The number reveal: Is Social Media another fad or it is here to stay?
1. The numbers reveal: Is Social Media
another fad or is it here to stay?
Dr. Benedikt Köhler, Munich
Dr. Benedikt Köhler, Munich
SOMESSO Conference,
Zurich 3 November 2009
3. Or here to stay?
SOMESSO Conference,
Zurich 3 November 2009
4. What is Social Media?
„A variety of digital media and
technologies that enable users to
exchange among themselves and
create media content, individually
or in community.“
1. Presentation of self in every day
online life
2. Exchange of information, opinions,
experiences or emotions in real-time
3. Collaboration and creation of content
SOMESSO Conference,
Zurich 3 November 2009
8. Banks used to be like this: Big is beautiful
SOMESSO Conference,
Zurich 3 November 2009
9. Banks used to be like this: Walls & Fortresses
SOMESSO Conference,
Zurich 3 November 2009
10. Banks used to be like this: Fake conversations
SOMESSO Conference,
Zurich 3 November 2009
11. Banks used to be like this: Complex products
SOMESSO Conference,
Zurich 3 November 2009
12. Banks used to be like this: Talk = Sales
SOMESSO Conference,
Zurich 3 November 2009
13. Banks used to be like this: Behind counters
SOMESSO Conference,
Zurich 3 November 2009
14. Social Media is going to change this!
» Social Media means: The whole Internet is becoming social
» Living an online life
» Feedback
» Dialogue
» Social Media as a disruptive technology
SOMESSO Conference,
Zurich 3 November 2009
15. The future of Social Media
„1990–2004 was the match being struck;
2005–2009 was the fuse;
and 2010 will be the explosion.“
(Tim O‘Reilly and John Battelle)
SOMESSO Conference,
Zurich 3 November 2009
16. It´s getting bigger
» 25% of search results for the world’s top
20 largest brands are links to user-
generated content.
» 13 hours of video are uploaded on
YouTube every minute.
» Dell claims to have earned $ 3.000.000
via Twitter-Posts since 2007.
» If Facebook were a country, it would be the
4th largest in the world – with 250 Mio
users.
» 34% of bloggers post opinions about
products and brands – in over 200.000.000
blogs.
SOMESSO Conference,
Zurich 3 November 2009
17. Internet growing as fast as TV did
SOMESSO Conference,
Zurich 3 November 2009
18. Social Media – importance for companies
Far-reaching implications:
» Providing the information the customers
expect on social media right now!
» Possibility of a strong customer bonding
causing loyalty.
» Combination of marketing, CRM and PR
in one unit, acting simultaneously.
» Genuine dialogue between companies,
customers and other stakeholders - in real-
time.
SOMESSO Conference,
Zurich 3 November 2009
19. Users are looking for product information
SOMESSO Conference,
Zurich 3 November 2009
20. 5 Dimensions of Corporate Social Media
Social Media Newsroom Branded
Channel
Brand Monitoring
Corporate Blog
Corporation
2.0
Real-Time Support
Trainee
Blog
SOMESSO Conference,
Zurich 3 November 2009
21. Social Media - challenges for finance
» In the U.S. the trust in banks
decreased from 69% to 36%
» 72% share their dislikes with a
friend or colleague.
(Edelman Trust Barometer 2009)
SOMESSO Conference,
Zurich 3 November 2009
23. People trust their peers – online!
SOMESSO Conference,
Zurich 3 November 2009
24. Consumers 2.0 – Sapere aude
„Banks sell what‘s most profitable for them … Really good
deals can only be found on the web … I‘m doing research
myself and this way I get a truly independent offering.“
SOMESSO Conference,
Zurich 3 November 2009
25. Finance – between tourism and fashion
SOMESSO Conference,
Zurich 3 November 2009
41. Après moi, le déluge
SOMESSO Conference,
Zurich 3 November 2009
42. What are the caveats?
» 58% are nervous about potential
compliance problems.
» 45% don‘t understand social
media marketing.
» 37% think it doesn‘t fit to their
customers.
» And four out of ten participating
banks avoid discussing specific
products and services in their
social media efforts.
SOMESSO Conference,
Zurich 3 November 2009
43. Wishes and needs of digital natives
» 48% of Facebook users between the
ages of 18-34 would use secure
gadgets if their bank offered it.
» 33% of 25-34 year old Facebook users
would even consider switching to
another bank that offered Web 2.0
gadgets for online banking. (WorkLight –
Survey)
» 37% of U.S. customers liked to have
testimonials and customer reviews
on their bank‘s website (Forrester)
SOMESSO Conference,
Zurich 3 November 2009
44. Social Media means a shift from Brands …
SOMESSO Conference,
Zurich 3 November 2009
45. … to faces …
SOMESSO Conference,
Zurich 3 November 2009
46. … and stories!
SOMESSO Conference,
Zurich 3 November 2009
47. Finance in Social Media – Examples
» Mint has over 20.000 Followers on
Twitter…
» …and is in dialogue with
them by following back and
answering to questions.
SOMESSO Conference,
Zurich 3 November 2009
48. Finance in Social Media – Examples
» Missouri Bank provides a Facebook-
Fanpage
SOMESSO Conference,
Zurich 3 November 2009
49. Finance in Social Media – Examples
» Wells Fargo is hosting different
blogs…
» And even…
SOMESSO Conference,
Zurich 3 November 2009
50. Finance in Social Media – Examples
» … their own virtual world:
Stagecoach Island
» … where you can „learn how
to use your money wisely“
SOMESSO Conference,
Zurich 3 November 2009
51. Finance in Social Media – Examples
» Social Media users elude banks and
begin to lend money to each other –
directly.
SOMESSO Conference,
Zurich 3 November 2009
52. Social Media is not for everyone
SOMESSO Conference,
Zurich 3 November 2009
53. Next Steps …
» Charting your company’s Social Media
Landscape with a full survey of all
channels and platforms
» Developing a strategic view of your
company’s dialogical future (including
Social Media Guidelines or Policies)
» Beginning to grasp the disruptive power
of Social Media Brand Building –
giving the users a chance to live your
brand online
» Building strong and sustainable user
experiences in Social Media
» Experimenting with Social Media
yourself by hosting Immersion Days at
your company
SOMESSO Conference,
Zurich 3 November 2009
54. Thank you very much!
Questions?
More information: http://www.ethority.de
SOMESSO Conference,
Zurich 3 November 2009
55. Questions?
Feel free to contact us! ethority GmbH & Co. KG
Büschstr. 7 (Ecke Gänsemarkt)
For further information visit us: 20354 Hamburg
» http://www.ethority.de/weblog
» http://www.twitter.com/ethority +49 (0) 40 - 300 699 80
contact@ethority.de
» http://www.facebook.com/ethority www.ethority.de
» http://www.youtube.com/ethority
SOMESSO Conference,
Zurich 3 November 2009
