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 Fri, Jul 30, 2010 @ 09:13 AM
There's little question that times
are changing for business seeking to build and promote their business. No longer does a business need 20 years to build their image and customer loyalty, or establish word of mouth advertising. No longer do business owners rely on TV Executives, Radio Station Directors and Newspaper Editors for an opportunity to market their brand. Now, we have Social Media. If you are just catching on to the social media craze you had better buckle up, because there is no shortage of social media networks, tools, tips, and resources. For this reason, we've compiled a straightforward, brief summary of what you need to know in order to incorporate an effective social media strategy.
Be real
The age-old saying "be yourself" is equally, if not more, important in online etiquette. Those that have been online awhile know who’s there to market & sell, and who’s there to build relationships. They smell SALES PITCH coming a mile away, and some will call foul the moment they do. Remember, your goal is to build relationships through interaction, not self promotion.
Listen
To be a better marketer you need to be a better listener. Have you ever had a relationship that ended because the other person never seemed to listen to you? That rate multiplies by 10 in social media because it’s easy to click & un-follow.
Value attention when you get it
People are starved for time and are generally thinking about 5 or 6 things at once. If you manage to capture some attention from your prospects don’t squander it, and don’t expect to constantly be in the spotlight. Value the attention you’re given because time is truly a limited resource.
Don’t focus on numbers
A short-term marketer or sales person only sees the quota they need to hit or the volume they need to produce. Social media is about long-term relationship building. Make it your goal to build lifelong connections. Rome wasn't built in a day and your social media strategy shouldn't be either.
Treat your network like a garden
Personal and timely communication is vital if you want to gain business from social media. Tend to your group, help it grow and bloom, and enjoy the beautiful results!
Don’t be a bore
Let your personality shine and you will find the influential connections come much easier. Be different, be fun, be interesting.
Don’t be a social litterbug
If you’re going to create social profiles on every network out there and only visit them once, congratulations, your profile has just become online litter. It clogs the system and will irritate users, not influence them.
Be personable
With the vast numbers of brands and individuals using social networks nonstop, the social sphere can often compare to a virtual vuvuzella. With so many choices and potential competitors available on the web, what makes you different and relatable to others?
Welcome participation and feedback
It's important to keep in mind that due to the internet's ambiguity, people tend to be more direct than they are face to face. But if you are prepared to not take negative feedback too personally, it can be a great way to understand how your brand is perceived by the public and allow you to adjust your marketing strategy accordingly.
Commit time and resources
Social media does take some time – it’s like attending a meeting and building a relationship all rolled into one, except digitally. Social Media Marketing embedded in your Marketing Mix is a long-term goal, not a quick-fix solution, and if utilized correctly it can bring unparalleled results!
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, Jul 19, 2010 @ 11:32 AM
We recently introduced the value of providing viewers content-based information, but it’s time to look at a much more interactive solution to providing information. Webinars have become very popular since they became capable of informing viewers, “live”. This is a very attractive setting and allows interaction with the speaker of the webinar through Q&A sessions, surveys, and polling to increase product awareness. Typically, participants will be e-mailed a powerpoint presentation before the "live" webinar begins to give an even better understanding of the topic. I enjoy webinars because it gives me a chance to respond to the speaker without the added pressure of an entire room of people wondering, “Why would he ever ask that?” Here are five reasons to use webinars and how they can be used efficiently.
1. Create Brand Awareness
There is great response to an event being “live” and having the ability to hear the "real voice" of the speaker. This gives your viewers a chance to interact with you and others in an attempt to inform and notify what services you intend to promote. “Live” webinars are a professional setting that can take place virtually anywhere, which makes it a very attractive place for viewers.
2. Interaction
What viewers love is the fact that they can break down components of the webinar into what he/she finds most interesting and have the ability to ask questions that are of importance to them. This eliminates the guesswork of creating content online because you’re able to instantly respond to what is being asked. Also, if you’re providing information that is resourceful to others, it can be passed on virally in the form of the webinar's video file. That can be the easiest form of promotion without actually having to do anything yourself.
3. Build A Community
This is about as close as you are going to get to having a one-on-one meeting with a client without actually having to move from your desk. “Live” webinars allow thousands of viewers from all parts of the world to attend your meeting. Such a feat simply cannot be achieved through simple content production. Once you provide valuable information, your viewers will be hooked and an online relationship is born. Creating a series of “live” webinars will attract a following that will need more information and have even more questions that you can respond to instantaneously. This in turn creates brand loyalty for your product.
4. Convert Visitors into Business Partners
Webinars will help you find out who really is interested in what you have to say. Before having webinars, you may have been missing out on a niche market that you didn’t think was there but was starving for information. From your new niche markets, you can target these visitors to form partnerships. If anything, these visitors will inform their current market about the value that you hold for them.
5. Generate Income
With the ability to promote your product “live”, you’re able to sell your product without the sales pitch. All you’re doing is providing information about your product to those interested. It’s not as if you’re going after them for a sale, so the information you provide is much more valuable to those in need of answers. Conversion rates will rise with the addition of webinars and that is added revenue for your company that was missing beforehand.
By Cameron Moulton, Internet Marketing Associate