Post on 20-Sep-2014
description
Best Practices in Financial Services Social Media: What’s #Trending Now & What Will The Future Bring? -- by Mark Zmarzly
Presented at the ABA Stonier Graduate School of Banking on June 10-11, 2014.
Me Looking into the Future & Seeing that You Really Enjoyed Yourself Afterward
Mark Zmarzly
www.hippocket.net
@BankMarketing www.linkedin.com/in/markzmarzly
Who the Heck am I?
1992 1996 2000 20030 2005
High School Career Assessment: Forest Ranger
1999BA in English & Organizational Communication Studies
1975Born
2005MA in Creative Writing
The salad years
Writer & English Teacher
Who am I?
20102005-2008 2012
2011SVP of Financial Services
2009@BankMarketing
2009 2011
Linkedin.com/MarkZmarzly
2005 Now – all in Financial Services Marketing - Editor I Copywriter I Creative Manager I AE I SVP Financial Services I Business Development Executive I Speaker
Who am I?
my blog
2013 2014
Idea was born
ABA SBMM
Current & future
Launching first client – ubt.com.
Mortgage, Auto, and Retirement comparisons are available now.
Launching next group of clients immediately.
Facebook application planned for fall of 2014.
Second generation in late 2014.
A Word from My LawyerFFIEC & Your Compliance Department are the boss.
I analyze our industry for new insights and future trends.
Don’t sue me! Seriously…I have a wife and 3 kids!
What is Social Media?
https://www.dropbox.com/s/hfsyeorjg34gd4s/Social%20Intro2.mp4
2000 2001 2002 20030 2004
2000Dot Com Bubble Bursts
2001Wikipedia launched
1960sAl Gore Invents the Internet
1998Blog
What is Social Media?
2006 20082005 2010
US Subprime Lending Peaks
2007 2009
11/2007Keypoint FCU – online banking into FB Active Facebook Users: 0 to 1.22+B
2011 2012
7/2007PayPal on FB3/2006
First Major FI Blog
8/2007TD Bank (Canada)
3/2008Quicken Loans on Twitter
2013
What is Social Media?
Now
$16B
What Customers Say About Us
It’s No Wonder…
It’s No Wonder…
It’s No Wonder…
Annoying, Boring, & Unhelpful, but Maybe Not Entirely Ineffective???
The Good News: We Don’t Care!
But We Can Innovate/Reinvent
• Kitty & Lala: https://www.youtube.com/watch?v=JFbUbAWbB-s
• Current Trends• 4 Case Studies• Big 3 Platforms• The Future?
Peaking Ahead
• Own Your Community• Engage Sub Communities• Crowdsourcing • Mission-Driven• Generate Social Virality• Engaging Voice
• Not all Trends are “good”
Listen & Learn from Trends
Not All Trends Are Good
Engage a Sub Community
https://www.bizcrowd.com
Engage a Sub Community
https://www.bizcrowd.com
Engage a Sub Community
https://www.ubt.com/business-banking/catalyst-small-business
Engage a Sub Community
https://www.ubt.com/business-banking/catalyst-small-business
CrowdsourcingHome Improvement Challenge
• Photo contest housed on FB
• $7,500 prize to be used for a home improvement project
• Participants submitted a pic of their project & description of why it was important to them
• General public voted to determine the winner
•increase of 23% in home equity products for the campaign from the previous year. The marketing spend was also significantly less.
Crowdsourcing• National Bank of Arizona
awarded $10K to a local business through a video contest housed on FB
• Winner was selected by public vote
• Total views to the Facebook tab reached 2,128
• Total video views exceeded 3,000
Amplify Your Giving Visibility
From FMS Social: http://fmssocial.com
Amplify Your Giving Visibility
From Sundin Inc: http://www.sundininc.com
Amplify Your Giving Visibility
From Sundin Inc: http://www.sundininc.com
Amplify Your Giving Visibility
From Sundin Inc: http://www.sundininc.com
Amplify Your Giving Visibility
From Social Assurance: www.socialassurance.com
Amplify Your Giving Visibility
From Social Assurance: www.socialassurance.com
Amplify Your Giving Visibility
From Social Assurance: www.socialassurance.com
“As we have done since the inception of the bank, the bank remains strongly committed to supporting the arts, culture, and health and human service needs in the communities we serve.”
Virality
“If a piece of content makes people seem smart, they’re more likely to share it with their friends. And people like being the first to share information because it makes them seem cool and in-the-know.”
-- Jonah Berger, author of Contagious
http://jonahberger.com/books/contagious/
Virality
50k wait list before launch
50k wait list before launch
Have a Distinct Voice
Instead of Doing This:
Voice
http://www.currencymarketing.ca/young-free/
Voice
Voice
http://www.frankbyocbc.com - Singapore
Voice
http://www.frankbyocbc.com
Voice
At the center of Vancity’s brand is the concept of ‘balanced prosperity,” a strategy driven by a “triple bottom line” of financial returns, social returns, and environmental returns. – Jeffry Pilcher of
TheFinancialBrand.com
Voice
Voice
Voice
Voice
Voice
http://business.time.com/2012/03/12/dollar-shave-club-a-start-ups-viral-ad-for-fing-great-razors-is-a-big-hit/
Voice
• Dollar Shave Club – beta 4/2011• Video launched March, 6 2012• 2 Million views in first 4 days• 4.1 Million views total in first 2 months. • 14,770,000 to date• $4,500 video production costs
Michael Dubin• Co-founder & CEO• Digital marketer/brand development• Improv comedy background - Groundlings
• Personality/Voice
http://business.time.com/2012/03/12/dollar-shave-club-a-start-ups-viral-ad-for-fing-great-razors-is-a-big-hit/
Voice
Own Your Community
Would You Want To Get Lunch with Your Social Media Voice?
How About Lunch?
My Mouth’s Not Real.
Would You Eat a Philly Cheesesteak with this Person?
Would You Eat a Philly Cheesesteak with this Person?
Hand-Selected Case Studies
Case Study 1: Navy FCU
Case Study 1: Navy FCU
04/07/23 96
• Ask the Question
• Provide relevant information
• Single Auto-buying post, 1,525 Likes
04/07/23 100
“We are trying to be a friend people look forward to engaging with,” explained Don Varela, the lead strategist for social media. “Our mantra is engage now, sell later.”
Case Study 2: Social Money & Smarty Pig
• SmartyPig, LLC – Iowa
• Launched in 2008• $0 in advertising expenses • $500 MM in deposits (BBVA Compass) in 2012.• $3 Billion in Goals reached in first 4 years.
Social Media Case Study #2
• Personality/Voice• Product-focused• Engage on the Benefits• Consistency
Social Media Case Study #2
• Majority of customers have 4+ goals• 70%+ of customers share their goals (can be kept private)• When savers reach redemption, they usually open 2 more goals.• "Social media as a whole isn't a luxury," says SmartyPig's president, Scott McCormack, “it's a necessity, which is why banks are turning to us."
• Financial Literacy• Cross-sell• Contests• Pre-spend behaviors• Life stage data• Special offers
Social Media Case Study #2
“As banks struggle with social media, SmartyPig LLC is set to offer its tried-and-true approach to any bank that wants it.”
“We are taking the essence of SmartyPig and we are putting it into an application that can live inside of an existing banking website.“
2012: 6 domestic banks, 3 overseas banks, 3 prepaid card vendors, and non-profit.
http://www.americanbanker.com/issues/177_22/smartypig-social-media-twitter-facebook-money-systems-goal-saver-1046243-1.html
Time: When Keeping Up with the Joneses MeansYou’ll Save More Money
3 Random Groups - .3% vs. 5% vs. “peer group”
“Social forces—peer pressure, in this instance—seem to have more power to change behavior than plain old monetary incentives.”
"The idea is to share that with your family and friends, and keep up the social pressure to reach your goals.” – Smarty Pig user Nathan Robertson
Peer group could vocalize their goals and see peer progress.
“…The Peer Group Treatment deposit 3.5 times more often into the savings account, and their average savings balance is almost twice that of the control group.”
Case Study 2: Social Money & Smarty Pig
Case Study 3: Umpqua
https://www.youtube.com/watch?v=z8flLtw-ob4
Case Study 4: NAB
Case Study 4: NAB
Case Study 4: NAB
http://moreless.nab.com.au
Case Study 4: NAB
http://moreless.nab.com.au
NAB in 2011
http://breakup.nab.com.au/2011/02/why-did-we-break-up/#content
• 18% market share compared with 33%, 31%, and 18% = the big 4
• Twitter, Video, Guerilla, Print, Micro
• Feb 14, 2011
http://breakup.nab.com.au/2011/02/why-did-we-break-up/#content
• Differentiation-focused• Specialized landing page• http://breakup.nab.com.au
NAB in 2011
http://socialmediaclub.org/blogs/from-the-clubhouse/social-media-case-study-national-australia-bank
• Results
• Commonwealth Bank and others fought back – $1,200 cash for NAB customers to refinance
NAB in 2011
NAB in the Future
https://www.youtube.com/watch?v=1BOKmUDBTR8
A Word About the Big 3 Platforms
A Word About the Big 3 Platforms
Engaging the Community
Engaging a Sub Community
https://www.youtube.com/watch?v=TKL_cn8vhjo
You Can’t Control it…at all
The Battle for Small Biz
LinkedIn Facts• Founded in 2003 (11 years old!)• More than 300 Million Members as of 5/1/14. 100M in US• 40% of users check it daily• Well educated, well compensated:
http://www.globalrecruitingroundtable.com/2013/01/22/LinkedIn-facts-figures-2013/#.U4zZg1zjyzA
Social Selling is a result of social buying
Social Selling 101 THE INTERNET HAS CHANGED THE GAME
The good news is that LinkedIn is still an emerging trend within banking and there’s lots of available opportunity.
“Commercial Lender” in Omaha, NE
Social SellingSocial Selling 101 THE INTERNET HAS CHANGED THE GAME
04/07/23 169
What Will the Next 10 Years Bring?
• Social Channel Consolidation- You can’t be everywhere
• Data Integration- What social data do you want most?
• Platform Integration- Online acct access within FB
• Niche Down- Can you win all retail or a long tail?
• ROI Focus- Strategy and sales need attention
• Digital vs. Social Strategy - Bolt on or are you strategic?
“‘Digital strategy on social platforms,’ uses social media to broadcast commercial messages and seek customer feedback…’social strategy on social platforms,’ steers clear of direct broadcasting in favor of helping customers create and strengthen relationships with each other.”
-- Mikolaj Jan Piskorskihttp://hbswk.hbs.edu/item/7545.html
“American Express's OPEN Forum, a website where entrepreneurs share ideas, is an example of a successful social strategy…I've received help for my business under the umbrella of American Express, and I'm more likely to recommend AmEx to my friends because I've made this great connection, and the cost of customer acquisition for AmEx drops. This is, in fact, what American Express has found to be the case.”
-- Mikolaj Jan Piskorskihttp://hbswk.hbs.edu/item/7545.html
04/07/23 178
• “We started the contest on May 1, 2013 at 8,860 page Likes and ended May 31, 2013 with 15,190 page Likes for a net total of 6,330 new page Likes. • Our goal was 4,000 new likes, which we exceeded by more than 50%• Our fans uploaded 100 mustache pictures – our goal was 50.• The total number of votes: 12,707 – which means we probably had more than 10,000 visits to our Facebook page• People spun the slot machine at least 950 times, but probably much, much more. Our goal was to get 500 people to spin, which we nearly doubled.• Our brand engagement rate spiked, topping out at 26.81% during the week of May 14-20, 2013.”
Or Will We Keep On Keeping On?
• Of what we’ve seen, what was digital strategy vs. true social strategy?
• Where does your bank stand?
• Can you innovate to break bad trends and start better ones?
Parting Thoughts
Mark Zmarzly
mark@hippocket.net
402.802.1005
@BankMarketing https://www.linkedin.com
/in/markzmarzly
Let’s Connect