Social Media & Financial Services

Thinking about

Social Media Strategy

a presentation by Sidneyeve Matrix

and Financial Services

Part 1: Context Canadians online

Context Canadians onlineLast year, 8 out of 10 used the web regularly.

Source: The 2009 Canadian Internet Use Survey

digital divide: household income

Source: The 2009 Canadian Internet Use Survey

$85K+

$30K-94%connected

54%disconnected

Context Canadians online

online Canadians with a social networking profile 57%

Context Canadians online

Source: Forrester Research 2009 (US/Canada)

image credit: Mehfuz Hossain

financial e-transactions electronic banking or bill payment

67%Context Canadians online

online Canadians make

Your clients are looking for you,your products, and services online.

online in-person mail phone

Source: Forrester Research 2009 (US/Canada)

39% 38% 24% 16%

Context Canadians online

percentage of life insurance shoppers who used each channel for research:

brand affiliates are more likelyto spread word of mouth, refer friends, and make purchases

go where the people are...

image: child of Atom

successful social media initiatives require that we

Context Canadians online

image credit: Moriza

so where are your clients?

34-49

19%

32%

23%

27%

source: comScore 2009

25-34

24 and under

visitors by age

50+

Source: comScore 2009

50+

visitors by age

18%

25%

42%

15%

source: comScore 2009

17 and under

18-34

34-49

Source: comScore 2009

42%

24%

Source: YouTube Insights 2010

55-64+

45-54

25-4413-2415%

25%

30%

30%

visitors by age

visitors by age

Source: LinkedIn.com/directads 2010

26%

51%

16%7% 54+

35-54

25-34

18-24

Part 2: Objectives Socializing finance

How are financial services using social media?Best practices from the US and Canada reveal 4 objectives for social media ROI.

1. Brand elevationThought leadership.

objectives

image credit: Mukumbra

in 140 characters or less

expert advice

objectives: thought leadership

news updates

brand elevationobjectives: thought leadership

corporate social responsibilitysocial media for social good

philanthropy & public service messages

objectives: thought leadership, brand elevation

causes

70K

motivate people.

objectives:thought leadership

17.6K

causesmotivate people.

2. Humanize the brand Increased transparency.Gain credibility.

objectives

behind the brand

1,801

increased transparency objectives: humanize the brand

a tool for businesses with multiple employees tweeting:

comic mascots

170K

objectives: humanize the brand

523K

comic mascots

objectives: humanize the brand

comic mascots

73.7K

objectives: humanize the brand

28.5K

comic mascots

objectives: humanize the brand

3. Customer service.Raise the satisfaction index through social listening.

objectives

2,643

timely problem solvingobjectives: customer service

objectives: customer service via social listening

objectives: customer service via social listening

objectives: customer service

communitymicrosite

closed facebook wall designed to drive traffic & interaction to the community microsite.

But....

Posting comments on video page instead.

Bottom line? Don't try to control the conversation.

Facebook users having none of that.

4. Lead generation.Grow networks.

objectives

objectives: lead generation

cross-promotions

29K

sponsorshipsobjectives: grow networks

GenY target

20K

objectives: grow networks

recruiting

11.5K

objectives: grow networks

Part 3: Building platforms Social media optimization

content aggregators design social media sites as

and communities.

microcontentuse them to publish your

for example...

http://www.insurancejournal.tv/emm/

think video.according to Microsoft, 75% of online adults watched a web video this month.

Highest demo? 25-34.

types of videos:

think slides.

1 week 700+ views

think images.humanize your brand.

demonstrate corporate citizenship by documenting charity event sponsorship.

optimizing Facebook pages3 quick tips!

Find some solid business apps.1. Find some solid business apps.

like these

and check out these apps for business

optimizing Facebook pages3 quick tips!

2.Vanity URL so long!

much easier to remember!

25 likes required

optimizing Facebook pages3 quick tips!

3. Custom landing page.

some tools to build it

optimizing Twitter streams3 quick tips!

1. Custom background.

compare this... ...to this

optimizing Twitter streams3 quick tips!

2. Build some lists.bring the best people together

optimizing Twitter streams3 quick tips!

Build some lists.Curious about how effective your branding is? Check out which lists you're on. That's how others see you.

optimizing Twitter streams3 quick tips!

3. Follow back.

@BlueShieldCAreciprocity.140=140

@libertymutualnot listening.

1,600 followers175 follows.

Part 4: Analytics Track performance.

measure everythingtrack your progress toward objectives.

tools for quantifying impact, reach, influence

Site trafficClick-thrusNetwork growthP2P conversationMedia mentionsLeads generated from web promo code.

what to count?metrics

about the author

Sidneyeve Matrix, PhD. Queen's National Scholar, Media. Queen's University Online: MatrixMediaFX.com + SidneyeveMatrix.com

ThankyoutoDr.YolandeChanandtoAlexandraMacgregorforresearchassistance.

ContentsofthispresentationincludingimageshaveCreativeCommonsAttribution‐Noncommercial‐ShareAlike3.0Licenses.

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