Integrating Social Media with your Sales Strategy: Steps to Success July 31, 2012

Transcription

1 Integrating Social Media with your Sales Strategy: Steps to Success 15 Broad Street, Boston, MA 02109

2 How you see it Social media is. o Something my kids do that vaguely worries me o Something my marketing department does that vaguely worries me o A hip advertising medium used by Lady Gaga and Ashton Kutcher o A game-changing sales tool Page 2

3 Why it matters 1,000,000,000 Average # of Google searches per day in May 2012 (Nielsen, 2012) 800,000,000 Average # of Facebook updates per day in May 2012 (Nielsen, 2012) 250,000,000 Average # of tweets per day in May 2012 (Nielsen, 2012) 2,700,000,000 Average # of views per day on YouTube in 2011 (YouTube, 2012) 8 % of online adults who used social networking sites in 2005 (Pew, 2005) 65 % of online adults who used social networking sites in 2011 (Pew, 2011) 7.6 % of online time spent on (Nielsen, September 2011) 22.5 % of online time spent on social networking sites (Nielsen, September 2011) 11 % of online customers connected to their bank or credit union through a social media site (Fiserv, 2011) 45 % of Gen Y customers connected to their bank through social media (Fiserv, 2011) 24 % of small business owners who are very interested in checking out their business banker in social networks (Small Biz Social Study, October 2010) 2 # of new LinkedIn members every second (LinkedIn, 2012) 2,000,000 # of companies with LinkedIn pages (LinkedIn, 2012) Page 3

4 What is it anyway Platforms SOCIAL Digital, user-generated content that stimulates interaction and connection Principles Multi-format Device-neutral Interactive, not static Real-time, or over time Many:many; 1:many; or 1:1 Web- and mobile-based technologies which are used to turn communication into interactive dialogue among organizations, communities, and individuals Wikipedia Page 4

5 What s this new language EVRE1 is NUB 1 st ; USUL so grab #social FAB and GFI Page 5

6 Social vocabulary dialects Verbs: to friend, to comment, to like Nouns: profile vs. page, newsfeed, wall, chat, poke, likes, tags Metrics: Likes, Tags Verbs: to connect, to invite Nouns: profile vs. page, connections, groups, inmails, views, recommendations Metrics: Connections, Recommendations Verbs: to tweet, to follow, to RT, to DM Nouns: tweeps, handle, hashtag, bitly, tweet-up, failwhale, cuttweet, #FF Metrics: RTs, Followers, Listed It s all about engagement: listening, reciprocating, being authentic Page 6

7 The Sales Cycle Demand Generation Lead Cultivation Sales Close Relationship Development Identify Engage Sell Strengthen Referral Build Advocacy Page 7

8 A Social Media View: Relationship Stages BRAND Establish awareness, differentiation, preference Identify Engage Sell Strengthen Listen: find competitive weakness, prospect windows Proactively connect, generate conversations Demonstrate credibility through commitment, community and content Build momentum Promote relevant offers Integrate with human and digital channels Service through social Build customer community and loyalty Build Advocacy SOCIAL SELL Page 8

9 Banks Going Social Best Practices in Branding: Umpqua.com integration with social conversations Customized to viewer, dynamic, clear UX Page 9

10 Authentic, consistent, voice and visuals Mix of bank + user-generated content, always listening Dynamic, multi-format emphasizing community connections and brand

11 Clear, brief snapshot of business lines supports both recruiting and client branding goals

12 Multiple Twitter handles, YouTube channel address retail and commercial branding objectives, from ACH & fraud to the Green Bay Packers; strong start with consistent relevant content

13 Banks Going Social Listening: It s Not Optional Anymore. Page 13

14 Banks Going Social Listening: It Doesn t Take a Top 5 IT Project Structure monitoring lenses to fit your business Business Lines Retail Small Business Banking Corporate Banking Select a tool that matches capabilities, commitment; simpler tools with easy onboarding may trump best in class $ Market Segments Families Students New Movers Small Business Owners Target Corporate Industries Brand vectors Community Service Financial Literacy Target Solutions Retail: Mortgage, Investments B2B: Treasury, Corporate Finance, Leasing, etc. $$$$ Page 14

15 Banks Going Social But It s Not Always Easy. Need to take the bad with the good; be prepared to address negative comments honestly and promptly and share with relevant stakeholders Page 15

16 Banks Going Social Asking for Feedback Is Better than Hearing It Second-hand Proactive outreach can be broad or specific to a solution set; crowdsourcing is an innovation that s taking hold (turnkey software built into sf.com) Page 16

17 Banks Going Social Best Practices in Engaging Leads: Amex OPEN Commitment to small business community, with continuous innovation and investment over 20 years Imaginative, unique and $$$ programs use push-pull, member-get-member Page 17

18 Mammoth marketing reach and budgets enable endless array of social tests (Facebook, Foursquare, Twitter/Sync) Not to mention tutorials and exposure for SME community members

19 Banks Going Social Smaller Budget Best Practices in Engaging Leads Tried-and-true promotional approach leveraging social for speed and reach Allure of low $ sweepstakes, publicity and social swagger can create positive ROI lead gen Page 19

20 Facebook campaign to fill in the blank drove involvement, focus on the local advantage

21 From branch spotlights to OPEN-style social voting, retail and small biz engagement are integrated skillfully

22 Banks Going Social More $$$ Social Strategies for Engaging Leads for those with patience $$$ social strategy: Build your own community by committing to content interesting and different enough to attract customers and prospects alike Page 22

23 Banks Going Social Best Practices in Selling Consistent communication of special online offers, for customer acquisition AND cross-sell, focused on digital channels Page 23

24 Relevant new product and app announcements leverage social audience; QR code integration for easy UX on mobile devices

25 Banks Going Social Best Practices in Strengthening Social servicing a growing application; most business cases made on savings TD embedded 10 Twitter specialists into contact center in 2011; 25% monthly growth post-launch Citi claims 100 social specialists, with personalized handles to increase loyalty; now testing click-to-chat Page 25

26 Banks Going Social It s Not Just for Retail Case studies demonstrate vertical leadership, and wrap bank marketing in engaging content; integration across channels important good idea to bring back to.com Page 26

27 Banks Going Social Strength in Content a Priority in Commercial Markets C-suite, Treasury and Capital Markets audiences (and other commercial verticals) have higher social profiles; content leadership key to differentiating value and strengthening relationships Page 27

28 Strong, continuous updating of content that demonstrates expertise and client success serves as a powerful platform for sales messaging though not yet fully leveraging social channels

29 Banks Going Social Don t Forget the Connection to the Original Social Channel: the Bankers Consistent integration of human and digital channels great motivator and demonstrator Page 29

30 Selling comes down to connections between people digital social can document, share and magnify human social relationships, and capture maximum associate value

31 Practical Applications of Social Media for the Bank, the Branch and the Banker BRAND the BANK for stronger sales impact RECRUIT stronger, more connected sales professionals ENGAGE with thought leadership to demonstrate expertise ACTIVATE ADVOCACY to harvest referrals EXTEND YOUR NETWORK SUPPORT EVENTS, AFFINITIES, PROMOTIONS DEMONSTRATE EXPERTISE EXPAND SERVICE LISTEN and LEARN BUILD YOUR PERSONAL BRAND but follow corporate social rules STAY CONNECTED to prospects, clients, COIs STRENGTHEN RELATIONSHIPS with content; leverage corporate REAP REFERRALS; ask for recommendations Page 31