Social Media & Financial Services Workshop
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Presentation that formed the basis of 2 half-day workshops at Barclays Bank in London in July 2009
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Social Media & Financial Services Workshop
- 2. 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
- 3. Richard Sedley Director Customer Engagement cScape Group Course Director for Social Media, Chartered Institute of Marketing
- 6. Introduction to social media
- 7. SOCIAL SOCIAL MEDIA MEDIA inside outside the firewall the firewall
- 8. Key challenges we face Increasing distraction Increased expectation New communities New authority models
- 9. Key challenges we face Increasing distraction Increased expectation New communities New authority models Simplicity and Insights and Partnerships and Openness and persuasion personalisation involvement authenticity Engagement through Social Media
- 10. Social media inside the enterprise Before social media: Employees outside work: • 80% believe Intranet • 75% use Facebook navigation needs • 75% use Linkedin improving • 45% use YouTube • 50% don’t use Intranet on a daily basis • 35% use Wikis • 50% find search • 3% use blogs ineffective Source: Watson Wyatt, April 2009
- 11. 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
- 12. 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
- 13. Planned marketing spend Social network marketing 20% 48% Emailing to house lists 14% 48% Paid search on Google, Yahoo! Etc. 33% 27% Telemarketing 22% 18% Online display advertising 43% 16% Mobile marketing 20% 13% Direct mail 52% 12% Event marketing 57% 8% Radio / TV ads 83% 6% Emailing to rented lists 43% 6% Marketing Sherpa: Marketing Print advertising 60% 4% and the Economy, Sept ’08
- 14. Social media engagement levels <6 channels >6 channels Mavens Microsoft Sony Selectives HP Visa Butterflies Mercedes Heinz Wallflowers Sources: Engagement bd Report, July 2009
- 15. Social media engagement corrolates to financial performance Sources: Engagement bd Report, July 2009
- 16. Social media engagement by industry Sources: Engagement bd Report, July 2009
- 17. 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.
- 18. 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
- 19. Understanding our audience
- 20. Social technographics ladder • Creators • Critics • Collectors • Joiners • Spectators • Inactives
- 21. 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
- 22. 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
- 23. Social technographics ladder • Creators • Critics • Collectors – Use RSS feeds – Add tags to web pages or photos – ‘Vote’ for website online • Joiners • Spectators • Inactives
- 24. Social technographics ladder • Creators • Critics • Collectors • Joiners – Maintain profile on social networking site – Visit social networking sites • Spectators • Inactives
- 25. 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
- 26. Social technographics ladder • Creators • Critics • Collectors • Joiners • Spectators • Inactives - None of these activities
- 27. Social technographics profile of UK demographics Creators 70 60 50 40 Inactives Critics 30 20 25-35 10 0 35-44 45-55 55+ Spectators Collectors Joiners
- 28. Social technographics profile Employee segment 1 Employee segment 2
- 29. Social technographics profile of B2B technology decision-makers
- 30. 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
- 31. How could we go about capturing the social technographic profile of our audience segments? Internal? External?
- 32. Tools
- 33. delicious ? Communication Insights/montoring Marketing Collaboration
- 34. Support, reputation management and engagement
- 35. Mentions in the last 30 days 2956 38.5% HSBC 3027 Barclays 39.4% Lloyds 1697 22.1%
- 36. Mentions in the last 30 days
- 37. Mentions of Barclays in the last 30 days Videos Comments Mainstream news Forums MicroMedia Forum replies Blogs 0 100 200 300 400 500 600 700 800 900
- 38. Buzz monitoring
- 47. 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
- 48. ASSESSMENT BLOG POSTING Blog post discovered. +ve? Y N EVALUATE TROLLS Is site dedicated to bashing others? MONITOR ONLY Avoid responding to CONCURRENCE Factual, well cited post. May agree N Y specific posts. RAGER Monitor site or not but post is not negative. Can you let post stand or provide Is posting a rant, rage, joke? +ve review? N Do you want to respond? FIX FACTS MISGUIDED Provide facts directly on Are there errors in posting? Y comment board N LET POST STAND N UNHAPPY CUSTOMER RESTORATION No response Is post result or –ve experience of us? Y Rectify situation, respond Y & act on reasonable soln. RESPOND N SHARE SUCCESS FINAL EVALUTION Proactively share story and your Base response on circumstance, influence Y mission with blog & stakeholder prominence. Responding? Y Y BLOG RESPONSE CONSIDERATIONS TRANSPARENCY SOURCING TIMELINESS TONE INFLUENCE Disclose you are Cite sources inc. links, Take time to create Use tone that reflects Focus on most Barclays video, images good response individual & Barclays influential blogs Based on US Air Force blog assessment schema
- 50. 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
- 51. Variations in member participation Gaming communities Learning communities Self-help communities Professional communities Commerce communities Active members Passive members
- 52. Typical landscape Leaders Leavers Lieutenants Lobbyists Libellers Loners Learners Lurkers
- 53. Motley Fool
- 55. Zopa
- 56. www.wesabe.com
- 58. Linkedin
- 59. Facebook
- 61. Facebook Profile = Audience numbers
- 62. Facebook Profile + Company = Audience numbers
- 63. IBM Beehive
- 65. Innovation through crowdsourcing
- 69. IBM social software benefits Increased skills Assessed experts quicker Shared knowledge with others Reused assets Increased productivity Improved personal reputation Increased sense of blonging Increased sales Improved customer satisfaction 0 20 40 60 80 100
- 71. Finance30.com
- 73. 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
- 75. Thanks for participating cScape CEU services: Metrics and measurement Community planning Social media audit Persuasion audit Buzz/PR monitoring Engagement mapping
- 76. Four principles to embrace when using social media Principle one
- 77. Reciprocity A B Form Whitepaper Whitepaper Form Conversion rate = 84% Conversion rate = 72% 44% completion accuracy 91% completion accuracy Embedded Persuasive Strategies to Obtain Visitors’ Data. Gamberini, Petrucci, Spoto, Spagnolli
- 78. The power of reciprocity • 734 followers • Zero updates • No profile • No picture • Half a name
- 79. Four principles to embrace when using social media Principle two
- 80. Social proof Experiment: Milgrim, Bikman and Birkowitz
- 81. Social proof
- 82. Four principles to embrace when using social media Principle three
- 83. Storytelling Copyright: Steve Double - www.double-whammy.com
- 84. Elements of a good story • 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
- 85. Four principles to embrace when using social media Principle four
- 86. Value is relative 68% 32%
- 87. Value is relative 16% 0% 84%
- 89. Four principles to embrace when using social media Principle five (bonus)
- 90. Simplicity Time Money Physical Brain Social Non- effort cycles deviance routine
- 92. Thanks for participating cScape CEU services: Metrics and measurement Community planning Social media audit Persuasion audit Buzz/PR monitoring Engagement mapping