Social Media for Financial Institutions
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Social Media How it works for financial institutions. Lucid Marketing
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Learn how banks and credit unions can use social media effectively to build a loyal following and stay out of trouble.
Transcript of Social Media for Financial Institutions
Social MediaHow it works for financial institutions.
Lucid Marketing
Social media for financial institutions.
Lucid Marketing
Communication doesn’t work the way it used to.
Social media for financial institutions.
Lucid Marketing
Old Model:ORGANIZATION (control)
AUDIENCE
Social media for financial institutions.
Lucid Marketing
New Model: control?
Social media for financial institutions.
Lucid Marketing
"Once every hundred years, media changes. The last hundred years have been defined by the mass media. In the next hundred years, information won't be just pushed out to people: it will be shared among the millions of connections people have."
- Mark Zuckerberg, Facebook founder (Rolling Stone, June 26, 2008)
Social media for financial institutions.
Lucid Marketing
What is “social” media?
Social media for financial institutions.
Lucid Marketing
Social: living or disposed to live in companionship with others or in a community
Social media for financial institutions.
Lucid Marketing
Information is controlled by the members of the community.
The members decide who to let into the community.
Social media for financial institutions.
Lucid Marketing
PERSONALFacebookMySpaceTwitterEons
BUSINESSLinked InNing
BLOGSWordpressTypepadBlogsmith
IMAGESFlickrShutterfly
VIDEOYouTubeSkypePodcasts
OTHERWikipediaSquidoo
In every case, the members of the community a) control the content and b) invite the content into their lives.
Social media for financial institutions.
Lucid Marketing
These “new” media are powerful tools for creating communities and building relationships.
Social media for financial institutions.
Lucid Marketing
Source: Duct Tape Marketing
Social media for financial institutions.
Lucid Marketing
What can social media do?build loyaltyengage peoplesupport SEO effortsintegrate marketing
Social media for financial institutions.
Lucid Marketing
Social Media Best Practicesintegrate communicationsamplify effortsrepurpose contentengage the communityuse analytics
Social media for financial institutions.
Lucid Marketing
Case in Point:Facebook
Social media for financial institutions.
Lucid Marketing
Millennials now outnumber Baby Boomers;96% of them join social networks.
Years to reach 50 million users: radio (38 Years), TV (13 Years), internet (4 Years), iPod (3 Years);
Facebook added 100 million users in less than 9 months.
If Facebook were a country it would be the world’s 4th largest after the USA.
Social media for financial institutions.
Lucid Marketing
Facebook has more than 400 million active users.
The average Facebook user has 130 “friends”and is connected to 60 pages, groups, and events.
Business pages add 4.5 million new “fans” per day.
The fastest-growing group on Facebook Is women over age 30.
Social media for financial institutions.
Lucid Marketing
Facebook users spend an average of 22 minutesper day on Facebook.
Facebook is adding almost 1 million users per day.
Lucid Marketing
Social Media for Financial Institutions
Risks and Rewards
Social media for financial institutions.
Lucid Marketing
• Time-waster for employees• Information security risk• Reputation risk
Social media for financial institutions.
Lucid Marketing
Employees don’t need social mediato waste company time.
Social media for financial institutions.
Lucid Marketing
Online behavior same as offlineonly faster.
Fiduciary responsibilities same online
as offline.
Social media for financial institutions.
Lucid Marketing
• identify risk• set policy and communicate• apply controls• monitor and adjust
Social media for financial institutions.
Lucid Marketing
Setting Policy
• separate social media policy• adjust existing policies
Social media for financial institutions.
Lucid Marketing
• Acceptable Use Policies• Gramm-Leach-Bliley Act (GLBA)• Sarbanes-Oxley Act
Protect customer information and investor interests…online and offline.
Social media for financial institutions.
Lucid Marketing
Your employees [ and everybody else ] are already using social media.
Will you join the conversation?
Social media for financial institutions.
Lucid Marketing
Follow banking regulations.Have a communications strategy.
Integrate with other marketing efforts.
Join the conversation.
Social media for financial institutions.
Lucid Marketing
Kim PhillipsLucid Marketing
[email protected]/blog
