Six Principals of Social Media Success, presention for Business Development Institute
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Six Principles for Social Success in Financial Services: Case studies, Trends and Regulatory Requirements
Joanna BelbeySocial Media and Compliance Specialisthttp://www.linkedin.com/in/belbey @belbeyhttps://about.me/belbey
“5 billion people in the world who have phones, and a billion people using Facebook. There are actually already 600 million people using Facebook on phones, so that's growing really quickly.“
Facebook CEO Mark Zuckerberg , October 4, 2012
Mobile phones and mobile Internet access are in widespread use
87% of U.S. population has a mobile phone
44% of mobile phones are smartphones
84% of smartphone users have accessed the Internet on their phone this week
Changing the way consumers access financial services
Check account balances or recent transactions
Texts from banks for “low balance alerts” , transfer money between accounts
Check balance / credit before making purchases
Manage finances (track purchases and expenses)
Mobile payments
Unbanked and underbanked
Board of Governors of Federal Reserve System
Contact
20% of enterprises that employ social
Media beyond marketing will lead their industries
in revenue growth by 2015. GARTNER, MAY 2011
The Six Essential Principles for Social Media Success
Principle 1: Strategy
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Social media is just another way to broaden your reachCompanies are successful in their social media usewhen social networking is part of the corporate DNA– Executive sponsorship. Senior management embracessocial media as a way to reach customers, prospects, and partners– Executive engagement. Senior management understands the value and they are enthusiastic about the opportunities– Part of the corporate culture– Eliminate politics and streamline content approvals
“Social Media is a part of the mix, not the solution”
GARTNER
Principle 2: Personal Brand
25
You, Dear Reader, are my most valuable asset
17% of consumers trust a brand. 70% trust recommendations given by friends and connections
Consumers are starting to purchase products through social media
Movenbank requires individuals to register on Facebook
ICICI Bank enables use of social to login in to one’s bank account
Long-term objective: consumers and customers engage with the brand as embodied by individual employees
Principle 3: Relevant Content
26
Content is King: use the personal approachDeliver compelling, informative and entertaining contentStart with pre-approved contentDevelop a library of interesting insights, investment challenges, wealth management tips, etc.Strive for personalized, unique content that informs your connections about you. Don’t just broadcast a brand message
Principle 4: Crowdsource
27
Empower the Social Consumer to work for you
Convert consumers into evangelists promoting yourproducts or services
Before making buying decisions, consumers research online and seek recommendations from their network
Provide useful information that establishes your expertise and is worth sharing
Principle 5: Education
28
Key Elements of a Social Media Training Program
Understand the role of social media in sales and marketing
Establish your social media objectives
Select which social networks are best for you
Avoid regulatory pitfalls
Build a network
Principle 5: Education (cont.)
29
Follow best practices to build out and maintain your network
Integrate social media activities with corporate systems
Analyze metrics to assess engagement levels of network
Adjust your social media program
Principle 6: Analytics
30
Measuring clicks vs. measuring engagement
Comments are more valuable than “likes” and sharesare more valuable than comments
The number of followers on Twitter, LinkedIn and Facebook is an important metric
Active listening leads to effective engagement
Create your own real-time data stream
One measure of social media successis gamification
Norv LeongDirector, Product Marketing
Six Social Principles for Success
Crowdsource ContentDevelop Personal BrandCreate Integral Strategy
Measure & AnalyzeEducate and TrainLeverage Customers
Webinar Series
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The Six Essential Principles for Social Media Success
The Legal Issues of Social Media
Social Media Best Practices- Implementation Checklist
Social Networking USA- Compliance for FINRA Regulated Organizations
Social Networking USA- Compliance for SEC Regulated Organizations
Social Networking Canada- Compliance for IIROC Regulated Organizations