How Financial Services Companies Use SocialMedia to Attract, Engage, & Serve Customers Presented byJoel Book, ExactTarget & Bianca Buckridee, SunTrust Bank August 25, 2011
Welcome! Joel Book Principal, Research & Education ExactTarget Bianca Buckridee AVP, Social Media Engagement SunTrust Bank
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.
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.
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
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
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
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
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
Customers are Defining Your BrandYour BrandAdvocates have become Your Best Marketers
Fans & Followers are Good. Customers are Better. Conversion Metrics To Monetize Social Media, Convert Fans & Followers to Email Subscribers
75% of social media users say email isthe best way for companies tocommunicate with them. MarketingSherpa, 2010
• Aids the Buying Process• Improves Product Experience• Maximizes Retention
GENWORTH USES EMAILTO KEEP LIFE INSURANCE BROKERS AND AGENTS INFORMED
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
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
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.
“Those who buyproductsmarketed throughemail spend 138%more than non-readers of email.”Source: Forrester Research“E-Mail Marketing Comes of Age.”
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.
Bianca BuckrideeAVP, Social Media EngagementSunTrust Bank
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
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
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
Live Solid Facebook Conversations Apps Polls Contests 33
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
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
@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
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
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
Thank You! Joel Book Principal, Research & Education ExactTarget firstname.lastname@example.org @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