RELATIONSHIP ECONOMICS - FELABANfelaban.s3-website-us-west-2.amazonaws.com/...A BRAVE NEW WORLD FOR...
Transcript of RELATIONSHIP ECONOMICS - FELABANfelaban.s3-website-us-west-2.amazonaws.com/...A BRAVE NEW WORLD FOR...
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RELATIONSHIP
ECONOMICS:A BRAVE NEW WORLD FOR
FINANCIAL SERVICES
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NEW MENTAL MODEL OF MARKETING
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INFLUENCER SOURCES
Stimulus
ZMOT
Moment
of Truth
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NEW MENTAL MODEL OF MARKETING
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MILLENNIALS ARE BELLWETHERS OF CHANGE
Consumers of financial services
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EMBRACE POST PURCHASE SHARING
20% of financial services consumers engaged in at least one form of digital sharing behavior
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CHANGES IN ADVERTISING MEDIA
*All industries
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DIGITAL AD SPENDING
*Financial Services Industry
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INTERNET AD REVENUES BY INDUSTRY
*All industries
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SOCIAL MEDIA ADVERTISING SPEND
*All industries
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MOST EFFECTIVE CHANNELS FOR SOURCING HIGH-VALUE LEADS
*Financial Services Industry
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Step 1: Take Control• Develop a strategy
• Access inventory
• Centralize ownership
• Safeguard security
• Create a formal social media policy
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“It is only after the business has decided how it expects social media to benefit the firm that the legal team should weigh in with constraints to ensure everything is compliant.” - Mike Langford, compliance strategist
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Step 2: Educate• Form a communication plan
• Educate the C-Suite
• Notify investors
• Training
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Have stuff written down so if the person responsible for social media gets hit by a bus, someone else can read the manual and figure it out- Jason Falls
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Step 3: Facilitate Connections• Map your internal network
• Promote collaboration
• Invite people to your channels
• Recognize button-up/top-down
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Step 4: Listen to Your Customers
• Set up keyword streams
• Actively listen
• Monitor your competitors
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CREATE AN EDITORIAL CALENDAR
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A “spray and pray” approach to social has about a 90% failure rate.
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Step 5: Serve your Customers• Categorize, review and respond to
complaints and inquiries
• Create a decision-tree and triage program
• Integrate social media with CRM
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Content That Works
• CSR
• MediaJacking
• RTM: Rapid response
• Real people and ambassadors
• Humanize your brand
• Branded/original content
• Contests
• Food/cats/dogs and babies
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Content That Doesn’t Work
• Too much copy
• Big Asks
• Braggadocios content
• Too many sales offers
• Video in Facebook
• Canned responses
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The Good, the Bad and the Ugly
• Cool contest!
• What is the connection with Lyft?
• Can you limit the T&C’s?
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The Good, the Bad and the Ugly
• Ojo! Be careful with this one.
• Set a meeting and take it offline.
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The Good, the Bad and the Ugly
• Don’t’ pass the buck!
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Step 6: Localize
• Listen locally/speak locally
• Empower local experts
• Target demographics
• Socialize your community outreach
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Step 7: Recruit and Retain
• Use social networks to establish your employer brand
“Companies in retail finance that have made the greatest use of social technology platforms to find candidates have reduced per-candidate costs by up to 40 percent.” - McKinsey Global Institute
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Step 8: Generate Actionable Data
• Define your goals and metrics
• Know when to amplify success
• Use social to guide decision making
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What's the ROI of putting your pants on everyday? Its hard to measure, but there’s negative consequences for not doing it.
- Some dude form For Motor Co.
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Heady Questions?
150 Alhambra Circle, Suite 725
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CEO