corporate insight to "friend" is the trend - spotlight on twitter
DESCRIPTION
Alan Maginn, a Senior Analyst in our Consulting Services department, presented a case study on innovative ways financial institutions are using Twitter today at the Financial Services Communications event.TRANSCRIPT
A new look at market intelligence
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To "Friend" Is the Trend: Social Media and Financial Services Today
Spotlight on Twitter
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Background on Corporate Insight
Industry Use of Twitter
Innovative Examples
Key Take-aways
Agenda
3
About Corporate Insight
Competitive intelligence firm serving financial services industry
Tracking social media since spring 2008
Initial report published October 2008
To “Friend” Is the Trend published October 2010
Ongoing updates
• http://www.cinsightinc.com/blog.html
• http://twitter.com/cinsight
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Key Findings – Then & Now
2008
15% of firms were using social media
Focus was on proprietary communities
2010
68% of firms are using social media
Development of proprietary communities has slowed
Focus now on major third-party communities (e.g., Facebook, Twitter, etc.)
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Twitter Use – Then and Now
20082010
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Industry Adoption Rate
25
28
16
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Types of Twitter Accounts
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Types of Twitter Accounts by Industry Segment
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Top Profiles Based on Number of Followers*
Firm Twitter Profile Followers Following Tweets
American Express @americanexpress 34,608 7,547 3,839
ING Direct @ingdirect 13,706 9,965 1,464
American Express @openforum 12,044 1,802 2,971
USAA @usaa_news 10,675 620 526
Bank of America @BofA_Help 8,886 4,756 16,690
Wells Fargo @wachovia 7,097 6,364 4,093
Wells Fargo @ask_wellsfargo 5,416 4,998 6,496
MasterCard @mastercard 4,785 2,700 2,919
Citibank @citigroupjobs 4,017 3,887 344
American Express @askamex 3,834 5 7,035
* As of 9/21/2010
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Customer Service Profiles
Initially adopted by banks (Wachovia)
Spread to other segments of the financial industry
Profiles typically feature:
Pictures of customer service team
• Many sign tweets with their initials (e.g., ^AM)
Hours of operation
Disclaimer
Fluctuating number of followers
Tweets typically ask individuals to DM the firm with further information
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Customer Service Profiles
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Recruitment Profiles
Still somewhat rare
Only six of the firms we track have dedicated career profiles
Style of profiles vary
Personal approach
Corporate approach
Tweets typically feature:
Brief job description
Links to full job descriptions, employment-related guidance
Hashtags
• Job type
• Location of available position
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Recruitment Profiles
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Promotional Profiles
Highlight contests and/or product promotions
High level of interaction with followers
Tweets typically feature:
Informal tone
Links to company website and other social media sites (e.g., YouTube, Facebook)
Hashtags
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Promotional Profiles
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Targeted Marketing Profiles
Highlight specific products, services or sitelets
Secondary Twitter presence
Often part of a broader social media campaign
Blogs
Tweets…
Typically focus on the product/service, not the firm directly
Occasionally RT messages from the firm’s primary Twitter account
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Targeted Marketing Profiles
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Key Take-Aways
Financial institutions focus social media efforts on major social networks (e.g., Twitter, Facebook, etc.)
Growing number of firms use multiple accounts to achieve distinct goals (e.g., customer service, promotions, etc.)
Personalized accounts help encourage interaction with followers
Financial services is serious business, but tweets don’t always need to be formal
