Social Media: Should Financial Institutions Bother?

Should ﬁnancial institutions bother with Social Media? Yes? No? Marina Mann marina@weareq.com twitter.com/marinamann Attribution - This license lets you distribute, remix, tweak, and build upon my work, even commercially, as long as you credit as follows “Marina Mann http://marinamann.com”.

“More people can communicate more things to more people than has everbeen possible in the past, and the sizeand speed of this increase, from under one million participants to over one billion in a generation, makes the change unprecedented.” - Clay Shirky, Here Comes Everybody Marina Mann marina@weareq.com twitter.com/marinamann Attribution - This license lets you distribute, remix, tweak, and build upon my work, even commercially, as long as you credit as follows “Marina Mann http://marinamann.com”.

Is Social Media A Revolution?We’re-a-two-person-media-outlet I’m a one-person-media-outlet I’m a one-person-media-outlet Marina Mann marina@weareq.com twitter.com/marinamann Attribution - This license lets you distribute, remix, tweak, and build upon my work, even commercially, as long as you credit as follows “Marina Mann http://marinamann.com”.

Communities dominate brands. How will your business survive Generation-C? Are you going to build passionate brand advocates or will you face a community out to destroy you?Marina Mann marina@weareq.com twitter.com/marinamannAttribution - This license lets you distribute, remix, tweak, and build upon my work, even commercially, as long as you credit as follows“Marina Mann http://marinamann.com”.

What is a Social Media Strategy? CONNECT TO WHAT FIND AND CONNECT LIES AT THE CORE TO A SHAREDBELIEF SYSTEM OF YOUR ZEITGEIST CUSTOMERS CONNECTION CULTURAL TO PUBLIC CONTEXT THE MOVEMENT DIFFERENTIATED CHARISMATIC CREDIBLE, MAKE YOUR BRAND STORY LEADERS KNOWLEDGEABLE MEANINGFUL LEADERS WHO ARETHROUGH THE STORY BELIEVABLE AND YOU TELL PROVIDE THE PROOF - Paul McEnany, Hee Haw Marketing Marina Mann marina@weareq.com twitter.com/marinamann Attribution - This license lets you distribute, remix, tweak, and build upon my work, even commercially, as long as you credit as follows “Marina Mann http://marinamann.com”.

Applying this dictum to retail changes Applying this dictum to retail changes Will technology + strategy change the basis of competition? Embedded Embedded Technology Technology Exposed Exposed Technology Technology© IDC Retail Insights.-Reproductionfor mobile and unless authorized. All rights reserved. © IDC Retail Insights. Reproduction is forbidden social eCommerce 2010, Outlook is forbidden unless authorized. All rights reserved. IDC Retail Insights Marina Mann marina@weareq.com twitter.com/marinamann Attribution - This license lets you distribute, remix, tweak, and build upon my work, even commercially, as long as you credit as follows “Marina Mann http://marinamann.com”.

What are next practices for Social Media? • The new face of commerce is social + mobile • Social Media (SM) as a preferred customer engagement channel will require integration with eCRM technologies • Multi-lingual SM interaction will demand specific requirements to workflow and technology • SM must be included in an omni-channel marketing strategy; it changes the customer experience and you as an organization • Moving from a physical to virtual world demands trust + new security technologies • Delivering on regulatory requirements represents unique challenges for monitoring and archiving SM activity • SM is NOT for the conservative financial institution - you must want change your products and services to reflect community feedback! Marina Mann marina@weareq.com twitter.com/marinamann Attribution - This license lets you distribute, remix, tweak, and build upon my work, even commercially, as long as you credit as follows “Marina Mann http://marinamann.com”.

Archaic business models are under threatby the new world order of digitaleconomics. Social Media is about dealingwith that change.Thank you!Marina Mann marina@weareq.com twitter.com/marinamannlinkedin.com/in/marinamannAttribution - This license lets you distribute, remix, tweak, and build upon my work, even commercially, as long as you credit as follows“Marina Mann http://marinamann.com”.

Social Media: Should Financial Institutions Bother?

by Marina Mann on Dec 09, 2010

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Social Media: Should Financial Institutions Bother? — Presentation Transcript