Social Media & Financial Services Workshop

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    Social Media & Financial Services Workshop - Presentation Transcript

    1. Barclays Social Media workshop
    2. Today’s workshop •  Introduction to social media for engagement •  Understanding our audience •  Support, reputation management and engagement •  Communities and networks •  Innovation through crowdsourcing •  4 principles for social media engagement
    3. Richard Sedley Director Customer Engagement cScape Group Course Director for Social Media, Chartered Institute of Marketing
    4. Introduction to social media
    5. SOCIAL SOCIAL MEDIA MEDIA inside outside the firewall the firewall
    6. Key challenges we face Increasing distraction Increased expectation New communities New authority models
    7. Key challenges we face Increasing distraction Increased expectation New communities New authority models Simplicity and Insights and Partnerships and Openness and persuasion personalisation involvement authenticity Engagement through Social Media
    8. Social media inside the enterprise Before social media: Employees outside work: •  80% believe Intranet •  75% use Facebook navigation needs •  75% use Linkedin improving •  45% use YouTube •  50% don’t use Intranet on a daily basis •  35% use Wikis •  50% find search •  3% use blogs ineffective Source: Watson Wyatt, April 2009
    9. The growth of social media (inside) •  42% blogs (10% enterprise deployment) •  47% wikis (16% enterprise deployment) •  23% podcasts (5% enterprise deployment) •  15% social networking (5% enterprise deployment) •  20% content tagging (9% enterprise deployment) •  48% discussion forums (19% enterprise deployment) •  49% instant messaging (29% enterprise deployment) •  47% use Sharepoint Source: Intranet 2.0 Global Survey, April 2009
    10. The growth of social media (outside) •  Average UK visitor spends 5.8 hours per month on social media •  23% of all European internet users visit a social networking site at least once a month •  80% of those that read reviews are directly influenced by them –  i.e. the reviews had either confirmed their initial choice or changed their mind •  78% of web users trust recommendations from other consumers more than adverts Sources: Econsultancy Internet Statistics Compendium; Hitwise blog
    11. Planned marketing spend Social network marketing 20% 48% Emailing to house lists 14% 48% Paid search on Google, Yahoo! Etc. 33% 27% Telemarketing 22% 18% Online display advertising 43% 16% Mobile marketing 20% 13% Direct mail 52% 12% Event marketing 57% 8% Radio / TV ads 83% 6% Emailing to rented lists 43% 6% Marketing Sherpa: Marketing Print advertising 60% 4% and the Economy, Sept ’08
    12. Social media engagement levels <6 channels >6 channels Mavens Microsoft Sony Selectives HP Visa Butterflies Mercedes Heinz Wallflowers Sources: Engagement bd Report, July 2009
    13. Social media engagement corrolates to financial performance Sources: Engagement bd Report, July 2009
    14. Social media engagement by industry Sources: Engagement bd Report, July 2009
    15. Objectives •  Listening use social media for research and to understand. •  Talking use social media to spread messages about your company and products. •  Energising find your most enthusiastic customers/employees and supercharge communication and innovation. •  Supporting set up tools to help customers/employees support each other. •  Embracing integrate customers/employees into the way your business works.
    16. 10 minute exercise How do you want your relationship with your audience to change? Which of the following best suits your objectives, your capability and your customers’ needs? •  listening, talking, energising, supporting, embracing Split into groups and discuss. Present one technique each back to the group
    17. Understanding our audience
    18. Social technographics ladder •  Creators •  Critics •  Collectors •  Joiners •  Spectators •  Inactives
    19. Social technographics ladder •  Creators –  Publish a blog –  Publish own Web pages –  Upload video created –  Upload audio/music created –  Write articles or stories •  Critics •  Collectors •  Joiners •  Spectators •  Inactives
    20. Social technographics ladder •  Creators •  Critics –  Post ratings/reviews –  Comment on someone else’s blog –  Contribute to online forums –  Contribute to/edit articles on a wiki •  Collectors •  Joiners •  Spectators •  Inactives
    21. Social technographics ladder •  Creators •  Critics •  Collectors –  Use RSS feeds –  Add tags to web pages or photos –  ‘Vote’ for website online •  Joiners •  Spectators •  Inactives
    22. Social technographics ladder •  Creators •  Critics •  Collectors •  Joiners –  Maintain profile on social networking site –  Visit social networking sites •  Spectators •  Inactives
    23. Social technographics ladder •  Creators •  Critics •  Collectors •  Joiners •  Spectators –  Read blogs –  Watch video from other users –  Listen to podcasts –  Read online forums –  Read customer ratings/reviews •  Inactives
    24. Social technographics ladder •  Creators •  Critics •  Collectors •  Joiners •  Spectators •  Inactives -  None of these activities
    25. Social technographics profile of UK demographics Creators 70 60 50 40 Inactives Critics 30 20 25-35 10 0 35-44 45-55 55+ Spectators Collectors Joiners
    26. Social technographics profile Employee segment 1 Employee segment 2
    27. Social technographics profile of B2B technology decision-makers
    28. Social technographics profile of B2B technology decision-makers •  91% of these technology decision-makers were Spectators Sony could count on the fact that their buyers were reading blogs, watching user generated video, and participating in other social media. Note that 69% of them said they were using this technology for business purposes. •  Only 5% are non-participants (Inactives) •  55% of these decision-makers were in social networks (Joiners) •  43% are creating media (blogs, uploading videos or articles, etc.) •  58% are Critics, reacting to content they see in social formats
    29. How could we go about capturing the social technographic profile of our audience segments? Internal? External?
    30. Tools
    31. delicious ? Communication Insights/montoring Marketing Collaboration
    32. Support, reputation management and engagement
    33. Mentions in the last 30 days 2956 38.5% HSBC 3027 Barclays 39.4% Lloyds 1697 22.1%
    34. Mentions in the last 30 days
    35. Mentions of Barclays in the last 30 days Videos Comments Mainstream news Forums MicroMedia Forum replies Blogs 0 100 200 300 400 500 600 700 800 900
    36. Buzz monitoring
    37. Conversation monitoring
    38. Joining the conversation
    39. Joining the conversation
    40. Joining the conversation
    41. Service development
    42. Martin can’t compete on customer service
    43. Twitter ecosystem
    44. Brand protection?
    45. 10 minute exercise A customer publishes a copy of the letter he has sent to J Varley explaining why he will not be renewing his policy. An employee saw the post and has put it up on our internal forum. Split into pairs and discuss. Present how you would handle the situation back to the group
    46. ASSESSMENT BLOG POSTING Blog post discovered. +ve? Y N EVALUATE TROLLS Is site dedicated to bashing others? MONITOR ONLY Avoid responding to CONCURRENCE Factual, well cited post. May agree N Y specific posts. RAGER Monitor site or not but post is not negative. Can you let post stand or provide Is posting a rant, rage, joke? +ve review? N Do you want to respond? FIX FACTS MISGUIDED Provide facts directly on Are there errors in posting? Y comment board N LET POST STAND N UNHAPPY CUSTOMER RESTORATION No response Is post result or –ve experience of us? Y Rectify situation, respond Y & act on reasonable soln. RESPOND N SHARE SUCCESS FINAL EVALUTION Proactively share story and your Base response on circumstance, influence Y mission with blog & stakeholder prominence. Responding? Y Y BLOG RESPONSE CONSIDERATIONS TRANSPARENCY SOURCING TIMELINESS TONE INFLUENCE Disclose you are Cite sources inc. links, Take time to create Use tone that reflects Focus on most Barclays video, images good response individual & Barclays influential blogs Based on US Air Force blog assessment schema
    47. Communities and networks
    48. Types of community Virtual communities •  establishing connections on electronic networks among people with common needs •  so that they can engage in shared discussions •  that persist and accumulate over time •  leading to complex webs of personal relationships and an increasing sense of identification with the overall community Social networks •  focus on identity creation and connection with friends, but lack the same degree of shared discussions and shared identity as VCs Electronic markets •  primary focus on transactions rather than relationships Content aggregation sites •  display and access interesting content but limited focus on shared discussions and shared relationships Source: Edge Perspectives with John Hagel
    49. Variations in member participation Gaming communities Learning communities Self-help communities Professional communities Commerce communities Active members Passive members
    50. Typical landscape Leaders Leavers Lieutenants Lobbyists Libellers Loners Learners Lurkers
    51. Motley Fool
    52. Zopa
    53. www.wesabe.com
    54. www.network.hsbc.co.uk
    55. Linkedin
    56. Facebook
    57. Facebook FT student application
    58. Facebook Profile = Audience numbers
    59. Facebook Profile + Company = Audience numbers
    60. IBM Beehive
    61. Outside in inside out
    62. Innovation through crowdsourcing
    63. mystarbucksidea.force.com
    64. dellideastorm.com
    65. IBM InnovationJam
    66. IBM social software benefits Increased skills Assessed experts quicker Shared knowledge with others Reused assets Increased productivity Improved personal reputation Increased sense of blonging Increased sales Improved customer satisfaction 0 20 40 60 80 100
    67. www.rbc.com/innovator
    68. Finance30.com
    69. Measuring effectiveness
    70. Metrics •  Page views, visitors, time blah, blah, blah... •  % profile complete •  No. of friends invited •  % of accepted friends requests •  No. of groups joined •  No. of pages favourited •  Qualitative feedback
    71. Thanks for participating cScape CEU services:  Metrics and measurement  Community planning  Social media audit  Persuasion audit  Buzz/PR monitoring  Engagement mapping
    72. Four principles to embrace when using social media Principle one
    73. Reciprocity A B Form Whitepaper Whitepaper Form Conversion rate = 84% Conversion rate = 72% 44% completion accuracy 91% completion accuracy Embedded Persuasive Strategies to Obtain Visitors’ Data. Gamberini, Petrucci, Spoto, Spagnolli
    74. The power of reciprocity •  734 followers •  Zero updates •  No profile •  No picture •  Half a name
    75. Four principles to embrace when using social media Principle two
    76. Social proof Experiment: Milgrim, Bikman and Birkowitz
    77. Social proof
    78. Four principles to embrace when using social media Principle three
    79. Storytelling Copyright: Steve Double - www.double-whammy.com
    80. Elements of a good story •  PASSION to make your customers care •  a HERO to drive the action •  an ANTAGONIST to challenge the hero •  a moment of AWARENESS where the hero realises how to overcome his or her obstacles •  TRANSFORMATION wherein the hero accomplishes his or her desired goals
    81. Four principles to embrace when using social media Principle four
    82. Value is relative 68% 32%
    83. Value is relative 16% 0% 84%
    84. Four principles to embrace when using social media Principle five (bonus)
    85. Simplicity Time Money Physical Brain Social Non- effort cycles deviance routine
    86. Simplicity profiling
    87. Thanks for participating cScape CEU services:  Metrics and measurement  Community planning  Social media audit  Persuasion audit  Buzz/PR monitoring  Engagement mapping

    + Richard SedleyRichard Sedley, 4 months ago

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