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Multi-Generational Online Communication-Something for Everyone

Social Media 101 for the Banking Industry

Sara Rigdon

on 25 January 2012

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Transcript of Multi-Generational Online Communication-Something for Everyone

Multi-Generational Online Communication Something for Everyone Marketing 3 in 4 US adults now use social media to connect with each other, compared to just 56% in 2007. Customer Service Respond to customer concerns
Display your honesty and loyalty Community Building 2. Adopt the personality of the customers you serve 3.Create a network that provides information for your customers from high school graduation, to attending college, buying their first car, purchasing a home, investing in retirement. 4. When community works... http://www.facebook.com/pages/AnchorBank/108361102528595?v=desc&ref=ts 1. Focus on customer service "Mathematics is about calculations" "Mathematics is a logical system which helps explain the things around us" "Mathematics is like a universal language which allows people to communicate and understand the world" Conceptual change / student-focused Information transmission / teacher-focused "I feel it is important to present a lot of facts in classes so that students know what they have to learn for this subject." "In lectures for this subject, I use difficult or undefined examples to provoke debate." "I feel a lot of teaching time in this subject should be used to question students' ideas." Banking and social media Reach potential or current customers where they are spending time online. Log in 5 days per week, an average of 4 times per day 52% Profile of the 110 million Americans (or 60% of our population) who are using social networking sites NOTE: For a K-12 version, look at the Learning Process Questionnaire (LPQ) Related subscales Fear of failure
Lack of purpose
Unrelated memorizing Online Communication Stay Connected Primarily Internet and mobile-based tools for sharing and discussing information among human beings Email What is social media? Join the conversation today: Social Societies Social Networking 68% of two-year college faculty reported at least some stress from teaching underprepared students
(Lindholm et al., 2005) Amanda Carrier
Internet Marketing Analyst
May 2010 Chat or Instant Messaging Social Media Networking
Bookmarking People influence their friends about the brands and products they buy Millions of conversations happening 24/7. Friends Family Colleagues Brands Past employers Colleges Competitors Personal interests Information Social Bookmarking Who Uses Social Media? 19 of the most popular sites combined Age Distribution Per Site Fun Facts 70% of social media users between the ages of 18-34 regularly use Facebook more than other sites such as MySpace, Twitter, and Classmates.com. 72% of social media users say that after an online search, they communicate with others about a product or service with face-to-face interaction. More people who use social media prefer to give advice rather than receive it. 75% of the adult population uses the internet. http://www.facebook.com http://www.linkedin.com http://www.classmates.com http://www.myspace.com http://www.delicious.com/amandacarrier Social Content Blogging http://www.twitter.com/amandacarrier http://www.plantingdollars.com Dashboards, RSS http://www.netvibes.com news weather notepad Widgets http://www.widgets.yahoo.com/widgets/yahoo-weather had friended, become a fan of, or liked at least one brand 17% felt positive when seeing a brand on their social network 20% want more communication from brands online Engage them when they are speaking about or requesting information regarding financial subjects. Community users remain customers 50% longer than non-community users (AT&T, 2002)

43% of support forums visits are in lieu of opening up a support case (Cisco, 2004)

Community users spend 54% more than non-community users (EBay 2006)

Community users visit corporate website 9 times more than non community users (McKInsey, 2000)

Customer satisfaction twice as much in community versus calls or mail (Jupiter 2006) http://www.facebook.com/pages/Kansas-City-MO/MissouriBank/72430709618?ref=search&sid=722440047.1292867254..1 Customer and Project Research Listen to what they say about you See what posts customers engage with (They're complaining anyway...this gives you the ability to reply) http://www.twitter.com/bofa_help http://www.twitter.com/wachovia Transparency Reduce marketing expenses
Compete with the big guys
Test new marketing campaigns http://www.nicoletbank.com/thevault/ Customers distrust banks
Create conversation
Educate your customers Content: Keep it coming Where will quality content come from?
Does it offer value?
Can it be maintained? Context Create meaningful design, content, applications
Be where your customers are Connectivity Relationships versus marketing
Be a good host Evolve
Extend your brand Continuity Let's dive in...the Social Media World of the Finance and Banking Industry http://blog.wellsfargo.com/ Amanda Carrier acarrier@niu.edu
(815) 753-7097

AIM: acarrier02

Linked In: http://www.linkedin.com/in/acarrier02

Twitter: http://www.twitter.com/amandacarrier 1 2 (Each of these moments require a relationship with a bank.) Kansas City Missouri Bank Anchor Bank “Social Media.” Wikipedia

Social Media and the Banking Industry: http://www.socialmediatoday.com/ClientFiles/2b461d74-0b05-4149-a6fd-33257181a2c7/SMbanking_v1.pdf

Money Meltdown, Minds, and Milliseconds: http://www.neurofocus.com/pdfs/MoneyMeltdownsMindsandMilliseconds.pdf

Why Banks Should Listen to Social Media: http://kylelacy.com/why-banks-should-listen-to-social-media/

5 Ways Banks Are Using Social Media: http://mashable.com/2009/09/11/banks-social-media/

Who Uses Social Networks and What Are They Like: http://www.readwriteweb.com/archives/who_uses_social_networks_and_what_are_they_like_part_1.php Sources http://blog.wellsfargo.com/wachovia/ http://blog.wellsfargo.com/stagecoachisland/ http://blog.wellsfargo.com/studentloandown/ http://twitter.com/hrblock http://twitter.com/bofa_help http://www.usaa.com/inet/ent_logon/Logon http://www.facebook.com/visasignature http://www.openforum.com/ http://www.weseed.com/ http://www.mint.com/ http://www.finextra.com/community/ http://uk.zopa.com/ZopaWeb/ http://www.wesabe.com/
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