six principles for social media success
DESCRIPTION
Whether you’re just getting started or you’re a savvy social marketer, the challenges of rolling out social to a distributed team are somewhat different to those faced by using social media in a corporate marketing environment. This white paper outlines the six key steps an organization can take to successfully enable individuals, be they financial advisors, insurance agents, sales people or a wider distributed team while meeting the demands of the organization. Gartner tells us that those organizations that utilize social beyond the marketing team will be in the top 20% of their industry when it comes to revenue growth, this paper aims to take you to that top 20% and show how you can successfully and effectively deploy social to the wider team – and how you can do it in a compliant, governed fashion.TRANSCRIPT
Six Essentials for Social Media Success in Financial Services
Victor GaxiolaSubject Matter Expert: Social Mediahttp://www.linkedin.com/in/victorgaxiola @victorgaxiolahttps://www.actiance.com/victorgaxiola
Confidential and Proprietary © 2012, Actiance, Inc. All rights reserved. Actiance and the Actiance logo are trademarks of Actiance, Inc
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Agenda
About Actiance
State of the Nation
Social Media Maturity Curve
Social Media – a Powerful Marketing Tool
The Six Essential Principles forSocial Media Success
Upcoming Webinars
Materials
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Why are we presenting to you today?
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A decade of expertise, a history of firsts
Global Operations• 3 US offices, three continents
• 270 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
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Why Customers Select Actiance
“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
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97% of people questioned in a survey said their buying decisions are
influenced by social groups
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Social Media Maturity Curve
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 FINRA and/ or impact of social media overcome by market acceptance and demonstrable results.
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Social Media – A Powerful Marketing Tool
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
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The Advantages of Social Media
It’s free or relatively inexpensive
It’s interactive
It offers immediate, direct feedback
It’s adaptable
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Six Social Principles for Success
Crowdsource ContentDevelop Personal BrandCreate Integral Strategy
Measure & AnalyzeEducate and TrainLeverage Customers
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Principle 1: Strategy
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
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Principle 2: Personal Brand
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
Long-term objective: consumers and customers engage with the brand as embodied by individual employees
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Principle 3: Relevant Content
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
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Principle 4: Crowdsource
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
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Principle 5: Education
Key Elements of a Social Media Training ProgramUnderstand 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
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Principle 5: Education (cont.)
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
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Principle 6: Analytics
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
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Contact Information
[email protected]@Actiance, @victorgaxiola
Further reading:Marketers Guide to Social Media in Financial Services
FINRA 10-06 and11-39 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/resources
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Thank YouJoin us at Facebook.com/actiance
Victor GaxiolaSubject Matter Expert: Social Mediahttp://www.linkedin.com/in/victorgaxiola@victorgaxiola
Confidential and Proprietary © 2012, Actiance, Inc. All rights reserved. Actiance and the Actiance logo are trademarks of Actiance, Inc #Actiance