Building Online Financial Communities<br />The Fine Line Between a Bank Being a Resource or Your Friend<br />1<br />Matthe...
2<br />What was your last great online community experience?<br />
Was it an Electronics Store?<br />3<br />Web Couponing<br />Digital – iPhone App<br />Search Engine Ads<br />Best Buy Expr...
Was it a Car Company?<br />4<br />Viral<br />Interactive Web<br />POS – Mall Kiosk<br />Personalized Billboard<br />Magazi...
Was it a Bank?<br />5<br />Twitter<br />Interactive Website<br />Interactive Billboard<br />YouTube Product Demonstrations...
6<br />It’s About YOU!<br />
7<br />So How Do You….<br /><ul><li> Develop a strategy?
 Engage with customers?
 Make it easy?
 Ensure communication and interaction with the right target audience?
 Test emerging technologies?</li></li></ul><li>8<br />And Most Importantly…<br />Create a community in which customers wou...
9<br />Where to Start?<br />
10<br />Developing a Strategy<br />
11<br />What are Your Customers Expecting?<br />Performics/ROI Research, April 2010<br />
12<br />Role of the Consumer is Gaining Momentum & Importance<br />Chadwick Martin Bailey, February 2010<br />
13<br />Social Media is a Tool for Customers & Prospects<br />Chadwick Martin Bailey, February 2010<br />
14<br />Social Media is a Tool for Customers & Prospects<br />Chadwick Martin Bailey, February 2010<br />
15<br />What Tools are your Customers Using?<br />93%<br />Graph Courtesy of Mediasmith/Socialarc<br />
Social Media is a Increasingly More Important for B to B<br /><ul><li>93% of b-to-b marketers are engaged in some form of ...
Linked in is most popular, used by 72% </li></li></ul><li>17<br />What channels should you use to reach your customers?<br />
18<br />Financial Service Firms are Using Social Media<br />Majority of financial services firms are testing at least some...
19<br />Top 10 Financial Facebook Pages<br />Most Sites Have Few Fans<br />Source:  Visible-Banking.com, October 2010<br />
20<br />Chase Community Giving on Facebook<br /><ul><li>More than 2 million fans decided how to donate $5 million to chari...
Each fan had 20 votes to distribute among 500K charities
Winning charity: $1M
5 runners-up: $100K
100 finalists: $25K</li></li></ul><li>21<br />Top 10 Financial Twitter Accounts<br />Twitter Mostly in Test Mode<br />Sour...
22<br />How do Consumers Use Twitter?<br />
23<br />ING ‘We the Savers’ Blog Creates Conversation Around Saving<br />Blogs Must be Monitored<br />
24<br />Bank of America Live Chat<br />
2011 Multichannel Marketing Projections<br />Slow economic growth and budget constraints will result in increased interact...
26<br />Banks v. Credit Unions<br /><ul><li>Credit unions rank higher in response to “My financial provider does what’s be...
70% of credit union customers agree with statement
Social media is part of this:
Empowers credit union communities
Increases customer advocacy</li></ul>Forrester Customer Advocacy Rankings Report, 2010<br />
27<br />Four P’s or Four E’s?<br />Brian Featherstonhaugh, CEO OgilvyOne Worldwide<br />iMedia Brand Summit (9/10)<br />
28<br />So, how do you avoid being road kill with your social media efforts?<br />
29<br />Zions Bank – A Work in Progress<br />
30<br />Zions Bank – A Work in Progress<br /><ul><li> Began with Facebook page to spread bank news/community involvement (...
 Launched social media tracking to listen and respond to customers and prospects and understand where customers are commun...
  Established Key Performance Indicators (KPI) to help understand ROI
 Expanded to include a blog and two Twitter accounts in 2010
 One to promote campaigns, community events, bank news and the other for customer service
 Launched engagement/acquisition campaigns</li></li></ul><li>31<br />Steps to Success<br /><ul><li> Start with a clearly d...
 Develop an attainable business plan
 Define roles and procedures
 Develop a roll-out strategy
 Stagger platform launch
 Focus on substance
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Building Online Financial Communities: The Fine Line Betweeen a Bank Being a Resource or Your Friend

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Customer Response Summit II
May 10, 2011

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  • It’s also important to consider how business customers want to talk to their banks. The b2b channel shouldn’t be ignored. There are opportunities to engage with business customers as a resource, from a lead generating perspective or for lead nurturing.
  • Transcript of "Building Online Financial Communities: The Fine Line Betweeen a Bank Being a Resource or Your Friend"

    1. 1. Building Online Financial Communities<br />The Fine Line Between a Bank Being a Resource or Your Friend<br />1<br />Matthew Wilcox, Zions Bancorp<br />May 10, 2011<br />
    2. 2. 2<br />What was your last great online community experience?<br />
    3. 3. Was it an Electronics Store?<br />3<br />Web Couponing<br />Digital – iPhone App<br />Search Engine Ads<br />Best Buy Express<br />Facebook - Ideagiftr<br />Twitter - Twelpforce<br />Event - NASCAR<br />
    4. 4. Was it a Car Company?<br />4<br />Viral<br />Interactive Web<br />POS – Mall Kiosk<br />Personalized Billboard<br />Magazine Ad<br />
    5. 5. Was it a Bank?<br />5<br />Twitter<br />Interactive Website<br />Interactive Billboard<br />YouTube Product Demonstrations<br />iPhone App<br />
    6. 6. 6<br />It’s About YOU!<br />
    7. 7. 7<br />So How Do You….<br /><ul><li> Develop a strategy?
    8. 8. Engage with customers?
    9. 9. Make it easy?
    10. 10. Ensure communication and interaction with the right target audience?
    11. 11. Test emerging technologies?</li></li></ul><li>8<br />And Most Importantly…<br />Create a community in which customers would want to interact with one another AND you.<br />
    12. 12. 9<br />Where to Start?<br />
    13. 13. 10<br />Developing a Strategy<br />
    14. 14. 11<br />What are Your Customers Expecting?<br />Performics/ROI Research, April 2010<br />
    15. 15. 12<br />Role of the Consumer is Gaining Momentum & Importance<br />Chadwick Martin Bailey, February 2010<br />
    16. 16. 13<br />Social Media is a Tool for Customers & Prospects<br />Chadwick Martin Bailey, February 2010<br />
    17. 17. 14<br />Social Media is a Tool for Customers & Prospects<br />Chadwick Martin Bailey, February 2010<br />
    18. 18. 15<br />What Tools are your Customers Using?<br />93%<br />Graph Courtesy of Mediasmith/Socialarc<br />
    19. 19. Social Media is a Increasingly More Important for B to B<br /><ul><li>93% of b-to-b marketers are engaged in some form of social media
    20. 20. Linked in is most popular, used by 72% </li></li></ul><li>17<br />What channels should you use to reach your customers?<br />
    21. 21. 18<br />Financial Service Firms are Using Social Media<br />Majority of financial services firms are testing at least some forms of social media<br />Mostly Customer Service vs. Product Sales<br />
    22. 22. 19<br />Top 10 Financial Facebook Pages<br />Most Sites Have Few Fans<br />Source: Visible-Banking.com, October 2010<br />
    23. 23. 20<br />Chase Community Giving on Facebook<br /><ul><li>More than 2 million fans decided how to donate $5 million to charities of their choices
    24. 24. Each fan had 20 votes to distribute among 500K charities
    25. 25. Winning charity: $1M
    26. 26. 5 runners-up: $100K
    27. 27. 100 finalists: $25K</li></li></ul><li>21<br />Top 10 Financial Twitter Accounts<br />Twitter Mostly in Test Mode<br />Source: Visible-Banking.com, October 2010<br />
    28. 28. 22<br />How do Consumers Use Twitter?<br />
    29. 29. 23<br />ING ‘We the Savers’ Blog Creates Conversation Around Saving<br />Blogs Must be Monitored<br />
    30. 30. 24<br />Bank of America Live Chat<br />
    31. 31. 2011 Multichannel Marketing Projections<br />Slow economic growth and budget constraints will result in increased interactive channel marketing<br />Increased focus on capturing customer email addresses<br />Movement from acquisition to cross-selling<br />Growing emphasis on social media and online communities<br />Significant increase in paid search and SEO<br />Increased attention to word of mouth marketing<br />Improvement in analytics to measure results of integrated marketing efforts<br />Movement into geolocational marketing<br />Too big to care? <br />25<br />
    32. 32. 26<br />Banks v. Credit Unions<br /><ul><li>Credit unions rank higher in response to “My financial provider does what’s best for me, not just its own bottom line.”
    33. 33. 70% of credit union customers agree with statement
    34. 34. Social media is part of this:
    35. 35. Empowers credit union communities
    36. 36. Increases customer advocacy</li></ul>Forrester Customer Advocacy Rankings Report, 2010<br />
    37. 37. 27<br />Four P’s or Four E’s?<br />Brian Featherstonhaugh, CEO OgilvyOne Worldwide<br />iMedia Brand Summit (9/10)<br />
    38. 38. 28<br />So, how do you avoid being road kill with your social media efforts?<br />
    39. 39. 29<br />Zions Bank – A Work in Progress<br />
    40. 40. 30<br />Zions Bank – A Work in Progress<br /><ul><li> Began with Facebook page to spread bank news/community involvement (no product promotion)
    41. 41. Launched social media tracking to listen and respond to customers and prospects and understand where customers are communicating
    42. 42. Established Key Performance Indicators (KPI) to help understand ROI
    43. 43. Expanded to include a blog and two Twitter accounts in 2010
    44. 44. One to promote campaigns, community events, bank news and the other for customer service
    45. 45. Launched engagement/acquisition campaigns</li></li></ul><li>31<br />Steps to Success<br /><ul><li> Start with a clearly defined strategy
    46. 46. Develop an attainable business plan
    47. 47. Define roles and procedures
    48. 48. Develop a roll-out strategy
    49. 49. Stagger platform launch
    50. 50. Focus on substance
    51. 51. What do THEY want to hear from you?
    52. 52. Test and measure
    53. 53. What’s working and what isn’t?</li></li></ul><li>32<br />Remember your Target Audience<br /><ul><li>Develop a communications strategy that is steeped into the lives and experience of those you want to reach.</li></li></ul><li>33<br />Can Private Online Communities Help?<br /><ul><li>Forum where consumers can interact with each other and the company
    54. 54. Self-contained (allows you to share things you wouldn’t want to on Facebook/Twitter)
    55. 55. Creates exclusivity and purpose for members
    56. 56. Place to test and optimize
    57. 57. Utilize for:
    58. 58. Insights
    59. 59. Innovation
    60. 60. Advocacy</li></li></ul><li>34<br />Strategies Should be Simple<br /><ul><li>Don’t take on too much at once
    61. 61. Start with what you do (or can) do best
    62. 62. What your target wants
    63. 63. That can be fully integrated
    64. 64. And give your creative team something to work with– and I don’t mean handcuffs</li></li></ul><li>Integrate, Integrate, Integrate!<br />Emerging Technologies<br />35<br />
    65. 65. 36<br />New and emerging platforms can be a foundation for today’s social media marketing campaigns – They can help build financial communities and encourage customer advocacywhen used the right way.<br />
    66. 66. 37<br />Localized Social Media<br />
    67. 67. 38<br />Community Giving<br />
    68. 68. 39<br />Mobile Marketing<br /><ul><li>We’ve all heard the numbers, usage of web enabled mobile devices is skyrocketing
    69. 69. More people will search the web via mobile devices than PC’s by the end of ’11
    70. 70. 10 trillion text messages will be sent by 2012
    71. 71. 40% of users spend one hour each day using apps
    72. 72. 30% of people access social networks via mobile browsers
    73. 73. 76% of people would rather use a free app with advertising
    74. 74. Too few brands have been fully optimized and integrated into mobile tactics</li></li></ul><li>40<br />Mobile Marketing<br /><ul><li> Adoption of widespread mobile payment programs still a couple of years away
    75. 75. Many beta campaigns in process
    76. 76. Tech Platform, Retail and Financial Provider partnerships the key
    77. 77. As an advertising platform, the time for mobile advertising is now for testing and optimizing </li></li></ul><li>41<br />More on Mobile<br /><ul><li> Look for more local/location-based programs in ’11
    78. 78. 53% of “on-the-go, web-enabled mobile” audience is willing to share their location if the ads they see are more relevant
    79. 79. 46% more likely to engage with an ad that is relevant to their location
    80. 80. A new mindset:</li></ul> ‘09: How to socialize your brand with consumers; <br /> ’11: how to localize your brand to consumers<br />
    81. 81. 42<br />Location Based Programs<br />
    82. 82. 43<br />Geo-Fencing<br />
    83. 83. 44<br />EMERGING TECHNOLOGIES<br />
    84. 84. 45<br />Brian Featherstonhaugh, CEO OgilvyOne Worldwide<br />iMedia Brand Summit (9/10)<br />
    85. 85. So Will They Want to be Your Friend? <br />46<br />
    86. 86. 47<br />It’s All in the Strategy Behind Engagement…<br /><ul><li> Successful social media campaigns involve:
    87. 87. Ease of access
    88. 88. Communicating where your target audience is already interacting (including on mobile phones)
    89. 89. Banks who do this well are using social media for:
    90. 90. Community building
    91. 91. Product research
    92. 92. Customer service
    93. 93. Marketing & Promotion (think Chase Community Giving)
    94. 94. Transparency</li></li></ul><li>48<br />Overall, community users remain customers longer than non-community users. <br />Engaging with clients and prospects on social media can help build brand awareness, encourage customer advocacy, appeal to customers/prospects on a level more personal than a website (and even brick-and-mortar).<br />
    95. 95. 49<br />Offer tools, resources and points of engagement in places where your customers are looking for you…<br />And ultimately, you will improve their experience.<br />
    96. 96. 50<br />Matthew.Wilcox@zionsbancorp.com<br />801-316-1664<br />Mattwilcoxpro.com<br />@mattwilcoxpro<br />

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