social media for financial services companies
DESCRIPTION
Keynote presentation delivered at the 2011 LIMRA Social Media Conference for Financial Services by Joel Book, ExactTarget and Bianca Buckridee, SunTrust BankTRANSCRIPT
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How Financial Services Companies Use Social Media to Attract, Engage, & Serve Customers
Presented by Joel Book, ExactTarget & Bianca Buckridee, SunTrust Bank
August 25, 2011
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Welcome!
Bianca BuckrideeAVP, Social Media EngagementSunTrust Bank
Joel BookPrincipal, Research & EducationExactTarget
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About ExactTarget• A leading global provider of on-demand software solutions for interactive marketing and customer service. •Key financial services clients include:
• Farmers Insurance• Nationwide Insurance• Genworth Financial• Liberty Mutual• Bank of America• Ally Bank• SunTrust Bank
• ExactTarget’s Interactive Marketing Hub™ technology enables organizations to connect with customers via email, inbound and outbound text messaging, landing pages and social media.
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• With assets of $172.2 billion, SunTrust Banks, Inc. is one of the nation’s leading financial services holding companies.• SunTrust Bank provides deposit, credit trust and investment services to a broad range of retail, business and institutional clients. • 29,000 SunTrust Bank team members in 1,661 retail branches serve clients in FL, GA, TN, NC, SC, MD, VA and the District of Columbia.
About SunTrust Bank
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I’m learning how to use Social Media for Fin Svcsfrom @SunTrust & @ExactTarget - #LLGSocial
Join the Conversation!
Joel Book: @JoelBookExactTarget: @ExactTarget
Bianca Buckridee: @blatantlybiancaSunTrust: @SunTrust
Event: #LLGSocial
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Media [R]evolution
2011
Mobile EmailSMS + MMSIM EmailFaxDirect MailTelephone
TVRadioPrintDisplayWebsiteSearchOnline DisplayPaid SearchLanding PagesMicrositesOnline VideoAffiliate MarketingWebinarsBlogsRSSPodcastsWikisSocial NetworksMobile WebBehavioralSocial Media AdsVirtual WorldsAppsQR Codes
1990s
IMEmailFaxDirect MailTelephone
TVRadioPrintDisplayWebsiteSearchOnline Display
1999
IMEmailFaxDirect MailTelephone
TVRadioPrintDisplayWebsiteSearchOnline DisplayPaid SearchLanding PagesMicrositesOnline VideoWebinarsAffiliate Marketing
2000s
Mobile EmailSMSIMEmailFaxDirect MailTelephone
TVRadioPrintDisplayWebsiteSearchOnline DisplayPaid SearchLanding PagesMicrositesOnline VideoAffiliate MarketingWebinarsBlogsRSSPodcastsWikisSocial NetworksMobile Web
<1990
FaxDirect MailTelephone
TVRadioPrintDisplay
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72% of marketers have increased spending on digital marketing.
More Budget for Digital Marketing
Source: The DMA“Digital Marketing Practices in the U.S. and Canada: Navigating the Digital Labyrinth”Research conducted by Ipsos Reid Marketing, and the Canadian Marketing Association (CMA)February, 2011
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• Increases Brand Awareness• Serves Existing Customers• Attracts New Customers
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Social Media UsersFacebook: 750M Worldwide(1) / 225M U.S.(1)
Twitter: 200M Worldwide(2) / 20M U.S.(2)
LinkedIn: 100M Worldwide(3) / 44M U.S.(3)
YouTube: 2B Views/Day; Avg. View: 15 Min.(4)
Sources: (1) Facebook (2) Twitter (3) LinkedIn, (4) YouTube
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Social Networks Pack Plenty of Influence
US marketers will spend $3.08 billion to advertise on social networking sites in 2011.Source: eMarketer, Jan. 2011
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Customers are Defining Your Brand
Your Brand Advocates
have become
Your Best Marketers
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To Monetize Social Media, Convert Fans & Followers to Email Subscribers
Fans & Followers are Good. Customers are Better.
Conversion Metrics
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75% of social media users say email is the best way for companies to communicate with them.
MarketingSherpa, 2010
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• Aids the Buying Process• Improves Product Experience• Maximizes Retention
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GENWORTH USES EMAIL TO KEEP LIFE INSURANCE
BROKERS AND AGENTS INFORMED
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PERSONALIZED EMAIL DELIVERS HIGHER SALES FOR GENWORTH FINANCIAL
•Weekly Bulletin sent to agents on behalf of Genworth Financial Wealth Management consultant
•Allows for content personalization while maintaining corporate brand and compliance standards
•Personalized email produces a 7-10% higher open rate vsnon-personalized email
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“Not only does email usage remain a prime activity among internet users of all ages, it allows marketers to contact their target audience with timing and personalized details that social sites cannot match.”
David Hallerman, Principal Analyst – eMarketerAuthor: 10 Best Practices for Email Marketing
Email is #1 for Delivering Personalized Information
93% of online consumers are email subscribers
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The Customer Life Cycle
Brand Advocate
Once a person gives you permission . . . • Email aids the buying process.• Email drives repeat purchase, referrals.• Email keeps customers connected and informed.
Business Getting Business Keeping
Email Keeps Customers Engaged
Product Inquiry
Product Evaluation
Product Purchase
Product Usage
Repurchase/Renewal
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Email Enhances the Customer Experience
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“Those who buy products marketed through email spend 138% more than non-readers of email.” Source: Forrester Research
“E-Mail Marketing Comes of Age.”
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Brands Betting Big on Social, Email, Content Marketing
About the data: Findings are from a survey of 520 strategic marketers across businesses (57%) and agencies (31%), conducted by Bizo Strategic Marketing during the week of August 8, 2011.
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Bianca BuckrideeAVP, Social Media EngagementSunTrust Bank
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The Business of Social Media
30
48% of consumers combine social media and search engines in their
buying process (GroupM)In 2009, social gamers bought $2.2 billion in virtual goods.
This is predicted to increase to $6 billion by 2013.
(NPD Group)
~140 Million Tweets are sent each day (Twitter)
73% of the US internet population
visits Facebook each month
46 million Americans check their
social media profiles daily
96 % of Americans use Facebook
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Role of Social Media at SunTrust
Meet consumers where they are Humanize
the brand
Integrate Products &
Services
Extend our reachInteract
Build loyalty
Your brand isn't what you say it is - it's what people tell their friends it is.
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Social Media Channels
32
DialogueLive Solid Facebook
Live Solid Twitter
InformationSunTrust Facebook
SunTrust Twitter
Bank Statements
ServiceSunTrust Facebook
@askSunTrust Twitter
Bank Statements Blog
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Conversations Apps
Polls Contests
Live Solid Facebook
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Live Solid Fans & Followers
34
We have 15,740+ fans on Live Solid Facebook and 1,500+ followers on Twitter
We have 3,720 fans on SunTrust Facebook and 3,011 followers on Twitter
SunTrust has nearly 24,000 fans and followers across all
of our FB and Twitter channels, which is more
than most competitors in the industry!
Financial Service Brand
Facebook Fans (Likes)
Mint (founded ‘07) 118,019
Visa Signature 178,100
ING Direct 49,452
Vanguard 20,946
TheStreet.com 18,684
Live Solid 15,741
Charles Schwab 14,486
Wells Fargo 10,531
SunTrust 3,718
Regions 2,141
Wachovia 1,730
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Live Solid Dialogue
35
Daily discussion topics and posts
fueled by the brand average 60,000+ impressions/day
• Live Solid Tips, distributed each day, garner the most retweets and “Likes”
• Fans have shared that they like the simple, actionable advice the tips provide
Top Trending Discussion Topics:
Buying a carSetting a budgetGetting out of debtPlanning for the futureMaintaining a Healthy Lifestyle
Fan Demographics
29% of fan base is 35-4477% female | 21% maleTop 5 Cities: Atlanta, Nashville,
Tampa, Washington, D.C. and Livingston
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Live Solid Facebook Demographics
36
YTD Facebook Insights Report: pulled 8/5/11
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SunTrust Enters The Conversation…
37
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@askSunTrust
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- Officially launched 10/13/09- Currently at 1,832 followers and Klout Score 56
Primary service channel of all ST social channels
- Staffed response team in STOLI, 4 and counting…- Process: Identification/Evaluation of clients key
Simple engagement and empathy can defuse a situation that can result in viral negative publicity and associated costs.
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Monitoring & Engagement: CoTweet
39
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CoTweet Searchpad
40
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How Our Clients Use Twitter
41
Identify Issues Compliment Service Share Info | Ask ?s
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How Our Clients Use Facebook
42
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Third Party Recognition
43
SunTrust’s social media program has been featured in:
• Advertising Age
• U.S. News
• Bank Technology News
• American Banker
• Bank Investment Consultant
• Industry conferences including: BAI, BAFT-IFSA, LIMRA, Connections, Cloudforce and Dreamforce
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What Works AND What Doesn’t…
44
What Works…
Decide Who You Want To BeStrategy: service or marketing?Tone: honest, empathetic, witty
ConversationKnow when to joinKnow when to escalateKnow when to ignoreEstablish community guidelines
Response StrategyMap out crisis scenariosAlign stakeholders
What Doesn’t Work…
Decide Who You Want To BeRobotic responsesRetreat when under attack
ConversationIgnoring direct feedbackIgnoring issues that require immediate addressing
Response StrategyTaking comments personally…Not having a plan
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Brand Awareness & Prospects
45
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Source: Forrester Research - April 2009 “Campaign Management Needs A Reboot”
Outbound+Inbound Integration = Effective Marketing
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Cross-Channel Marketing
Data Acquisition / Database Updating
Product /ServiceNeeds, Interests
CampaignResponse History
Analytics and Model Scores
Products Purchased
CustomerDemographics
Customers & Prospects
Database Management
Segmentation and Program Planning
ProspectiveCustomers
Iden
tify
Customers with Specific Needs
Offer
InformationSele
ct
Timing
Channels
Det
erm
ine
Offline
Online
Offline
Campaign Planning and Production
Cam
paig
n D
evel
opm
ent
Cus
tom
izat
ion
/ Per
sona
lizat
ion
Segment A• Offer/ Message• Channel• Timing
Segment C• Offer/ Message• Channel• Timing
Segment B
• Offer/ Message• Channel• Timing
Lead
Qua
lific
atio
n / L
ead
Man
agem
ent
Prog
ram
Per
form
ance
Mea
sure
men
t
Customer Interaction Tracking and Reporting
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Interactive Marketing Hub™ from ExactTarget
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Thank You!
Bianca BuckrideeAVP, Social Media EngagementSunTrust Bank
Joel BookPrincipal, Research & EducationExactTarget
[email protected]@JoelBookhttp://www.linkedin.com/in/joelbook
[email protected]@blatantlybiancahttp://www.linkedin.com/in/biancabuckridee