presentation: banking on social listening: 10 steps to a successful social strategy
TRANSCRIPT
Banking on $ocial Listening 10 Steps to a Successful Social Strategy
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CONVERSATIONS ABOUT YOUR BANK ARE ALREADY HAPPENING ON SOCIAL MEDIA
Social media has provided your customers with a megaphone to share their voice Use social listening to keep your finger on the pulse of all conversa?ons about your brand, products or services, or compe??ve research Integrate social listening into customer service, marke?ng, crisis and reputa?on management, and sales and HR ini?a?ves to achieve business results
of online U.S. adults who have a Twitter account want to interact with financial services firms via Twitter. Consumers are interested in receiving promotional alerts, financial advice, and customer service from their financial provider via Twitter.
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45%
According to Forrester …
Align Social Media Monitoring with Business Objec?ves
Develop a Strong Social Media Policy
Create a Playbook
Understand the Social Landscape
Cover all Channels and Languages
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IN THIS PRESENTATION WE WILL SHOW YOU HOW TO:
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Build a Community Around Your Bank
Engage with Customers and Prospects
Compliance: Archive Content and Engagement
Be Prepared for Escala?ng Crises
Measure and Report Your Success
ALIGN SOCIAL MEDIA MONITORING WITH BUSINESS OBJECTIVES
● Iden?fy your business objec?ves across various business units and products -‐ whether retail or investment, consumer-‐facing or research
● Evaluate how social media can help achieve your specific goals – one size does not fit all, but social listening can serve varied needs
● Business-‐aligned social media strategy jus?fies the business case for inves?ng in
social media monitoring and engagement
BUSINESS OBJECTIVES PART 2: AUDIENCES
Retail and investment financial services are different, therefore social strategies must be tailored to fit:
● Develop dis?nct processes for business
units AND audiences – financial advisors likely don’t need to see retail consumer ac?vity!
● Understand how to approach different audiences
● Compliance Compliance Compliance
DEVELOP A STRONG SOCIAL MEDIA POLICY
● Implement a clear social media communica?ons policy to share with your employees and financial advisors
● Leave no ques?on around what company
informa?on is acceptable to share and how engagement is recorded and archived
● Make sure your team is expertly trained on
compliance regula?ons… as well as your social monitoring and engagement tools
CREATE A PLAYBOOK
Your social media playbook should be a “how-‐to” book for employees, built on the fundamentals of your social media policy. It should include: ● Priori?es for social listening
● What can – and CANNOT -‐ be shared on social media, and what needs to be shared out of the social media sphere
● When to take engagement offline and route them to a customer support representa?ve
● A process for responding as quickly as possible to your consumers, and priori?zing engagement around nega?ve feedback and crises
UNDERSTAND THE SOCIAL LANDSCAPE
● Are they discussing “banks”, “credit
cards”, “investments”, “equi?es”, or “brokers”?
● Or are they discussing less direct terms – “500”, “teller”, “fund”, “points”, or “trust” (in its various meanings)?
● Do your customers and prospects engage on Twicer, blogs, forums or mainstream news?
● What words and ideas do they use the most?
COVER ALL LANGUAGES AND CHANNELS
● Where are the conversa?ons you care about taking place? Blogs, forums, message boards, LinkedIn, online communi?es, or interna?onal social networking sites?
● Do ideas or terms vary by pladorm or country?
● Can you leverage customers or employees on these pladorms (within compliance regula?ons, of course)?
BUILD A COMMUNITY AROUND YOUR BANK
● Use social listening to understand and connect with your community
● Discover top influencers driving the financial services conversa?on
● Connect with top influencers for brand advocacy programs
● For example: retail banks can create posi?ve glow with their direct customers
BE PREPARED FOR ESCALATING CRISES
Be alerted of crises before they escalate, have the right alerts set up in advance. You can base aler?ng on:
● Data spikes to watch for an unusual influx in
nega?ve online conversa?ons pertaining to your brand
● Real-‐?me alerts from your listening pladorm
for your most sensi?ve topics – a unique value of social media to investment banking
ENGAGE WITH CUSTOMERS AND PROSPECTS
● Seek out customer issues and collect insights to establish real-‐?me engagement with your customers
● Depending on the situa?on, take the conversa?on
offline or refer the customer to the appropriate link or customer service number
● Several large financial services companies -‐ Charles
Schwab, TD Bank, Fidelity Investments, Vanguard, American Century, American Express, and New York Life -‐ use social media for customer service, thought leadership and keeping their brands top of mind.
COMPLIANCE: ARCHIVE CONTENT AND ENGAGEMENT
● The financial services regulator, FINRA,
requires that all social media content is stored for at least three years
● Financial services companies must therefore leverage a social listening solu?on that archives all company social ac?on
● Times, they are a changing’: Last year,
Morgan Stanley Smith Barney granted its 17,000 financial advisers par?al access to Twicer and LinkedIn
MEASURE AND REPORT YOUR SUCCESS
● Create metrics and key performance indicators to track your social media success
● Don’t waste ?me tracking informa?on that’s not important to your brand ● Keep it simple -‐ one short-‐term goal associated with one KPI at a ?me ● Where Possible, Break Silos: communicate across departments
(retail ←→ wholesale) and leverage insights across the enterprise.
