The number reveal: Is Social Media another fad or it is here to stay?

The numbers reveal: Is Social Media another fad or is it here to stay? Dr. Benedikt Köhler, Munich Dr. Benedikt Köhler, Munich SOMESSO Conference, Zurich 3 November 2009

Yet another fad? SOMESSO Conference, Zurich 3 November 2009

Or here to stay? SOMESSO Conference, Zurich 3 November 2009

What is Social Media? „A variety of digital media and technologies that enable users to exchange among themselves and create media content, individually or in community.“ 1. Presentation of self in every day online life 2. Exchange of information, opinions, experiences or emotions in real-time 3. Collaboration and creation of content SOMESSO Conference, Zurich 3 November 2009

Communication and banking via Social Media? SOMESSO Conference, Zurich 3 November 2009

Banks used to be like this: Big is beautiful SOMESSO Conference, Zurich 3 November 2009

Banks used to be like this: Walls & Fortresses SOMESSO Conference, Zurich 3 November 2009

Banks used to be like this: Fake conversations SOMESSO Conference, Zurich 3 November 2009

Banks used to be like this: Complex products SOMESSO Conference, Zurich 3 November 2009

Banks used to be like this: Talk = Sales SOMESSO Conference, Zurich 3 November 2009

Banks used to be like this: Behind counters SOMESSO Conference, Zurich 3 November 2009

Social Media is going to change this! » Social Media means: The whole Internet is becoming social » Living an online life » Feedback » Dialogue » Social Media as a disruptive technology SOMESSO Conference, Zurich 3 November 2009

The future of Social Media „1990–2004 was the match being struck; 2005–2009 was the fuse; and 2010 will be the explosion.“ (Tim O‘Reilly and John Battelle) SOMESSO Conference, Zurich 3 November 2009

It´s getting bigger » 25% of search results for the world’s top 20 largest brands are links to user- generated content. » 13 hours of video are uploaded on YouTube every minute. » Dell claims to have earned $ 3.000.000 via Twitter-Posts since 2007. » If Facebook were a country, it would be the 4th largest in the world – with 250 Mio users. » 34% of bloggers post opinions about products and brands – in over 200.000.000 blogs. SOMESSO Conference, Zurich 3 November 2009

Internet growing as fast as TV did SOMESSO Conference, Zurich 3 November 2009

Social Media – importance for companies Far-reaching implications: » Providing the information the customers expect on social media right now! » Possibility of a strong customer bonding causing loyalty. » Combination of marketing, CRM and PR in one unit, acting simultaneously. » Genuine dialogue between companies, customers and other stakeholders - in real- time. SOMESSO Conference, Zurich 3 November 2009

Users are looking for product information SOMESSO Conference, Zurich 3 November 2009

5 Dimensions of Corporate Social Media Social Media Newsroom Branded Channel Brand Monitoring Corporate Blog Corporation 2.0 Real-Time Support Trainee Blog SOMESSO Conference, Zurich 3 November 2009

Social Media - challenges for finance » In the U.S. the trust in banks decreased from 69% to 36% » 72% share their dislikes with a friend or colleague. (Edelman Trust Barometer 2009) SOMESSO Conference, Zurich 3 November 2009

People don’t trust bankers SOMESSO Conference, Zurich 3 November 2009

People trust their peers – online! SOMESSO Conference, Zurich 3 November 2009

Consumers 2.0 – Sapere aude „Banks sell what‘s most profitable for them … Really good deals can only be found on the web … I‘m doing research myself and this way I get a truly independent offering.“ SOMESSO Conference, Zurich 3 November 2009

Finance – between tourism and fashion SOMESSO Conference, Zurich 3 November 2009

Sparkasse with largest buzz in Social Media SOMESSO Conference, Zurich 3 November 2009

Word of mouth can be positive … Friendliness Good Service Security Good Interest Rates SOMESSO Conference, Zurich 3 November 2009

… or negative Failure Technical System Error No Money Transfer Disguise Mysterious Not Executed SOMESSO Conference, Zurich 3 November 2009

… or “interesting” SOMESSO Conference, Zurich 3 November 2009

New Conversational Landscape: Homepages SOMESSO Conference, Zurich 3 November 2009

New Conversational Landscape: General Interest SOMESSO Conference, Zurich 3 November 2009

New Conversational Landscape: Special Interest SOMESSO Conference, Zurich 3 November 2009

From Mass society to Individualization SOMESSO Conference, Zurich 3 November 2009

2 out of 3 German onliners use Social Media SOMESSO Conference, Zurich 3 November 2009

More than 90% of teenagers use Social Media SOMESSO Conference, Zurich 3 November 2009

Strongest growth in generation 60+ SOMESSO Conference, Zurich 3 November 2009

Social Networking more popular than Email SOMESSO Conference, Zurich 3 November 2009

Online is a primetime medium … today! SOMESSO Conference, Zurich 3 November 2009

16% of banks are active in Social Media … SOMESSO Conference, Zurich 3 November 2009

… whatever „active“ means SOMESSO Conference, Zurich 3 November 2009

Après moi, le déluge SOMESSO Conference, Zurich 3 November 2009

What are the caveats? » 58% are nervous about potential compliance problems. » 45% don‘t understand social media marketing. » 37% think it doesn‘t fit to their customers. » And four out of ten participating banks avoid discussing specific products and services in their social media efforts. SOMESSO Conference, Zurich 3 November 2009

Wishes and needs of digital natives » 48% of Facebook users between the ages of 18-34 would use secure gadgets if their bank offered it. » 33% of 25-34 year old Facebook users would even consider switching to another bank that offered Web 2.0 gadgets for online banking. (WorkLight – Survey) » 37% of U.S. customers liked to have testimonials and customer reviews on their bank‘s website (Forrester) SOMESSO Conference, Zurich 3 November 2009

Social Media means a shift from Brands … SOMESSO Conference, Zurich 3 November 2009

… to faces … SOMESSO Conference, Zurich 3 November 2009

… and stories! SOMESSO Conference, Zurich 3 November 2009

Finance in Social Media – Examples » Mint has over 20.000 Followers on Twitter… » …and is in dialogue with them by following back and answering to questions. SOMESSO Conference, Zurich 3 November 2009

Finance in Social Media – Examples » Missouri Bank provides a Facebook- Fanpage SOMESSO Conference, Zurich 3 November 2009

Finance in Social Media – Examples » Wells Fargo is hosting different blogs… » And even… SOMESSO Conference, Zurich 3 November 2009

Finance in Social Media – Examples » … their own virtual world: Stagecoach Island » … where you can „learn how to use your money wisely“ SOMESSO Conference, Zurich 3 November 2009

Finance in Social Media – Examples » Social Media users elude banks and begin to lend money to each other – directly. SOMESSO Conference, Zurich 3 November 2009

Social Media is not for everyone SOMESSO Conference, Zurich 3 November 2009

Next Steps … » Charting your company’s Social Media Landscape with a full survey of all channels and platforms » Developing a strategic view of your company’s dialogical future (including Social Media Guidelines or Policies) » Beginning to grasp the disruptive power of Social Media Brand Building – giving the users a chance to live your brand online » Building strong and sustainable user experiences in Social Media » Experimenting with Social Media yourself by hosting Immersion Days at your company SOMESSO Conference, Zurich 3 November 2009

Thank you very much! Questions? More information: http://www.ethority.de SOMESSO Conference, Zurich 3 November 2009

Questions? Feel free to contact us! ethority GmbH & Co. KG Büschstr. 7 (Ecke Gänsemarkt) For further information visit us: 20354 Hamburg » http://www.ethority.de/weblog » http://www.twitter.com/ethority +49 (0) 40 - 300 699 80 contact@ethority.de » http://www.facebook.com/ethority www.ethority.de » http://www.youtube.com/ethority SOMESSO Conference, Zurich 3 November 2009

Pictures » 2. http://www.flickr.com/photos/snapeverything/2634024846/ » 3. http://upload.wikimedia.org/wikipedia/commons/1/16/Chuck_Berry51.JPG » 8. http://www.flickr.com/photos/rwp-roger/2953749709/ » 9. http://www.flickr.com/photos/rwp-roger/2953749709/ » 10. http://commons.wikimedia.org/wiki/File:Fotothek_df_roe- neg_0006503_008_Zwei_Kunden_und_ein_Verk%C3%A4ufer_an_einem_Wurststand_des_VEB_Fettverarb eitung_Berli.jpg » 12. http://www.flickr.com/photos/mogmismo/1516068463/ » 13. http://www.flickr.com/photos/primarygeography/3842714697/ » 14. http://upload.wikimedia.org/wikipedia/commons/c/c6/Tsunami-kueste.01.vm.jpg » 15. http://www.flickr.com/photos/foxgrrl/3974595767/ » 16. http://www.flickr.com/photos/8198384@N03/3485752118/ » 18 http://www.flickr.com/photos/yourdon/3613094285/ » 21. http://www.flickr.com/photos/worldeconomicforum/3488886490/ » 43. http://www.flickr.com/photos/rhianonf/3348023558/ » 44. http://www.flickr.com/photos/vauvau/3989766534/ » 46. http://en.wikipedia.org/wiki/File:Fredmeyer_edit_1.jpg » 52. http://www.flickr.com/photos/_nijoker_/2805751399/ » 53. http://www.flickr.com/photos/mecookie/3052444140/ SOMESSO Conference, Zurich 3 November 2009

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The number reveal: Is Social Media another fad or it is here to stay?

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The number reveal: Is Social Media another fad or it is here to stay? — Presentation Transcript