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Social Marketing in the Banking and Financial Sector - a presentation to the Pennsylvania Association of Community Bankers (PACB)
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Social Media & Marketing
in the Financial Sector
State of the Industry
• The decline of print advertising
• Social media marketing comes of age
• Pay-per-click
• Inbound marketing
• Web 2.0
Broadcast trends
• DVR/TIVO
• OnDemand
• NetFlix
• Cable
• Satellite Radio
• Consolidation
• YouTube
Changing Media Landscape
Search engine impact
Inbound Marketing is marketing
focused on getting found by
customers.
• In traditional marketing (outbound
marketing) companies focus on finding
customers. They use techniques that are
poorly targeted and that interrupt people.
• Instead of driving their message into a
crowd over and over again like a
sledgehammer, they attract highly qualified
customers to their business like a magnet.
• Technology is making these old techniques
less effective and more expensive.
– Instead of interrupting people with television
ads, we will create videos that potential
customers want to see.
– Instead of buying display ads in print
publications, we will create our own blog that
people subscribe to and look forward to
reading.
Instead of driving the message into a crowd
over and over again like a sledgehammer,
we will attract highly qualified customers to
the business like a magnet.
Inbound marketing
Best Practices
• Marrying the outbound marketing tactics
that work with the inbound tactics that will
take us to the next level:
– Web site optimization
– Blog
– Social media marketing
What is Social Media?
• A category of sites that is based on user
participation and user-generated content.
• They include social networking sites like
LinkedIn or Facebook, social bookmarking
sites like Del.icio.us, social news sites like
Digg or Reddit, and other sites that are
centered on user interaction.
WHY Social Media?
It reaches your audience
where they are.
Why should my bank
participate?
• Community building
• Product research
• Customer service
• Marketing & promotion
• Transparency
Extend branding efforts
• Social media provides an array of new
“touch points” for brand executives to
interact with prospects and customers.
• Due to two-way, real-time attributes, social
media tools enable a highly personal brand
experience for customers and prospects.
Reduce marketing spend
• While social media requires an investment
of budget and professional resources, it’s
nowhere near the costs associated with
other media.
• As the cost of each sale acquired through
social media is significantly reduced, ROI
and profit margins will increase.
• According to Facebook, there are more than 500 million
Facebook users with over 100 million users logging in daily.
• If Facebook were a country, the number of users would be
the equivalent of the fifth most populated nation in the world,
behind China, India, the United States, and Indonesia.
• Facebook’s growth is with users over age 26, with the
majority of the growth coming from users 35 to 44 years of
age.
So you’ve got a great Facebook
page, now what?
Make it work for you!
Little things can make
a big difference
Twitter• Twitter has more than 165 million registered users, but the
site has more than 98 million regular visitors per month.
• More than 100 million “tweets” go out every day.
• 1.8 million new users sign up for Twitter account each week.
• The passive Twitter audience – people who don’t actually
tweet, hence accounting for the difference between traffic
and users – will likely continue to grow, much in the way that
blogs have over the past decade.
• People who don’t tweet themselves will visit the Twitter
profiles of friends, family, or their favorite celebrities -- and
access that information in different ways.
• Who?
– Adults, professionals, sales reps, job seekers,
business communities
• Why?
– Making connections and recommendations;
creating communities, gathering leads
• How?
– Easy and free to set up for basic membership
• As of June 20, 2010, LinkedIn topped 70 million users with
more than one million company profiles.
• According to comScore, LinkedIn gets over 16 million unique
visitors each month.
• The average LinkedIn user is 39 and makes $139,000 a
year. About 90,000 users are chief executive officers, and
nearly half a million others occupy another job in the C-suite.
• BMW, American Express advertise on LinkedIn. Microsoft,
Target, eBay and L’Oreal pay upwards of $10k per month to
search LinkedIn profiles for job candidates.
Available in 22 languages with more than
20 country specific content options
Blogging
• Early blogs were a combination of online diaries or journals,
email lists and “threaded” discussion forums.
• Evolved from “what’s new” pages on personal sites to
commercial blog software such as Blogger, WordPress,
Movable Type and LiveJournal.
• Blogging took off when tools made it easy to combine
personal journals with links to others – permalinks,
trackbacks, blogrolls.
• Today, blogging is intertwined with news media and social
media, as celebrities, news reporters and anchors,
columnists and politicians not only blog, but share their blogs
via Facebook, Twitter and other social media.
Keys to Blogging Success
• Consistency
– Establish how often you’ll post and stick to it.
• Establish a voice
– Create personalilty
– Be human
– Should not sound as if written by the PR or legal
teams
Keys to Blogging Success
• Mix it up
– Alternate written blog entries with the
occasional video or audio blog
• Integration
– Blog entries make great Facebook posts, and
can be tweeted to your followers
Comment Marketing
• Participate!
– Regularly read and comment on other’s blogs –
add to the conversation
– Encourage commenting on your own blog
– Run promotions or deals to encourage
comments
– Invite carefully screened guest bloggers
– Offer feedback, and respond to all feedback
offered
– Do NOT use comments fields to spam or overtly
self-promote
Integration
All forms of media must
support one another!
So? Who’s Doing a Great Job?
But WAIT…there is more!
This seems like
a LOT of work!
•I don’t have time for this…
•When am I supposed to do this
stuff?
•I’m already frantically busy!
We’ll turn this over to the interns…
…NOT
Measuring Success
- Set strategic goals at the outset
- What is the call to action on each page of each
outlet?
- Visit our website?
- Call us?
- Purely informational/educational?
- News provider?
- What will you measure?
- Site traffic?
- Friends/Fans?
- Conversion?
• Initially, set attainable goals
– 100 fans in first month
– Increased website traffic
• Then increase goals
– Conversions
– Bounce backs
But what about…
Damage control?
So…
• What’s next?
– Mobi
– Augmented Reality
– QRC
The Five Social Media Rules
(ignore at your own peril!)
If you didn’t like our service, let us
know. If you liked our service, let
your friends know.
Don’t Sell. Make connections.
Don’t be heavy handed with your image.
Always available.
Strategy.
Questions?
