What Social Media Can Do For Your Business


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Yevgeniy Soltanov, Head of Marketing, Unibank, Azerbaijan

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What Social Media Can Do For Your Business

  1. 1. Yevgeniy Soltanov | Unibank CB AzerbaijanWhat can social mediado for your business?by Yevgeniy SoltanovHead of Marketing Dept., Unibank, Azerbaijan
  2. 2. Yevgeniy Soltanov | Unibank CB AzerbaijanChanges inCustomer Behavior
  3. 3. Yevgeniy Soltanov | Unibank CB AzerbaijanWhat are the Changes inCustomer Behavior?> Volatility is a key factorin customer post-crisis behavior.> Service expectations areaccelerating> Customer trust drops inbanking brands> Fundamental shift in powerbetween banks and the customer> Customers are much more willing than in the past to buy products frommultiple providers. 9% of customers have switched in the past 12 months,and further 13% indicated that they intend to do this in 6-12 months.> Customers have become more willing to punish and reward theirfinancial service providers particularly on basic service fulfillment.> Decreased loyalty and price sensitivity are the key changes in customerbehavior> The customer power increases with greater consumer protection and aricher choice of products, services and channels.Source: Accenture Global Consumer Behavior Study
  4. 4. Yevgeniy Soltanov | Unibank CB AzerbaijanThe changes observed in customersapproach to banking servicesSource: Accenture Global Consumer Behavior Study
  5. 5. Yevgeniy Soltanov | Unibank CB AzerbaijanWhat do customerswant?> The new product and pricing> The new distribution channels> The new service> A Responsive and proactivebank they can trust> They care about value for money. They prefer simple unbundledproducts that are transparent and easy to compare> Customers want multiple access points and connectivity among them.“Multi-channel is a commodity for the customers and they expect banksto have it.”> Customers are not satisfied by a “one-size-fits-all” approach. Customersreward suppliers who are highly responsive to their particular serviceneeds.> A bank that knows when customers need advice and when theydoesn’t. And they want institutions which they can respect and trust.Source: Accenture Global Consumer Behavior Study
  6. 6. Yevgeniy Soltanov | Unibank CB AzerbaijanHow todifferentiate?> Brand and reputation> Quality of customer service> Ease of doing business withWhat are the mainsuccess factors requiredto differentiate fromother players?Source: Accenture Global Consumer Behavior Study
  7. 7. Yevgeniy Soltanov | Unibank CB AzerbaijanA new customer modelSource: Accenture Global Consumer Behavior Study
  8. 8. Yevgeniy Soltanov | Unibank CB AzerbaijanWhy SocialMedia Matters?
  9. 9. Yevgeniy Soltanov | Unibank CB AzerbaijanDo traditional marketingand advertising tools work?> Direct mail> Magazine ads> TV and Radio ads> Flyers> Posters> Billboards> Mobile text ads> even ads before a movie starts at a movie theater.Most advertisings are simply disruptive and unwanted. People like not to be interrupted.All traditional marketing and advertising tools are based on simple interruption.Questions to ask:> Will the recipients of this message truly find value in it?> Would I want to receive this message as a consumer?All traditional marketingand advertising toolsare based on simpleinterruption.
  10. 10. Yevgeniy Soltanov | Unibank CB AzerbaijanWhy social mediamatters?> Word-of-mouth marketing remains the best, purest and most efficient form of marketing.> People are not watching and listen to commercials like they used to> Marketing and media industries are changing faster than ever before.> Personalization of the web that matters most in the social media revolution.> Before ads were about product features and benefits. Today, social media ads arepersonalized with the greatest impact on each user.Today, social media adsare personalized withthe greatest impact oneach user.
  11. 11. Yevgeniy Soltanov | Unibank CB AzerbaijanWhy social mediamatters?> It is not about your brand anymore – its about your customers.> It is not about one-way communication with captive audience. It is a 2-way communicationwhere power shifts from organizations to consumers.> Now you can find almost everything you need in social networks. More than 25% of all internetpage views were on facebook.com. Social ads are more powerful than non-social ads.> Its better to get people to your fan page rather than to your website, because:a) fan pages allow you to have conversation with consumersb) It introduces and endorses you to everyone of the user’s friend. The average person onfacebook has about 135 friends.Its about yourcustomersSource: Dave Kerpen, "Likeable Social Media: How to Delight Your Customers, Create anIrresistible Brand, and Be Generally Amazing on Facebook (And Other Social Networks)."
  12. 12. Yevgeniy Soltanov | Unibank CB AzerbaijanWhat social mediacan’t do for you?> Social media cannot make up for a bad product or campaign. If you aremarketing a bad service not only social media not help you, but it willactually hurt you.> Social media won’t lead to overnight sales success. Success will take timeand will come in increased buzz, referrals, traffic.> Social media is not free. It takes time and money to achieve sustainedgrowth. Building and executing a good social media plan will take lots oftime and work.Social media won’tlead to overnight salessuccess.
  13. 13. Yevgeniy Soltanov | Unibank CB AzerbaijanWho are yourperfect customers?Define your customers and prospects as narrowly as you can> What are there age and gender?> Are they married, engaged, or single?> What are their job titles?> Where do they live?> What are there interests?> What are their job titles?> Where do they work?> What do they talk about?Today, a social media ads are personalized with the greatest impact on each user.> Once you’ve defined this audience, look for and find them on social networks andmake a targeted advertisingToday, a social mediaads are personalizedwith the greatestimpact on each user.
  14. 14. Yevgeniy Soltanov | Unibank CB AzerbaijanHow to get people like yourcompany in social networks?Provide a value proposition to your customers -benefits they will receive from becoming your fans.Top Ten Reasons Consumers Like Fan Pages:1 To receive discounts2 To show support for brands to friends3 To get free samples, coupons4 To stay informed about company activities5 For updates on future projects6 For updates on upcoming sales7 Just for fun8 To get access to exclusive content9 To learn more about the company10 For education about company topicsProvide valueproposition in a waythat is about them.Don’t just tell consumers to likeyou, tell them what’s in it forthem, and tell them in a waythat’s about them, not you.Based on report from CoTweet&ExactTarget
  15. 15. Yevgeniy Soltanov | Unibank CB AzerbaijanSuccessful strategyin social media> Listen carefully> Think and act like your customer> Be transparent> Be responsive> Be authentic> Tell great storiesThink and actlike yourcustomer
  16. 16. Yevgeniy Soltanov | Unibank CB AzerbaijanHow to make ROIusing social mediaROI comes in many forms:> Brand reputation and credibility> Increased loyalty and frequency of purchase> Increased recommendations> Decreased need for advertising.Whatabout sales?
  17. 17. Yevgeniy Soltanov | Unibank CB AzerbaijanSocial mediaand direct sales> The traditional sales includes awareness, intent, triggerand then purchase.> The social media sales still includes purchase –it’s just a longer path to get there.> First you must generate awareness, and a like.> Then, you’ll take the prospects through a series of interactions,engaging them and providing them with interesting, educational, or valuablecontent.> When the customer is ready to buy the sale can be triggered.The best part of the facebook sales funnel, as compared to the traditional salesfunnles – it doesn’t end in one sale. It results in greater frequency of purchaseand increased awareness of you.Social mediasales has a longerpath than traditionalsales
  18. 18. Yevgeniy Soltanov | Unibank CB AzerbaijanHow to makeconsumers like you?> Engage your consumers. The loudest, costliest advertising formats,such as TV commercials, don’t dominate the conversation anymore,because they no longer own the conversation.> The conversation exists on social networks. You role as an companyto create a place for people to ask questions, share feedback and interactwith not only you but one another.> Respond quickly to all questions and comments even to those with thebad content.> The rule is: if you are not ready to respond to a negative commentsyour company is not ready for social networks yet.If you are not ready torespond to a negativecomments your companyis not ready for socialnetworks
  19. 19. Yevgeniy Soltanov | Unibank CB AzerbaijanHow to makeconsumers like you?Asking questions :> Helps you to guide the social media conversation withoutappearing forceful> Allows you to become consumer-centric rather than brand-centered.> Demonstrates that you value openness, honesty andfeedback> Shows that you care about what your customers have tosay
  20. 20. Yevgeniy Soltanov | Unibank CB AzerbaijanHow to makeconsumers like you?The 5 most engaging status updates:1 Photos2 Videos3 Links4 Questions5 Interactive applicationsa) Content is moreimportant thanproduction qualityb) Short is better
  21. 21. Yevgeniy Soltanov | Unibank CB AzerbaijanHow to make consumers like you?Campaign: cash loansViews: more than 400KLikes: about 4KShares: more than 500
  22. 22. Yevgeniy Soltanov | Unibank CB AzerbaijanHow to make consumers like you?Campaign: cash loansViews: more than 600KLikes: more than 5KShares: more than 1.200
  23. 23. Yevgeniy Soltanov | Unibank CB AzerbaijanHow to make consumers like you?Campaign: cash loansViews: more than 400KLikes: about 8KShares: about 200
  24. 24. Yevgeniy Soltanov | Unibank CB AzerbaijanSocial Media: Team workacross different departments> Marketing & Advertising: should include social media links and value propositionsto customers in all paid linear media: tv, radio, print, e-mail, websites, and direct mail should include social media links, text-to-connect opportunities, or both. Determine, create, execute and measure promotions and other marketing programs to be run insocial media.> PR: Listen to customer comments on social networks and blogs and respond in a swift manner. Determine the most influentialbloggers and other key customers and reach out to them to participate.> Customer service: listen to customer complaints and requests across social networks and respond.> Operations: create and implement social media policy. Ensure that all staff are fluent in understanding company social medialinks and practices .> Sales: Listen carefully to prospects online as well as major potential partners and distributors.Leverage listening to create best-value propositions.> Senior management/ceo: serve as online spokespeople for the brand.> IT: ensure that your website is up to date with social links, content etc.A good social mediastrategy depends onthe joint efforts of allrelated departments.
  25. 25. Yevgeniy Soltanov | Unibank CB AzerbaijanTaming traditionalmarketing temptation> We are driven by results. Results of leveragingsocial media are often not immediately apparent and itis tempting to rely on traditional marketing tactics.Resist that temptation.> Listen,> Be transparent> Be responsive> Be sociableDo not entirely relyon traditionalmarketing tactics.
  26. 26. Yevgeniy Soltanov | Unibank CB Azerbaijan> and be likeable