This document discusses the growing importance of social media for financial services brands. It outlines key developments on platforms like Facebook, Twitter, and Google+. It also discusses best practices for social customer service and measuring the return on investment from social media marketing. Examples are provided of financial companies like American Express and Barclaycard that are effectively using social media for branding, customer service, and driving business results.

1. Social media in the financial sector
Social media in the
financial sector
by Laura Crimmons & Fi Dunphy

2. Social media in the financial sector
Contents
• What’s new in social and why should your brand care?
• What is social customer service?
• What can you measure & how do you demonstrate ROI?
• Who’s doing it well?

3. Social media in the financial sector
What’s new in social and why
should your brand care?

4. Social media in the financial sector
Facebook
• Ranked comments
• Mobile share button
• ROI tracking
• Gifts & Collections

5. Social media in the financial sector
Twitter
• Twitter cards
• Improved search
- View photos and videos first
- See headlines and photos on mobile
- Contextual understanding
• Advertising available in the UK

6. Social media in the financial sector
Google+
• Authorship analytics
• Business page in SERPs
• Google+ Local

7. Social media in the financial sector
Social Customer Service

8. Social media in the financial sector
The Social Customer
Source: Fishburn Hedges

9. Social media in the financial sector
Engaged Brands
Source:
Socialbakers

10. Social media in the financial sector
Expected Response Time
• Overall average response time is 26 hours – two
hours over the expected time
• Financial industry average is just over 9 hours
Source: Conversocial

11. Social media in the financial sector
Don’ts
× Send generic responses
× Be sarcastic
× Engage in arguments
× Ignore complaints
× Refer customer to a call
centre/general email
address/website

12. Social media in the financial sector
Don’ts

13. Social media in the financial sector
Don’ts

14. Social media in the financial sector
Dos
 Include operating hours in bio
 Respond ASAP
 Include name/initials in sign off
 Check the customer’s history
 Offer to contact the customer
directly
 Try to go the extra mile

15. Social media in the financial sector
Dos

16. Social media in the financial sector
Who should be responsible?
PR
Marketing
Channel Customer
management Service
Agency

17. Social media in the financial sector
Employee conduct
Outline a clear policy on social media conduct:
• From company profiles
• From personal profiles
• From company network

18. Social media in the financial sector
What can you measure and how
do you demonstrate ROI?

19. Social media in the financial sector
Think of your social media followers as your
customers/ potential customers – now you have a
wealth of information about them that 5 years ago
marketers could only dream of

20. Social media in the financial sector
Facebook Insights
• Demographic information
• See engagement on posts to outline
clear content plan & understand what
your fans are interested in
• See the reach of each post & page as a
whole

21. Social media in the financial sector
Twitter Analytics
• More demographic information
• Also see who your followers also follow
to see who influences your followers and
therefore where you should be aiming to
put you marketing messages & content
• Which of your website URLs have been
shared on Twitter, by who , how much
engagement they receive and how many
clicks – perfect chance to turn followers
into customers and engage with them

22. Social media in the financial sector
Google+
Ripples
• See who shared post & when
• See who is influential about the
post by size of circles
Analytics on a page (coming soon)
• Who’s interacting with page
• Users’ demographics
• Info about social activities (+1’s,
shares, comments)

23. Social media in the financial sector
Google Analytics
• Visits via social referral
• Assisted social conversions
• Last interaction social conversions
• Visits by social network
• Shared URLs
• Social visitors flow

24. Social media in the financial sector
Social Media ROI
Brand
• The same age-old question that’s Awareness
existed with PR and many marketing
activities for years
Brand
• Remember AVE (Advertising Value identity/
Customer
Service
Equivalent)? That’s now laughable
persona
Social
Media
• Trying to come up with a real formula ROI
for social media ROI may be a bit like
using AVE
Reputation/
Traffic/
crisis
• = (Tangible Related Revenue + management
conversions
Estimated Intangible Related Revenue –
Cost of Social Media) / (Cost of Social
Media)

25. Social media in the financial sector
Social Media ROI
“48% of people have
“35% of people have made a purchase based
made a purchase based on a post by a business
on a post by a friend or “63% of people they follow on social
connection” connect with media”
businesses on
“An additional 22% have social media sites” “An additional 34%
clicked a link and clicked a link and
considered making a considered making a
purchase” purchase”
Source: AYTM

26. Social media in the financial sector
Who’s doing it well?

27. Social media in the financial sector
Barclaycard

28. Social media in the financial sector
Barclaycard Facebook Fans
• Nearly 700k views on YouTube
• Over 5k likes of video on Facebook
• Peak talking about figure of 9,400
Twitter Followers
• Increase of over 4k fans
• All this in the last 2 weeks…

29. Social media in the financial sector
Taking Social Seriously – AMEX UK

30. Social media in the financial sector
Small Business Saturday –
AMEX US
Video case study

31. Social media in the financial sector
Compare the Meerkat

32. Social media in the financial sector
Combining online/offline –
cross-platform campaigns
• Synergy between offline PR & customer
service
• Social media is essentially your online
customer facing platform
• Everything you say offline should be
reflected in what you say online and vice
versa

33. Social media in the financial sector
Questions?
fiona.dunphy@branded3.com - @fidunfi
laura.crimmons@branded3.com - @lauracrimmons
www.branded3.com

34. Social media in the financial sector
#B3Seminar
@Branded_3