How Financial Institutions Are Leveraging Social Media
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Examples of how credit unions and banks Are Leveraging Social Media such as Facebook, Twitter, LinkedIn, Blogs, and Foursquare.
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How Financial Institutions Are Leveraging Social Media
- 1. HOW FINANCIAL INSTITUTIONS ARE LEVERAGING SOCIAL MEDIA Brian Bierbaum, Vice President of Digital Strategy and Sales The Webinar Will Be Starting Shortly… Have a question? We’ll be checking the chat window.
- 3. IS IT JUST YOUTH WHO USE SOCIAL MEDIA? Actual Facebook page demographics of a bank serving a 67% over age 35 rural community 33% over age of 45
- 4. HOW FINANCIAL INSTITUTIONS ARE USING FACEBOOK to promote their culture and brand to reach new members of their community to educate to promote internal events to promote community events to engage in dialogue with customers to answer questions and concerns to spread grassroots-level messages and campaigns
- 5. CONTESTS, ADS AND PROMOTIONS
- 6. CITIZENS & NORTHERN BANK – PROMOTION Launch Day 24 Hours Later July 11, 2011: July 12, 2011: – 81 Likes – 635 Likes – Tab Views 1,744 – Tab Views 2,056 – 6 Comments – 8 Comments – 5 Pages of Data
- 7. WHERE SHOULD YOU FOCUS YOUR TRACKING… On what other channel can you know that 1,000 members/customers read every one of your daily messages?
- 8. HOW FINANCIAL INSTITUTIONS ARE USING TWITTER to listen to serve customers needs to make announcements to broadcast new blog posts to promote their culture and brand to educate to gather feedback on services (product research) to promote internal events to promote community events to engage in dialogue with customers to answer questions and concerns to spread grassroots-level messages Customer Service Focus and campaigns
- 9. HOW FINANCIAL INSTITUTIONS ARE USING TWITTER A Few Simple Twitter Best Practices Share. Listen. Ask. Respond. Reward. Demonstrate wider leadership and know-how. Champion your followers. Establish the right voice. Remember… Small and regional financial institutions have a Twitter advantage over big national competitors
- 10. HOW FINANCIAL INSTITUTIONS ARE USING LINKEDIN Financial Services has the second highest concentration of industry usage on LinkedIn. Primary use: Networking (not a surprise…)
- 11. HOW FINANCIAL INSTITUTIONS ARE USING LINKEDIN Targeting business decision-makers (B2B focus) using LinkedIn Groups and Answers. Positioning their business development teams as business solution experts in their markets. Groups Success Metrics Calls/conversations resulting from online engagements. Submissions on lead forms. Number of engagements in conversations with local businesspeople on posts. Common Conversation
- 12. HOW FINANCIAL INSTITUTIONS ARE USING BLOGS to augment their print publications to promote their culture and brand to educate to promote internal events to empower their business development teams with content to promote community events
- 13. HOW FINANCIAL INSTITUTIONS ARE USING FOURSQUARE Works best with other Social Media Platforms (Content is king; use a blog with share icons) Simple check in at a branch location = publicity to a network Reward Cards, reward users for “shout outs” (Foursquare, Twitter, Facebook) e.g. when a card is swiped it will auto-update platforms & earn extra points Offer Mayor Incentives Monitor Check Ins and Gain Feedback Sponsor a Class or Party Preventing Fraud (GeoGuard by Misys)
- 14. HOW FINANCIAL INSTITUTIONS ARE USING FOURSQUARE A Few Things to Consider Before Starting Be careful about doing promotions around Foursquare “Mayors” Keep in mind that people are playing a game Assess the demographics of your markets before jumping in.
- 15. HOW ARE YOU USING THESE SOCIAL CHANNELS? Facebook Twitter LinkedIn Have a question? Foursquare Call it out or use Google+ the chat window. Others?
- 16. YOUR SOCIAL MEDIA MATURITY LEVEL Takes planning, creative insight, product management, internal resources, external resources. You Today?
- 17. SOCIAL MEDIA IS NOT FREE Takes planning, creative insight, product management, internal resources, external resources. The average budget for “novice” social programs is $66,000, and an average team includes about 3.1 people in a centralized format. Where is your budget? How Corporations Should Prioritize Social Business Budgets http://www.altimetergroup.com/how-corporations-should-prioritize-social-business-budgets
- 18. MEASURING ROI: A FACEBOOK EXAMPLE Step 1: Pull List of Likers Step 2: Compare Data Customers Comparing your KPIs of Facebook Likers to other customers/members is one method for measuring ROI.
- 19. ROI FOR SOCIAL MEDIA MADE EASY Traditional Marketing Channel Social Media Pilot Program Number of pieces sent: 200 • Carve out 10% of your total budget Cost for printing and for a social media pilot. postage: $1.44 VS. Total cost to send 200 • Ensure each channel in the strategy pieces: $288 drives to a landing page. Response rate: 0.5% Customers acquired: 200 pieces • Compare cost per customer/member mailed x 0.5% response rate = 1 acquired new customer
- 20. QUESTIONS? The presentation and highlights of the presentation are available on our blog. priorityresults.com/blog Brian Bierbaum www.linkedin.com/in/brianbierbaum Twitter: @BrianBierbaum bbierbaum@priorityresults.com 952.920.9909 Priorityresults.com
Hinweis der Redaktion
- Agenda- Look at examples of financial institutions using each channel, talk about best practices, discuss how each of you are using these channels or plan toFacebook (main focus) Twitter LinkedIn Blogs Foursquare Google+? Briefly touch on your organizations social maturity level, budgeting and roi
- Remember you don’t have to do all at once!
- Uptick with Ads and promotions
- Goal community growth
- Engagement not just Likes, etc.Questions about FB?
- Primarily a public customer service channel for big banks and credit unions.Note: There are tools available for archiving tweets for compliance purposes… Often a big concern with Twitter and financial institutions.
- Share. Share photos and behind the scenes info about your financial institution. Even better, give a glimpse of developing projects and events. Users come to Twitter to get and share the latest, so give it to them!Listen. Regularly monitor the comments about your company, brand, and products.Ask. Ask questions of your followers to glean valuable insights and show that you are listening.Respond. Respond to compliments and feedback in real time.Reward. Tweet updates about special offers, discounts and time-sensitive deals.Demonstrate wider leadership and know-how. Reference articles and links about the bigger picture as it relates to your community.Champion your followers. Retweet and reply publicly to great tweets posted by your followers.Establish the right voice. Twitter users tend to prefer a direct, genuine, and of course, a likable tone from your financial institution.
- Can be done with other channels as well… Twitter, etc.