Social media in the financial sector

Social media in the financial sector by Laura Crimmons & Fi Dunphy

Social media in the financial sector

Contents • What’s new in social and why should your brand care?

• What is social customer service?

• What can you measure & how do you demonstrate ROI?

• Who’s doing it well?

Social media in the financial sector

What’s new in social and why should your brand care?

Social media in the financial sector

Facebook • Ranked comments

• Mobile share button

• ROI tracking

• Gifts & Collections

Social media in the financial sector

Twitter • Twitter cards

• Improved search

- View photos and videos first

- See headlines and photos on mobile

- Contextual understanding

• Advertising available in the UK

Social media in the financial sector

Google+

• Authorship analytics

• Business page in SERPs

• Google+ Local

Social media in the financial sector

Social Customer Service

Social media in the financial sector

The Social Customer

Source: Fishburn Hedges

Social media in the financial sector

Engaged Brands

Source:

Socialbakers

Social media in the financial sector

Expected Response Time

• Overall average response time is 26 hours – two hours over the expected time

• Financial industry average is just over 9 hours

Source: Conversocial

Social media in the financial sector

Don’ts × Send generic responses

× Be sarcastic

× Engage in arguments

× Ignore complaints

× Refer customer to a call centre/general email address/website

Social media in the financial sector

Don’ts

Social media in the financial sector

Don’ts

Social media in the financial sector

Dos Include operating hours in bio

Respond ASAP

Include name/initials in sign off

Check the customer’s history

Offer to contact the customer directly

Try to go the extra mile

Social media in the financial sector

Dos

Social media in the financial sector

Who should be responsible?

Channel management

PR

Customer Service

Agency

Marketing

Social media in the financial sector

Employee conduct

Outline a clear policy on social media conduct: • From company profiles

• From personal profiles

• From company network

Social media in the financial sector

What can you measure and how do you demonstrate ROI?

Social media in the financial sector

Think of your social media followers as your customers/ potential customers – now you have a wealth of information about them that 5 years ago marketers could only dream of

Social media in the financial sector

Facebook Insights • Demographic information

• See engagement on posts to outline

clear content plan & understand what your fans are interested in

• See the reach of each post & page as a whole

Social media in the financial sector

Twitter Analytics • More demographic information

• Also see who your followers also follow

to see who influences your followers and therefore where you should be aiming to put you marketing messages & content

• Which of your website URLs have been shared on Twitter, by who , how much engagement they receive and how many clicks – perfect chance to turn followers into customers and engage with them

Social media in the financial sector

Google+ Ripples

• See who shared post & when

• See who is influential about the post by size of circles

Analytics on a page (coming soon)

• Who’s interacting with page

• Users’ demographics

• Info about social activities (+1’s, shares, comments)

Social media in the financial sector

Google Analytics • Visits via social referral

• Assisted social conversions

• Last interaction social conversions

• Visits by social network

• Shared URLs

• Social visitors flow

Social media in the financial sector

Social Media ROI • The same age-old question that’s

existed with PR and many marketing activities for years

• Remember AVE (Advertising Value Equivalent)? That’s now laughable

• Trying to come up with a real formula for social media ROI may be a bit like using AVE

• = (Tangible Related Revenue + Estimated Intangible Related Revenue – Cost of Social Media) / (Cost of Social Media)

Social Media

ROI

Brand Awareness

Customer Service

Traffic/ conversions

Reputation/ crisis

management

Brand identity/ persona

Social media in the financial sector

Social Media ROI

“63% of people connect with

businesses on social media sites”

“48% of people have made a purchase based on a post by a business

they follow on social media”

“An additional 34% clicked a link and

considered making a purchase”

“35% of people have made a purchase based on a post by a friend or

connection”

“An additional 22% have clicked a link and

considered making a purchase”

Source: AYTM

Social media in the financial sector

Who’s doing it well?

Social media in the financial sector

Barclaycard

Social media in the financial sector

Barclaycard • Nearly 700k views on YouTube

• Over 5k likes of video on Facebook

• Peak talking about figure of 9,400

• Increase of over 4k fans

• All this in the last 2 weeks…

Facebook Fans

Twitter Followers

Social media in the financial sector

Taking Social Seriously – AMEX UK

Social media in the financial sector

Small Business Saturday – AMEX US

Video case study

Social media in the financial sector

Compare the Meerkat

Social media in the financial sector

Combining online/offline – cross-platform campaigns • Synergy between offline PR & customer

service

• Social media is essentially your online customer facing platform

• Everything you say offline should be reflected in what you say online and vice versa

Social media in the financial sector

fiona.dunphy@branded3.com - @fidunfi

laura.crimmons@branded3.com - @lauracrimmons

www.branded3.com

Questions?

Social media in the financial sector

#B3Seminar @Branded_3