![Page 1: Social Media In Financial Services Bt Tradespace](https://reader036.vdocuments.us/reader036/viewer/2022081412/54585ab5af79592b448b5387/html5/thumbnails/1.jpg)
Using social media for generating advocacy, reputation management, and customer service
Ivan CroxfordGeneral Manager, Digital Marketing
Services,BT Business
![Page 2: Social Media In Financial Services Bt Tradespace](https://reader036.vdocuments.us/reader036/viewer/2022081412/54585ab5af79592b448b5387/html5/thumbnails/2.jpg)
Engaging customers is still largely an offline activity by SMEs
0%
10%
20%
30%
40%
50%
60%
Face toFace
Phone Email Directmail
OwnWebsite
Most popularcomms methods
Research: Voice of the SME 2009
![Page 3: Social Media In Financial Services Bt Tradespace](https://reader036.vdocuments.us/reader036/viewer/2022081412/54585ab5af79592b448b5387/html5/thumbnails/3.jpg)
But is that how Consumers are engaging with businesses?
• 41% of consumers use search engines when researching new service providers and products (Verdict Research)
• 92% of people trust Word of Mouth as the best source of new product ideas (GfK/NOP/Roper)
• 62% of shoppers consult online communities before making a purchase. Only 27% of consumers go directly to the retailer. Because:–1. communities offer me unbiased facts about products
and services;–2. I trust the views of communities more than merchants;–3. communities help me find the best deal available.
(Quidco)
![Page 4: Social Media In Financial Services Bt Tradespace](https://reader036.vdocuments.us/reader036/viewer/2022081412/54585ab5af79592b448b5387/html5/thumbnails/4.jpg)
Do you influence WoM or is it out of your control?
70%
![Page 5: Social Media In Financial Services Bt Tradespace](https://reader036.vdocuments.us/reader036/viewer/2022081412/54585ab5af79592b448b5387/html5/thumbnails/5.jpg)
Smaller businesses are adapting … with financial services in the front line!
• 62% rate high search engine rankings on sites such as Google as very important to their business (BT Business Pulse 2009)
• 46% of companies with a turnover of less than £1 million say that social media provide tremendous opportunities for their business. Just 16% of companies with annual revenues of more than £150 million feel the same. (Econsultancy)
• 20% of SMEs are using support forums, Twitter and blogs to market their business and attract and retain customers (BT Business Pulse 2009)
• Financial services companies are:–the most prolific online advertisers, –most avid bloggers and –most likely to have dedicated marketing resources–But trailing in using online communities ….. (Voice of the SME
2009)
![Page 6: Social Media In Financial Services Bt Tradespace](https://reader036.vdocuments.us/reader036/viewer/2022081412/54585ab5af79592b448b5387/html5/thumbnails/6.jpg)
Social media enables SMEs to build stronger relationships with their customers
• Boost your online reputation
• Establish stronger connections with your existing customers
• Turn visitors, into customers, into advocates, into sales people
![Page 7: Social Media In Financial Services Bt Tradespace](https://reader036.vdocuments.us/reader036/viewer/2022081412/54585ab5af79592b448b5387/html5/thumbnails/7.jpg)
Tread carefully!
“It takes twenty years to build a
reputation, and five minutes to ruin it …”
Warren Buffett
![Page 8: Social Media In Financial Services Bt Tradespace](https://reader036.vdocuments.us/reader036/viewer/2022081412/54585ab5af79592b448b5387/html5/thumbnails/8.jpg)
But being open and transparent pays off!
“I honestly believe that if Redfin were stripped
absolutely bare for all the world to see, naked and
humiliated in the sunlight, more people would do
business with us”
Glenn Kelman, CEO
![Page 9: Social Media In Financial Services Bt Tradespace](https://reader036.vdocuments.us/reader036/viewer/2022081412/54585ab5af79592b448b5387/html5/thumbnails/9.jpg)
BT Tradespace …. A place for social commerce
Get Noticed:–Easy to set up business profiles –Strong SEO–Video–Analytics–Publish to Twitter
Build your reputation:–Recommendations/ fans /
Testimonials–Community discussions–Ask questions / Get Feedback /
Solve customer problems
Win more business:Traffic to your web siteSell onlineTake bookings
![Page 10: Social Media In Financial Services Bt Tradespace](https://reader036.vdocuments.us/reader036/viewer/2022081412/54585ab5af79592b448b5387/html5/thumbnails/10.jpg)
Examples
![Page 11: Social Media In Financial Services Bt Tradespace](https://reader036.vdocuments.us/reader036/viewer/2022081412/54585ab5af79592b448b5387/html5/thumbnails/11.jpg)
Keep updates
informative and not too
salesy
![Page 12: Social Media In Financial Services Bt Tradespace](https://reader036.vdocuments.us/reader036/viewer/2022081412/54585ab5af79592b448b5387/html5/thumbnails/12.jpg)
Add videos and images
![Page 13: Social Media In Financial Services Bt Tradespace](https://reader036.vdocuments.us/reader036/viewer/2022081412/54585ab5af79592b448b5387/html5/thumbnails/13.jpg)
Make testimonials part of your
business process
![Page 14: Social Media In Financial Services Bt Tradespace](https://reader036.vdocuments.us/reader036/viewer/2022081412/54585ab5af79592b448b5387/html5/thumbnails/14.jpg)
Turn your network into a
WoM marketing tool
![Page 15: Social Media In Financial Services Bt Tradespace](https://reader036.vdocuments.us/reader036/viewer/2022081412/54585ab5af79592b448b5387/html5/thumbnails/15.jpg)
Customer service is the
new marketing
![Page 16: Social Media In Financial Services Bt Tradespace](https://reader036.vdocuments.us/reader036/viewer/2022081412/54585ab5af79592b448b5387/html5/thumbnails/16.jpg)
Making online customer service work for your business
• Start the conversation: Seed content with common questions
• Promote the service in your customer comms – pre-sales and post sales
• Deal with issues openly – how you react to live service issues bolsters your online reputation
• Make it your fastest way to deal with customer service issues
![Page 17: Social Media In Financial Services Bt Tradespace](https://reader036.vdocuments.us/reader036/viewer/2022081412/54585ab5af79592b448b5387/html5/thumbnails/17.jpg)
In social media, your time is money …
• Most active Businesses on Tradespace get up to 20x more visits than the least active Tradespacers
• 40% of visitors to a Tradespace profile with video stay longer than 5 mins. Without video its only 20%
• Businesses that make the most sales on Tradespace have 3x the number of fans than an average user
• 72% of the top viewed profiles have been updated in the last three weeks
• Top 50 viewed Tradespaces have at least two different types of content e.g. photos, videos, news posts…
![Page 18: Social Media In Financial Services Bt Tradespace](https://reader036.vdocuments.us/reader036/viewer/2022081412/54585ab5af79592b448b5387/html5/thumbnails/18.jpg)