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Digital Marketing for Financial Services Companies: New Mantras, New Media

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Digital Marketing for Financial Services Companies: New Mantras, New Media

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An overview of the digital media marketing landscape. New principles and strategies. Examples taken from financial services companies (as this was the audience for this particular presentation). Contact me at wcleveland@cjpcom.com for more information.

An overview of the digital media marketing landscape. New principles and strategies. Examples taken from financial services companies (as this was the audience for this particular presentation). Contact me at wcleveland@cjpcom.com for more information.

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Digital Marketing for Financial Services Companies: New Mantras, New Media

  1. 1. Digital Marketing: New Mantras, New Media Financial Services Companies April 21, 2008 Cubitt Jacobs & Prosek Communications
  2. 2. Media Consumer: 1958
  3. 3. Media Consumer: 1958
  4. 4. Media Consumer: 2008
  5. 6. <ul><li>WELCOME TO THE NEW DIGITAL REALITY </li></ul>
  6. 7. Where Did Everybody Go?
  7. 8. Modern Media Consumption Habits Digital technology has altered media consumption habits. Integrated digital or “new” media components that leverage modern marketing channels are required.
  8. 9. <ul><li>WHAT’S THE DIFFERENCE BETWEEN WEB 2.0, SOCIAL MEDIA & NEW MEDIA? </li></ul>
  9. 11. “ Web 1.0 was Commerce. Web 2.0 is People - Ross Mayfield President and co-founder of Socialtext Web 2.0 seems to be like Pink Floyd lyrics: It can mean different things to different people, depending upon the your state of mind. - Kevin Maney Technology journalist, USA Today
  10. 12. <ul><li>Any online technology or software people use to share multimedia content, opinions, insights, experiences, perspectives and media. Social media sites and applications are built on the Web 2.0 platform. The “social media” was born from the technology that enabled it, just as the print and broadcast media were. </li></ul><ul><li>These are examples of social media sites and applications: </li></ul>What is Web 2.0?
  11. 13. So Are These…
  12. 14. Fresh Stats: Who’s Online? <ul><li>Today 79% of baby boomers use the Internet daily-the highest percentage of any group 70% of both 18-31 and 32-43 year-olds use the Internet daily </li></ul><ul><li>Web Site Content & Functionality Desired Most by US Internet Users* </li></ul><ul><ul><li>User ratings or customer feedback: 64% </li></ul></ul><ul><ul><li>Company/product videos: 44% </li></ul></ul><ul><ul><li>Subscribe to company blog via email or RSS: 39% </li></ul></ul><ul><ul><li>Ability to create a personal profile: 37% </li></ul></ul><ul><ul><li>Surveys or quizzes: 29% </li></ul></ul><ul><ul><li>Ability to upload own content to site: 23% </li></ul></ul><ul><ul><li>*Forrester research Q3 2007 </li></ul></ul>
  13. 15. DIGITAL MARKETING PRINCIPLES
  14. 16. SAIL THE 7Cs
  15. 17. CONVERSATION Social Media Tagging Blogs Twitter Microblogging Social Bookmarking Comments Engagement Word-of-Mouth Democratization Social Software del.icio.us Digg Trust Transparency Instant Messaging Technorati User Reviews eBay Share-ability Stumbleupon Influencers The Tipping Point MySpace Recomendation Engines
  16. 18. MAKE THE SERVICE SO GREAT, PEOPLE CAN’T HELP BUT TALK ABOUT IT
  17. 19. Digital Marketing Mantra <ul><li>“ Something remarkable is worth talking about. Worth noticing. Exceptional. New. Interesting. Boring stuff is invisible. Remarkable marketing is the art of building things worth noticing right into your product or service.” </li></ul><ul><li>- Seth Godin, author of The Purple Cow </li></ul>Source: Purple Cow / Seth Godin / Page 3
  18. 20. COLLABORATION Wikipedia wiki Basecamp 37 Signals Crowdsourcing Customer R&D Box.net Google Docs Mahalo Social Search Engines Participation Open Source Open Social WebEx Videoconferencing Open API Facebook Platform Digital Ethnography Insight Innovation World of Warcraft Facebook Polls The World is Flat
  19. 21. UNCOVER RICH CONSUMER INSIGHTS BY OBSERVING & LISTENING
  20. 22. Digital Marketing Mantra <ul><li>“ Great work comes from insight, and we have always worked from insight. … Insights are going to come in so many different ways.” </li></ul><ul><li>- Laura Lang, CEO, Digitas, March, 2008 </li></ul>
  21. 23. CONTENT Gaming Video User-Generated Lulu Mashups Blogs Podcast Content is King Content as Currency Self-publishing NIN Radiohead Professionally-Produced Long Tail Ad-Supported CafePress Creation Tools Live Nation SpotRunner Anti-Piracy Hulu iTunes Amazon Engagement Mobile Games Viral Premium Pass-Around Factor New Pricing Models Creative Commons Print to Online
  22. 24. ADD VALUE THROUGH CONTENT
  23. 25. Digital Marketing Mantra <ul><li>“ Our job is to create content so valuable and useful that consumers wouldn't want to live without it.” </li></ul><ul><li>- Jeff Hicks, CEO, Crispin Porter + Bogusky, October 2006 </li></ul>
  24. 26. CONVENIENCE Utility Portability Make Life Easier Usability Ask Sunday Cloud Computing Netvibes Widgets Mashups OpenID Lifehacker.com Branded Utility iPhone Nike + Free Interoperability Web Applications Mobile Backpack Online Banking Text Alerts eVite Mint Skype
  25. 27. DELIVER VALUE THROUGH MARKETING BY MAKING PEOPLE’S LIVES EASIER
  26. 28. Digital Marketing Mantra <ul><li>“ [Branded Utility] is where the brand creates a commitment to a relationship. It’s where the brand creates something useful to you, something that’s a utility in your life. The consumer will feel more confident with the relationship if the brand will continue to be part of your life.” </li></ul><ul><ul><li>Benjamin Palmer, CEO / Owner, The Barbarian Group, October 2006 </li></ul></ul>
  27. 29. COVERAGE Blip.tv Distribution Channels Email Embeddable RSS Cross-Platform Content Ubiquity Syndication Badges Ad Networks SEO Discoverability Convergence Mobile Web CNN iReport Mashups Bit Torrent YouTube Virtual Worlds Having a Presence Ning Squidoo Facebook Pages Linkedin Groups Wikipedia Yahoo! Answers
  28. 30. CONTENT MUST BE UBIQUITOUS ACROSS DIGITAL PLATFORMS TO DRIVE AUDIENCES TO ACTION
  29. 31. Digital Marketing Mantra <ul><li>“ On the Internet, one must both distribute messages and make them easy to find. Content is found via search and social media, so it is critical content is optimized for search engines and is easily embedded and and distributed via the blogosphere and social networks.” </li></ul><ul><ul><li>Rishad Tobaccowala, CEO, Denuo, April, 2008 </li></ul></ul>
  30. 32. CUSTOMIZATION Mashups Social Networks “ My Life, My Stuff” Consumer in Control Remixability Netvibes User Generated Profiles Video Resumes MySpace Facebook Linkedin Google Android Café Press iGoogle My Yahoo
  31. 33. DIGITAL TECHNOLOGY ALLOWS YOUR AUDIENCE TO CREATE THEIR OWN EXPERIENCES WITH YOUR BRAND
  32. 34. Digital Marketing Mantra <ul><li>“ [Consumer] participation in interactive media has no precedent in human history. By tearing down barriers to entry in both content creation and distribution, interactive technologies make it possible for an individual to publish their own national ‘magazine,’ make a documentary, record an original symphony or even program their own TV network.” </li></ul><ul><ul><li>Randall Rothenberg, President & CEO, IAB, April, 2008 </li></ul></ul>
  33. 35. CALCULATION comScore Mashups Google AdSense Measurement Monetization Revshare TubeMogul Conversation Tracker Paid Search Click-Through Rate CPMs Quantcast Didit Facebook Social Ads Digital ROI Sponsored Content Alexa DataDriven BuzzMetrics Pageviews Monthly Uniques Views Google Analytics Wikinomics
  34. 36. DIGITAL MARKETING CHANNELS
  35. 38. Digital’s Role in Modern Marketing <ul><li>“ Digital is the centerpiece of a broader campaign. I think that’s become a real integral part of how we use the Web, moving beyond just promoting Web addresses in TV spots or print ads to really making them a critical part of the storytelling for our brands” </li></ul><ul><li>-Rob Master, media director, Unilever NA </li></ul>
  36. 40. Mobile Marketing Snapshot <ul><li>TOOLKIT </li></ul><ul><ul><li>Mobile Web sites; mobile blogging; wallpapers; ringtones; branded mobile games; mobile ads; mobile search; marketing messages via SMS and text alerts </li></ul></ul><ul><li>OPPORTUNITY </li></ul><ul><ul><li>Ten percent of US marketers employed SMS/text messaging campaigns between April-May, 2007 *eMarketer </li></ul></ul><ul><ul><li>Over 100 million US consumers will use mobile devices for banking and investing transactions by 2012 *Javelin Research </li></ul></ul><ul><ul><li>Mobile marketing spend will increase 35% between 2007-2008 and is now a $500M industry; will reach $3B by 2012 *eMarketer </li></ul></ul><ul><li>WHAT’S NEXT </li></ul><ul><ul><li>Improved mobile video beyond the iPhone; mobile coupons; mobile social networks; QR (quick response) codes; streaming live mobile video; Google Android: open mobile developer platform </li></ul></ul>
  37. 41. Mobile Media in Action
  38. 42. <ul><li>ING CORPORATE MOBILE SITE </li></ul><ul><li>FIDELITY ANYWHERE MOBILE </li></ul>
  39. 43. ING Mobile Site <ul><li>ING has a comprehensive mobile Web site, including stock information, press releases, financial calendar and IR contact information </li></ul><ul><li>The mobile site provides topical share price information, analyst commentary and contact information </li></ul><ul><li>Site includes up-to-the-minute company press releases with an option to subscribe to alerts via text message </li></ul>
  40. 44. Fidelity Anywhere Mobile <ul><li>Market information, access to Fidelity accounts, and trading </li></ul><ul><li>Popular features include real-time stock quotes, watch lists, balances and positions, text alerts, trading, and order status </li></ul><ul><li>Downloadable mobile investing games </li></ul>
  41. 45. <ul><li>GAMING </li></ul>
  42. 46. Gaming Snapshot <ul><li>TOOLKIT </li></ul><ul><ul><li>In-game marketing, branded “advergames,” ad-supported online and mobile games; games-as-utilities; user-generated online games </li></ul></ul><ul><li>OPPORTUNITY </li></ul><ul><ul><li>In-game marketing spend on PC, console, mobile and casual online games will grow to $800M by 2012 *eMarketer </li></ul></ul><ul><ul><li>Eighty-five percent of casual gamers prefer free, branded games to paying for downloadable PC games *Interpret </li></ul></ul><ul><ul><li>Globally, gamers spent a weekly average of 5.1 hours playing casual online games </li></ul></ul><ul><li>WHAT’S NEXT </li></ul><ul><ul><li>Companies creating games for recruiting and training </li></ul></ul>
  43. 47. <ul><li>SCHWAB IT’S YOUR LIFE GAME </li></ul><ul><li>FIDELITY ANYWHERE MOBILE GAMES </li></ul>
  44. 48. Schwab & Fidelity Casual Games <ul><li>Online and mobile formats </li></ul><ul><li>Schwab It’s Your Life game tests investment decision-making abilities based on life stages </li></ul><ul><li>Bulls and Bears race up a chart graphic in Fidelity’s ChartClimber mobile game </li></ul><ul><li>Correct answers to a series of true/false questions on retirement, college savings, stocks and mutual funds push the Bull ahead </li></ul><ul><li>Games available on company sites </li></ul>
  45. 49. <ul><li>Social networks </li></ul>
  46. 50. Social Network Marketing Snapshot <ul><li>TOOLKIT </li></ul><ul><ul><li>Branded profiles, groups, storefronts, widgets and applications; contests, self-serve social ad systems, recruiting, event promotion, digital content distribution </li></ul></ul><ul><li>OPPORTUNITY </li></ul><ul><ul><li>Social network marketing will reach $1.6B in 2008; social networks deliver the same amount of online referrals as search *eMarketer/MediaPost, April 18, 2008 </li></ul></ul><ul><ul><li>Six of the top 10 global Web sites are social networks: YouTube (#2), MySpace (#6), Facebook (#7), Hi5 (#8), Wikipedia (#9), Orkut (#10) </li></ul></ul><ul><ul><li>If MySpace were a country, it would be the world’s 8th-largest </li></ul></ul><ul><li>WHAT’S NEXT </li></ul><ul><ul><li>Continued fragmentation into niche networks </li></ul></ul>
  47. 51. <ul><li>FIDELITY KNOWLEDGE CENTER </li></ul><ul><li>TRADE KING </li></ul><ul><li>ZECCOSHARE </li></ul>
  48. 52. From BusinessWeek , August, 2007
  49. 53. From BusinessWeek , August, 2007
  50. 54. From BusinessWeek , August, 2007
  51. 55. From BusinessWeek , August, 2007
  52. 56. Social Media Marketing Snapshot <ul><li>TOOLKIT </li></ul><ul><ul><li>Blogs and microblogs, wikis, video sharing, podcasts, RSS syndication, social bookmarking, voting and ratings systems, consumer reviews, social news site columns, socially-optimized news releases </li></ul></ul><ul><li>OPPORTUNITY </li></ul><ul><ul><li>Social media marketing spend increased 150% to $1.5B between January 2007-’08 *Forrester </li></ul></ul><ul><ul><li>Sixty-six percent of US Internet users visited a social media site in January, 2008 *comScore </li></ul></ul><ul><ul><li>Over 100M blogs exist in 2008; 120K are launched daily; 17 blog posts are made every second *Technorati </li></ul></ul><ul><ul><li>Nearly 19B Americans listen to podcasts regularly; 27% of Americans read blogs regularly </li></ul></ul>
  53. 57. Socially-Optimized News Releases <ul><li>Social bookmarks foster sharing across sites and networks </li></ul><ul><li>Option to subscribe to company news via RSS </li></ul><ul><li>Embedded video and photos syndicated to video and photo sharing sites </li></ul><ul><li>MP3 audio summary of news and quoted spokespeople </li></ul>
  54. 58. <ul><li>PODCASTING INSIGHTS & ADVICE: </li></ul><ul><li>RAYMOND JAMES </li></ul><ul><li>CHARLES SCHWAB </li></ul><ul><li>FIDELITY </li></ul><ul><li>A.G. EDWARDS </li></ul>
  55. 59. Raymond James
  56. 60. Fidelity Podcasts
  57. 61. <ul><li>BLOGGING INSIGHTS & UPDATES: </li></ul><ul><li>THINK </li></ul><ul><li>ING </li></ul><ul><li>LAKEVIEW ASSET MANAGEMENT </li></ul>
  58. 66. Online Video Marketing Snapshot <ul><li>TOOLKIT </li></ul><ul><ul><li>User-generated ads and promotions; branded video site channels; video “seeding;” video contests; branded Web series; video blogs (vlogs) and podcasts </li></ul></ul><ul><li>OPPORTUNITY </li></ul><ul><ul><li>Forty-eight percent of US adults have visited an online video site *Forrester </li></ul></ul><ul><ul><li>In December, 2007, 141 million unique viewers watched 10.2B videos mostly on YouTube, MySpaceTV and Yahoo! </li></ul></ul><ul><ul><li>Forty-four percent of US Internet users cited “company or product videos” as their most-desired Web content *Forrester, Q3 2007 </li></ul></ul><ul><li>WHAT’S NEXT </li></ul><ul><ul><li>Brands as content players </li></ul></ul><ul><ul><li>More Web video/traditional TV crossovers </li></ul></ul>
  59. 67. <ul><li>MERRILL LYNCH MY MERRILL VIDEOS </li></ul>
  60. 70. <ul><li>WIDGET: </li></ul><ul><li>widget | noun informal a small gadget or mechanical device, esp. one whose name is unknown or unspecified. </li></ul><ul><li>Miniature, portable Web experiences/utilities that can be embedded and shared via blogs and social networks; pure marketing applications that serve as virtual CRM tools for brand loyalists </li></ul><ul><li>ORIGIN 1930s : perhaps an alteration of gadget . </li></ul>
  61. 71. Widgets & Utilities Snapshot <ul><li>TOOLKIT </li></ul><ul><ul><li>“ Widgetized” blogs and videos, social network applications, branded utilities like calculators, news feeds, etc. </li></ul></ul><ul><li>OPPORTUNITY </li></ul><ul><ul><li>Eighty-one percent of US Internet users viewed or used a widget in 2007 *Forrester </li></ul></ul><ul><ul><li>Most popular widgets are in the form of Facebook applications and Google gadgets that exist on personal homepages </li></ul></ul><ul><ul><li>Widgets can be developed much faster than entire Web or micro sites and serve a similar purpose </li></ul></ul>
  62. 72. <ul><li>FIDELITY MARKET UPDATE WIDGET </li></ul><ul><li>THINKORSWIM MARKET WIDGET </li></ul>
  63. 74. <ul><li>BEST EXAMPLE OF COMPREHENSIVE 360-DEGREE DIGITAL EXPERIENCE: </li></ul><ul><li>H&R BLOCK digits </li></ul><ul><li>VIDEO|SOCIAL NETWORKS|BLOGS|PODCASTS|GAMES|WIDGETS </li></ul>
  64. 81. <ul><li>? </li></ul>

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