what social media can do for your business

Yevgeniy Soltanov | Unibank CB Azerbaijan

What can social mediado for your business?

by Yevgeniy SoltanovHead of Marketing Dept., Unibank, Azerbaijan


Changes inCustomer Behavior


What are the Changes in Customer Behavior?> Volatility is a key factorin customer post-crisis behavior.

> Service expectations are accelerating

> Customer trust drops inbanking brands

> Fundamental shift in power between banks and the customer

> Customers are much more willing than in the past to buy products from multiple providers. 9% of customers have switched in the past 12 months, and further 13% indicated that they intend to do this in 6-12 months.

> Customers have become more willing to punish and reward their financial service providers particularly on basic service fulfillment.

> Decreased loyalty and price sensitivity are the key changes in customer behavior

> The customer power increases with greater consumer protection and a richer choice of products, services and channels.

Source: Accenture Global Consumer Behavior Study


The changes observed in customers approach to banking services



What do customerswant? > The new product and pricing

> The new distribution channels

> The new service

> A Responsive and proactivebank they can trust

> They care about value for money. They prefer simple unbundled products that are transparent and easy to compare

> Customers want multiple access points and connectivity among them. “Multi-channel is a commodity for the customers and they expect banks to have it.”

> Customers are not satisfied by a “one-size-fits-all” approach. Customers reward suppliers who are highly responsive to their particular service needs.

> A bank that knows when customers need advice and when they doesn’t. And they want institutions which they can respect and trust.



How to differentiate?

> Brand and reputation > Quality of customer service > Ease of doing business with

What are the main success factors required to differentiate from other players?



A new customer model



Why SocialMedia Matters?


Do traditional marketing and advertising tools work? > Direct mail> Magazine ads > TV and Radio ads > Flyers > Posters > Billboards > Mobile text ads > even ads before a movie starts at a movie theater.

Most advertisings are simply disruptive and unwanted. People like not to be interrupted. All traditional marketing and advertising tools are based on simple interruption.

Questions to ask:> Will the recipients of this message truly find value in it? > Would I want to receive this message as a consumer?

All traditional marketing and advertising tools are based on simple interruption.


Why social mediamatters?

> Word-of-mouth marketing remains the best, purest and most efficient form of marketing.

> People are not watching and listen to commercials like they used to

> Marketing and media industries are changing faster than ever before.

> Personalization of the web that matters most in the social media revolution.

> Before ads were about product features and benefits. Today, social media ads are personalized with the greatest impact on each user.

Today, social media ads are personalized with the greatest impact on each user.


Why social mediamatters? > It is not about your brand anymore – it's about your customers.

> It is not about one-way communication with captive audience. It is a 2-way communication where power shifts from organizations to consumers.

> Now you can find almost everything you need in social networks. More than 25% of all internet page views were on facebook.com. Social ads are more powerful than non-social ads.

> It's better to get people to your fan page rather than to your website, because:

a) fan pages allow you to have conversation with consumers

b) It introduces and endorses you to everyone of the user’s friend. The average person on facebook has about 135 friends.

It's about your customers

Source: Dave Kerpen, "Likeable Social Media: How to Delight Your Customers, Create an Irresistible Brand, and Be Generally Amazing on Facebook (And Other Social Networks)."


What social mediacan’t do for you?

> Social media cannot make up for a bad product or campaign. If you are marketing a bad service not only social media not help you, but it will actually hurt you.

> Social media won’t lead to overnight sales success. Success will take time and will come in increased buzz, referrals, traffic.

> Social media is not free. It takes time and money to achieve sustained growth. Building and executing a good social media plan will take lots of time and work.

Social media won’t lead to overnight sales success.


Who are yourperfect customers? Define your customers and prospects as narrowly as you can

> What are there age and gender? > Are they married, engaged, or single? > What are their job titles? > Where do they live? > What are there interests? > What are their job titles? > Where do they work? > What do they talk about? Today, a social media ads are personalized with the greatest impact on each user.

> Once you’ve defined this audience, look for and find them on social networks and make a targeted advertising

Today, a social media ads are personalized with the greatest impact on each user.


How to get people like your company in social networks? Provide a value proposition to your customers -benefits they will receive from becoming your fans.

Top Ten Reasons Consumers Like Fan Pages: 1 To receive discounts2 To show support for brands to friends 3 To get free samples, coupons 4 To stay informed about company activities 5 For updates on future projects 6 For updates on upcoming sales 7 Just for fun 8 To get access to exclusive content 9 To learn more about the company 10 For education about company topics

Provide value proposition in a way that is about them.

Don’t just tell consumers to like you, tell them what’s in it for them, and tell them in a way that’s about them, not you.

Based on report from CoTweet&ExactTarget


Successful strategyin social media> Listen carefully

> Think and act like your customer

> Be transparent

> Be responsive

> Be authentic

> Tell great stories

Think and actlike your customer


How to make ROIusing social mediaROI comes in many forms:

> Brand reputation and credibility

> Increased loyalty and frequency of purchase

> Increased recommendations

> Decreased need for advertising.

Whatabout sales?


Social mediaand direct sales

> The traditional sales includes awareness, intent, triggerand then purchase.> The social media sales still includes purchase –it’s just a longer path to get there.

> First you must generate awareness, and a like. > Then, you’ll take the prospects through a series of interactions, engaging them and providing them with interesting, educational, or valuable content. > When the customer is ready to buy the sale can be triggered.

The best part of the facebook sales funnel, as compared to the traditional sales funnles – it doesn’t end in one sale. It results in greater frequency of purchase and increased awareness of you.

Social mediasales has a longerpath than traditionalsales


How to makeconsumers like you? > Engage your consumers. The loudest, costliest advertising formats, such as TV commercials, don’t dominate the conversation anymore, because they no longer own the conversation.

> The conversation exists on social networks. You role as an companyto create a place for people to ask questions, share feedback and interact with not only you but one another.

> Respond quickly to all questions and comments even to those with the bad content.

> The rule is: if you are not ready to respond to a negative comments your company is not ready for social networks yet.

If you are not ready to respond to a negative comments your company is not ready for social networks


How to makeconsumers like you? Asking questions :

> Helps you to guide the social media conversation without appearing forceful

> Allows you to become consumer-centric rather than brand-centered.

> Demonstrates that you value openness, honesty and feedback

> Shows that you care about what your customers have to say


How to makeconsumers like you? The 5 most engaging status updates:

1 Photos 2 Videos 3 Links 4 Questions 5 Interactive applications

a) Content is more important than production quality b) Short is better


How to make consumers like you?

Campaign: cash loansViews: more than 400KLikes: about 4KShares: more than 500



Campaign: cash loansViews: more than 600KLikes: more than 5KShares: more than 1.200



Campaign: cash loansViews: more than 400KLikes: about 8KShares: about 200


Social Media: Team work across different departments > Marketing & Advertising: should include social media links and value propositionsto customers in all paid linear media: tv, radio, print, e-mail, websites, and direct mail should include social media links, text-to-connect opportunities, or both. Determine, create, execute and measure promotions and other marketing programs to be run in social media.

> PR: Listen to customer comments on social networks and blogs and respond in a swift manner. Determine the most influential bloggers and other key customers and reach out to them to participate.

> Customer service: listen to customer complaints and requests across social networks and respond.

> Operations: create and implement social media policy. Ensure that all staff are fluent in understanding company social media links and practices .

> Sales: Listen carefully to prospects online as well as major potential partners and distributors.Leverage listening to create best-value propositions.

> Senior management/ceo: serve as online spokespeople for the brand.

> IT: ensure that your website is up to date with social links, content etc.

A good social mediastrategy depends on the joint efforts of allrelated departments.


Taming traditionalmarketing temptation> We are driven by results. Results of leveraging social media are often not immediately apparent and it is tempting to rely on traditional marketing tactics.

Resist that temptation.

> Listen, > Be transparent > Be responsive > Be sociable

Do not entirely relyon traditionalmarketing tactics.


> and be likeable

what social media can do for your business

Documents

customer customers

new service

greater consumer protection

customer power increases

key changes

new product

wordofmouth marketing

new distribution channels