100519 sms conference v2


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  • Meet the people on the battle lines of social media. This conference is unique because it focuses on people working for brands and facing social media challenges on the front line. You’re going to hear stories you don’t hear very often. I’d like to share what I think are the 5 salient points to pay attention to , if nothing else sticks.
  • I have been calling 2010 the year the kids give way to the adults. But really it’s the year of the brand, for the brands have arrived in social media.
  • Now there are all kinds of way consumers can both experience and share their thoughts about your brand. If you’d like a lesson in humility, head over to brand tags.
    But no matter how you are rated here, there are tremendous opportunities for larges brand to better understand and positiviely impact their perception.
  • As everything becomes more real time, customer service also needs to adapt. This can be both through brand led service, but also through crowd sourcing. This customer service model will make different solutions to the same problems from people users trust available when people need them.
  • The year of mocial. How will mobile continue to shape and move social media forward?
    foursquare, gowalla, & others just starting to geo location
  • 100519 sms conference v2

    1. 1. 1 Building the Social Bank Social Media Strategies May 2010
    2. 2. Agenda • Social business 2010: The year of the brand • Initial challenges • Issues we face as a regulated entity • Trust me, legal is your friend • What it takes to get off the ground • Our beach head – Customer Service on Twitter • Additional lessons learned • Prepare for the worst – it is coming • What’s next?
    3. 3. Social business 2010: The year of the brand
    4. 4. Source: Brandtags.net, created with wordle.net
    5. 5. Source: Reputation Institute Global Pulse 2008
    6. 6. Source: Forrester Research
    7. 7. Social Business is REALLY Hard For Large, Regulated Firms • Open • Human • A sprint measured in nanoseconds • The Wild West • Thriving, Geometrically Growing • Fort Knox • Monolithic • A sprint measured with a calendar • 1984 • Two words…Financial Crisis
    8. 8. 10 Issues Citi faces in social media as a regulated entity • How do we dialogue with customers when we can’t share the details of their situation? (vs. @scottmonty and Ford Ranger) • Phishing, Verification, Information Security • Crowd sourcing and intellectual property ownership • How can we be transparent and authentic and protect the franchise? • When do we trigger advertising & marketing rules? (e.g. FINRA reg. that if >100 people see something it is considered advertising and undergoes a different review cycle) • How do we answer people’s call for advice and guidance? • How do we monitor, police, curate, guide discussions between customers? • What about aggregated data sharing? (e.g. bundle, mint, wesabe, blippy, swipely)
    9. 9. Initial Challenges • No policies • No technology • No governance model • No dedicated staff • Uncoordinated, “off-the-reservation” efforts
    10. 10. Getting off the ground - meaningfully • Design, build, fly • Evangelize • Staff • Understand what your market/customers are doing • Listen to the chatter • Find one project to build the foundation around • Fight process with process • Establish command, not control • Fill-in the roadmap
    11. 11. Social engagement will drive competitive advantage 15 Engagement drives strategy – Consumers are a central focus – Competitors are slower and less accessible – Internal organization supports speed and scale A social calibration drives... – Long-term customer growth – Lifetime value of the customer / advocacy – Operational efficiency and employee retention A socially optimized bank does not exist in today’s market Goal: Create the first Social Bank – the natural social extension of CitiForward
    12. 12. 1616 Our social business approach spans the conversational spectrum Problems / Complaints Questions Ratings / Reviews / Feedback Customer-to-customer support Negative comments Misperceptions Kudos Determine response Develop comms. approach Apply policy / procedure Servicing Publish content Educate Enter dialogue Target marketing Establish community Enhance Relationship Page hits Comments Active users, Followers, Influencers Favorites, Pass-alongs Sentiment Conversions Fix systemic issues Reengineer processes Improve usability Enhance offerings Social Community
    13. 13. “The most hated man on the internet”
    14. 14. Punishill Butcher Hitchew Hackett
    15. 15. Rebuilding trust, one surprising customer at a time
    16. 16. Roadmap to becoming the “Social Bank” 1H10 Preparing Competitive Challenger Industry parity Industry leader Best practice leader Organization Decentralized Centralized Centralized Distributed Consumer Listening Dialog Engagement Advocacy 2H10 Activating 1H11 Scaling 2H11 Winning
    17. 17. Additional lessons learned • This is a cultural transformation, understand your organization’s tolerance for openness. • Don’t underestimate the time you’ll need to evangelize • Every group has to staff • Expect to help everyone else do their job – if you actually want it done in a way that is usable for something new like social media • Social business vendors are not yet ready for scalable primetime • Don’t underestimate how different this is from BAU (e.g. VA, Twitter API, profanity) • Establish two sets of metrics – social metrics and business metrics • Prepare for the worst, EARLY
    18. 18. 25 Fabulis posts Citibank is so not fabulis “Hi everyone. Jason Goldberg here, founder and ceo of fabulis. In a bit of strange and disturbing news, fabulis discovered today that someone(s) at Citibank had decided arbitrarily to block fabulis’ bank account due to what was described to us on the phone as “objectionable content” on our blog. In fact, the account — it turns out — was blocked a few days ago without anyone letting us know about it by phone or email.Huh? Mind you, fabulis is a serious business, backed by some serious players, and for the life of us we can’t find anything “objectionable” on our blog besides some good humor, some business insights, and some touching coming out stories from some great and fabulis gay people. So, what gives? And wtf. When did Citibank start reviewing blogs to decide who can bank with them? Calls into Citibank tonight resulted in a temporary lifting of the block while a compliance officer is asked to re-review our website on Thursday. Stay tuned … we’ll update you on this shocker as we learn more. I promise you that if we do not get a good response to this on Thursday we are moving our bank account to a bank that respects and appreciates our business.”
    19. 19. Fabulis Related Posts vs. 3 mos Rolling Avg. 0 50 100 150 200 250 300 350 400 450 3 6 9 12 15 18 21 0 3 6 9 12 15 18 21 0 3 6 9 12 15 18 21 0 3 6 9 12 15 18 21 0 3 6 9 12 Hour Posts Blogs Twitter 1 2 3 4 Citi averages 2 banking blogs an hour Citi averages 7 banking tweets an hour 2 1 3 TechCrunch posts a blog titled, “Does Citi suffer from Homophobia or just a General Dislike for Start Ups?” Twitter dialogue begins as result of the story and grows as other influential financial and tech bloggers post; topic trends on twitter & appears a top story for business in google blog search Conversation ebbs & flows as Citi unsuccessfully attempts to resolve the situation & the story is covered by the Huffington Post; Users continue to discuss on twitter and some write their own responses in blogs Conversation spikes again as Citi issues a formal apology that fabulis accepts Dialogue stagnates as users debate whether Citi is sincere and whether or not they have unjustly denied other businesses. General traffic is down due to the weekend and user conversation being driven primarily by the Chilean earthquake Dialogue peaks again as updated coverage is released by TechCrunch, GigaOm and other blogs 4 5 2/26 2/27 2/28 3/1 Blog posts shared mixed views on policy changes and led to reinvigorated twitter dialogue 5 6 6
    20. 20. 27 Citi posts changes to policies and procedures “Citibank Message About Internet Business Accounts At Citibank, we have learned a great deal from recent customer issues related to Internet business accounts. Mistakes were made in some instances, in which we apologized and corrected the problem. These issues made it clear to us that the language in our branch procedures was not specific enough and left too much room for interpretation from one account to the next. We recognized that we needed clearer and less subjective guidelines with regard to opening Internet business accounts. And there were clearly gaps in training and communications around these specific branch procedures. Based on all these learnings, we’ve taken action and this week we updated and clarified our procedures for opening all Internet business accounts. Banks are required by law to conduct due diligence and understand the nature of business accounts. For Internet business accounts, we have made it clearer to our bankers what the due diligence process entails. For example, we will continue to reserve the right to decline or suspend an account if we find illegal or discriminatory content, or if the site involves gambling or pornography. Beyond that specific due diligence, however, we do not monitor or evaluate our customers’ web content. We are providing additional training in this area to ensure the procedures are uniformly and correctly followed. Also, our bankers are now required to have additional consultation with senior level banking executives when questions arise about these accounts before making any final decisions. This will help to avoid misunderstanding and subjective decisions, and promote greater consistency throughout the process. And we remain committed to working with our customers to try to resolve any issues. As a global organization, we also recognize the power and promise of diversity. In that spirit, we reiterate Citi’s commitment to serving customers, hiring talent and supporting a broad array of organizations that promote diversity. To learn more about our diversity efforts, please visit: http://www.citigroup.com/citi/citizen/diversity/index.htm. These recent customer issues have been a useful learning experience for us. We again apologize for any misunderstandings that may have occurred. We are committed to improving every day and we’re working to better” serve our customers.
    21. 21. Thank you! Jaime Punishill Senior Vice President, Digital Channel Strategy & Social Media Desk: 718-248-2879 Google: 203-424-0865 E-mail jaime.punishill@citi.com Twitter:@askciti, @citibank, @citi Twitter: @jpunishill Linked In: www.linkedin.com/jpunishill Facebook: www.facebook.com/jpunishill