Rapid Fire Case Study Panel: Financial Services

Rapid Fire Case Study Panel: Financial Services

Doug Haslam @DougH

Zena Weist @zenaweist

Michel Savoie @michelsavoie

Jaime Punishill @jpunishill

Doug Haslam @DougH

Zena Weist @zenaweist

Michel Savoie @michelsavoie

Jaime Punishill @jpunishill

HR Block Social MediaHR Block Social Media

Zena WeistZena Weist

Social Media Team FocusSocial Media Team Focus• 1:1 Conversation with Focus on Expertise

• GIR Community • Influencer Engagement (Blogger outreach, social site conversation)• Partnering with CSO Online Response team for online Client Issue Resolution (CIR)• Brand conversation

• Brand Reputation Management• Monitoring Online Conversation• Crisis Management Lead for Social Media• Partnering with CSO Online Response team for online CIR• Online Communication Policy (FTC Compliant)• Social Media team leads online brand response• Weekly reports in season• Ad hoc reporting as deemed necessary

• 24/7/365 Content Strategy• Lead HRB online content strategy

• Brand conversation • Expert tax content (not just inform but engage)• Marketing messaging

• Social Subject Matter Experts (Assist with Strategy/Tactics)• Marketing (National & Field), HR, Legal, Compliance, Ethics, Product & Client Exp, Innovation

4

From Multi-chatter to Brand Amplification

From Multi-chatter to Brand Amplification

•2:1•1 Brand Voice

HRB Online Response ProcessHRB Online Response Process

http://slidesha.re/blockresponse

David Armano, Edelman 2010. Repurposed with permission by H&R Block.

6

Social Media Team

Legal HR

Product

Field

Com

IT

Marketing

R&D

CS

Revolving Hub & Spoke Model

ROI & MetricsROI & Metrics

• Client Resolution Metrics• Resolved Issues (Service Level Agreement)

• Cost Avoidance• Early Warning System• Call deflection through Listening (script for Call Centers)• First Contact Resolution

• Revenue• Retail Office: Appointments Made/online• H&R Block At Home Digital Software: Units Sold/online

• Social Media Metrics• Share of Voice, Reach, Brand Mentions, Sentiment • Followers, RTs, Likes, Influence, Shares…

RBC Royal BankRBC Royal BankSocial MediaSocial Media

RBC Royal BankRBC Royal BankSocial MediaSocial Media

May 24th, 2011

RBC’s Social Media HistoryRBC’s Social Media History20

062006

20072007

20082008

20092009

20102010

• Next Great Innovator – Crowd sourced ideation

• Next Great Innovator Blog

• RBC Student Finances Podcast

• Next Great Innovator – Crowd sourced ideation

• Next Great Innovator Blog

• RBC Student Finances Podcast

• RBC p2p: launches first Canadian FI blog directed at clients

• RBC p2p: launches first Canadian FI blog directed at clients

• YouTube: RBC’s first YouTube channel, YouTube.com/RBCp2p, launches

• Facebook: RBC launches its first Facebook Fanpage, RBC Bankbook

• Online Banking: Ratings and Reviews launches

• YouTube: RBC’s first YouTube channel, YouTube.com/RBCp2p, launches

• Facebook: RBC launches its first Facebook Fanpage, RBC Bankbook

• Online Banking: Ratings and Reviews launches

• Twitter: RBC launches first Canadian FI twitter accounts, twitter.com/RBC and RBCInnovator

• Flickr: First Flickr site is launched for hosting client appreciation photos

• First client engagement tool leveraging Twitter, is developed, enabling clients to openly comment about RBC at events

• PR: RBC releases its first Social media Press Release

• Twitter: RBC launches first Canadian FI twitter accounts, twitter.com/RBC and RBCInnovator

• Flickr: First Flickr site is launched for hosting client appreciation photos

• First client engagement tool leveraging Twitter, is developed, enabling clients to openly comment about RBC at events

• PR: RBC releases its first Social media Press Release

• Twitter: RBC maintains ~10 active Twitter accounts

• Facebook: RBC Blue Water Project launches social engagement promotion, building nearly 20 000 fans in a few weeks

• RBC fully integrates social media into the core marketing design of the Student Fall Campus Promotion campaign, including YouTube, Facebook as well as a location based service, Foursquare

• Twitter: RBC maintains ~10 active Twitter accounts

• Facebook: RBC Blue Water Project launches social engagement promotion, building nearly 20 000 fans in a few weeks

• RBC fully integrates social media into the core marketing design of the Student Fall Campus Promotion campaign, including YouTube, Facebook as well as a location based service, Foursquare

May 24th, 2011

What is Social Media at RBC?What is Social Media at RBC?

• Social Media is:• A collaboration enabler• An employee engagement community• A knowledge management community• An expert location resource• A Digital Water Cooler

• Social Media is being used for:• Brand building• Marketing• Innovation• Sales & Business results

• Founded on 3 Principles:• Risk Management• Engage clients and evolve our brand• Realize the opportunity

May 24th, 2011

Brand Building & MarketingBrand Building & Marketing• Sponsorships and Events & Community

• Marketing

May 24th, 2011

InnovationInnovation• Leveraging Social Media to drive internal and external

innovation

• Social Media to drive knowledge management & expertise location

The Challenge is a way for us to not simply talk about innovation, but to live innovation

The Challenge is a way for us to not simply talk about innovation, but to live innovation

LinkedIn continues to be the best tool to find talent internally.

LinkedIn continues to be the best tool to find talent internally.

May 24th, 2011

Sales & Business ResultsSales & Business Results

• Ultimately, every engagement needs to drive a business result. Rigor in implementation is key.

› Engage the right partners to drive your strategy› Identify key business and legal risks› Develop risk mitigation strategies› Set project/initiative targets that align to strategic goals› Educate to enable action › Obtain stakeholder buy-in› Communicate and promote within your organization

• Key business results› 75% cost savings in media costs on a campaign to campaign basis

(Students “Like” it Video Contest)› 222% increase in service usage amongst existing clients (myFriendTracker

Facebook Application)› 200% increases month over month in Facebook Likes

May 24th, 2011

10 Key Considerations & Learnings10 Key Considerations & Learnings

• Establish a scenario-based overview• Create common-sense processes• Build on learnings – Test and Learn often• Develop Guidelines• Educate constantly• Clarifying roles ahead of time• Ensure Ownership & Management• Place accountability on partners• Resource for Social Media• Measure and Syndicate results

Thomson ReutersThomson Reuters(w/side of Citi)(w/side of Citi)

Thomson ReutersThomson Reuters(w/side of Citi)(w/side of Citi)

Lessons learnedLessons learned• This is a cultural

transformation, understand your organization’s tolerance for openness

• Solving for the control functions is just the keys to the car, the social engine needs fuel (content) & air (engagement)

• Driving social behavior requires a lot of work, curation, and leadership

• Don’t underestimate the time you’ll need to evangelize

• Every group has to staff• Social business is NOT real time• Social business is not FREE

• Many social business vendors are not yet ready for scalable primetime

• Don’t underestimate how different this is from BAU (e.g. VA, Twitter API, profanity)

• Establish two sets of metrics – social & business metrics – you must translate

• Prepare for the worst, EARLY• Expect to help everyone

else do their job – if you actually want it done in a way that is usable for something new like social business