Social Media & Financial Services Workshop

Barclays Social Media workshop

Today’s workshop

•  Introduction to social media for engagement

•  Understanding our audience

•  Support, reputation management and engagement

•  Communities and networks

•  Innovation through crowdsourcing

•  4 principles for social media engagement

Richard Sedley Director Customer Engagement cScape Group

Course Director for Social Media, Chartered Institute of Marketing

Introduction to social media

SOCIAL MEDIA

inside the firewall

SOCIAL MEDIA

outside the firewall

Increasing distraction Increased expectation New authority models New communities

Key challenges we face

Increasing distraction Increased expectation New authority models New communities

Simplicity and persuasion

Insights and personalisation

Openness and authenticity

Partnerships and involvement

Engagement through Social Media

Key challenges we face

Social media inside the enterprise

Before social media:

•  80% believe Intranet navigation needs improving

•  50% don’t use Intranet on a daily basis

•  50% find search ineffective

Source: Watson Wyatt, April 2009

Employees outside work:

•  75% use Facebook

•  75% use Linkedin

•  45% use YouTube

•  35% use Wikis

•  3% use blogs

The growth of social media (inside)

•  42% blogs (10% enterprise deployment)

•  47% wikis (16% enterprise deployment)

•  23% podcasts (5% enterprise deployment)

•  15% social networking (5% enterprise deployment)

•  20% content tagging (9% enterprise deployment)

•  48% discussion forums (19% enterprise deployment)

•  49% instant messaging (29% enterprise deployment)

•  47% use Sharepoint Source: Intranet 2.0 Global Survey, April 2009

The growth of social media (outside)

•  Average UK visitor spends 5.8 hours per month on social media

•  23% of all European internet users visit a social networking site at least once a month

•  80% of those that read reviews are directly influenced by them

–  i.e. the reviews had either confirmed their initial choice or changed their mind

•  78% of web users trust recommendations from other consumers more than adverts

Sources: Econsultancy Internet Statistics Compendium; Hitwise blog

Planned marketing spend

48%

48%

27%

18%

16%

13%

12%

8%

6%

6%

4%

20%

14%

33%

22%

43%

20%

52%

57%

83%

43%

60%

Social network marketing

Emailing to house lists

Paid search on Google, Yahoo! Etc.

Telemarketing

Online display advertising

Mobile marketing

Direct mail

Event marketing

Radio / TV ads

Emailing to rented lists

Print advertising Marketing Sherpa: Marketing and the Economy, Sept ’08

Sony

HP

Microsoft

Visa

Mercedes Heinz

<6 channels >6 channels Social media engagement levels

Mavens

Wallflowers

Butterflies

Selectives

Sources: Engagement bd Report, July 2009

Social media engagement corrolates to financial performance

Sources: Engagement bd Report, July 2009

Social media engagement by industry

Sources: Engagement bd Report, July 2009

Objectives •  Listening

use social media for research and to understand. •  Talking

use social media to spread messages about your company and products.

•  Energising find your most enthusiastic customers/employees and supercharge communication and innovation.

•  Supporting set up tools to help customers/employees support each other.

•  Embracing integrate customers/employees into the way your business works.

10 minute exercise

How do you want your relationship with your audience to change?

Which of the following best suits your objectives, your capability and your customers’ needs?

•  listening, talking, energising, supporting, embracing

Split into groups and discuss. Present one technique each back to the group

Understanding our audience

•  Creators •  Critics •  Collectors •  Joiners •  Spectators •  Inactives

Social technographics ladder

•  Creators –  Publish a blog –  Publish own Web pages –  Upload video created –  Upload audio/music created –  Write articles or stories

•  Critics •  Collectors •  Joiners •  Spectators •  Inactives

Social technographics ladder

•  Creators •  Critics

–  Post ratings/reviews –  Comment on someone else’s

blog –  Contribute to online forums –  Contribute to/edit articles on a

wiki

•  Collectors •  Joiners •  Spectators •  Inactives

Social technographics ladder

•  Creators •  Critics •  Collectors

–  Use RSS feeds –  Add tags to web pages or

photos –  ‘Vote’ for website online

•  Joiners •  Spectators •  Inactives

Social technographics ladder

•  Creators •  Critics •  Collectors •  Joiners

–  Maintain profile on social networking site

–  Visit social networking sites

•  Spectators •  Inactives

Social technographics ladder

•  Creators •  Critics •  Collectors •  Joiners •  Spectators

–  Read blogs –  Watch video from other users –  Listen to podcasts –  Read online forums –  Read customer ratings/reviews

•  Inactives

Social technographics ladder

•  Creators •  Critics •  Collectors •  Joiners •  Spectators •  Inactives

-  None of these activities

Social technographics ladder

Social technographics profile of UK demographics

0

10

20

30

40

50

60

70

Creators

Critics

Collectors

Joiners

Spectators

Inactives

25-35 35-44 45-55 55+

Social technographics profile

Employee segment 1

Employee segment 2

Social technographics profile of B2B technology decision-makers

Social technographics profile of B2B technology decision-makers

•  91% of these technology decision-makers were Spectators Sony could count on the fact that their buyers were reading blogs,

watching user generated video, and participating in other social media. Note that 69% of them said they were using this technology for business purposes.

•  Only 5% are non-participants (Inactives)

•  55% of these decision-makers were in social networks (Joiners)

•  43% are creating media (blogs, uploading videos or articles, etc.)

•  58% are Critics, reacting to content they see in social formats

How could we go about capturing the social technographic profile of our audience segments?

Internal? External?

Tools

delicious

Communication Insights/montoring Marketing

?

Collaboration

Support, reputation management

and engagement

Mentions in the last 30 days

HSBC Barclays Lloyds

2956 38.5%

1697 22.1%

3027 39.4%

Mentions in the last 30 days

Mentions of Barclays in the last 30 days

0 100 200 300 400 500 600 700 800 900

Blogs

Forum replies

MicroMedia

Forums

Mainstream news

Comments

Videos

Buzz monitoring

Conversation monitoring

Joining the conversation

Joining the conversation

Joining the conversation

Service development

Martin can’t compete on customer service

Twitter ecosystem

Brand protection?

10 minute exercise

A customer publishes a copy of the letter he has sent to J Varley explaining why he will not be renewing his policy.

An employee saw the post and has put it up on our internal forum. Split into pairs and discuss. Present how you would handle the situation back to the group

ASSESSMENT

EVALUATE

RESPOND

BLOG RESPONSE CONSIDERATIONS

BLOG POSTING Blog post discovered. +ve?

Y N

N

N

N

NY

N

Y Y

Y

Y

Y

Y

TROLLS Is site dedicated to bashing others?

RAGER Is posting a rant, rage, joke?

MISGUIDED Are there errors in posting?

UNHAPPY CUSTOMER Is post result or –ve experience of us?

FINAL EVALUTION Base response on circumstance, influence & stakeholder prominence. Responding?

SHARE SUCCESS Proactively share story and your

mission with blog

CONCURRENCE Factual, well cited post. May agree

or not but post is not negative. Can you let post stand or provide

+ve review? Do you want to respond?

LET POST STAND

No response

MONITOR ONLY Avoid responding to

specific posts. Monitor site

FIX FACTS Provide facts directly on

comment board

RESTORATION Rectify situation, respond & act on reasonable soln.

TRANSPARENCY Disclose you are

Barclays

SOURCING Cite sources inc. links,

video, images

TIMELINESS Take time to create

good response

TONE Use tone that reflects individual & Barclays

INFLUENCE Focus on most influential blogs

Based on US Air Force blog assessment schema

Communities and networks

Types of community Virtual communities •  establishing connections on electronic networks among people with

common needs •  so that they can engage in shared discussions •  that persist and accumulate over time •  leading to complex webs of personal relationships and an increasing

sense of identification with the overall community Social networks •  focus on identity creation and connection with friends, but lack the

same degree of shared discussions and shared identity as VCs Electronic markets •  primary focus on transactions rather than relationships Content aggregation sites •  display and access interesting content but limited focus on shared

discussions and shared relationships Source: Edge Perspectives with John Hagel

Gaming communities

Learning communities

Self-help communities

Professional communities

Commerce communities

Active members Passive members

Variations in member participation

Typical landscape

Lurkers

Learners

Lieutenants

Leaders

Leavers

Libellers Lobbyists

Loners

Motley Fool

Zopa

ww

w.w

esab

e.co

m

www.network.hsbc.co.uk

Linkedin

Facebook

Facebook FT student application

Profile

= Audience numbers

Facebook

Profile

+ Company

= Audience numbers

Facebook

IBM Beehive

Outside in inside out

Innovation through

crowdsourcing

mystarbucksidea.force.com

delli

deas

torm

.com

IBM InnovationJam

IBM social software benefits

0 20 40 60 80 100

Improved customer satisfaction

Increased sales

Increased sense of blonging

Improved personal reputation

Increased productivity

Reused assets

Shared knowledge with others

Assessed experts quicker

Increased skills

ww

w.rb

c.co

m/in

nova

tor

Fina

nce3

0.co

m

Measuring effectiveness

Metrics

•  Page views, visitors, time blah, blah, blah...

•  % profile complete

•  No. of friends invited

•  % of accepted friends requests

•  No. of groups joined

•  No. of pages favourited

•  Qualitative feedback

Thanks for participating

cScape CEU services:

 Metrics and measurement

 Community planning

 Social media audit

 Persuasion audit

 Buzz/PR monitoring

 Engagement mapping

Four principles to embrace when using social media

Principle one

Form Whitepaper

Whitepaper Form

A B

Conversion rate = 84% Conversion rate = 72%

44% completion accuracy

91% completion accuracy

Embedded Persuasive Strategies to Obtain Visitors’ Data. Gamberini, Petrucci, Spoto, Spagnolli

Reciprocity

The power of reciprocity

•  734 followers

•  Zero updates •  No profile •  No picture •  Half a name

Four principles to embrace when using social media

Principle two

Experiment: Milgrim, Bikman and Birkowitz

Social proof

Social proof

Four principles to embrace when using social media

Principle three

Copyright: Steve Double - www.double-whammy.com

Storytelling

•  PASSION to make your customers care

•  a HERO to drive the action

•  an ANTAGONIST to challenge the hero

•  a moment of AWARENESS where the hero realises how to overcome his or her obstacles

•  TRANSFORMATION wherein the hero accomplishes his or her desired goals

Elements of a good story

Four principles to embrace when using social media

Principle four

Incentives and reciprocity

68%

32%

Value is relative

Value is relative

Incentives and reciprocity

84%

16%

0%

Four principles to embrace when using social media

Principle five (bonus)

Time Money Physical effort

Brain cycles

Social deviance

Non- routine

Simplicity

Simplicity profiling

Thanks for participating

cScape CEU services:

 Metrics and measurement

 Community planning

 Social media audit

 Persuasion audit

 Buzz/PR monitoring

 Engagement mapping