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Six Principles For Social Media Success
Six Principles For Social Media Success
Six Principles For Social Media Success
Six Principles For Social Media Success
Six Principles For Social Media Success
Six Principles For Social Media Success
Six Principles For Social Media Success
Six Principles For Social Media Success
Six Principles For Social Media Success
Six Principles For Social Media Success
Six Principles For Social Media Success
Six Principles For Social Media Success
Six Principles For Social Media Success
Six Principles For Social Media Success
Six Principles For Social Media Success
Six Principles For Social Media Success
Six Principles For Social Media Success
Six Principles For Social Media Success
Six Principles For Social Media Success
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Six Principles For Social Media Success


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Whether you’re just getting started or you’re a savvy social marketer, the challenges of rolling out social to a distributed team are somewhat different to those faced by using social media in a …

Whether you’re just getting started or you’re a savvy social marketer, the challenges of rolling out social to a distributed team are somewhat different to those faced by using social media in a corporate marketing environment. This white paper outlines the six key steps an organization can take to successfully enable individuals, be they financial advisors, insurance agents, sales people or a wider distributed team while meeting the demands of the organization.
Gartner tells us that those organizations that utilize social beyond the marketing team will be in the top 20% of their industry when it comes to revenue growth, this paper aims to take you to that top 20% and show how you can successfully and effectively deploy social to the wider team – and how you can do it in a compliant, governed fashion.

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  • UPDATED 8.24.12
  • Hello, my name is Victor Gaxiola and I’m the Social Media Subject Matter Expert at Actiance. I’m an enthusiastic social media user and was an early adopter in financial services industry having worked as an advisor for 6 years. I also ran my own social media consulting practice providing guidance and direction to industry professionals on best practices to increase online influence and presence. Here at Actiance, I help regulated firms deploy social media effectively, leverage their participation to increase business opportunities ALL while complying with the regulations. I enjoy getting all the key stakeholders in the room – HR, Legal, Compliance, Risk, Governance, Investor Relations, Corp Communications, Marketing all the lines of business and IT and Security. And the getting them all to talk to each other so they can work collaboratively to create social media polices for their firms that Actiance can implement.
  • Our approach works whether our customers are large or small. Let me call out some specific reasons that these clients selected Actiance.RESOURCES – we have the critical mass to support YOU and your internal customers. CULTURE – a culture of partnering, this isn’t about a technology sale, this is about enabling individuals in your organization to utilize communications tools effectively and efficiently, whilst remaining secure and compliant. YOU have a vision…and YOUR vision isn’t about Facebook, its not about Jive or any of those specific platforms, because that’s the immediate, the here and the now. Your vision is about integration and communicating and collaborating with your clients, improving your business and increasing your bottom line, that’s what Actiance’s platform enables the execution of your vision and we bring the required compliance, plus the marketing capabilities to make that happen.SEGUE:Let switch gears. I want to talk to you about human behavior
  • OBJECTIVE: Set the scene for the socialization of buying decisionsAs human beings our behavior hasn’t changed for centuries, for eons. As human beings we naturally socialize and have done throughout the years. Socializing our buying decisions is something that we have done for centuries. This is a given. This research from econsultancy references social groups. It doesn’t talk AT ALL about social media – but of course its true, that social media simply allows us to connect with those wider social groups, our ability to extend our social groups geographically makes our social groups more potent as our social interactions become public through social media.SEGUE: and we are doing that in financial services as well.
  • We commissioned a third party organization to undertake some very specific research for us. They conducted 90 minute interviews with some 20 organizations to identify the stage of maturity that they were at when it comes to the enablement of social within the organization. As you can see, there is a continuum of progress in social media.Some firms have no social media presence at all and restrict all access. They may not be monitoring what others are saying about them.Other firms are in the early consideration stage, where they may have some corporate presence, and perhaps have a pilot program in place for their advisors or producers. Then, there are the early adopters, those are the firms who have a corporate presence, a Use Policy in place, plus distributed teams using social media to develop and strengthen relationships. And final the last group we’ve identified, these firms are what we are calling the Early Majority. Their successes and measurable results are overcoming compliance initial concerns. So today, we are going to see if we can help you move to the next level of social media use.
  • Companies are increasingly incorporating social media into their marketing programs because it has been proven to attract consumer attention and to promote customer loyalty. Social media makes it possible not only to communicate with hundreds of thousands of people at once and enlist supporters to spread the word about you and your services but also to combine the benefits of immediacy and the potential for the “viral” transmission of information. Social media also provides for a more intimate means of communication, which sounds counter-intuitive since we’ve just referenced communications with hundreds of thousands of people at once. Social media allows one-on-one interaction and the opportunity to comment on personal milestones, including notable events (e.g., a new job, the arrival of a new baby, the purchase of a new home, pending retirement). SEGUE:Compared to more conventional marketing tools, such as advertising and direct marketing, social media offers a number of distinct advantages, such as….
  • • It’s free or relatively inexpensive. •It’s interactive, providing the means to communicate one-to-one as well as one-to-many. •It offers immediate, direct feedback from your target market. •It’s adaptable and can be readily refined to promote ongoing success
  • Given a better understanding of how social media operates, let’s review the six principles that are necessary to build a successful social media campaignOne- Create an integral strategy-Viewing social networking as a point solution may be what is in vogue now, however that simply misses the point. Two- Develping a Personal Brand- Personal brand is what you need to enable for that success.Three-Crowdsource Content- enabling a team to crowdsource content and share that effective and engaging content is key to success. Four- Leveraging your customers-use your existing client base for trying, and growing business, leverage their social networks for additional clients. Five- Educate and train- Make social at part of your corporate DNA. I don’t just mean training them on what the regulators say and mean, WE mean the use of social networking, the use of the networks, the socialization of social..And Finally- SIX- Measure and Analyze-We need to redefine measurement. When they’re looking at analytics and measurement, everyone likens social to the email world. How many opens, how many clicks, how many likes. That’s missing the point because social isn’t email.Let’s do a deeper dive with each principle.
  • Social Media Should Not Be a Standalone StrategyMarketing professionals are gravitating toward social media now because it’s “in.” Social media is the shiny new toy that everyone is talking about. Even in its earliest stages, it has proven highly effective for both one-to-many and one-to-one marketing, and it’s relatively inexpensive to boot. However, social media is by no means a magic bullet!Social media is a means to broaden your reach, but it really is just another channel, albeit a channel with some unique capabilities. You still need to understand how to make the most of that channel and what content to use to deliver a compelling message that your target audience will respond to and want to share. As social media continues to gain momentum, collaborative platforms, CRM tools, and sales tools are bringing elements of social media into the mix. Mapping your contacts’ social media activities to records, for example, gives you a history of that prospect or client, including personal milestones. Connecting your interactions to your book of business gives a unique insight into influence. Those organizations who integrate social into their entire business will have greater business success. The key to success is making social media an effective communications channel, not a program in and of itself.Through Actiance research of banking, financial services, and insurance firms throughout North America and Europe, there is a common thread among companies that have been successful in their use of social media. Those that have found a way to make social networking part of the corporate DNA are those that are having the greatest success. Those companies that are integrating social into their corporate culture; those that find a way tomake social seamless are the ones that succeed. Note that I use the term “social” because social isn’t just about Facebook, LinkedIn, and Twitter; it’s a change in culture for most individuals and organizations. To make social part of the corporate DNA requires assistance to overcome four hurdles:Executive sponsorship – embracing social media as a way to reach customers, prospects and partnersExecutive engagement – seniorexces under the value and are enthusiastic about opportunitiesMade a Part of corporate culture And finally,Eliminate politics and streamline the process
  • You, Dear Reader, Are My Most Valuable AssetIn the realm of social media, I am the brand, you are the brand, as is your colleague and your teammate. Today, the vast majority of outbound social communications is between the brand and the consumer. However, while 17 percent of consumers trust a brand, 70 percent trust the recommendations given by friends and connections. That makes it more critical for the individual to connect in order to carry the brand message.U.S. One, an SEC-registered investment advisor out of Reno, Nevada, determined that Facebook Fans and Twitter Followers are 50-70 percent more likely to buy its product or service, and 80 percent are more likely to recommend it to others. We’re now seeing consumers starting to purchase products through social mediaThe long-term objective for social enablement in businesses isto engage with the brand as embodied by individual employees. Every social media user brings a unique set of contacts to the table - those are my LinkedIn connections, my Facebook friends, and my Twitter followers – who are connected with the uniqueness that I bring as a human being (quirks and all) and those are the contacts to leverage. As each employee is given the opportunity to carry the corporate mantle as part of his or her personal brand, messaging and content will spread from one circle of trust to the next. It’s ultimately more valuable to create a feedback loop where the target market seeks the brand through individuals (because there are more of them with a social media footprint), rather than just using social media to broadcast to your target demographic.
  • 3. Content Is King: Use the Personal ApproachTo gather a following, you need to have compelling content - information that is informative, entertaining, and worth sharing. In a compliance-constrained industry like financial services, delivering compelling content can be challenging, but it’s by no means impossible.Start with pre-approved content that has been reviewed by the company’s compliance team for both corporate governance and regulatory compliance. You can develop a library of interesting insights on investment strategies, wealth management, saving for college or retirement, and similar topics. These articles can provide a starter kit for social media newcomers who are looking to start building their online networks.However, you don’t want to equip your entire team of financial advisors with the same content. If you do, you will end up with an army of sales drones repeating approved company commercials. You also will have missed the point of social networking. It’s about personal engagement and interaction, not distributing a message from the sponsor.Being social is about sending a personal message, something that informs your connections about you. Social networking is a broadcast medium designed to distribute your personal information and messages. When you use social media solely to broadcast a brand message, you ignore the opportunity for interaction, i.e., the social aspect of social media. Viewing a commercial message is not how consumers engage.
  • 4.Empowering the Social Consumer to Work for YouConverting customers into evangelists is the real payoff for any integrated social media program. Today, consumers are using the Web and social media to research goods and services. They not only use Google, Bing, and Yahoo to search for information, they use Yelp,, and to read product reviews. Consumers are asking their network of contacts for advice about strategic purchases and investments.Engaging with the network to provide useful information is a key benefit of social networking. It’s not enough to connect with individuals in your target demographic. You need to engage with them in a way that demonstrates your domain expertise, that contributes to the body of online information, and that gives those in your network something valuable to share with their network of contacts. Successfully engaging with the social consumer is the best way to enlist new evangelists to disseminate your brand message. In other words, get your customer to promote and sell for you through social media.
  • Education Enables EveryoneIn order to empower employees to share their own insights in their own voice, you need to educate them.Creating an effective sales team is never an accident. The best sales and client service professionals have to be trained. They are taught how to speak effectively, how to sell over the telephone, how to work with email, and how to work skillfully with clients. You need to teach them how to use social media in the same manner.That doesn’t necessary mean that social media is an extension of their Series 7 license or they have to be experts in FINRA 10-06 and 11-39 regulations for social media compliance. However, everyone who uses social media needs to understand what it means to be social.Basic social media training should explain the why and how of social media. What is social media, how does it work, and why should it matter to the individual and the company. As part of the basics of social media, training should include strategies to get the most out of Facebook, LinkedIn,Twitter, and other social networks, and how personal social activity promotes the corporate brand. The objective is to lay a solid foundation for social media use within the organization that is in line with the corporatemarketing and sales goals and the corporate culture. [Once you’ve established your objectives-….READ SLIDE]
  • Education Enables EveryoneTraining also needs to encompass how to use social media to build business, including the nuances of social engagement, such as long-term relationship management, identifying key contacts and influencers, identifying newbusiness opportunities, and community management. Training couldinclude internal processes and best practices, such as using back-endinformation systems like CRM platforms, and integrating social mediaactivity with internal tracking systems.You can’t manage what you can’t measure, so it’s important that you Analyze metrics to assess engagement levels of the networks. You can either use the tools that are native to the platforms such as Facebook insights or use third party software solutions to determine the effectiveness of your social activity.Finally, treat social media as a living organism and make adjustments to your program based on what is working and increasing engagement, and those that are not.
  • Activating Actionable Analytics: It’s About Measuring EngagementAnd finally, Social media has redefined the rules of marketing, and it also requires a new way to measure success. When measuring the success of social media programs, the natural tendency is to apply the same metrics that operate in email marketing – how many clicks on material posted, how many updates get “likes,” etc. Measuring clicks is not the same as measuring engagement. If you simply try to measure how many users are exposed to your message, you’re overlooking something even more important. Comments have more value than “likes,” and shares are more valuable than comments. The metrics that matter show how connected you are to your network and whether your followers are sharing your message.The number of followers you achieve on Twitter, LinkedIn, and Facebook is an important metric, assuming you are attracting the right kind of followers. If you have a network of a hundred contacts on LinkedIn, that may be all you need to successfully do business. If you have the right kinds of followers and you know those followers will share what youhave to say with their peers, then ten connections on LinkedIn could be more valuable than 1,000 friends on Facebook.To identify those contacts that matter, you need to see who is saying what and who is doing what. One of the greatest lessons you can learn about social media is that active listening leads to effective engagement. Listen to your contacts in real-time, assess their content, respond appropriately, and then formulate your actions or activity correspondingly. You also can use pre-approved company content and other material to create your own real-time data stream. Using pre-approved, suggested content makes the process relatively painless for all concerned, and you should be able to adapt it to your own “voice.” To be most effective, the process needs to be systemic, automated, and intelligent.For example, you have a client who loads a new “baby names” applet to his Facebook profile. He joins a group for “prospective grandparents,” and you see congratulations from various well-wishers in his Facebook comments. Take that intelligence, apply it to pre-packaged content, and tailor that content to provide a targeted message. For example, you can share some ready-made information about the tax advantages of a 529 college savings plan. Reaching out in this way should be seamless. Then you need to measure the results. Does this engagement spawn clicks, likes, comments, and shares? How does the engagement nurture the social media feedback loop? Does it promote more connections and make the engagement with current contacts stronger?And finally,One measure of social media success is gamification, i.e., how performance for each social media participant in the firm compares to his or her peers. How much outreach is each financial advisor able to build into his or her daily routine? What kind of responses are those social posts getting? How does the depth of engagement measure up between advisors?
  • And there you have it the Six Essential Principles for Social Media Success. Easy right?We’ve come to the end of our time for today…..however, your journey doesn’t need to stop here.If you are interested in in an evaluation of the Actiance platform, visit our website at, give us a call at 888.349.3223, or email us at, and we’ll make sure you get set up for an evaluation within 48 hours.And, for those of you that wish to do some additional reading on what we’ve been talking about today, especially some of the data that I referenced throughout this webinar, we’ll be sending you the above materials in a follow-up email.
  • Finally, I invite you to stay up to date on the latest news and information from Actiance by joining us on Facebook at you
  • Transcript

    • 1. Six Essentials for Social Media Successin Financial ServicesVictor GaxiolaSubject Matter Expert: Social Media #ActianceConfidential and Proprietary © 2012, Actiance, Inc.All rights reserved. Actiance and the Actiance logo are trademarks of Actiance, Inc
    • 2. Agenda About Actiance State of the Nation Social Media Maturity Curve Social Media – a Powerful Marketing Tool The Six Essential Principles for Social Media Success Upcoming Webinars Materials#Actiance
    • 3. Why are we presenting to you today?#Actiance
    • 4. About Actiance A decade of expertise, a history of firsts Global Operations • 3 US offices, three continents • 270 employees Dedicated Social Engagement Team • Partnering: networks, platforms, service providers • Regulators: FINRA, IIROC, FSA, SEBI… • Best Practice enablement, education Client Engagement • 9 out of the top 10 US Banks, Top 5 CDN Banks • 284 FINRA firms • 100,000 Social Networking users under license#Actiance
    • 5. Why Customers Select Actiance“We chose Actiance because they had the resources and partnering culture to help us with our long term strategy” – VP Technology, Interactive Marketing, Top 3 Wirehouse“Actiance’s platform allows us to execute our long term vision of integrating our internal social platforms with consumer networks” – SVP & CIO, Major Mutual Fund Company“Socialite Enable and Engage offer the best mix of compliance and marketing capabilities allowing our advisors to develop their personal brands” – Marketing Director, Top Regional Brokerage#Actiance
    • 6. 97% of people questioned in a survey said their buying decisions are influenced by social groups#Actiance
    • 7. Social Media Maturity Curve Early Majority Early Adopters • Corporate SM • Corporate Presence presence Early Consideration • Acceptable use policy • Social media usage • Some Corporate by distributed teams • Social media being Presence advisors used by distributed Pre-Consideration • Banned/ restrictive teams/advisors • Acceptable use policy policy in place • No Social Presence • Need to: use social to • Next step, use social • Pilot program for develop, strengthen to develop, strengthen • Restrictive social content distribution relationships, for relationships, for some policy might be in place some also as a sales also as a sales channel • No Social Tools channel • Need to: justify • Previous concerns • Need to: identify distributed teams about FINRA and/ or options, best practices usage impact of social media overcome by market acceptance and demonstrable results.#Actiance
    • 8. Social Media – A Powerful Marketing Tool Proven to attract customer attention Promotes customer loyalty Enables companies to communicate with hundreds of thousands of people at once Increases opportunities for “viral” transmission of information about you or your services Allows companies to interact on a more personal level with customers#Actiance
    • 9. The Advantages of Social Media It’s free or relatively inexpensive It’s interactive It offers immediate, direct feedback It’s adaptable#Actiance
    • 10. Six Social Principles for Success Create Integral Strategy Develop Personal Brand Crowdsource Content Leverage Customers Educate and Train Measure & Analyze#Actiance
    • 11. Principle 1: Strategy Social media is just another way to broaden your reach Companies are successful in their social media use when social networking is part of the corporate DNA – Executive sponsorship. Senior management embraces social media as a way to reach customers, prospects, and partners – Executive engagement. Senior management understands the value and they are enthusiastic about the opportunities – Part of the corporate culture – Eliminate politics and streamline “Social Media is a part of the content approvals mix, not the solution” GARTNER#Actiance
    • 12. Principle 2: Personal Brand You, Dear Reader, are my most valuable asset 17% of consumers trust a brand. 70% trust recommendations given by friends and connections Consumers are starting to purchase products through social media Long-term objective: consumers and customers engage with the brand as embodied by individual employees#Actiance
    • 13. Principle 3: Relevant Content Content is King: use the personal approach Deliver compelling, informative and entertaining content Start with pre-approved content Develop a library of interesting insights, investment challenges, wealth management tips, etc. Strive for personalized, unique content that informs your connections about you. Don’t just broadcast a brand message#Actiance
    • 14. Principle 4: Crowdsource Empower the Social Consumer to work for you Convert consumers into evangelists promoting your products or services Before making buying decisions, consumers research online and seek recommendations from their network Provide useful information that establishes your expertise and is worth sharing#Actiance
    • 15. Principle 5: Education Key Elements of a Social Media Training Program Understand the role of social media in sales and marketing Establish your social media objectives Select which social networks are best for you Avoid regulatory pitfalls Build a network#Actiance
    • 16. Principle 5: Education (cont.) Follow best practices to build out and maintain your network Integrate social media activities with corporate systems Analyze metrics to assess engagement levels of network Adjust your social media program#Actiance
    • 17. Principle 6: Analytics Measuring clicks vs. measuring engagement Comments are more valuable than “likes” and shares are more valuable than comments The number of followers on Twitter, LinkedIn and Facebook is an important metric Active listening leads to effective engagement Create your own real-time data stream One measure of social media success is gamification#Actiance
    • 18. Contact Information 888.349.3223 @Actiance, @victorgaxiola Further reading: Marketers Guide to Social Media in Financial Services FINRA 10-06 and11-39 requirements mapped to Facebook, LinkedIn, and Twitter features Social Media Handbook Osterman Research: The Impact of New Communication Tools for Financial Services Firms Actiance Collateral Library
    • 19. Thank YouJoin us at Victor Gaxiola Subject Matter Expert: Social Media @victorgaxiola Confidential and Proprietary © 2012, Actiance, Inc. All rights reserved. Actiance and the Actiance logo are trademarks of Actiance, Inc #Actiance