Success on a Shoestring • With Special Guest:
– Ray Rahma3 – Market Director/Social Business Consultant at Spredfast
• Goals: – Discover the challenges financial ins3tu3ons face on social media – Define what elements of social are absolutely necessary for success – Deliver ac3onable items to shape your financial ins3tu3on’s social
media strategy and increase efficiency
© 2015 BancVue. All rights reserved. Not for distribution. #BankOnSocial
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“Social is no longer a “part-‐3me job.” It requires 3me and aPen3on, which can be a challenge for resource-‐strapped banks. So the biggest
challenge I’ve seen, is how to create great social experiences, with limited
resources. #BankOnSocial
@Ray_Rahmati
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“Focusing on sales-‐pitch messages rather than rela3onship building.
#BankOnSocial”
@mosamarketing
“I see banks get trapped in transac3onal thinking when
they should always be focused on building a rela3onship
#BankOnSocial" @Ray_Rahmati
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“But the biggest mistake is geUng hamstrung by
#compliance. Be mindful of the regula3ons but don’t let them
s3fle #BankOnSocial”
@Ray_Rahmati
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“Latest industry data that I’ve seen, shows that most
companies allocate a minimum of 10% of marke3ng budget on
social #BankonSocial” @Ray_Rahmati
“An allotment for paid advg because organic reach (esp FB) is low. Don’t think of social
media as “free.” #BankOnSocial”
@gurufox
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“Say no the “me complex.” Tell your story while focusing on others #BankOnSocial”
@mosamarketing
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“1. goals 2. choose your channels 3. research market 4. content calendar (or something
like that) �#BankOnSocial”
@oliviawood_610
“You need to ask the tough ques3ons. And that starts with ”what is the business challenge we MUST solve as a bank?”
#BankOnSocial" @Ray_Rahmati
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“Also ask if you’re internally suppor3ng the message
you project on #socialmedia. To work they must match #BankonSocial”
@mosamarketing
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“COMPLIANCE! Also, the rest of the marke3ng team so
everything works as a unified well-‐oiled unit. #BankOnSocial”
@FredCntyBank
“Solid point. Sit down with compliance EARLY AND OFTEN to discuss and set guardrails.
#BankOnSocial"
@Ray_Rahmati
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“Get your approvals ahead of 3me! Don’t wait un3l you want to post to have it approved.
#BankOnSocial”
@oliviawood_610
“Yes! A content cal. with a mix of evergreen & real 3me content. Compliance can
approve way ahead #BankOnSocial"
@HelenLawr
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“It’s about quality, not quan3ty. Don’t set goal to
post 7x a week. Aim for a few quality posts that will provide
value #BankOnSocial”
@Ray_Rahmati
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“Don’t focus so hard on the conversion and the transac3on. Focus more on building the
rela3onship. Then the sale will come �#BankOnSocial”
@Ray_Rahmati
“Every rela3onship takes 3me to build. Use social to create lots of touch points to build
those rela3onship �#BankOnSocial”
@Alukomnik
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“For us its par3cipa3on, we are a small org. so if our employees
are excited we are doing something right �#bankonsocial”
@oliviawood_610
“Average response 3me and response rate. Set benchmarks, look at the data olen so you can measure increases in efficiency �#BankOnSocial”
@Ray_Rahmati
© 2015 BancVue. All rights reserved. Not for distribution. #BankOnSocial
BONUS QUESTION
What can an FI do to provide value when they don't feel they have any
content?
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“Show them what your compe3tors are doing. Show leadership the convos your
customers are having in social WITHOUT YOU �#bankonsocial”
@Ray_Rahmati
“Exhibit your community events and staff. Easy place to start. �#bankonsocial”
@FredCntyBank
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“One easy trick is to take photos and do two minute
interviews (talk to compliance about them of course) �#bankonsocial”
@Alukomnik
Key Takeaways • The biggest challenge for community ins3tu3ons is to create engaging
content with limited resources • Sales pitch pos3ng ≠ engaging content. Build rela3onships!
– Social media cannot be thought of as transac3onal – Tell your story while focusing on others
• You should allocate marke3ng dollars for your social media efforts – Most companies these days allocate 10% of their budgets towards social
• Define the problem you MUST solve as a business and build your social strategy around that
• Get support from higher ups – If encountering resistance show the conversa3ons happening without you OR what
your compe33on is doing
• Sit down with your compliance team EARLY & OFTEN! – Set as many general guidelines ahead of 3me so you can stay as real-‐3me as possible
• Quality > quan3ty always – Create a content calendar ahead of 3me to get approvals early
• Set benchmarks for your success & 3e it back to your business goals © 2015 BancVue. All rights reserved. Not for distribution. #BankOnSocial
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