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The myths, facts and hardcore realities of social media marketing for financial institutions.

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  • thanks! this is a serious and well done presentation, I appreciate it!
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  • I like how you differentiate yourself in social media - your industry focus will add value for financial institutions, although you make alot of good points for ANY industry. And to show how social media spreads like wildfire - would you believe I got the link to this presentation from a post you made on http://socialmediab2b.com/2009/08/social-media-roi/? :) Thanks for the tips.
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  1. 2. <ul><li>15+ years as a branding, advertising and marketing strategist </li></ul><ul><li>Over 50 financial branding projects </li></ul><ul><li>30+ financial naming projects </li></ul><ul><li>Noted speaker and author in the financial industry </li></ul><ul><li>Publisher of The Financial Brand </li></ul>Jeffry Pilcher
  2. 3. MYTH You have to use online social media.
  3. 4. REALITY CHECK There are probably more important things you could be doing.
  4. 5. airforcefcu.com
  5. 6. Don’t use online social media tools simply because… … it’s cool … you’re bored … they say it’s the wave of the future … other financial institutions are doing it … free Web 2.0 tools are available … young consumers are online … people love social networks
  6. 7. Assume you don’t need Web 2.0 tools
  7. 8. www.sitorsquat.com
  8. 9. forum.colts.com
  9. 10. Establish a business case
  10. 11. Most social media projects start with the solution, then look for the strategy. REALITY CHECK
  11. 12. <ul><li>What is your strategy? </li></ul><ul><li>What are your goals? </li></ul><ul><li>What do you hope to accomplish? </li></ul><ul><li>How does it fit your business model? </li></ul><ul><li>How will you define success? </li></ul><ul><li>What are you saying? </li></ul><ul><li>Who are you saying it to? </li></ul><ul><li>What do you want them to do? </li></ul>
  12. 13. <ul><li>Outcomes vs. goals </li></ul><ul><li>Uncovering service issues </li></ul><ul><li>Input from engaged customers </li></ul><ul><li>Better search engine results </li></ul><ul><li>Word of mouth referrals </li></ul><ul><li>Hip, tech-savvy brand halo </li></ul><ul><li>PR opportunities </li></ul><ul><li>Networking within financial industry </li></ul>
  13. 14. <ul><li>Drive sales </li></ul><ul><li>Improve customer retention </li></ul><ul><li>Build brand </li></ul><ul><li>Create name awareness </li></ul><ul><li>Extend CSR initiatives </li></ul>
  14. 15. changeeverything.ca
  15. 16. twitter.com/bofa_help
  16. 17. Hello there! I work for Bank of America. Let me know if there’s anything I can do to help. So Bank of America charged me $5 overdraft but my balance was positive. That’s not cool. Credit union here I come.
  17. 19. Establish realistic expectations
  18. 20. MYTH If you build it, they will come.
  19. 21. www.mylifemymoney.org
  20. 22. REALITY CHECK Most social media experiments are duds.
  21. 24. MYTH Web 2.0 is all about Gen-Y.
  22. 25. Millions of Gen-X and Boomers love and live Web 2.0 lifestyles. REALITY CHECK
  23. 26. smallbusinessonlinecommunity.bankofamerica.com
  24. 27. MYTH Your marketing department can handle it.
  25. 28. REALITY CHECK You need more manpower.
  26. 29. MYTH You’ll make a big splash in no time.
  27. 30. It’s hard, and takes a ton of time, energy and good writing. REALITY CHECK
  28. 31. MYTH You can’t sell stuff in a Web 2.0 world.
  29. 32. Create a product tie-in
  30. 35. Use traditional media channels
  31. 36. MYTH As long as it’s awesome, people will find it.
  32. 37. MYTH You can do it all online.
  33. 38. MYTH It’s free.
  34. 39. REALITY CHECK blog Twitter YouTube Facebook microsite TV radio newspaper magazines outdoor billboards sponsorships cinema ads direct mail statement stuffers website events online ads promotional items in-branch brochures email ATM screens plasma screens Google Adwords word of mouth on-hold message newsletter transit PR
  35. 41. Make it entertaining
  36. 42. Internet users are oversubscribed. REALITY CHECK
  37. 43. Financial institutions are uncool. REALITY CHECK
  38. 44. bankofamerica.com/mobanking
  39. 45. speedysroadtrip.com
  40. 46. www.buckthenorm.com
  41. 49. Put something at stake
  42. 50. Hold a contest or
  43. 51. Big rewards or little results. REALITY CHECK
  44. 52. www.wellsfargo.com/somedaystory
  45. 53. 53unlockyourdreams.com
  46. 54. Capture MCIF information
  47. 55. www.bankofamerica.com/oncampus
  48. 56. Monitor and measure results
  49. 57. There is almost no data showing an ROI on Web 2.0 tools. REALITY CHECK
  50. 58. <ul><li>Business objectives </li></ul><ul><ul><li>New relationships acquired </li></ul></ul><ul><ul><li>Promo accounts opened </li></ul></ul><ul><ul><li>Promo accounts switched </li></ul></ul><ul><ul><li>Funds on deposit ($) </li></ul></ul><ul><ul><li>Average per new member ($) </li></ul></ul><ul><ul><li>Total loans held ($) </li></ul></ul><ul><li>Target audience </li></ul><ul><ul><li>Member growth in target ages </li></ul></ul><ul><ul><li>∆ in average age of members </li></ul></ul><ul><ul><li>% with promo account </li></ul></ul><ul><ul><li>% with promo +other account </li></ul></ul><ul><li>Marketing, Media & PR </li></ul><ul><ul><li>Direct mail response rate </li></ul></ul><ul><ul><li>Reach, frequency </li></ul></ul><ul><ul><li>Hits, impressions </li></ul></ul><ul><ul><li>Online ad clicks </li></ul></ul><ul><ul><li>Click-through rates </li></ul></ul><ul><ul><li>Earned PR media ($) </li></ul></ul><ul><ul><li>Community size </li></ul></ul><ul><ul><li>Website traffic and page views </li></ul></ul><ul><ul><li>Average time on site </li></ul></ul><ul><ul><li>Contest entries </li></ul></ul><ul><ul><li>Email subscribers </li></ul></ul><ul><ul><li>RSS subscribers </li></ul></ul><ul><ul><li>Blog comments </li></ul></ul><ul><ul><li>YouTube video views </li></ul></ul><ul><ul><li>Facebook fans </li></ul></ul><ul><ul><li>Twitter followers </li></ul></ul>Things you should measure.
  51. 59. Get your team on board
  52. 60. <ul><li>What not to do: </li></ul><ul><li>Don’t introduce the tool first, then the strategy </li></ul><ul><li>Don’t talk about how cool it is </li></ul><ul><li>Don’t say “that’s where Gen-Y is” </li></ul><ul><li>Don’t say it costs basically nothing </li></ul>
  53. 61. <ul><li>What to do: </li></ul><ul><li>Outline the strategy </li></ul><ul><li>Make Web 2.0 part of a broader promotion or initiative </li></ul><ul><li>Talk about business results </li></ul><ul><li>Get straight to the value </li></ul><ul><li>Talk about clear objectives, metrics and outcomes </li></ul><ul><li>Be prepared to share hard numbers </li></ul>
  54. 62. Make sure employees… … know what you’re doing … know why you’re doing it … are kept in the loop … participate in social media … know the rules … identify themselves online … don’t masquerade as customers … don’t “salt the mine”
  55. 63. You can’t control the conversation. REALITY CHECK
  56. 65. <ul><li>Formula for disaster: </li></ul><ul><li>No business strategy </li></ul><ul><li>No focus </li></ul><ul><li>No product tie-in </li></ul><ul><li>No budget, no staff, no marketing support </li></ul><ul><li>Measuring the wrong stuff </li></ul><ul><li>Not getting your team on board </li></ul><ul><li>Keeping staff in the dark </li></ul><ul><li>Sending in shills and salt the mine </li></ul><ul><li>Expecting to go viral </li></ul>
  57. 66. <ul><li>Assume you don’t need Web 2.0 tools </li></ul><ul><li>Establish a business case </li></ul><ul><li>Establish realistic expectations </li></ul><ul><li>Create a product tie-in </li></ul><ul><li>Use traditional media channels </li></ul><ul><li>Make it entertaining </li></ul><ul><li>Put something at stake </li></ul><ul><li>Capture MCIF information </li></ul><ul><li>Monitor and measure results </li></ul><ul><li>Get your team on board </li></ul>
  58. 67. QUESTIONS? www.slideshare.net./iconiq

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