How financial services can hit their social media sweetspots
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The document discusses how financial services companies can effectively use social media. It begins by noting that while many large brands are using platforms like Twitter, YouTube and Facebook, financial services have been slow to adopt social media. It then covers how social media has changed communications by allowing two-way interactions and user generated content. The key aspects financial services should focus on are gaining permission from customers first before promoting products, listening to conversations, building communities, managing crises and creating valuable content to drive word of mouth. The document provides advice on developing a social media strategy including content marketing, community building and crisis management.
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How financial services can hit their social media sweetspots
- 2. Michael Taggart Head of digital and social MRM
- 3. Suddenly, everyone is talking about Twitter, YouTube, LinkedIn, Facebook and the rest.
- 4. Suddenly, everyone is talking about Twitter, YouTube, LinkedIn, Facebook and the rest. The UK’s biggest and best brands are selling their wares, promoting themselves and conducting customer services on the social web.
- 5. Suddenly, everyone is talking about Twitter, YouTube, LinkedIn, Facebook and the rest. The UK’s biggest and best brands are selling their wares, promoting themselves and conducting customer services on the social web. But what about financial services? A bank, insurer, adviser or fund manager tweeting? Wouldn’t that be a bit like...
- 6. Suddenly, everyone is talking about Twitter, YouTube, LinkedIn, Facebook and the rest. The UK’s biggest and best brands are selling their wares, promoting themselves and conducting customer services on the social web. But what about financial services? A bank, insurer, adviser or fund manager tweeting? Wouldn’t that be a bit like...... ...watching your dad dance?
- 7. Then there are these issues 1. Compliance
- 8. Then there are these issues 1. Compliance 2. Financial services are boring
- 9. To work out how to hit your sweetspot, you need to understand:
- 10. To work out how to hit your sweetspot, you need to understand: 1. Where social media came from, what it has changed and why that matters; 2. How to join the conversations that could affect your business or maybe already are; 3. How to influence those taking part; 4. And how to check if your efforts are working for you...
- 11. To work out how to hit your sweetspot, you need to understand: 1. Where social media came from, what it has changed and why that matters; 2. How to join the conversations that could affect your business or maybe already are; 3. How to influence those taking part; 4. And how to check if your efforts are working for you...without looking like a dancing dad.
- 12. But let’s start at the beginning
- 13. But let’s start at the beginning Before the world changed
- 14. In the 1980s, most businesses communicated only like this
- 15. It reached you like this
- 16. And like this...
- 17. And like this...
- 18. But it wasn’t exactly a conversation
- 19. Then, along came the internet...and communications looked more like this
- 20. People soon realised that if they could talk to the company, then they could complain, review and ask inconvenient questions. So marketers removed ‘unhelpful comments’. Which led to people questioning the point of engaging with a company that censored real conversation, when you could interact with peers instead?
- 21. So this happened...and it changed everything
- 22. The social web is about multi-faceted communication where you follow people, and people follow you. And every user is at the centre of a network of people and ideas that that are relevant to him or her. The reason people went online in the past was so that they could see things, experience things, and search for things. The reason people go online today is to be a part of other people's communication. To be connected, to be there, to be available, to join the conversation.
- 23. That’s why these are so popular
- 24. 26m active users (42% of pop.) 5m active users 17m active users 4m active users UK social media usage by numbers
- 25. ? IT’S RUBBISH ONCE YOU GET THE PACKAGING OFF! !!! ! OUR PRODUCT IS BRILLIANT, LOOK AT THE PACKAGING! It means you can’t dress up poor products in shiny packaging anymore
- 26. So how do you sell your financial services on the social web?
- 27. Permission Permission PERMISSION Permission Permission Permission Permission Permission Permission Permission Permission Permission Permission PermissionPermission Permission Permission P e r m i s s i o n Permission Permissi on Permission Permission Permission Permission
- 28. That means you don’t always talk about yourself…
- 29. That means you don’t always talk about yourself… ...you help others and share content that will be useful to them
- 30. And when you are talking about your products, you don’t market them…
- 31. And when you are talking about your products, you don’t market them… ...you share them
- 32. Start by listening...to find out • What people are saying about you, your competitors and your industry • Who the influencers are in those conversations • Where they ‘hang out’ on the social web
- 33. Why? So you can... • Join the communities that matter to you • Identify critics and turn them into advocates • Identify advocates and turn them into evangelists • Generate sales leads • Gather feedback • Spot threats before they become crises • Defend your reputation by responding to negative feedback
- 36. When you can’t get in the media, create the media Good content marketing is: • Unique • Useful • Polished • A good match with the media channel
- 37. We’ll help you... • Prepare your content ‘to go’
- 38. We’ll help you... • Prepare your content ‘to go’ • Think in ‘bite sizes’
- 39. We’ll help you... • Prepare your content ‘to go’ • Think in ‘bite sizes’ • Embrace Twitter
- 40. We’ll help you... • Prepare your content ‘to go’ • Think in ‘bite sizes’ • Embrace Twitter • Make a blog your ‘content engine’
- 41. We’ll help you... • Prepare your content ‘to go’ • Think in ‘bite sizes’ • Embrace Twitter • Make a blog your ‘content engine’ • Become a curator
- 43. We’re digital natives who know the rules of engagement...we’ll help you • Feed the beast • Promote your community and their stuff • Engage in realtime
- 45. We’ll help you... • Listen • Assess • Act decisively • Fish where the fish are • Be polite • Take control • Redirect the crisis • Follow up
- 46. Word of Mouth
- 47. We’ll help you... • Influence the influencers • Energise brand advocates • Create ‘social proof’
- 48. We’ll help you... • Influence the influencers • Energise brand advocates • Create ‘social proof’
- 49. To have your cake and eat it...
- 50. Michael Taggart, MRM Email: michael.taggart@mrm-london.com Twitter: @michael_taggart Blog: www.mrm-london.com Tel: 020 3326 9913 Mob: 07780 008939 CONTACT
- 51. Attribution All images used under Creative Commons licence: SLIDES 1, 9,10, 11: Sweet Sunday Afternoon by Mankamundo SLIDE 6: Dancing Dad by MrManc SLIDE 7: No Entry Painted1 by Satguru SLIDE 8: Yawn! by QuinnAnya SLIDES 12, 13: Blue Marble (Planet Earth) by Nasa Goddard Flight Centre SLIDE 15: Reading the newspaper by pedrosimoes7 SLIDE 16: Television Desert Dream by canthc SLIDE 17: Radio by… SLIDE 18: One Way Ewell2 by SatGuru SLIDES 32, 33: Ear by Menage a Moi SLIDE 35: Arsat Fisheye Test by The Nige SLIDE 42: Overflowing Ants by Jaxxon SLIDE 43: Attendees of the 1898 Indian Congress [Afraid of Eagle, Sioux] by Boston Public Library SLIDE 44: Licorne2 by Pierre J SLIDE 46: I don't think you have washed this bit by Eleda SLIDE: 49: Day 163 – Happy Birthday by Christophe Verdier
Editor's Notes
- Twenty years ago, marketing was a one way street. A company created something that they thought they could sell, and then spent (sometimes huge amount of) money on ads in newspapers, magazine, billboards, and on TV. Because this was the only way to get mass information, it kind of worked. We were impressed by fancy full page ads with cute images, or huge billboards.
- But, the problem was that there was no communication. You could see the ads, but you could not respond to them. You couldn't provide feedback. It was sometimes like watching a really boring art show. Then came the internet.
- But, the problem was that there was no communication. You could see the ads, but you could not respond to them. You couldn't provide feedback. It was sometimes like watching a really boring art show. Then came the internet.
- But, the problem was that there was no communication. You could see the ads, but you could not respond to them. You couldn't provide feedback. It was sometimes like watching a really boring art show. Then came the internet.
- But, the problem was that there was no communication. You could see the ads, but you could not respond to them. You couldn't provide feedback. It was sometimes like watching a really boring art show. Then came the internet.
- Twenty years ago, marketing was a one way street. A company created something that they thought they could sell, and then spent (sometimes huge amount of) money on ads in newspapers, magazine, billboards, and on TV. Because this was the only way to get mass information, it kind of worked. We were impressed by fancy full page ads with cute images, or huge billboards.
- Twenty years ago, marketing was a one way street. A company created something that they thought they could sell, and then spent (sometimes huge amount of) money on ads in newspapers, magazine, billboards, and on TV. Because this was the only way to get mass information, it kind of worked. We were impressed by fancy full page ads with cute images, or huge billboards.
- The internet changed how people experienced communication. In the past it was one way, or controlled via external points (like company websites). The social web is about now about multi-faceted communication. Where you follow people, and people follow you. And you sit in the middle of this incredible network of people and ideas that matters to you.
- In summary, the second stage of the revolution created this difference. The reason people went online in the past was so that they could see things, experience things, and search for things. The reason people go online today is to be a part of other people's communication. To be connected, to be there, to be available, to join the conversation.
- In summary, the second stage of the revolution created this difference. The reason people went online in the past was so that they could see things, experience things, and search for things. The reason people go online today is to be a part of other people's communication. To be connected, to be there, to be available, to join the conversation.
- This is an incredible shift in mass communication. Because in the past it was about the message, the format, and the product. Now it's not about that at all. Marketing is no longer about things. It's about people, and how it brings people together. People have taken over completely. Companies, and their products, don't have a central place in it. We’ve gone from companies being in control of the message, to not even be a part of the message itself.
- While traditional marketing is a disaster in the social world, the social web itself is actually the best thing that has ever happened. If you forget about traditional and do it right, then it becomes the most powerful and influential tool you ever had. The social web is cheaper, faster, much bigger, more powerful, direct, up-close, and far quicker than anything in the past. The social web is filled with people talking about companies and products. 20% of all discussions are brand related. The big question is then, how do you do it right? How do you become a part of people’s conversations. How do you connect? And the answer is very simple…
- That means... You are not a company that sells a product, but a group of talented individuals. Who are creating something remarkable! Because the world need something better, more stylish, and more affordable. Something that makes you happy, and gives you that really good feeling inside your stomach.
- That means... You are not a company that sells a product, but a group of talented individuals. Who are creating something remarkable! Because the world need something better, more stylish, and more affordable. Something that makes you happy, and gives you that really good feeling inside your stomach.
- That means... You are not a company that sells a product, but a group of talented individuals. Who are creating something remarkable! Because the world need something better, more stylish, and more affordable. Something that makes you happy, and gives you that really good feeling inside your stomach.
- That means... You are not a company that sells a product, but a group of talented individuals. Who are creating something remarkable! Because the world need something better, more stylish, and more affordable. Something that makes you happy, and gives you that really good feeling inside your stomach.
- And you share what people are doing with them. You make your fans remarkable! You help them do things better, provide tips and ideas. You tell them about what inspired you, and continues to inspire you!
- That means... You are not a company that sells a product, but a group of talented individuals. Who are creating something remarkable! Because the world need something better, more stylish, and more affordable. Something that makes you happy, and gives you that really good feeling inside your stomach.
- 1. Prepare content ‘to go’ so that consumers of it can consume it off the website – this means making it available in ways that don’t necessarily involve consumers visiting the corporate website, such as RSS, podcasts, widgets. 2. Think in ‘bite sizes’ – this means splitting up long-form content, such as reports or market analyses so that it is packaged in ways more suited to the social sites on which Legg Mason’s audience is already gathering, such as blogs, YouTube and Flickr. This will secure the broadest distribution and usage. That means... You are not a company that sells a product, but a group of talented individuals. Who are creating something remarkable! Because the world need something better, more stylish, and more affordable. Something that makes you happy, and gives you that really good feeling inside your stomach.
- 1. Prepare content ‘to go’ so that consumers of it can consume it off the website – this means making it available in ways that don’t necessarily involve consumers visiting the corporate website, such as RSS, podcasts, widgets. 2. Think in ‘bite sizes’ – this means splitting up long-form content, such as reports or market analyses so that it is packaged in ways more suited to the social sites on which Legg Mason’s audience is already gathering, such as blogs, YouTube and Flickr. This will secure the broadest distribution and usage. That means... You are not a company that sells a product, but a group of talented individuals. Who are creating something remarkable! Because the world need something better, more stylish, and more affordable. Something that makes you happy, and gives you that really good feeling inside your stomach.
- 1. Prepare content ‘to go’ so that consumers of it can consume it off the website – this means making it available in ways that don’t necessarily involve consumers visiting the corporate website, such as RSS, podcasts, widgets. 2. Think in ‘bite sizes’ – this means splitting up long-form content, such as reports or market analyses so that it is packaged in ways more suited to the social sites on which Legg Mason’s audience is already gathering, such as blogs, YouTube and Flickr. This will secure the broadest distribution and usage. That means... You are not a company that sells a product, but a group of talented individuals. Who are creating something remarkable! Because the world need something better, more stylish, and more affordable. Something that makes you happy, and gives you that really good feeling inside your stomach.
- 1. Prepare content ‘to go’ so that consumers of it can consume it off the website – this means making it available in ways that don’t necessarily involve consumers visiting the corporate website, such as RSS, podcasts, widgets. 2. Think in ‘bite sizes’ – this means splitting up long-form content, such as reports or market analyses so that it is packaged in ways more suited to the social sites on which Legg Mason’s audience is already gathering, such as blogs, YouTube and Flickr. This will secure the broadest distribution and usage. That means... You are not a company that sells a product, but a group of talented individuals. Who are creating something remarkable! Because the world need something better, more stylish, and more affordable. Something that makes you happy, and gives you that really good feeling inside your stomach.
- 1. Prepare content ‘to go’ so that consumers of it can consume it off the website – this means making it available in ways that don’t necessarily involve consumers visiting the corporate website, such as RSS, podcasts, widgets. 2. Think in ‘bite sizes’ – this means splitting up long-form content, such as reports or market analyses so that it is packaged in ways more suited to the social sites on which Legg Mason’s audience is already gathering, such as blogs, YouTube and Flickr. This will secure the broadest distribution and usage. That means... You are not a company that sells a product, but a group of talented individuals. Who are creating something remarkable! Because the world need something better, more stylish, and more affordable. Something that makes you happy, and gives you that really good feeling inside your stomach.
- 1. Prepare content ‘to go’ so that consumers of it can consume it off the website – this means making it available in ways that don’t necessarily involve consumers visiting the corporate website, such as RSS, podcasts, widgets. 2. Think in ‘bite sizes’ – this means splitting up long-form content, such as reports or market analyses so that it is packaged in ways more suited to the social sites on which Legg Mason’s audience is already gathering, such as blogs, YouTube and Flickr. This will secure the broadest distribution and usage. That means... You are not a company that sells a product, but a group of talented individuals. Who are creating something remarkable! Because the world need something better, more stylish, and more affordable. Something that makes you happy, and gives you that really good feeling inside your stomach.
- 1. Prepare content ‘to go’ so that consumers of it can consume it off the website – this means making it available in ways that don’t necessarily involve consumers visiting the corporate website, such as RSS, podcasts, widgets. 2. Think in ‘bite sizes’ – this means splitting up long-form content, such as reports or market analyses so that it is packaged in ways more suited to the social sites on which Legg Mason’s audience is already gathering, such as blogs, YouTube and Flickr. This will secure the broadest distribution and usage. That means... You are not a company that sells a product, but a group of talented individuals. Who are creating something remarkable! Because the world need something better, more stylish, and more affordable. Something that makes you happy, and gives you that really good feeling inside your stomach.
- 1. Prepare content ‘to go’ so that consumers of it can consume it off the website – this means making it available in ways that don’t necessarily involve consumers visiting the corporate website, such as RSS, podcasts, widgets. 2. Think in ‘bite sizes’ – this means splitting up long-form content, such as reports or market analyses so that it is packaged in ways more suited to the social sites on which Legg Mason’s audience is already gathering, such as blogs, YouTube and Flickr. This will secure the broadest distribution and usage. That means... You are not a company that sells a product, but a group of talented individuals. Who are creating something remarkable! Because the world need something better, more stylish, and more affordable. Something that makes you happy, and gives you that really good feeling inside your stomach.
- 1. Prepare content ‘to go’ so that consumers of it can consume it off the website – this means making it available in ways that don’t necessarily involve consumers visiting the corporate website, such as RSS, podcasts, widgets. 2. Think in ‘bite sizes’ – this means splitting up long-form content, such as reports or market analyses so that it is packaged in ways more suited to the social sites on which Legg Mason’s audience is already gathering, such as blogs, YouTube and Flickr. This will secure the broadest distribution and usage. That means... You are not a company that sells a product, but a group of talented individuals. Who are creating something remarkable! Because the world need something better, more stylish, and more affordable. Something that makes you happy, and gives you that really good feeling inside your stomach.