The document discusses various myths and realities regarding the use of social media and web 2.0 tools by financial institutions. It cautions against adopting these tools without a clear business strategy and goals. Key advice includes establishing a business case for the tool, having realistic expectations of results, tying initiatives to specific products or promotions, and measuring outcomes to determine return on investment.

2. 15+ years as a branding, advertising and marketing strategist Over 50 financial branding projects 30+ financial naming projects Noted speaker and author in the financial industry Publisher of The Financial Brand Jeffry Pilcher

3. MYTH You have to use online social media.

4. REALITY CHECK There are probably more important things you could be doing.

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6. Don’t use online social media tools simply because… … it’s cool … you’re bored … they say it’s the wave of the future … other financial institutions are doing it … free Web 2.0 tools are available … young consumers are online … people love social networks

7. Assume you don’t need Web 2.0 tools

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10. Establish a business case

11. Most social media projects start with the solution, then look for the strategy. REALITY CHECK

12. What is your strategy? What are your goals? What do you hope to accomplish? How does it fit your business model? How will you define success? What are you saying? Who are you saying it to? What do you want them to do?

13. Outcomes vs. goals Uncovering service issues Input from engaged customers Better search engine results Word of mouth referrals Hip, tech-savvy brand halo PR opportunities Networking within financial industry

14. Drive sales Improve customer retention Build brand Create name awareness Extend CSR initiatives

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16. twitter.com/bofa_help

17. Hello there! I work for Bank of America. Let me know if there’s anything I can do to help. So Bank of America charged me $5 overdraft but my balance was positive. That’s not cool. Credit union here I come.

19. Establish realistic expectations

20. MYTH If you build it, they will come.

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22. REALITY CHECK Most social media experiments are duds.

24. MYTH Web 2.0 is all about Gen-Y.

25. Millions of Gen-X and Boomers love and live Web 2.0 lifestyles. REALITY CHECK

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27. MYTH Your marketing department can handle it.

28. REALITY CHECK You need more manpower.

29. MYTH You’ll make a big splash in no time.

30. It’s hard, and takes a ton of time, energy and good writing. REALITY CHECK

31. MYTH You can’t sell stuff in a Web 2.0 world.

32. Create a product tie-in

35. Use traditional media channels

36. MYTH As long as it’s awesome, people will find it.

37. MYTH You can do it all online.

38. MYTH It’s free.

39. REALITY CHECK blog Twitter YouTube Facebook microsite TV radio newspaper magazines outdoor billboards sponsorships cinema ads direct mail statement stuffers website events online ads promotional items in-branch brochures email ATM screens plasma screens Google Adwords word of mouth on-hold message newsletter transit PR

41. Make it entertaining

42. Internet users are oversubscribed. REALITY CHECK

43. Financial institutions are uncool. REALITY CHECK

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49. Put something at stake

50. Hold a contest or

51. Big rewards or little results. REALITY CHECK

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54. Capture MCIF information

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56. Monitor and measure results

57. There is almost no data showing an ROI on Web 2.0 tools. REALITY CHECK

58. Business objectives New relationships acquired Promo accounts opened Promo accounts switched Funds on deposit ($) Average per new member ($) Total loans held ($) Target audience Member growth in target ages ∆ in average age of members % with promo account % with promo +other account Marketing, Media & PR Direct mail response rate Reach, frequency Hits, impressions Online ad clicks Click-through rates Earned PR media ($) Community size Website traffic and page views Average time on site Contest entries Email subscribers RSS subscribers Blog comments YouTube video views Facebook fans Twitter followers Things you should measure.

59. Get your team on board

60. What not to do: Don’t introduce the tool first, then the strategy Don’t talk about how cool it is Don’t say “that’s where Gen-Y is” Don’t say it costs basically nothing

61. What to do: Outline the strategy Make Web 2.0 part of a broader promotion or initiative Talk about business results Get straight to the value Talk about clear objectives, metrics and outcomes Be prepared to share hard numbers

62. Make sure employees… … know what you’re doing … know why you’re doing it … are kept in the loop … participate in social media … know the rules … identify themselves online … don’t masquerade as customers … don’t “salt the mine”

63. You can’t control the conversation. REALITY CHECK

65. Formula for disaster: No business strategy No focus No product tie-in No budget, no staff, no marketing support Measuring the wrong stuff Not getting your team on board Keeping staff in the dark Sending in shills and salt the mine Expecting to go viral

66. Assume you don’t need Web 2.0 tools Establish a business case Establish realistic expectations Create a product tie-in Use traditional media channels Make it entertaining Put something at stake Capture MCIF information Monitor and measure results Get your team on board

67. QUESTIONS? www.slideshare.net./iconiq