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Social Media and banks
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Social Media and banks

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  • 1. http://www.socialmediaeasy.it Roberto Grossi | Social Media Easy
  • 2. Definitions (from Wikipedia) Social media are media designed to be A social network is a social structure disseminated through social interaction, made of individuals (or organizations) created using highly accessible and called "nodes," which are tied scalable publishing techniques. Social (connected) by one or more specific media supports the human need for types of interdependency, such as social interaction, using Internet- and friendship, kinship, financial exchange, web-based technologies to transform dislike, sexual relationships, or broadcast media monologues (one to relationships of beliefs, knowledge or many) into social media dialogues (many prestige. to many)
  • 3. In other words … Conversations happening on: • Blogs • Microblogs • Wikis • Photo sharing websites • Video sharing websites • Social Networks • RSS • Forum • Chat • Podcast • Bookmarking • Virtual worlds It is like being at a business reception cocktail without time or space http://theconversationprism.com/ constraints.
  • 4. Myths and Facts Social Media are for young It's popular in the US but not people in the rest of the world • The fastest growing Facebook • Close to 70% of the 250M demographic is those 35 years old Facebook users are outside the and older. United States. • 80% percent of Twitter users are • According to a Market research over 25. published in October 2009 by Weber Shandwick, 50% of the • In the US just less than 1/3rd of respondents in Italy are the population now visit social interested in interacting with my networks at least monthly. their brands through social networking websites.
  • 5. 18 Millions Social Networks users in Italy
  • 6. WHY BOTHER ABOUT SOCIAL MEDIA ?
  • 7. 2/3 OFF THE GLOBAL INTERNET POPULATION VISIT SOCIAL NETWORKS Nielsen, Global Faces & Networked Faces, 2009
  • 8. TIME SPENT ON SOCIAL NETWORKS IS GROWING AT 3X THE OVERALL INTERNET RATE, ACCOUNTING ~10% OF ALL INTERNET TIME Nielsen, Global Faces & Networked Faces, 2009
  • 9. VISITING SOCIAL SITES IS NOW THE 4TH MOST POPULAR ONLINE ACTIVITY – AHEAD PF PERSONAL EMAIL Nielsen, Global Faces & Networked Faces, 2009
  • 10. 13 Million articles available on Wikipedia 100,000,000 The number of YouTube videos viewed per day Source: Universal McCann Comparative Study on Social Media Trends, April 2008 - Nielsen, Global Faces & Networked Faces, 2009
  • 11. 1382% the monthly growth rate of Twitter users from January to February 2009 3.000.000 the average number of messages (“Tweets”) per day on Twitter
  • 12. 93% OF SOCIAL MEDIA USERS BELIEVE A COMPANY SHOULD HAVE A PRESENCE IN SOCIAL MEDIA Cone, Business in Social Media Study, September 2008
  • 13. Impact on the final customer Consultative selling 1:1 • WWW • Relations • Word of mouth (WOM)
  • 14. New types of networking relationships Dentro = Out Fuori = In Mercato = Market Personale = Employees Source: Impresa 4.0, Franco Giacomazzi – Marco Camisani Calzolari
  • 15. Consumer’s trust in banks is declining -11% Source: 2009 Edelman Trust Barometer
  • 16. New challenges for banks • Enhance communications towards employees, market and shareholders • Listen (from communications to conversations) • Monitor conversations (which are out of their control): • Market   Market (Out – Out) • Stakeholders  Stakeholders (Out – Out) • Employees Employees (Out – Out) Bank’s communications cannot afford to ignore Social Media Source: Impresa 4.0, Franco Giacomazzi – Marco Camisani Calzolari
  • 17. Customer Service
  • 18. Conversations with customers
  • 19. Alternative media Please note that the video has been not been shown on “traditional” media (TV, movies, etc)
  • 20. Innovation Facebook application Source: http://www.flickr.com/photos/digitalpr/3391103619/
  • 21. Mash-up Source: http://blog.strands.com/2008/07/16/bbva-strands-personal-finance/ (BBVA project)
  • 22. Virtual reality
  • 23. How Social Media can help financial institutions? • Monitor their brand identity • Test and get feedbacks on new products • Develop conversations and build trust • Launch innovative services • Increase web visits and conversions • Share their brand via “network friends” (viral) • Product/service alerts via “tweets”/messages Social Media Marketing strategy should be seen as complementary and not as an alternative
  • 24. Italy update • Very few institutions are present on Social Networks (see Innova & Bella’s survey on Facebook’s adoption by banks) • Focus on intranet (v. Abi Lab report (8/1/2010) • “Conversations” with clients mainly happening on thematic forums • Examples of bank’s adoption of twitter not known at the moment “First to Market” adavantage for early adopters !
  • 25. Social Media Marketing for banks: Critical success factors • Does it fit with company’s prospect and client base? • Continuous dialogue (simply being there is not sufficient) • Make sure social media presence protects company’s brand • Measure ROI • Enough time and resources to allocate?
  • 26. How we can help ? Web: http://www.socialmediaeasy.it Twitter: @socialmediaeasy Email: info@socialmediaeasy.it This presentation can be found in: http://www.slideshare.net/socialmediaeasy Roberto Grossi Social Media Easy Viale Colli Portuensi 10 00151 Roma Tel.: +39 06 452215417