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Social Media Marketing Strategies for Financial Firms

Gozoop's Strategy on Social Media Marketing for Financial firms,
Introduction and examples of Social media Marketing

Social Media Marketing Strategies for Financial Firms

  1. 1. Social Media Strategies for Investment and Financial Firms
  2. 2. All companies are going Social
  3. 3. <ul><li>The Financial and investment industry, however, has been a bit cautious about going social </li></ul>
  4. 4. A major challenge for the financial industry in engaging social media is the heavy legal liabilities that can be associated with sharing information to prospective clients. If you tell someone the wrong thing, it could turn into a huge liability lawsuit.
  5. 5. <ul><li>T hese liabilities, and the lack of understanding on how to maneuver around them, have been the major road block for the financial industry to engage in social media on a large scale </li></ul>
  6. 6. <ul><li>However... </li></ul>
  7. 7. <ul><ul><li>Facebook has more than 500,000,000 users worldwide </li></ul></ul>
  8. 8. <ul><li>Every single second of every single day , </li></ul><ul><li>Twitter’s 9 million users mention brands they LOVE and HATE . </li></ul><ul><li>AND Twitter is growing at a rate of 1382% per year </li></ul>
  9. 9. <ul><li>24 hours of video are uploaded to YouTube every minute </li></ul>
  10. 10. <ul><li>To ignore Social Media is to fight a losing battle </li></ul>
  11. 11. <ul><ul><li>We have reached a point where: </li></ul></ul><ul><ul><li>14% of people trust ads </li></ul></ul><ul><ul><li>78% of people trust consumer recommendations </li></ul></ul>
  12. 13. Here are a few financial companies who are doing it right...
  13. 15. <ul><li>Wells Fargo became the first financial institute to adopt social media when it launched its first corporate blog in 2006 </li></ul><ul><li>Hundreds of employees used the blogs to brainstorm with each other and interact with customers </li></ul><ul><li>The comments section of the blog created a Line of Communication with their audience </li></ul><ul><li>One of the nation's most extensive financial services networks </li></ul>
  14. 16. <ul><li>Wells Fargo launched Stagecoach Island in 2006 </li></ul><ul><li>StageCoach Island is an online virtual world where you can explore the island, connect with friends and learn smart money management through tasks and chores. </li></ul>
  15. 17. <ul><li>Wells Fargo used the platform of Twitter to connect, listen and help its audience </li></ul><ul><li>Follower Base of more than 6600 </li></ul><ul><li>Online Reputation Management tool </li></ul>
  16. 18. <ul><li>Dedicated YouTube Channel launched in March 2006 </li></ul><ul><li>More than 70 finance and investment related videos uploaded </li></ul><ul><li>More than 66,000 views </li></ul>
  17. 21. <ul><li>Chase started using Facebook to crowd source its CSR activities </li></ul><ul><li>Fans decide the cause and charity to which the Chase donations are made </li></ul><ul><li>Over 12,000 Face book members signed on in the first day </li></ul><ul><li>Current Fan Base: 1.9 million </li></ul>
  18. 22. <ul><li>More than 166,000 monthly users of the Chase Community Giving application </li></ul><ul><li>Users use this application to vote for their charity of choice </li></ul><ul><li>Share widgets for users to promote the charity of their choice </li></ul>
  19. 25. <ul><li>In January 2009, Bank of America joined Twitter, to assist and solve customer problems </li></ul><ul><li>Almost 900 customer queries solved through Twitter </li></ul><ul><li>Twitter Follower base of 7,300 </li></ul>
  20. 26. <ul><li>Bank Of America d edicated Twitter Page to list job postings </li></ul><ul><li>190 jobs posted through Twitter </li></ul>
  21. 30. Bharti AXA uses Facebook & Twitter to promote this initiative
  22. 31. Bharti AXA uses Facebook & Twitter to promote this initiative
  23. 36. <ul><li>Beta No. 1: Viral Video for ICICI Prudential Life generated nearly 20,000 YouTube views </li></ul>
  24. 39. What is your Social Media Presence?
  25. 40. The Do's of Social Marketing for Financial Firms <ul><li>Position yourself as an institution which cares to enable people to make smart financial decisions </li></ul><ul><li>Speak in the language of your audience </li></ul><ul><li>Provide high quality financial advice </li></ul><ul><li>Let your audience create their own social conversations (Crowd sourcing) </li></ul><ul><li>Keep your audience engaged </li></ul>
  26. 41. The Don'ts of Social Marketing for Financial Firms <ul><li>Don't sell </li></ul><ul><li>Don't state incorrect or unproved information . This could result in a huge liability lawsuit </li></ul><ul><li>Don't share direct investment trips (eg. Buy/Sell XYZ stock) </li></ul><ul><li>Don't endorse (like/comment) incorrect or unproved information. You become responsible for the content </li></ul><ul><li>Don't be afraid to use Social Media </li></ul>
  27. 42. We’d love to hear from you!!! Socialize with us on www.gozoop.com Write to us on -  rohan@gozoop.com Call us on- 9819770900

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