10.19.10 michael rubin and summit up banking on social media


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  • Implementation Embed Social Media into the Enterprise, implement Social Media Engagement Process
  • 10.19.10 michael rubin and summit up banking on social media

    1. 2. The Obligatory Boring “About Me” Slide <ul><li>http://flavors.me/merubin75 </li></ul>
    2. 3. Agenda <ul><li>The First Big Challenge – What is Social Media? </li></ul><ul><li>The Second Big Challenge – Why Social Media? </li></ul><ul><li>Mythbusting </li></ul><ul><li>Real World Examples </li></ul><ul><li>Fifth Third’s Social Media Roadmap </li></ul><ul><li>Getting Started Checklist </li></ul>
    3. 4. Don’t be shy
    4. 5. Most Trusted Professions Source: GfK Custom Research, June 2009
    5. 6. Least Trusted Professions Source: GfK Custom Research, June 2009
    6. 10. 1. Consumers Trust Each Other First Consumers form their opinions about us before engaging with us. <ul><li>Recommendations from people they know </li></ul><ul><li>Consumer opinions posted online </li></ul><ul><li>Brand Websites </li></ul>
    7. 11. 2. Search is the Internet’s Front Door Brand Brand Social Social Press
    8. 12. 3. Everything Lives Forever in Google “ I’ve been a 5/3 customer for eight years. Our local branches are excellent and I’ve never had a problem with them at all! Maybe Indiana people are just nicer.” “ 5th 3rd is TERRIBLE! I will never ever do business with them again. ” Latest Comment (August 9, 2010) “ Has any one else experienced fraud of this nature?”
    9. 18. Misperceptions and Realities
    10. 19. Myth: Risk Outweighs Benefits “ Too much Risk” Reputational Regulatory Risk is ignoring: Conversation happens with or without you
    11. 20. Myth: Social Media is just a Viral Video “ We just need a YouTube video” (or a blog/Facebook/Twitter) Marketing best practices still apply: Define the strategy Don’t chase the shiny tactic Then select the tools
    12. 21. Myth: Social Media is just Teenagers Yapping Grandma and Grandpa are on Facebook Social Networking Usage of Adults Age 65+ 5% in 2005  26% in 2010
    13. 22. Myth: Social Media is just a Men’s Only Club Facebook Female: 57% Male: 43% MySpace Female: 64% Male: 36% Yelp Female: 57% Male: 43% LinkedIn Female: 50% Male: 50% YouTube Female: 50% Male: 50% Flickr Female: 55% Male: 45% Digg Male: 64% Female: 36% Foursquare Female: 50% Male: 50%
    14. 24. Home Depot
    15. 30. May 2007: 1 million reviews February 2008: 2.3 million reviews March 2010: 10 million reviews
    16. 32. Big Picture: Overall Social Media Goals <ul><li>Make our customers’ lives better </li></ul><ul><li>Improve the customer experience </li></ul><ul><li>Strengthen relationships via listening </li></ul>
    17. 33. Big Picture: Overall Social Media Goals <ul><li>Integrate actionable insights Fifth Third </li></ul><ul><li>Acquire new customers </li></ul><ul><li>Deepen relationships with existing customers </li></ul><ul><li>Increase employee engagement </li></ul>
    18. 35. Social Media Infrastructure
    19. 36. Social Media Strategic Framework
    20. 37. <ul><li>Define your Roadmap (“The Strategy”) </li></ul><ul><li>Gather internal support (“Brain Trust”) </li></ul><ul><li>Get endorsed from senior champion(s) </li></ul><ul><li>Listen first (Free vs. Vendor) </li></ul><ul><li>Start small (organic growth first) </li></ul><ul><li>Go where your customers are </li></ul>Getting Started Checklist