Rising Above the Noise:        Facebook’s EdgeRank and          Solving the Trust GapAugie RayDirector of Social Media Str...
Look! A Fan Surge!170,000160,000                                                        Bank Transfer Day150,000140,000   ...
All Fans are Not Created Equal High Value Fans           Low Value Fans+$                                        -$       ...
The Simple Facebook EquationFansA *   ∑ Ue We De   = Success                            @augieray   #bdi1
The (Slightly Less)    Simple Facebook EquationFansA *   ∑ Ue We De   * b = Success                              @augieray...
Look! Lots of Engagement! Total Insurance Conversation        Percentage of Social Media        Volume by Brand           ...
It’s Not Just a Facebook Issue       You’re followed, but are you on Twitter lists?       You’re followed on LinkedIn, but...
Chicken or egg?      1. Follow/Like      2. Engagement      3. Trust                  @augieray   #bdi1
The trust gap55% say “It’s hard for me to know who to trust forfinancial advice.” (2012 Household Financial PlanningSurvey...
The trust gap       Choosing a new advisor: HHs w/ $100k to $1mmOffers products from a variety of companies               ...
Use trust that already exists                           @augieray   #bdi1
Borrow peer-to-peer trust          Fidelity’s Stock Plan Services communities          allow sponsors to discuss with peer...
Become more transparent                      @augieray   #bdi1
Build trust with contentGoal: Increase followers of Christopher Taylor, head of Financial Institutions.                   ...
Build one-to-one relationships Source: July 2012 “Collaborative Advice,” Forrester Research by Bill Doyle                 ...
“       Out of an abundance of       caution, many mutual funds andother investment companies may filematerials on their s...
Thank you!  Augie Ray  @augieray
Upcoming SlideShare
Loading in …5
×

BDI Wealth Management & Social Media Forum: Rising Above the Noise and Building Trust in Financial Services

1,382 views

Published on

Too much time and effort is dedicated to building fans and creating engagement, but this is not the goal. The goal is to build awareness, consideration, purchase intent and advocacy. As such, fans and engagement are a means to an end, but too many social media strategies today focus only on luring fans--any fan--and creating comments and likes--any comment or like. Facebook's EdgeRank provides us a guide, but it's important to remember that it is Facebook's equation, not marketers. The social media marketing equation must be more expansive and include luring the RIGHT FANS and building BRAND VECTOR into our engagement. And the problem of meaningless fans and empty engagement is not merely one on Facebook but all social networks. The problem is that brands seem to think they can collect a disinterested fan, create engagement and build trust, but this is not the way social networks (or the human mind) works. Instead, you have to build trust FIRST, then collect fans and finally build engagement that matters. How do you do that? Five methods are briefly presented using examples from Wealth Management, including programs and strategies from Zurich, Fidelity, Ameriprise and Vanguard.

Published in: Business
0 Comments
3 Likes
Statistics
Notes
  • Be the first to comment

No Downloads
Views
Total views
1,382
On SlideShare
0
From Embeds
0
Number of Embeds
3
Actions
Shares
0
Downloads
4
Comments
0
Likes
3
Embeds 0
No embeds

No notes for slide
  • http://millionairecorner.com/article/investors-have-trust-issues-financial-advisorshttp://newsroom.accenture.com/news/millennial-investors-more-conservative-less-trusting-of-financial-advisors-than-b-by-boomers-and-gen-xers-according-to-accenture-survey.htm
  • http://millionairecorner.com/article/five-factors-consider-when-selecting-financial-advisor
  • BDI Wealth Management & Social Media Forum: Rising Above the Noise and Building Trust in Financial Services

    1. 1. Rising Above the Noise: Facebook’s EdgeRank and Solving the Trust GapAugie RayDirector of Social Media StrategyPrudential
    2. 2. Look! A Fan Surge!170,000160,000 Bank Transfer Day150,000140,000 11/19130,000 159,577120,000110,000100,000 10/22 90,000 66,353 80,000 70,000 10/20 10/23 10/26 10/29 11/1 11/4 11/7 11/10 11/13 11/16 11/19 @augieray #bdi1
    3. 3. All Fans are Not Created Equal High Value Fans Low Value Fans+$ -$ @augieray #bdi1
    4. 4. The Simple Facebook EquationFansA * ∑ Ue We De = Success @augieray #bdi1
    5. 5. The (Slightly Less) Simple Facebook EquationFansA * ∑ Ue We De * b = Success @augieray #bdi1
    6. 6. Look! Lots of Engagement! Total Insurance Conversation Percentage of Social Media Volume by Brand Conversations by TopicCompany #1 Use/Choose/Company #2 Recommend SwitchCompany #3 Not use/Drop/ Not WantCompany #4 0% 20% 40% 60% 80% 100% @augieray #bdi1
    7. 7. It’s Not Just a Facebook Issue You’re followed, but are you on Twitter lists? You’re followed on LinkedIn, but who cares?It’s easy to forget that the goal isn’t to be liked orfollowed or to get engagement…The goal is to earnattention, consideration, awareness andadvocacy. @augieray #bdi1
    8. 8. Chicken or egg? 1. Follow/Like 2. Engagement 3. Trust @augieray #bdi1
    9. 9. The trust gap55% say “It’s hard for me to know who to trust forfinancial advice.” (2012 Household Financial PlanningSurvey, Certified Financial Planner Board of Standards &Consumer Federation of America)Millennials are four times more likely than baby boomers(28 percent vs. seven percent, respectively) to say theyare unwilling to act on the advice of a financial advisorwithout first consulting other sources. (Accenture) @augieray #bdi1
    10. 10. The trust gap Choosing a new advisor: HHs w/ $100k to $1mmOffers products from a variety of companies Depth of products & services Fees or commissions charged Investment track recordIndividual provides transparency & keeps me… Individual is honest and trustworthy 0% 20% 40% 60% 80% 100% Source: National Association of Personal Financial Advisors @augieray #bdi1
    11. 11. Use trust that already exists @augieray #bdi1
    12. 12. Borrow peer-to-peer trust Fidelity’s Stock Plan Services communities allow sponsors to discuss with peers: • New regulations and industry trends • Opinions of Fidelity’s products and services • Administrative best practices 45% of Fidelitys SPS client base registered to use the site @augieray #bdi1
    13. 13. Become more transparent @augieray #bdi1
    14. 14. Build trust with contentGoal: Increase followers of Christopher Taylor, head of Financial Institutions. • Posted content • Banner Ads • Targeted InMail to VPs, Owners, Partners & C-level in FinServ • 700,000 ad impressions • 850+ ad clicks • 1,000 new connections in six weeks • Email had open rate of 14% & CTR of 15% @augieray #bdi1
    15. 15. Build one-to-one relationships Source: July 2012 “Collaborative Advice,” Forrester Research by Bill Doyle @augieray #bdi1
    16. 16. “ Out of an abundance of caution, many mutual funds andother investment companies may filematerials on their social mediasites with FINRA unnecessarily. ”“ Will not recommend enforcement action to the U.S. Securities andExchange Commission under Section 15(a)(l) of the Securities Exchange Act of1934 (the "Exchange Act") againstFundersClub. ”“ …use social media to engage in lending, deposit services, orpayment activities… originate newaccounts… facilitate a consumer’s use ofpayment systems… match productsand services to users’ needs @augieray ” #bdi1
    17. 17. Thank you! Augie Ray @augieray

    ×