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Six Principals of Social Media Success, presention for Business Development InstituteTRANSCRIPT
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
Confidential and Proprietary © 2012, Actiance, Inc. All rights reserved. Actiance and the Actiance logo are trademarks of Actiance, Inc
#BDI1 @Belbey
Agenda
About Actiance
State of the Nation
Social Media Maturity Curve
Social Media – a Powerful Marketing Tool
The Six Essential Principles for
Social Media Success
Upcoming Webinars, Materials
#BDI1 @Belbey
Joanna BelbeySocial Media and Compliance Specialist
FINRA Education Department
Running training firm
I help firms use social media while complying with the regulations
Twitter: @belbey, @actiance
LinkedIn: http://www.linkedin.com/in/belbey
About.me/belbey
My biggest challenge?
Why are we presenting to you today?
A decade of expertise, a history of firsts
Global Operations
• 3 US offices, three continents
• 210 employees
Dedicated Social Engagement Team
• Partnering: networks, platforms, service providers
• Regulators: FINRA, IIROC, FSA, SEBI…
• Best Practice enablement, education
Client Engagement
• 9 out of the top 10 US Banks, Top 5 CDN Banks
• 284 FINRA firms
• 100,000 Social Networking users under license
About Actiance
4
Why Customers Select Actiance
5
“We chose Actiance because they had the resources and partnering culture to help us with our long term strategy”
– VP Technology, Interactive Marketing, Top 3 Wirehouse
“Actiance’s platform allows us to execute our long term vision of integrating our internal social platforms with consumer networks”
– SVP & CIO, Major Mutual Fund Company
“Socialite Enable and Engage offer the best mix of compliance and marketing capabilities allowing our advisors to develop their personal brands”
– Marketing Director, Top Regional Brokerage
97.09% of people questioned in a survey said their
buying decisions are influenced by social groups
A majority of respondents indicate using social media for one or more business purposes.
SOCIAL MEDIA USAGE
For which of the following business purposes do you use social media today?
Base: all respondents in 2012 (1,428) and 2011 (1,597); multiple responses.
Social media usage
Respondents under 35 are
more likely to use social media for business purposes
than those 55 or older (68%
vs. 45%)
Social Media Maturity Curve
8
Pre-Consideration
• No Social Presence
• Restrictive social policy
• No Social Tools
• Need to: identify options, best practices
Early Consideration
• Some Corporate Presence
• Banned/ restrictive policy in place
• Pilot program for content distribution might be in place
• Need to: justify distributed teams usage
Early Adopters
• Corporate Presence
• Acceptable use policy
• Social media being used by distributed
teams/advisors
• Need to: use social to develop, strengthen relationships, for some also as a sales channel
Early Majority
• Corporate SM presence
• Social media usage by distributed teams advisors
• Acceptable use policy
• Next step, use social to develop, strengthen relationships, for some also as a sales channel
• Previous concerns about IIROC and/ or impact of social media overcome by market acceptance and demonstrable results.
Outline Real Results
Case Study: Wealth Management Firm (NJ)
LinkedIn Only
Listening is Key, watching connections who matter
Using Social as an integral element of communications mix to spot change
LinkedIn Connection retirement status change = $2.75m account acquisition– Job Change noticed on
Status Update = 401k rollover– FA obtains 400 new
prospects in Energy market– New Commercial Account
Opportunity through colleagues LinkedIn Connections
Outline Real Results
Case Study: RW Baird
LinkedIn Already Available to 1200
Veteran Advisers, tech savvy
Authentic Content
@MaryS_rwbaird– 51 followers– 93 Tweets (at the time)– $1m prospect
Social Media – A Powerful Marketing Tool
11
Proven to attract customer attention
Promotes customer loyalty
Enables companies to communicate with hundredsof thousands of people at once
Increases opportunities for “viral” transmission of information about you or your services
Allows companies to interact on a more personal levelwith customers
The Advantages of Social Media
12
It’s free or relatively inexpensive
It’s interactive
It offers immediate, direct feedback
It’s adaptable
e
Slow Adoption by Financial Services Firms
14
Demanding oversight of online communications are required (SOX, FRCP, GLBA)
Regulations governing electronic communications – FINRA, SEC, IIROC, FSA, SEBI (record keeping, advertising, suitability, supervision)
Fear of data leakage, malware and viruses
Banks, credit unions and brokerage houses are typically slow to change
So why is social important to us in Financial Services?
In the USA Gen Y accounts for $2.4 trillion worth of personal income
In 2025 Gen Y will account for 46% of personal income
Source: Javelin Research http://www.stltoday.com/business/local/article_719f49d8-15e6-5c5d-94b7-992ab12d9f97.html?print=1
Based on 26,749 online adults, USA, Source: Forrester Research, June 2011
Mobile, Social and Finance
“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
24
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
32
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
Contact Information
33
@Actiance, @belbey
Further reading:Marketers Guide to Social Media in Financial Services
IIROC and FINRA requirements mapped to Facebook, LinkedIn, and Twitter features
Social Media Handbook
Osterman Research: The Impact of New Communication Toolsfor Financial Services Firms
Actiance Collateral Library http://actiance.com/products/collateral-library.aspx
Thank You
Joanna BelbeySocial Media and Compliance Specialisthttp://www.linkedin.com/in/belbey @belbey
Confidential and Proprietary © 2012, Actiance, Inc. All rights reserved. Actiance and the Actiance logo are trademarks of Actiance, Inc