?
    • Group buying
    • 63. Mobile social networking
    • 64. Facebook credits/games
    CONFIDENTIAL
    27
  • 65. Conclusions
    Working with compliance is essential for success in social and finance.
    Blogging is no longer a once in a while activity
    SEO/Blogging/PR/Marketing all become integrated
    Social is here to stay
    “Adapt or Die!”
    28
  • 66. References and Sources
    http://www.rayfowler.org/2009/03/25/5-fun-facts-about-the-internet-in-1996/
    http://blog.nielsen.com/nielsenwire/online_mobile/social-media-accounts-for-22-percent-of-time-online/
    http://www.computerhope.com/history/19902000.htm
    http://www.facebook.com/press/info.php?statistics
    http://techcrunch.com/2010/09/02/twitter-stats/
    29