Meeting The Needs Of Gen Y

Meeting the Needs of Gen YSocial Networking and Other Strategies

The Payments Authority Concepts ‘09

September 18, 2009Eric Cook, Certified Internet Business Consultant

2009 Concepts '09 Eric Cook, Certified Internet Business Consultant 2

Did You Know Video…


What Does This Mean For Financial Services?


Agenda

• Who is Gen Y?• Evolution of the web• Social networking• Social banking• Free promotion tools• Wrap-up and questions


Why “Gen Y”


Generation Y

• Also referred to as the Millenials

• Primarily offspring of Baby Boomers

• Shaped by trends of the time– Internet, e-mail, texting, Facebook, YouTube

• “Trophy” kids


Shifting Values

1 2 3 4 5Traditionalists

1901 - 1924

Legacy Loyalty Discipline Logic Consistency

Boomers

1925 - 1965

Climbing the Ladder

Money & Status

Hard Work Idealism Competition

Gen X

1966 - 1979

Flexibility Portability Independence Change Freedom

Gen Y

1980 - 1990s

Collaboration Innovation Entertainment Speed Learning

Source: Bea Fields, Author


Evolution of the Web

• Then (1.0)– Basic information

source– Online brochures– Looks nice, but difficult

to determine effectiveness

– Expense items

• Now (2.0)– 24/7 sales person– Accountable (ROI)– Feedback– Conversational– Transparent– Open to contribution


Online Advertising Spend


Percent of Total Spend


What is Web 2.0?

• Web 1.0 = One-way conversation– “Website”

• Web 2.0 = Two-way conversation– Visitor-generated content– Feedback and participation– Involve and interact

• “Business 101”– Know me, like me, trust me… do business with me


social media is basically a

conversationhi whats up?

socialmedia

What Is Social Media???


Using Networks Such As…


Social Network Profiles


The Future is Now

Nearly 50 percent of senior marketing executives believe that social media (networking) is a vital component of corporate communications that

should be monitored at the executive level and allocated appropriate resources.

-2008 Survey from TNS Comfony


Objectives of Social Media


Customer Rankingsand Feedback

96 percent of retailers surveyed ranked customer ratings and reviews as an effective or very effective

tactic to driving conversion.

-Forrester Research and Shop.org


Benefits of Social Media• Product Development• Customer Service• Networking & Idea Sharing• Market Intelligence (competition)• News & Information• Research on People (HR)• Global Perspective• Low Cost• Build Your Brand• Build Trust Source: Marketing 2.0


Hello. I’m SEO.

And I’m SMO.

• Just adding pages and pages of content as an SEO strategy doesn’t cut it anymore

• Social Media is the new way to take your SEO strategy to the next level

• Social Media increases the number of high quality links & targeted traffic (2 of the most important factors in SEO)

SEO & SMO Work Together


Blogging


Are You Blogging?

• Approx 133 million blogs indexed since 2002 with 900,000 posts in 24 hours (Technorati.com)

• Blended term for “web” and “log” = “blog”• Website that supports feedback and is more

conversational• Can be developed for personal or business use• Comments can be moderated or open• Good “first start” for companies


Examples of FI Blogs


Blogging Etiquette

1. Be real & engaged

2. Provide value

3. Be accessible

4. Generate conversations

5. Listen to opinions

6. Ask questions

7. Help others (even competition)

8. Put others first

9. Listen to community

10.Leverage talent

Source: MarketingProfs.com


The “Fab Four”

• Facebook

• Twitter

• LinkedIn

• YouTube


Total Visits

Source: Compete.com


Some Facebook Stats


Twitter-iffic


Twitter Tidbits


Peoples Bank Phishing Alert


LinkedIn

• Professional networking environment

• More business focused– Online resume

• Personal and Groups

• Connections

• Recommendations


YouTube

• Online video site created February 2005• Sold to Google in November 2009 $1.65B• #2 search engine (behind Google)• 2007 vs. 2000 bandwidth consumption• Flip camera• Examples…


Landmark BankVideo Channel

http://www.youtube.com/user/LandmarkMoments

http://www.youtube.com/user/LandmarkMoments


Consider Integrated Approach

• Consider social media as one leg of the chair

• Identify what offline efforts are currently underway

• Use to drive traffic to your end goal

• Leverage tools to aggregate your message (ping.fm)

http://ping.fm/


Social Banking• Mint.com, Wasabe.com, QuickenOnline &

Geezeo.com– Web-based account aggregators and financial planning tools– Accounts, tips from other members and goals (budgeting tools)– Some even offer “social networking” for connections

• MoneyIsle.com, Prosper.com and LendingClub.com– Provide P2P saving/lending capabilities

• SmartyPig.com - Provides users a way to save for a goal and invite others to help


Online PFMs

Source: Compete.com


Mint.com


USAA - Mobile Deposits


Free Promotion Tools


Podcasting• TalkShoe.com• BlogTalkRadio.com• InstantConference.com

http://www.talkshoe.com/

http://www.talkshoe.com/

http://www.blogtalkradio.com/

http://www.blogtalkradio.com/

http://www.instantconference.com/

http://www.instantconference.com/


Webinars

• DimDim.com• Also…

– GoToMeeting/Webinar– WebEx

http://www.dimdim.com/

http://www.dimdim.com/


Whitepapers & Articles

• DocStoc.com– “Community Bankers

Guide to Social Network Marketing” by Jesse Torres

http://www.docstoc.com/

http://www.docstoc.com/


Presentations

• SlideShare.net– Embeds into

LinkedIn

http://www.slideshare.net/

http://www.slideshare.net/


Dealing with Negativity

• Realize you cannot control conversations

• Opportunity for feedback

• Gain respect by accepting criticism

• Address open and honestly

• Let the world see how you handle problems


Critical Success Factors

• Be yourself– Not John Mackey, CEO of Whole

Foods

• Be responsive

• Contribute and give back

• Don’t sit on the sidelines


It Takes Balance…

QuestionsEric Cook

Certified Internet Business Consultant

[email protected]

www.PoweredByWSI.com/Concepts09

(269) 841-5007

mailto:[email protected]

http://www.PoweredByWSI.com/Concepts09

Meeting The Needs Of Gen Y

Business

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