social media trends in the financial services industry
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This presentation was done at the JD Power & Associates Financial Services Social Media Roundtable in April of 2012.TRANSCRIPT
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
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
• 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• 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
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
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
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?
• 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
• 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: 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