Posted on Thu, Aug 19, 2010 @ 08:40 AM
Somewhere between the hype
and the compliance-driven stigma lies the truth about social networking for the financial sector: technology and social media provide the industry an opportunity to reach out and engage potential clients and maintain a loyal base with current ones. Over the last few years, client and prospect habits have evolved along with the growth of the internet, and they will no longer tolerate being treated as a number in your mailing list or continue to be fed with direct marketing propaganda. Instead, your newly empowered customers will rely on information online, whether it is on websites, blogs or social media sites.
It’s often said that it can cost up to seven times more to acquire one new customer than to retain an existing one. However, according to a recent study released by the Loyalty Guide, costs are significantly higher in the case of the financial industry. With a growing ease of switching and the vanishing boundaries between company and consumer, relying on inertia is no longer an option for maintaining your customer base. Financial service institutions must proactively build relationships and engage their clients if they hope to stand a chance in today’s highly competitive market. Put simply, to ignore social media, is to ignore your customers.
It’s important to understand that the reason why the financial industry has been slow to embrace social media has mostly to do with the heavy legal liabilities associated with sharing too much or inaccurate information on the web. These liabilities, and the lack of understanding on how to maneuver around them, have been the primary road blocks for the financial sector. Nevertheless, there ARE companies who have mastered the delicate balance between liability and transparency. The following are excellent examples of financial institutions who have figured out creative ways to integrate social media to into their overall marketing strategies:
Wells Fargo
- Wells Fargo became the first financial institute to adopt social media when it launched its first corporate blog in 2006. It was used by hundreds of employees to brainstorm with each other and interact with customers.
- That same year they launched StageCoach Island, an online virtual world where you can connect with friends and learn smart money management through tasks and chores.
- A Wells Fargo Twitter account was set up and used as their online reputation management tool. They now boast more than 6,000 followers.
Bank of America
- In January 2009, Bank of America joined Twitter to assist and solve customer problems. Only a year and a half later, almost 900 customer queries have been resolved through their Twitter account.
- There is also a Twitter account with the sole purpose of posting job opportunities. It has listed hundreds of job openings since its creation.
Ernst & Young
- In an effort to reach new hires fresh out of college, Ernst & Young created a specialized Facebook page where they communicate with graduating students starting the interview process online.
Capital One
- Capital One created Slingshot, (and used their YouTube account to promote it!) a ‘yellow pages’ type of social network which allows people to connect to one another, and promote their services.
In other words, if your financial services company is not online yet, get on it as soon as you can. Start by defining a clear online marketing strategy, short-list the top websites where you should establish a presence and begin engaging your networks with valuable content!
Written by Ilona Lemeshov, Internet Marketing Associate
Posted on Thu, Jul 22, 2010 @ 09:34 AM
Does your brand have incredible stench to it that makes marketing campaigns difficult to provide viewers with quality content? Do your viewers find that your content is only “good enough” and never exceeds expectations beyond the norm? The Old Spice Man, Isaiah Mustafa, may have a few words for you and your underachieving content. He possesses a humorous ignorance to him which has viewers just dying for the next Youtube video. “The man your man could smell like, but never be like,” he says, making women go crazy about him and men wanting to go for a long run. Old Spice’s campaign began with a twitter comment that could have changed the entire image of Old Spice, whi
ch read “Today could be just like the other 364 days you log into twitter,” it read. “Or maybe the Old Spice man shows up.” And with that comment sparked a viral frenzy for Twitter users. The Old Spice Man began firing off videos last week with answers to questions posted by Reddit, Twitter, and Yahoo users. Someone could ask a question and within minutes, receive a video response to their question. What impact did this have for Old Spice and its image? Well, for me and people I have spoken to about their videos, it has transformed the Old Spice image from a brand for old men to a brand for real man. The Old Spice Man possesses a younger, stronger, more appealing image that is capable of attracting the most desirable women. Let’s review what The Old Spice Man’s campaign accomplished:
Reinvented its Image
With a name like Old Spice it’s only logical that one would assume the deodorant is for old men, not surprising given that “old” is in the title. Go to a CVS and just look at how many deodorant products are on the shelf. Most of the newer products grab your attention with their cooling effects, invisible stick, clinically protecting labels that entice younger generations to buy their products. Old Spice, however, was first introduced in 1937 and improvements have been minimal throughout the years. They have been around for a while and something had to be done to reenergize the Old Spice brand. The Old Spice Man has brought new life to an aging product through a series of hilarious videos that started with their Old Spice body wash commercial.
Real Time
It seems like anyone online in search of an answer isn’t willing to wait more than 5 minutes. The Old Spice Man targeted those itching for answers with video responses within minutes of their questions. Each and every question on social networks was answered. Old Spice was able to create loyalty, an online relationship, and a caring sense for its viewers.
Built Connections
Not only was Old Spice able to reach out to anyone who had questions but they also connected with networks like Gizmodo and Biz. The Old Spice Man not only gave thanks and praise for their tweets but even went as far as making fun of them. His ability to make fun of them, while still expressing appreciation made the videos hilarious. He was able to address the media, celebrities, and news outlets and even designed personalized messages.
Posted on Mon, Jun 21, 2010 @ 01:36 PM
Attracting and engaging people online is social media at its best. To explain how 
your company can effectively engage viewers, I looked at the company Blendtec.WillitBlend, a video series that literally throws anything into a Blendtec blender and blends it, not limited to Iphones, video games, bic lighters, marbles, etc. I was immediately drawn to a clip that puts an Ipad in a blender.
I stumbled across Blendtec while browsing YouTube for interesting clips about Apple's new Ipad when I stumbled across
The list of products destroyed by this mega-blender is endless, demonstrating that this is certainly not a machine to be reckoned with. I was in awe that a blender had such power because I had never seen any kitchen utility with the ability to do that. I then realized that not only was Blendtec engaging in communities outside of their traditional scope, their impressive videos were actually drawing in viewers that would otherwise never visit their website.
Blendtec's effective marketing campaign managed to attract several markets that prior to WillitBlend, have never been accessible. Blenders are typically used for blending fruit smoothies, vegetables, and various food related products, but never electronics. By utilizing YouTube, one of the largest social media pioneers, to stream their videos, the company is able to create a buzz around their product and attract an array of people in the technology, food, and blenders market. Blendtec is leveraging YouTube in an effective marketing tactic and according to comscore, YouTube has over 320 million searches a day. Had BlendTec simply targeted the food market, they would have greatly diminished their exposure to countless viewers searching for Ipads, video games and the like.
I typed in Ipad to Youtube and there was Blendtec with a video that generated over 7 million views. If the company was only targeting blending fruit, they would have missed out on the ability to reach all those Ipad viewers, such as myself. Not only are they branching out into unforeseen markets, but they are proving to customers that their blender has remarkable capabilities that truly deserve attention.
So what have I learned from Blendtec?
1. Their blender has some serious swag to it and can blend even the most challenging gadgets without breaking down.
2. The outreach for BlendTec goes far beyond the food market and into the technology market
3. YouTube rules all! Why not view countless videos and expose your own videos to the 320 million daily viewers on YouTube?
4. New products introduced in the technology market are YouTube hits and if you can engage in these communities then you're going to create a buzz
5. Creating a series of videos keeps your viewers engaged and awaiting the next video, best known as retaining your customers.
By Cameron Moulton, Internet Marketing Associate
Posted on Thu, Jun 17, 2010 @ 05:43 PM
Companies of all sizes have been leveraging social media on their homepages in an
effort to establish online communities. After exploring several companies who are at the forefront of this trend, I came across Uni-ball who appears to be effectively using social media to differentiate and promote their brand. Where there once was no online community for pen lovers to share their experience, Uni-ball has filled that void by utilizing three social media networks. The company now has a solid social media presence on Facebook, Twitter, and YouTube, as promoted on their homepage.
There are a number of ways that Uni-ball is using Facebook to promote their products and encourage conversation. The following is a list of just some of the various ways they are engaging in online communities:
1. Scavenger Hunts - Answer questions correctly and receive awards
2. Contests - Draw a picture with a Uni-ball pen. Winners receive free pens and get their picture up on the Uni-ball Facebook page - which currently boasts more than 10 thousand fans!
3. Famous Signatures - Identify the signature and win FREE pens
A trend is apparent in how the company gets its online visitors involved; through these interactive contests and events, they are able to effectively motivate users with rewards for their social engagement. By offering free pens and prizes, Uni-ball has established an incentive for consumers to converse with one another and create a buzz for their products.
After exploring their Facebook page, I felt compelled to inspect the company's YouTube page. YouTube is often an important component of a brand's social media strategy because it engages users by encouraging them to comment, subscribe, and post their own experiences. The videos posted by Uni-ball are informative and help differentiate them from competitors by exploring the unique benefits of using a Uni-ball pen. To maintain a dynamic social media presence, they frequently update their YouTube page with new content and regularly interact with their 50 subscribers.
By this point, I felt so immersed into community of pen lovers that I was eager to visit Uni-ball's Twitter page. Here, I was pleased to find more contests and a following of nearly 2,300 users, many of which provided positive feedback and excellent reviews.
According to Mashable.com, internet users spent 5 hours, 46 minutes on Facebook in the month of August. That is triple the amount of time they spent on Google! It should come as no surprise then, that nearly every successful brand has established an online presence, thus revolutionizing conventional marketing approaches. Research has indicated that approximately 70% of consumers trust fellow consumer opinions that are posted online. In fact, brand websites are trusted around the same 70% level, while only 14% of consumers trust advertisements. As a result, companies have transformed their traditional advertising roles and now act as event planners, aggregators, and content providers. Uni-ball is a great example of a company that has effectively incorporated social media into their overall marketing strategy. They have managed to engage customers by creating an online community for them that had not previously existed, resulting in increased brand awareness and customer loyalty. I would like to hear from Uni-ball to further discuss their use of social media, its impact on their business, and whether my observations are consistent with their experience thus far.
By Cameron Moulton, Internet Marketing Associate
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