Integrating Social Media into your Marketing, Sales and Service Channels

Transcription

1 Integrating Social Media into your Marketing, Sales and Service Channels

2 The Millennials Are Coming. And They Are Changing The Rules In 2010, Gen Y and Millennial consumers outnumber Boomers 83 Million born between the largest generation in history With a collective income of $1.89 Trillion, they are poised to be the wealthiest generation todate 65% of Consumers aged already own a checking account They engage early. >50% find online capabilities very important when researching a new banking relationship >75% of Millennial have a profile on a social networking site Brand and service expectations have been influenced by online brand experiences as varied as Amazon.com to ITunes. Forrester, Meet your next financial consumer Microsoft Millennial and Baby Boomers Banking Channel Preference Survey 2009 Page 2

3 Social Media Adoption Velocity is Building with Business-Owners Along with Consumers Small Business Social Media Adoption has Doubled since 2009 Key social media usage highlights include: 75% surveyed have a company page on a social networking site 61% use social media for identifying and attracting new customers 57% have built a network through a site like LinkedIn 45% expect social media to be profitable in the next twelve months Small Business Success Network, University of Maryland and Network Solutions Feb 2010 Page 3

4 The Revolution Planning Is Well Underway. Banking 2.0: Financial Services Driven by People & Emerging Technologies Page 4

5 It s time to Think Different About Social Media Are you?

6 KeyBank: Bringing Social Media into an existing multi-channel marketing and sales model Allison Landers, SVP KeyBank Virtual Bank

7 Where We Are: Multiple Disparate Efforts Page 7

8 Some Groups Have a More Robust Strategy Page 8

9 Just Beginning to Test for Marketing Page 9

10 Vantage Credit Union: Social Media As A Service Delivery Platform Eric Acree, Executive Vice President

11 Tweet My What? Eric Acree Vantage Credit Union Page 11

12 Who are we? Community credit union Serve greater St. Louis area $650M in assets 100,000+ members Active in social media since June, 2009 Page 12

13 2009 Challenges No mobile banking budget Members were demanding it Competitors offering mobile banking solutions Page 13

14 Process Idea generated during Yammer session Developed proof of concept Built prototype in days, production version in weeks Validated security with outside firms Launched solution with one tweet Page 14

15 Solution: Obtain Vantage account information via Twitter Move money within account types Tweets are private direct messages Works anywhere Twitter client is loaded (smart phone, laptop or desktop) Real time service Page 15

16 Screenshot Page 16

17 Is Twitter a Fad? Page 17

18 Twitter Users by Age Page 18

19 Page 19

20 Results from 1 Tweet Boosted web traffic 500% at peak Generated brand buzz worldwide Created new business partnerships Enhanced e-alert utilization Engaged segments of membership Achieved recognition Page 20

21 Lessons Learned Twitter is a powerful, viral tool Timing & technique critical in social efforts Be prepared for groundswell response Leverage other channels & integrate Ensure direct/indirect tracking in place Social media efforts requires staffing support Page 21

22 Thank you! Eric Acree Executive Vice President Vantage Credit Union Page 22

23 Geezeo: Using Social Media to Build Community Bryan Clagett: Geezeo Chief Marketing Officer

24 Page 24

25 Social Media Is Part of A Branding Strategy Social Media Re-defines Community Social Media can be part of your online banking environment. Page 25

26 What Is Your Branding Strategy? Voice Personality Value proposition Differentiation Page 26

27 It s really about breaking the commodity trap. Your brand is built on experience. Page 27

28 Page 28

29 Page 29

30 Key Take-Away Social media is without a doubt, an opportunity for your brand to connect with your audience in a way it has never done before. Stop Marketing. Start Engaging. Page 30

31 Reality Few feel personally connected to their banking institutions despite the fact that these institutions play a Foundational role in their lives. Page 31

32 Social & Community Can Change How FIs Communicate Improvements in social networking and mobile computing platforms are fundamentally changing ways people communicate with each other and ways developers/ advertisers/ vendors reach customers. -Morgan Stanley study Page 32

33 Defining Community People want to get more involved in experiences. Social media is like Social CRM with multiple touch points brand profiles, fans, friends, followers. Social communities may be your greatest untapped asset. Page 33

34 Page 34

35 Page 35

36 Key Take-Away Retail FS innovators will take advantage of this period to re-define community for their customers. In doing this they will deepen customer relationships, extend their distribution reach, create new revenue streams, and fundamentally lower their cost structures. Social communities may be your greatest untapped asset. Page 36

37 Page 37

38 Audience Participation Time!

39 In Summary. Know WHY you re pursuing a social media strategy Listen and Engage with your customers on an ongoing basis Test and learn continuously

40 Recommended reading: Page 40

41 Social Media is Bigger Than You Think Page 41

42 Sharing by Social Brand Page 42