social media trends in the financial services industry

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Social Media Best Practices: What’s #Trending Right Now in Financial Services Financial Services Mark Zmarzly

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This presentation was done at the JD Power & Associates Financial Services Social Media Roundtable in April of 2012.

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Social Media Best Practices: What’s #Trending Right Now in

Financial Services Financial Services

Mark Zmarzly

2005-2011 – all in Bank Marketing Editor I Copywriter I Creative Manager IAE I VP of Business Development

Who am I?

Today

2010 - my blog

2008 20102005-2007 2012

2011VP of Financial Services

2009@BankMarketing

2009 2011

Linkedin.com/MarkZmarzly

2011VP of Financial Service

1999BA in English & Organizational Communication Studies

1975Born

2005MA in Creative Writing

Who am I?

1992 1996 2000 20030 2005

High School Career Assessment: Forest Ranger

The “Salad Years”

Writer & English Teacher

But, this is not #TheMarkShow#TheMarkShow

For those Tweeting: note the helpful #hashtags as our story evolves

#TheMarkShow

2001Wikipedia launched

1960sAl Gore Invents the Internet

Why are we here?

2000 2001 2002 20030 2004

2000Dot Com Bubble Bursts

1998Blog

11/2007Keypoint FCU –online banking into FB

Why are we here? 3/2008Quicken Loans on Twitter

2006 20082005 2010

US Subprime Lending Peaks

2007 2009 2011 2012

7/2007PayPal on FB3/2006

First Major FI Blog

8/2007TD Bank (Canada)

2011: FI customer visitation to FB, Twitter, LinkedIn, showed a 31% growth vs. just 8% for all online population.

Why are we here?

BUT: only 18% of FI customers on social sites are aware of their bank’s presence with social media.

comScore: “State of Online and Mobile Banking Report.” 2/2011

We are ripe for evaluation & reinvention!Technology, Timeline, and Convergence

We may not be Red Bull…

But we can evaluate & reinvent!

• Kitty & Lala

Evaluating Current & Future Trends

Communication I Connection I Conversation Collaboration I Awareness I Engagement I ROI

Just because something is trending, doesn’t

mean it’s a good idea.

Examples: #Bangs&ShoulderPads

#Bangs&ShoulderPads #TheMarkShow

Be bold

Mission driven

Own your community

Decentralize

Embrace your SM efforts

Engage on the benefits

Trending now

Own your community

Engage sub-communities

Engage on the benefits

Voice & consistency

Be bold

• ING Canada – THRiVE Chequing Account

•Customer collaboration on design – 22K

clients took part in product preview

• Product-focused

• Evolved from their community of savers

• 10K pilot group

Radian6 Case Study & Interview with Gloria Chik: http://www.youtube.com/watch?v=izRaf6XDeqg

Be bold

• Large 1-day launch

• $185 cash component

• $7k in 7 hours – 4 Canadian Celebs

Be bold

• www.your185.ca

• 5 million impressions on SM sites

• 100 million traditional media impressions

• 37,000 new accounts in 3 months

Be bold: NAB’s Breakup• National Australia Bank (NAB)

• 18% market share compared with

33%, 31%, and 18% = the big 4

• Twitter, Video, Guerilla, Print, Micro

• Feb 14, 2011

http://breakup.nab.com.au/2011/02/why-did-we-break-up/#content

Be bold: NAB’s Breakup

• Differentiation-focused

• Specialized landing page

• http://breakup.nab.com.au

http://breakup.nab.com.au/2011/02/why-did-we-break-up/#content

Be bold: NAB’s Breakup

• Results

http://socialmediaclub.org/blogs/from-the-clubhouse/social-media-case-study-national-australia-bank

• Commonwealth Bank and others

are fighting back – $1,200 cash for

NAB customers to refinance

Mission driven

Mission driven• JP Morgan Chase

• Launched November of 2009

• 3.37 Million Likes as of 4-24-12

• 5 Million giveaway represents less

than 5% of the more than $100 Million

in yearly corporate giving.

• Facebook-based program that

generated over 100,000 visitors from

twitter in first 5 days…without Chase

having an active presence on Twitter.

• Grassroots, charitable passions, “the

passionistas” are driving engagement.

“Make Promos Out of Money You Already Give Away.” TheFinancialBrand.com

Mission driven

When I’m reading about a Pitbull that raises baby goats,

I’m officially

Mission driven

I’m officially engaged!

#PitbullMommy

#PitbullMommy #Bangs&ShoulderPads #TheMarkShow

Own your community

Own your community

Engage sub-communities

Engage sub-communities

Engage sub-communities

Business owners are also using SM platforms

http://mashable.com/2010/03/02/small-business-stats/

Social reach

The size of your network is always smaller than the

size of your network’s network.

Decentralize to extend reach• Centralized library of content that can be localized

• Tap Branch Managers1 & Biz Dev to Pilot

• What’s the value of owning your market?

• One local fan is equal to 40 corporate fans*

• EdgeRank

1During 2010, a greater percentage of small businesses with sales of $100,000 to <$10 million that selected the branch manager as their

primary contact was very satisfied with their bank compared to those selecting an account officer. - Barlow Research

*The Power of Going Local. Mainstay. https://info.hearsaysocial.com/Mainstay-ROI-Report-C.html

Decentralize to extend reach• Farmers Group Insurance

• 15,000 agents

• Platform to produce content and

disseminate down to agents

• 3-month pilot

• Internal platform for conversation

• FB, Twitter, and LinkedIn

• Regulatory compliance component

Tracing policies back to SM interactions

Regulatory compliance component

• Tracing policies back to SM interactions

IDC Buyer Case Study: Farmers Group Uses Hearsay Social to Empower Agents While Maintaining Compliance

Embrace your SM efforts

Embrace your SM efforts

Embrace your SM efforts

Engage on the benefits

Voice & consistency

• Only 11% of Gen Y has a primary financial relationship with a CU vs 15% of other ages.

• By contrast, 43% of Gen Y had a primary financial relationship with a top-10 bank,

compared with 38% of all other consumers.

• Gen Y Membership Growth Goals for Y&F: 50 – 100%

• Spokester at $30,000 + car

Javelin Strategy and Research – August 2010 Survey

Voice & consistency

• What’s the voice of your Social Media efforts?

Voice & consistency

• What’s the voice of your Social Media efforts?

• What would your storyboard look like?

Social Media Synergy: One

• Vancity – Canada’s largest CU

• $15.5 Billion – 59 branches

• Make Good Money

• Consistency:

• Socially responsible products

(5% environment fund credit card)

• Energy efficient home loans • Energy efficient home loans

since 2004

• Clean Air Auto Loans

• Community Shared Success

Program – 30% revenue to

members and community

• Carbon Neutral

Social Media Synergy: One

• Personality/Voice

• Community Focused

• Engage on the Benefits

• Consistency

At the center of Vancity’s brand is the concept of ‘balanced prosperity,” a strategy driven by a “triple bottom

line” of financial returns, social returns, and environmental returns. – Jeffry Pilcher of TheFinancialBrand.com

Social Media Synergy: One

• Community Focused

• Micro-toolkits for Non-profits

serving immigrants.

• GLBT community support

Social Media Synergy: One

At the center of Vancity’s brand is the concept of ‘balanced prosperity,” a strategy driven by a “triple bottom

line” of financial returns, social returns, and environmental returns. – Jeffry Pilcher of TheFinancialBrand.com

Social Media Synergy: Two

• #F***kingGreatBlades

Social Media Synergy: Two

• Dollar Shave Club – beta 4/2011

• Video launched March, 6 2012

• 2 Million views in first 4 days

• 4.1 Million views total

• $4,500 video production costs

Michael Dubin

• Co-founder & CEO• Co-founder & CEO

• Digital marketer/brand

development

• Improv comedy background

• Personality/Voice

http://business.time.com/2012/03/12/dollar-shave-club-a-start-ups-viral-ad-for-fing-great-razors-is-a-big-hit/

Social Media Synergy: Two

• Personality/Voice

• Product-focused

• Engage on the Benefits

• Consistency

Social Media Synergy: Two

• Personality/Voice

• Product-focused

• Engage on the Benefits

• Consistency

Social Media Synergy: Two

• 4.1 Million Video Views

• If 20% went to their site: 820K visitors

• If 1% ordered: 8,200

• If all 8,200 ordered @ $36 avg cost

• $295,200

• ($295,200- $4,500/$4,500)=

6460% ROI

http://www.ignitesocialmedia.com/social-media-promotion/why-people-share-content/

Social Media Synergy: Two

Social Media Synergy: Three

• SmartyPig, LLC – Iowa

• Launched in 2006

• Used DataVision’s 2.0 platform

• $0 in advertising expenses to date

• $500 MM in deposits (BBVA Compass)

• $2 Billion in Goals

Social Media Synergy: Three

• Personality/Voice

• Product-focused

• Engage on the Benefits

• Consistency

Social Media Synergy: Three

• Majority of customers have 4+ goals

• 70%+ of customers share their goals (can be kept private)

• When savers reach redemption, they usually open 2 more goals.

• "Social media as a whole isn't a luxury," says SmartyPig's president, Scott

McCormack, “it's a necessity, which is why banks are turning to us."

• Financial Literacy

• Cross-sell

• Contests

• Pre-spend behaviors

• Life stage data

• Special offers

Social Media Synergy: Three

“As banks struggle with social media, SmartyPig LLC is set to offer its tried-and-true

approach to any bank that wants it.”

“We are taking the essence of SmartyPig and we are putting it into an application that

can live inside of an existing banking website.“

Future: 6 domestic banks, 3 overseas banks, 3 prepaid card vendors, and non-profit.

http://www.americanbanker.com/issues/177_22/smartypig-social-media-twitter-facebook-money-systems-goal-saver-1046243-1.html

Today’s Goal?

SkyOceanWater

SkyOceanWater

#BerryPie#BerryPiePurple!Purple!

#F**kingGreat Razors #PitbullMommy #Bangs&ShoulderPads #TheMarkShow

Where will we go?

2008 20102009 2011 2012

Leveraging the new SM and tech tools to offer good

conversation to all customers…& Nordstrom level engagement

to those that value it…at the moment of relevancy.

Social commerceCustomer Experience >

Engagement > Acquisition >

Retention > Brand Advocacy

American Express Case Study: Applying social media analytics to evaluate Link, Like, Love. Beyond the Arc.

Write your own ending…

#TheMarkShow

#PitbullMommy #TheEnd#TheMarkShow

#Bangs&ShoulderPads

#F**kingGreatRazors

#BerryPie

#BestTalkEver

#ZmarzlyRules

Let’s connect:

www.linkedin.com/in/markzmarzly

@BankMarketing

www.ihelpbanks.com

[email protected]