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Interactive marketing strategies for financial services companies


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My presentation made to the AGM of the Jamaica Credit Union League in May 2011 as a 3-hour workshop.

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Interactive marketing strategies for financial services companies

  1. 1. Interactive Marketing Strategies for Financial Services Companies <ul><li>David Mullings </li></ul>
  2. 2. Opportunities <ul><ul><li>email marketing </li></ul></ul><ul><ul><li>banner advertising </li></ul></ul><ul><ul><li>SEM and SEO </li></ul></ul><ul><ul><li>social media </li></ul></ul><ul><ul><li>blogging </li></ul></ul><ul><ul><li>crowdsourcing </li></ul></ul><ul><li>Online video/Podcasts </li></ul><ul><li>Location-based services </li></ul><ul><li>Mobile </li></ul><ul><li>SMS/Text Message </li></ul><ul><li>QR Codes </li></ul><ul><li>Augmented reality </li></ul>
  3. 3. Why Interactive? <ul><li>“Audience on demand” - digital will allow marketers to buy an audience instead of space in media </li></ul><ul><li>Create relationships for a new era </li></ul><ul><li>Get invited to the consumer conversation - social </li></ul>
  4. 4. Web 1.0 Strategy “ Pull” Strategy users website ads
  5. 5. Web 2.0 Strategy “ Push” Strategy users content users users
  6. 6. Tim Armstrong, President, Advertising and Commerce, North America, Google “ Interrupting people is not as important as being with them”
  7. 7. 4 P’s of marketing? product place price promotion
  8. 8. 5 P’s of marketing? product place price promotion people
  9. 9. 6 P’s of marketing product place price promotion people = profit
  10. 10. Overview
  11. 11. Email Marketing
  12. 12. Want to know? <ul><li>How many people received? </li></ul><ul><li>How many people opened? </li></ul><ul><li>What did they click on? </li></ul><ul><li>Did they share it? </li></ul>
  13. 13. Now You Can
  14. 14. Subscriber History
  15. 15. Banner Advertising
  16. 17. Targeting Options? <ul><li>Geo-targeting - Targeting ads based on geographic location </li></ul><ul><li>Target ads based on language </li></ul><ul><li>Target ads based on time of day </li></ul><ul><li>Behavioural targeting gaining traction </li></ul>
  17. 18. Search Engine Marketing (SEM)
  18. 20. SEM <ul><li>Uses keywords chosen by you </li></ul><ul><li>Highest bid not automatically highest placed ad </li></ul><ul><li>Geo-targeting down to city level for many countries </li></ul><ul><li>Language, Time of day, etc. </li></ul>
  19. 21. Search Engine Optimization (SEO)
  20. 23. Online video
  21. 24. Categories <ul><li>Informational </li></ul><ul><li>Entertainment </li></ul><ul><li>Promotional </li></ul><ul><li>Advertisements in and around video (pre-roll, mid-roll, post-roll, overlays, etc.) </li></ul>
  22. 25. Case Study
  23. 27. Podcasts
  24. 28. Blogging
  25. 29. Promotion and Conversation
  26. 30. Crowdsourcing
  27. 34. Super Cool Stuff
  28. 35. QR Codes
  29. 36. QR Codes
  30. 37. Augmented Reality
  31. 38. Social Media
  32. 39. Social Advertising - Does it work? <ul><li>Focus on creating a conversation with consumers - value exchange is key </li></ul><ul><li>Couponing and custom products </li></ul>
  33. 40. What is Social? <ul><li>Facebook, Twitter, etc. </li></ul><ul><li>Taking advantage of sharing </li></ul>
  34. 41. Facebook Page
  35. 42. Facebook Ads
  36. 43. Photos
  37. 44. Twitter Terms Crash Course
  38. 45. Tweet
  39. 46. Mention
  40. 47. Retweet
  41. 48. Hashtag
  42. 49. Location-based Services
  43. 50. FourSquare, etc.
  44. 52. Real Campaigns
  45. 53. Levi’s and Air Jordan <ul><li>2,323 sets only </li></ul><ul><li>US$395 per set </li></ul><ul><li>Press release </li></ul><ul><li>Facebook countdown widget </li></ul><ul><li>Sold out in 30 mins </li></ul>
  46. 54. Cezar <ul><li>Mariah Carey Fan Club Remix competition </li></ul><ul><li>Original song and video </li></ul><ul><li>The RealVibez Approach </li></ul><ul><li>Results? </li></ul>
  47. 55. Results? <ul><li>45,000 views in 2 weeks </li></ul><ul><li>Placed 20th out of 1,200 entries </li></ul><ul><li>Secured direct link to Nick Cannon (He likes the remix) </li></ul><ul><li>Video picked up by RE TV locally </li></ul><ul><li>Song picked up by Zip, Fame, Hot 102 </li></ul><ul><li>Cezar contacted numerous times for interviews </li></ul><ul><li>Lots of blog and forum exposure </li></ul>
  48. 56. Purpose <ul><li>Only one part of the marketing mix </li></ul><ul><li>“Prove that you are listening...” </li></ul><ul><li>“Awareness is over-rated. Focus on building positive opinion” </li></ul><ul><li>“Influencing Opinion is key” </li></ul>
  49. 57. Balancing Innovation, Results & Predictability <ul><li>Digital age has challenges - the tyranny of ‘more’ </li></ul><ul><li>Marketing is the only public function </li></ul>
  50. 58. Balancing Innovation, Results & Predictability <ul><li>Get customers to see and use you differently </li></ul><ul><li>Ready, Fire, Aim - experience is better than planning </li></ul><ul><li>80/20 rule </li></ul>
  51. 59. Balancing Innovation, Results & Predictability <ul><li>Avoid the short-term trap </li></ul><ul><li>Marketplace results matter most </li></ul><ul><li>ROI total vs. Individual totals </li></ul><ul><li>What is new vs. Last year </li></ul><ul><li>Sometimes you just go for it </li></ul>
  52. 60. Michael Linton, SVP & CMO, eBay “ You may not need to be everywhere if it does not fit your business model”
  53. 61. Social Advertising - Does it work? <ul><li>Not ‘social media marketing’, ‘social influence marketing’ - Terry, Avenue A|Razorfish </li></ul><ul><li>Creating a community around a brand </li></ul>
  54. 62. Sam Chadha’s Rules Director of Marketing, Deodorants, Unilever Director of Marketing, Deodorants, Unilever
  55. 63. The distribution strategy is just as important as the creative strategy
  56. 64. Viral is an outcome, not something you build
  57. 65. Forget about ‘cool’, ‘relevance’ is what matters
  58. 66. Create engaging, relevant and quality content for users in your target demographic
  59. 67. Social Advertising - Does it work? <ul><li>“If you are still measuring just CTR, get a new agency” </li></ul><ul><li>Engagement matters and social applications and networks offer that in spades </li></ul>
  60. 68. Questions?
  61. 69. Most Relevant
  62. 70. email marketing banner advertising ppc (pay-per-click) mobile location-based services social media Most Relevant
  63. 71. Facebook
  64. 72. Facebook
  65. 73. Twitter <ul><li>JNBS AGM 2009 and live-streaming </li></ul><ul><li>US State Dept Global Diaspora Forum </li></ul>
  66. 74. Twitter
  67. 75. Do’s and Don’ts
  68. 76. Have a social media policy Do
  69. 77. Have a social media policy and not communicate it to all staff Don’t
  70. 78. Be professional and true to your brand image Do
  71. 80. Misuse profile pictures Don’t
  72. 82. Ask questions and interact - conversation is key Do
  73. 84. Only focus on one-way posts instead of conversation Don’t
  74. 85. Define and measure engagement Do
  75. 86. Only measure followers and fans Don’t
  76. 87. Use ROPE model Do
  77. 88. R.O.P.E. <ul><li>Represent your organization well </li></ul><ul><li>Own the channels and have accountability </li></ul><ul><li>Participate in conversations </li></ul><ul><li>Engage users and measure engagement </li></ul>
  78. 89. Assume that the youngest person in the company is the right one to manage digital channels Don’t
  79. 90. Start a blog Do
  80. 91. Start a blog and then not update it Don’t
  81. 92. Identify which channels make sense for your budget, target market and team size Do
  82. 93. Try to do too much too fast Don’t
  83. 95. Identify power users and evangelists Do
  84. 96. Ignore the complainers Don’t
  85. 97. Have a modern website Do
  86. 98. Have a modern website but not monitor traffic to make decisions Don’t
  87. 99. Retweet industry sources Do
  88. 100. Only retweet industry sources and post no unique content Don’t
  89. 101. Questions?
  90. 102. Post-click Marketing
  91. 103. Focusing on what happens after you get a user to click a link or ad
  92. 106. 5 features of good landing experiences <ul><li>Clear call to action </li></ul><ul><li>Limited choices </li></ul><ul><li>Minimal distractions </li></ul><ul><li>Motivation & incentives </li></ul><ul><li>Progressive conversion (more than 1 page) </li></ul>
  93. 107. Building Blocks <ul><li>User-centred - user experience first </li></ul><ul><li>Relevant </li></ul><ul><li>Conversion focused </li></ul><ul><li>Segmented - optimize experience </li></ul><ul><li>Tested and Optimized - A/B, Multivariate </li></ul><ul><li>Analyzed </li></ul>
  94. 108. Questions?
  95. 109. Final Thought <ul><li>&quot;Whether it's over the air or on the Internet, it's about content, and online it's our strategy to reach people wherever they are and bring our content to them.&quot; </li></ul><ul><li>Leslie Moonves, President and CEO, CBS Corp. </li></ul>
  96. 110. Recommended Reading
  97. 111. <ul><li>Please leave feedback on </li></ul><ul><li> </li></ul><ul><li>David Mullings </li></ul><ul><li>[email_address] </li></ul><ul><li> </li></ul><ul><li>407-513-2801 </li></ul>