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Social Media for Financial Services Companies

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Keynote presentation delivered at the 2011 LIMRA Social Media Conference for Financial Services by Joel Book, ExactTarget and Bianca Buckridee, SunTrust Bank

Keynote presentation delivered at the 2011 LIMRA Social Media Conference for Financial Services by Joel Book, ExactTarget and Bianca Buckridee, SunTrust Bank

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  • 1. How Financial Services Companies Use SocialMedia to Attract, Engage, & Serve Customers Presented byJoel Book, ExactTarget & Bianca Buckridee, SunTrust Bank August 25, 2011
  • 2. Welcome! Joel Book Principal, Research & Education ExactTarget Bianca Buckridee AVP, Social Media Engagement SunTrust Bank
  • 3. About ExactTarget• A leading global provider of on-demandsoftware solutions for interactivemarketing and customer service.•Key financial services clients include: • Farmers Insurance • Nationwide Insurance • Genworth Financial • Liberty Mutual • Bank of America • Ally Bank • SunTrust Bank• ExactTarget’s Interactive Marketing Hub™technology enables organizations toconnect with customers via email, inboundand outbound text messaging, landingpages and social media.
  • 4. About SunTrust Bank• With assets of $172.2 billion, SunTrustBanks, Inc. is one of the nation’s leadingfinancial services holding companies.• SunTrust Bank provides deposit, credittrust and investment services to a broadrange of retail, business and institutionalclients.• 29,000 SunTrust Bank team members in1,661 retail branches serve clients in FL,GA, TN, NC, SC, MD, VA and the District ofColumbia.
  • 5. Join the Conversation! Joel Book: @JoelBook ExactTarget: @ExactTargetI’m learning how to use Social Media for Fin Svcs Bianca Buckridee: @blatantlybiancafrom @SunTrust & @ExactTarget - #LLGSocial SunTrust: @SunTrust Event: #LLGSocial
  • 6. Media [R]evolution Mobile Email SMS Mobile Email SMS + MMS IM IM IM IM Email Email Email Email Fax Fax Fax Fax Fax Direct Mail Direct Mail Direct Mail Direct Mail Direct Mail Telephone Telephone Telephone Telephone Telephone <1990 1990s 1999 2000s 2011 TV TV TV TV TV Radio Radio Radio Radio Radio Print Print Print Print Print Display Display Display Display Display Website Website Website Website Search Search Search Search Online Display Online Display Online Display Online Display Paid Search Paid Search Paid Search Landing Pages Landing Pages Landing Pages Microsites Microsites Microsites Online Video Online Video Online Video Affiliate Marketing Webinars Affiliate Marketing Webinars Affiliate Marketing Webinars Blogs Blogs RSS RSS Podcasts Podcasts Wikis Wikis Social Networks Social Networks Mobile Web Behavioral Mobile Web Social Media Ads Virtual Worlds Apps QR Codes
  • 7. More Budget for Digital Marketing 72% of marketers haveincreased spending on digital marketing. Source: The DMA “Digital Marketing Practices in the U.S. and Canada: Navigating the Digital Labyrinth” Research conducted by Ipsos Reid Marketing, and the Canadian Marketing Association (CMA) February, 2011
  • 8. • Increases Brand Awareness• Serves Existing Customers• Attracts New Customers
  • 9. Social Media Users Facebook: 750M Worldwide / 225M U.S. (1) (1) Twitter: 200M Worldwide / 20M U.S.(2) (2) LinkedIn: 100M Worldwide / 44M U.S.(3) (3) YouTube: 2B Views/Day; Avg. View: 15 Min. (4)Sources: (1) Facebook (2) Twitter (3) LinkedIn, (4) YouTube
  • 10. Social Networks Pack Plenty of Influence US marketers will spend $3.08 billion to advertise on social networking sites in 2011. Source: eMarketer, Jan. 2011
  • 11. Customers are Defining Your BrandYour BrandAdvocates have become Your Best Marketers
  • 12. Fans & Followers are Good. Customers are Better. Conversion Metrics To Monetize Social Media, Convert Fans & Followers to Email Subscribers
  • 13. 75% of social media users say email isthe best way for companies tocommunicate with them. MarketingSherpa, 2010
  • 14. • Aids the Buying Process• Improves Product Experience• Maximizes Retention
  • 15. GENWORTH USES EMAILTO KEEP LIFE INSURANCE BROKERS AND AGENTS INFORMED
  • 16. PERSONALIZED EMAIL DELIVERS HIGHER SALES FOR GENWORTH FINANCIAL•Weekly Bulletin sent to agents on behalf of Genworth Financial Wealth Management consultant•Allows for content personalization while maintaining corporate brand and compliance standards•Personalized email produces a 7-10% higher open rate vs non-personalized email
  • 17. Email is #1 for Delivering Personalized Information93% of onlineconsumers are emailsubscribers“Not only does email usage remain a prime activity among internet users of all ages, it allows marketers to contact their target audience with timing and personalized details that social sites cannot match.” David Hallerman, Principal Analyst – eMarketer Author: 10 Best Practices for Email Marketing
  • 18. Email Keeps Customers Engaged The Customer Life Cycle Product Product Product Product Repurchase/ Brand Inquiry Evaluation Purchase Usage Renewal Advocate Business Getting Business Keeping Once a person gives you permission . . .• Email aids the buying process.• Email drives repeat purchase, referrals.• Email keeps customers connected and informed.
  • 19. Email Enhances the Customer Experience
  • 20. “Those who buyproductsmarketed throughemail spend 138%more than non-readers of email.”Source: Forrester Research“E-Mail Marketing Comes of Age.”
  • 21. Brands Betting Big on Social, Email, Content MarketingAbout the data: Findings are from a survey of 520 strategic marketers across businesses (57%) andagencies (31%), conducted by Bizo Strategic Marketing during the week of August 8, 2011.
  • 22. Bianca BuckrideeAVP, Social Media EngagementSunTrust Bank
  • 23. The Socialnomics of Social Media 28
  • 24. LinkedIn 29
  • 25. The Business of Social Media 48% of consumers combine social media and search engines in their In 2009, social buying process (GroupM) gamers bought $2.2 billion in ~140 Million Tweets are sent each day (Twitter) virtual goods. 96 % of Americans use Facebook 46 million This is predicted 73% of the US Americans to increase to $6internet population check their billion by 2013. visits Facebook each month social media (NPD Group) profiles daily 30
  • 26. Role of Social Media at SunTrust Your brand isnt what you say it is - its what people tell their friends it is. Extend Integrate Build Meet consumers Products & loyalty where they are our reach Humanize Interact the brand Services
  • 27. Social Media Channels Information Service Dialogue SunTrust Facebook SunTrust Facebook Live Solid Facebook SunTrust Twitter @askSunTrust Twitter Live Solid Twitter Bank Statements Bank Statements Blog 32
  • 28. Live Solid Facebook Conversations Apps Polls Contests 33
  • 29. Live Solid Fans & Followers Financial Service Facebook Fans We have 15,740+ fans on Live Solid Brand (Likes) Facebook and 1,500+ followers on Twitter Mint (founded ‘07) 118,019 Visa Signature 178,100 We have 3,720 fans on SunTrust Facebook and 3,011 followers on Twitter ING Direct 49,452 Vanguard 20,946 TheStreet.com 18,684 SunTrust has nearly 24,000 Live Solid 15,741 fans and followers across all Charles Schwab 14,486 of our FB and Twitter Wells Fargo 10,531 channels, which is more SunTrust 3,718 than most competitors in Regions 2,141 the industry! Wachovia 1,730 34
  • 30. Live Solid Dialogue Daily discussion • Live Solid Tips, distributed topics and posts each day, garner the most retweets and “Likes” fueled by the brand average 60,000+ • Fans have shared that they impressions/day like the simple, actionable advice the tips provideTop Trending Discussion Topics: Fan Demographics Buying a car 29% of fan base is 35-44 Setting a budget 77% female | 21% male Getting out of debt Top 5 Cities: Atlanta, Nashville, Planning for the future Tampa, Washington, D.C. and Livingston Maintaining a Healthy Lifestyle 35
  • 31. Live Solid Facebook Demographics 36 YTD Facebook Insights Report: pulled 8/5/11
  • 32. SunTrust Enters The Conversation… 37
  • 33. @askSunTrust Simple engagement and empathy can defuse a situation that can result in viral negative publicity and associated costs. - Staffed response team in STOLI, 4 and counting… - Process: Identification/Evaluation of clients key - Officially launched 10/13/09 - Currently at 1,832 followers and Klout Score 56 38 Primary service channel of all ST social channels
  • 34. Monitoring & Engagement: CoTweet 39
  • 35. CoTweet Searchpad 40
  • 36. How Our Clients Use Twitter Identify Issues Compliment Service Share Info | Ask ?s 41
  • 37. How Our Clients Use Facebook 42
  • 38. Third Party RecognitionSunTrust’s social media program hasbeen featured in: • Advertising Age • U.S. News • Bank Technology News • American Banker • Bank Investment Consultant • Industry conferences including: BAI, BAFT-IFSA, LIMRA, Connections, Cloudforce and Dreamforce 43
  • 39. What Works AND What Doesn’t…What Works… What Doesn’t Work…Decide Who You Want To Be Decide Who You Want To BeStrategy: service or marketing? Robotic responsesTone: honest, empathetic, witty Retreat when under attackConversation ConversationKnow when to join Ignoring direct feedbackKnow when to escalate Ignoring issues that requireKnow when to ignore immediate addressingEstablish community guidelines Response StrategyResponse Strategy Taking comments personally…Map out crisis scenarios Not having a planAlign stakeholders 44
  • 40. Brand Awareness & Prospects 45
  • 41. Outbound+Inbound Integration = Effective Marketing Source: Forrester Research - April 2009 “Campaign Management Needs A Reboot”
  • 42. Cross-Channel Marketing Database Segmentation and Campaign Customer Interaction Management Program Planning Planning and Production Tracking and Reporting Prospective SegmentOffline A Program Performance Measurement Identify Lead Qualification / Lead Management Customers Customers • Offer/ Message Customization / Personalization & Prospects Customers with • Channel Customer • Timing Campaign Development Specific Needs Demographics Product /Service Segment B Needs, Interests Offer Select • Offer/ Message • Channel Products Information • Timing Online Purchased Offline Analytics Segment Cand Model Scores Determine Timing • Offer/ Message Campaign • ChannelResponse History • Timing Channels Data Acquisition / Database Updating
  • 43. Interactive Marketing Hub™ from ExactTarget
  • 44. Thank You! Joel Book Principal, Research & Education ExactTarget jbook@exacttarget.com @JoelBook http://www.linkedin.com/in/joelbook Bianca Buckridee AVP, Social Media Engagement SunTrust Bank Bianca.Buckridee@suntrust.com @blatantlybianca http://www.linkedin.com/in/biancabuckridee

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