The document discusses how social media has changed how brands interact with customers and how information spreads. It notes that Bill Gates predicted this change in 1999. It provides a brief history of key social media platforms like Facebook and Twitter and how they evolved. It discusses how people now get information through social networks and trust peer recommendations. Brands must participate in social media to engage with customers and address any issues. The document gives examples of how building societies in the UK are using social media successfully through blogs, entertainment content and community building. It provides recommendations for financial brands to develop a social media presence and strategy.
2. “We always overestimate the
change that will occur in the next
two years and underestimate the
change that will occur in the next
ten.
Don't let yourself be lulled
into inaction.”
Bill Gates, c1999
How true is this quote?
3. Mutuality was about
building communities to The first
share the burden of big social
network?
responsibilities:
Food Health Housing Insurance
4. A quick history lesson
1774 1830 1986 1989 2004
First building Permanent Act passed in Tim Berners- Facebook is
society formed building Parliament Lee ‘invents’ born…
Birmingham - societies where allowing the internet
the first social the society societies to
network? continued on a demutualise in And everything
rolling basis order to changes
compete with
banks
5. We just lost control...big style
• We invest £000’s in our brand, our branches,
web site, literature, marketing
• We train our staff to be brand advocates
• We have mission statements, policies, customer
service guides, complaints processes…
• Up until 2004 we could control all this
6. Our brands are under threat
To one person broadcasting to an
We’ve gone from one audience of billions
person telling five people
about a bad experience Social networks like Facebook and
Twitter make this happen
This can also have a positive effect if
positive things are said
7. A look back - How the internet evolved...
Yahoo Google made it Facebook
organised the searchable made it social
Internet
8. How Facebook evolved...
Feb 2004 Dec 2005 May 2006 May 2007 Today
Facebook Facebook used 30,000 21 million 500 million
launches as in 800 colleges educational users users
network site for institutions in
Harvard 3.5m US US, Canada &
Business students other English
School speaking
Students countries
8m users
9. Facebook today
• 17 million people in the UK use Facebook ....
everyday
• Improved search facilities and precise
targeting are really challenging Google in
terms of information gathering and advertising
Bigger than Google for
the first time ever...
Christmas Day 2009
Source: businessinsider.com
Source: facebook.com
10. Who is using Facebook?
Source: facebook.com
•Not just a youth audience
•61% fall into the 25–44 year old bracket
11. The growth of micro blogging (Twitter)
Source: Alexa
•News consumption
•News generation
•1 out of 350 website visits comes from Twitter
12. Who uses Twitter?
• Numbers a little harder to get hold of
• Heavy users tend to be younger males
• All these figures are indexed against US
Source: brandbuilder.com
13. Who uses Twitter?
• Numbers a little harder to get hold of
• Heavy users tend to be younger males
• All these figures are indexed against US
First explosion!
Going social with Facebook
14. It hits the fan for HSBC in August 2007...
“Over the past few weeks it has
exploded, with more
than 2,500 graduates signed up
and dozens more joining every
day”.
Source: Facebook
Source: BBC
Source: The Guardian
15. How the networks interact
• Integration of different
social networks is easier
• Users engage with a
number of different
networks e.g. Sharing
YouTube videos via
Facebook
• The Iran Election is a good
reflection of this
interaction...
17. An ‘explosion’ in 2009 in citizen journalism
20,000 photo
uploads
220,000 per hour relating
to Iran Election
50,000 Fans in
10 days
495,000 views
Sources: Facebook and Youtube
19. Once the realm of the nerd, blogging is becoming more
common
• Search results now include content from • 56% - Blogging is a good way to
Facebook, Twitter and Blogs express yourself
• You can no longer control what people see • 36% - I think more positively about
companies that have blogs
when they search for your brand.
• 33% - I have a favourite blog that I
• Searchers can find out what people are read regularly
saying about the brand (peer to peer) right
• 32% - I trust bloggers opinions on
now and use this information to inform products and services
their purchase decision
• 31% Blogging is an important way to
• Bloggers opinion’s are ‘trusted’ socialise with friends
Source: Universal McCann
21. Peer to peer trust has huge influence on the purchase
decision
Supporting word-of-mouth is no
longer a nice-to-have
•77% of consumers seek out
reviews before buying
•UK consumers say reviews are the
most important information
Source: BazaarVoice
22. So what are we doing?
• We’re going to the pub
• If you were in the pub and people were talking, or worse,
complaining about the service from your building society
Ye Olde What would you do?
World
Wide
Pub
• Listen and then join in the conversation
• But you’ve got to be in the pub in the first place...
That’s what we’re doing
in social media
25. Saffron Building Society: A social media example
The Chief Executive, Andy Golding, writes his own blog offering his views on Saffron news and the
industry as a whole, as well as communicating with Saffron’s members and staff, in order to develop a
level of transparency.
Yes, Saffron is a relatively small institution, but perhaps Golding’s activity is what is needed in order for
financial services brands to retain and acquire new customers and investors in the future.
Source: Fresh Networks
31. Next steps
• Commission agency to listen to current conversations
• Audit measuring mentions, sentiment, audience & competitor activity by social
channel
• Launch social media presence based on above findings & set up guidelines
• Set targets (mentions, sentiment, no. of users, transactions, etc)
• Ensure all activity is trackable through adserving
• Invite existing savers & borrowers to meet on social media
• Cross-promote of social media channels through website, emails and offline
means
• Review activity on a continuous basis and track outcomes regularly
32. Thank you!
Any questions?
Charles Darley
Strategy and Planning Director, Brand Experience
Tel.: 01603 612792
Email: charles.darley@brandex.co.uk
