How Financial Institutions Are Leveraging Social Media

HOW FINANCIAL INSTITUTIONS ARE LEVERAGING SOCIAL MEDIA Brian Bierbaum, Vice President of Digital Strategy and Sales The Webinar Will Be Starting Shortly… Have a question? We’ll be checking the chat window.

MAJOR SOCIAL PLATFORMS

IS IT JUST YOUTH WHO USE SOCIAL MEDIA?Actual Facebookpage demographicsof a bank serving a 67% over age 35rural community 33% over age of 45

HOW FINANCIAL INSTITUTIONS ARE USING FACEBOOK to promote their culture and brand to reach new members of their community to educate to promote internal events to promote community events to engage in dialogue with customers to answer questions and concerns to spread grassroots-level messages and campaigns

CONTESTS, ADS AND PROMOTIONS

CITIZENS & NORTHERN BANK – PROMOTIONLaunch Day 24 Hours LaterJuly 11, 2011: July 12, 2011: – 81 Likes – 635 Likes – Tab Views 1,744 – Tab Views 2,056 – 6 Comments – 8 Comments – 5 Pages of Data

WHERE SHOULD YOU FOCUS YOUR TRACKING… On what other channel can you know that 1,000 members/customers read every one of your daily messages?

HOW FINANCIAL INSTITUTIONS ARE USING TWITTER to listen to serve customers needs to make announcements to broadcast new blog posts to promote their culture and brand to educate to gather feedback on services (product research) to promote internal events to promote community events to engage in dialogue with customers to answer questions and concerns to spread grassroots-level messages Customer Service Focus and campaigns

HOW FINANCIAL INSTITUTIONS ARE USING TWITTERA Few Simple Twitter Best Practices Share. Listen. Ask. Respond. Reward. Demonstrate wider leadership and know-how. Champion your followers. Establish the right voice. Remember… Small and regional financial institutions have a Twitter advantage over big national competitors

HOW FINANCIAL INSTITUTIONS ARE USING LINKEDIN Financial Services has the second highest concentration of industry usage on LinkedIn. Primary use: Networking (not a surprise…)

HOW FINANCIAL INSTITUTIONS ARE USING LINKEDIN Targeting business decision-makers (B2B focus) using LinkedIn Groups and Answers. Positioning their business development teams as business solution experts in their markets. GroupsSuccess Metrics Calls/conversations resulting from online engagements. Submissions on lead forms. Number of engagements in conversations with local businesspeople on posts. Common Conversation

HOW FINANCIAL INSTITUTIONS ARE USING BLOGS to augment their print publications to promote their culture and brand to educate to promote internal events to empower their business development teams with content to promote community events

HOW FINANCIAL INSTITUTIONS ARE USING FOURSQUARE Works best with other Social Media Platforms (Content is king; use a blog with share icons) Simple check in at a branch location = publicity to a network Reward Cards, reward users for “shout outs” (Foursquare, Twitter, Facebook) e.g. when a card is swiped it will auto-update platforms & earn extra points Offer Mayor Incentives Monitor Check Ins and Gain Feedback Sponsor a Class or Party Preventing Fraud (GeoGuard by Misys)

HOW FINANCIAL INSTITUTIONS ARE USING FOURSQUAREA Few Things to Consider Before Starting Be careful about doing promotions around Foursquare “Mayors” Keep in mind that people are playing a game Assess the demographics of your markets before jumping in.

HOW ARE YOU USING THESE SOCIAL CHANNELS? Facebook Twitter LinkedIn Have a question? Foursquare Call it out or use Google+ the chat window. Others?

YOUR SOCIAL MEDIA MATURITY LEVEL Takes planning, creative insight, product management, internal resources, external resources. You Today?

SOCIAL MEDIA IS NOT FREE Takes planning, creative insight, product management, internal resources, external resources. The average budget for “novice” social programs is $66,000, and an average team includes about 3.1 people in a centralized format. Where is your budget? How Corporations Should Prioritize Social Business Budgets http://www.altimetergroup.com/how-corporations-should-prioritize-social-business-budgets

MEASURING ROI: A FACEBOOK EXAMPLEStep 1: Pull List of Likers Step 2: Compare Data CustomersComparing your KPIs of Facebook Likers to other customers/members isone method for measuring ROI.

ROI FOR SOCIAL MEDIA MADE EASYTraditional Marketing Channel Social Media Pilot ProgramNumber of pieces sent: 200 • Carve out 10% of your total budgetCost for printing and for a social media pilot.postage: $1.44 VS.Total cost to send 200 • Ensure each channel in the strategypieces: $288 drives to a landing page.Response rate: 0.5%Customers acquired: 200 pieces • Compare cost per customer/membermailed x 0.5% response rate = 1 acquirednew customer

QUESTIONS? The presentation and highlights of the presentation are available on our blog. priorityresults.com/blog Brian Bierbaum www.linkedin.com/in/brianbierbaum Twitter: @BrianBierbaum bbierbaum@priorityresults.com 952.920.9909Priorityresults.com

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How Financial Institutions Are Leveraging Social Media

by Priority Integrated Marketing on Dec 19, 2011

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How Financial Institutions Are Leveraging Social Media — Presentation Transcript