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Lucid Marketing<br />Social Media<br />How it works for financial institutions.<br />
Social media for financial institutions.<br />Lucid Marketing<br />Communication doesn’t work <br />the way it used to.  <...
Social media for financial institutions.<br />Lucid Marketing<br />Old Model:<br />ORGANIZATION (control) <br />AUDIENCE<b...
Social media for financial institutions.<br />Lucid Marketing<br />New Model: control?<br />
Social media for financial institutions.<br />Lucid Marketing<br />"Once every hundred years, media changes. The last hund...
Social media for financial institutions.<br />Lucid Marketing<br />What is “social” media?<br />
Social media for financial institutions.<br />Lucid Marketing<br />Social:  living or disposed to live in companionship wi...
Social media for financial institutions.<br />Lucid Marketing<br />Information is controlled by the   members of the commu...
Social media for financial institutions.<br />Lucid Marketing<br />PERSONAL<br />Facebook<br />MySpace<br />Twitter<br />E...
Social media for financial institutions.<br />Lucid Marketing<br />These “new” media are powerful tools for creating commu...
Social media for financial institutions.<br />Lucid Marketing<br />Source: Duct Tape Marketing<br />
Social media for financial institutions.<br />Lucid Marketing<br />What can social media do?<br />build loyalty<br />engag...
Social media for financial institutions.<br />Lucid Marketing<br />Social Media Best Practices<br />integrate communicatio...
Social media for financial institutions.<br />Lucid Marketing<br />Case in Point:<br />Facebook<br />
Social media for financial institutions.<br />Lucid Marketing<br />Millennials now outnumber Baby Boomers;<br />96% of the...
Social media for financial institutions.<br />Lucid Marketing<br />Facebook has more than 400 million active users.<br />T...
Social media for financial institutions.<br />Lucid Marketing<br />Facebook users spend an average of 22 minutes<br />per ...
Lucid Marketing<br />Social Media for Financial InstitutionsRisks and Rewards<br />
Social media for financial institutions.<br />Lucid Marketing<br /><ul><li>  Time-waster for employees
  Information security risk
  Reputation risk</li></li></ul><li>Social media for financial institutions.<br />Lucid Marketing<br />Employees don’t nee...
Social media for financial institutions.<br />Lucid Marketing<br />  Online behavior same as offline<br />only faster.<br ...
Social media for financial institutions.<br />Lucid Marketing<br /><ul><li>  identify risk
  set policy and communicate
  apply controls
  monitor and adjust</li></li></ul><li>Social media for financial institutions.<br />Lucid Marketing<br />Setting Policy<b...
  adjust existing policies</li></li></ul><li>Social media for financial institutions.<br />Lucid Marketing<br /><ul><li>  ...
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Social Media for Financial Institutions

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Learn how banks and credit unions can use social media effectively to build a loyal following and stay out of trouble.

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Transcript of "Social Media for Financial Institutions"

  1. 1. Lucid Marketing<br />Social Media<br />How it works for financial institutions.<br />
  2. 2. Social media for financial institutions.<br />Lucid Marketing<br />Communication doesn’t work <br />the way it used to. <br />
  3. 3. Social media for financial institutions.<br />Lucid Marketing<br />Old Model:<br />ORGANIZATION (control) <br />AUDIENCE<br />
  4. 4. Social media for financial institutions.<br />Lucid Marketing<br />New Model: control?<br />
  5. 5. Social media for financial institutions.<br />Lucid Marketing<br />"Once every hundred years, media changes. The last hundred years have been defined by the mass media. In the next hundred years, information won't be just pushed out to people: it will be shared among the millions of connections people have." <br />- Mark Zuckerberg, Facebook founder (Rolling Stone, June 26, 2008)<br />
  6. 6. Social media for financial institutions.<br />Lucid Marketing<br />What is “social” media?<br />
  7. 7. Social media for financial institutions.<br />Lucid Marketing<br />Social: living or disposed to live in companionship with others or in a community<br />
  8. 8. Social media for financial institutions.<br />Lucid Marketing<br />Information is controlled by the members of the community.<br />The members decide who to let into the community.<br />
  9. 9. Social media for financial institutions.<br />Lucid Marketing<br />PERSONAL<br />Facebook<br />MySpace<br />Twitter<br />Eons<br />BUSINESS<br />Linked In<br />Ning<br />BLOGS<br />Wordpress<br />Typepad<br />Blogsmith<br />IMAGES<br />Flickr<br />Shutterfly<br />VIDEO<br />YouTube<br />Skype<br />Podcasts<br />OTHER<br />Wikipedia<br />Squidoo<br />In every case, the members of the community a) control the content and b) invite the content into their lives.<br />
  10. 10. Social media for financial institutions.<br />Lucid Marketing<br />These “new” media are powerful tools for creating communities and building relationships.<br />
  11. 11. Social media for financial institutions.<br />Lucid Marketing<br />Source: Duct Tape Marketing<br />
  12. 12. Social media for financial institutions.<br />Lucid Marketing<br />What can social media do?<br />build loyalty<br />engage people<br />support SEO efforts<br />integrate marketing<br />
  13. 13. Social media for financial institutions.<br />Lucid Marketing<br />Social Media Best Practices<br />integrate communications<br />amplify efforts<br />repurpose content<br />engage the community<br />use analytics<br />
  14. 14. Social media for financial institutions.<br />Lucid Marketing<br />Case in Point:<br />Facebook<br />
  15. 15. Social media for financial institutions.<br />Lucid Marketing<br />Millennials now outnumber Baby Boomers;<br />96% of them join social networks. <br />Years to reach 50 million users:  <br />radio (38 Years), TV (13 Years), internet (4 Years), iPod (3 Years);<br />Facebook added 100 million users in less than 9 months.<br />If Facebook were a country it would be the <br />world’s 4th largest after the USA.<br />
  16. 16. Social media for financial institutions.<br />Lucid Marketing<br />Facebook has more than 400 million active users.<br />The average Facebook user has 130 “friends”<br />and is connected to 60 pages, groups, and events.<br />Business pages add 4.5 million new “fans” per day.<br />The fastest-growing group on Facebook <br />Is women over age 30.<br />
  17. 17. Social media for financial institutions.<br />Lucid Marketing<br />Facebook users spend an average of 22 minutes<br />per day on Facebook.<br />Facebook is adding almost 1 million users per day.<br />
  18. 18. Lucid Marketing<br />Social Media for Financial InstitutionsRisks and Rewards<br />
  19. 19. Social media for financial institutions.<br />Lucid Marketing<br /><ul><li> Time-waster for employees
  20. 20. Information security risk
  21. 21. Reputation risk</li></li></ul><li>Social media for financial institutions.<br />Lucid Marketing<br />Employees don’t need social media<br />to waste company time.<br />
  22. 22. Social media for financial institutions.<br />Lucid Marketing<br /> Online behavior same as offline<br />only faster.<br />Fiduciary responsibilities same online<br />as offline.<br />
  23. 23. Social media for financial institutions.<br />Lucid Marketing<br /><ul><li> identify risk
  24. 24. set policy and communicate
  25. 25. apply controls
  26. 26. monitor and adjust</li></li></ul><li>Social media for financial institutions.<br />Lucid Marketing<br />Setting Policy<br /><ul><li> separate social media policy
  27. 27. adjust existing policies</li></li></ul><li>Social media for financial institutions.<br />Lucid Marketing<br /><ul><li> Acceptable Use Policies
  28. 28. Gramm-Leach-Bliley Act (GLBA)
  29. 29. Sarbanes-Oxley Act</li></ul>Protect customer information and investor interests…online and offline.<br />
  30. 30. Social media for financial institutions.<br />Lucid Marketing<br />Your employees [ and everybody else ] <br />are already using social media.<br />Will you join the conversation?<br />
  31. 31. Social media for financial institutions.<br />Lucid Marketing<br />Follow banking regulations.<br />Have a communications strategy.<br />Integrate with other marketing efforts.<br />Join the conversation.<br />
  32. 32. Social media for financial institutions.<br />Lucid Marketing<br />Kim Phillips<br />Lucid Marketing<br />kim@getlucid.net<br />www.getlucid.net/blog<br />
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