Course Materials SUCCESSFUL SOCIAL MEDIA STRATEGIES FOR TODAY S COMMUNITY BANKER

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1 Course Materials SUCCESSFUL SOCIAL MEDIA STRATEGIES FOR TODAY S COMMUNITY BANKER Eric C. Cook Digital Strategist WSI Digital Marketing Battle Creek, Michigan eric@poweredbywsi.com August 11 & 12, 2016

@EricCook Banker For 15 Years MBA & Graduate School of Banking (GSB,

Community Banking and Digital Marketing Contributing Author Digital

3 Successful Social Media Strategies for Today s Community Banker Graduate School of Banking August 11 12, 2016 Instructor: Eric Banker For 15 Years MBA & Graduate School of Banking (GSB, Madison) 2003 Graduate Faculty Now Consultant Since 2007 Focused on Community Banking and Digital Marketing Contributing Author Digital Minds Co Founder DigitalRCP Let s Get Social about.me/ecook 1

4 2 nd Edition on Amazon (DOWNLOAD on Amazon Kindle for FREE) First, Let s Get about.me/ecook 2

5 The Social Opportunity is Real And The Younger about.me/ecook 3

6 Digital in the United States Source: We Are Social SG Socialnomics Insert about.me/ecook 4

7 Look Who s on Social 9 Yet, Is This Your about.me/ecook 5

8 Developing Your Digital Road Map Key Goals Attract Retain Convert Measure about.me/ecook 6

9 Who Needs to LIKE Social Media? Compliance Employees Your Community Your Institution We Must Become Socail While Mitigating the Risks Security Compliance Reputation Productivity RELEVANCE Privacy Legal about.me/ecook 7

10 FFIEC s Final Guidance on Social Media Risk-based strategy Mandates monitoring Formal policies and procedures Third-party vendor management Staff training & education Compliance and audit Reference to existing regulations Get it Source: FFIEC & The Financial Brand FFIEC Guidance Risk The FFIEC is concerned that social media usage creates a higher risk profile. Increased risks can include: Risk of harm to consumers Compliance and legal risk Reputation risk Risk can arise from: Poor due diligence Poor oversight Poor about.me/ecook 8

11 FFIEC Guidance Risk The guidance discusses four main areas of risk: Compliance and legal risks Reputational risks Employee use of social media Operational risks The guidance states that the list of risks is not exhaustive. Risk Takes Many Forms Incomplete Strategy Lack of Commitment Insufficient Resources Poor Channel Selection Incorrect Metrics Leak of Corporate Info Negative Feedback Inappropriate Content Lack of Engagement Loss of Control Excessive Use by Staff Personal/Work Confusion Data Theft Virus/Malware Threat Technical Issues Advertising Committee Brainstorm Discussion Comprehensive about.me/ecook 9

We Manage Risk Every Day Source: The Altimeter Group The Risk Management Process What s the cause of the RISK Identify any EXISTING CONTROLS What s the

12 We Manage Risk Every Day Source: The Altimeter Group The Risk Management Process What s the cause of the RISK Identify any EXISTING CONTROLS What s the LIKELIHOOD and IMPACT Recommended CONTROLS Assign to a DEPARTMENT Make someone ACCOUNTABLE Complete The Process Annually (at about.me/ecook 10

Readiness Assessment Are You Prepared? Eight Key Areas 1. Leadership Commitment 2. Social Media Knowledge 3. Customer Engagement 4. Competition 5.

13 Readiness Assessment Are You Prepared? Eight Key Areas 1. Leadership Commitment 2. Social Media Knowledge 3. Customer Engagement 4. Competition 5. Staff and Resources 6. Social Media Plan 7. Process Documentation 8. Policy and Measurement Readiness Assessment about.me/ecook 11

14 GAP Analysis Conduct planning session based on desired state Identifies areas of focus Group discussion and benchmarks Get Yours! First, Do You Know Who You Should Be Connecting With??? Not all customers are the about.me/ecook 12

15 Top 10 Key Profitability Questions 1. Understand relationships and service usage 2. Location performance and competitive threats 3. Products and contribution to bottom line 4. Companion services (what else can you offer your customers) 6. Sales reports by employee, location and market area 7. Analyze trends over time 8. Track campaigns for ROI 9. Analyze +/- accounts, customers, households 10. Refresh data regularly Source: BancTrac Solutions Understanding Customer Profitability Identify who is making you money Understand their profile/persona Some businesses have a ratio of 115/10! Vilfredo about.me/ecook 13

16 Then, Consider Operationalizing Your Social Efforts There's a Genuine Financial about.me/ecook 14

17 Coming Soon LinkedIn Elevate It s a Mobile/Social World What networks are people about.me/ecook 15

18 Social Networking Activity More than half of the U.S. population uses social networks regularly, and Facebook continues to lead the market. But pay attention to mobile social networking, where Twitter, Instagram, Pinterest and Tumblr are all significant players. That s where the next phase of growth is happening. ~Debra Aho Williamson emarketer principal analyst Social Media Sites Source: Pew Research about.me/ecook 16

19 Image Based Platforms Growing Digital Disruptors Technology is shifting consumer s expectations on who does about.me/ecook 17

20 World s Largest Taxi Company Does not own any vehicles World s Largest Accommodation Provider Does not own any real about.me/ecook 18

21 World s Largest Phone Companies Don t own any telecom infrastructure World s Most Valuable Retailer Has no about.me/ecook 19

22 Who? Source: Companies are ebay, Amazon, Alibaba, JD.com, and Rakuten. Per publicly available company data, Morgan Stanley Research. World s Most Popular Media Owner Creates no about.me/ecook 20

Yet Engagement is a Challenge http://marketingland.

23 Yet Engagement is a Challenge Reach vs. Stock Price Source: Convince and about.me/ecook 21

24 World s Largest Movie House Doesn t own any cinemas World s Largest Software Vendors Don t write their own about.me/ecook 22

25 What Are The Implications For Banking? can we be replaced Banking Industry Disruptors Recent article in International Banker Focused on 11 digital disruptors in banking Key findings Lower cost and higher rates (Currency Cloud and Traxpay) Focused on transparency Leveraging social media, big data and peer sharing (Lenddo, Fidor Bank, Lending Club) Digital-only now a viable option Still gaps in types of services and delivery channel Read More: about.me/ecook 23

26 Your Competition??? Source: Accenture Your about.me/ecook 24

27 FICO F Stands for Facebook Facebook wants to be like a credit bureau Lender will submit a request for information from Facebook s servers Will provide social circle information with average credit score of friends Digital Consumer Trends What else are people doing about.me/ecook 25

28 Ever Heard of Mary Meeker? VC/Partner with Kleiner Perkins Caufield & Byers Annual State of the Web report Focused on digital trends Access full slides US Internet Advertising about.me/ecook 26

29 Google and Facebook Ad Growth Missing the Mobile about.me/ecook 27

30 Messaging Apps = 2 nd Home Screen Messages Matter You can now set up a short URL to make it easy for customers to message you and carry on a conversation! about.me/ecook 28

31 Missing Your Filtered Messages Check to see if you have any I did! Average Mobile App about.me/ecook 29

32 Best Ways for Businesses to Contact Millennials (it s not the telephone) Live Video Streaming It s about.me/ecook 30

33 Facebook too (YouTube Coming Soon) But YouTube Live Streaming DOES Work on about.me/ecook 31

34 BTW: YouTube is a Search Engine Common Search Phrases Mortgage Loans 15,300 Remote Deposit 3,180 Business Loans about.me/ecook 32

35 Millennials Are Addicted to Mobile Source: Zogby Analytics. The Impact of Mobile on Search In 2015 more searches were performed on a mobile device than on a desktop computer! Source: about.me/ecook 33

36 Mobile/Location: A Personal Story The ULTIMATE Out and about.me/ecook 34

37 Google Knows! April 21 st ( 15) Google s Moblilegeddon update 2015 mobile search surpassed desktop searches Yet, 77% of global websites are NOT mobile-friendly SEO implications on when consumers are searching for you via mobile bit.ly/g-m-t Are You Awesome? (Google Mobile Test) This is what you want Google to about.me/ecook 35

38 Social Media Tips Some advice you can take to the bank about.me/ecook 36

39 Leveraging LinkedIn 1. Professional profile photo 2. Engaging headline 3. Personalize your profile URL 4. Make contact info accessible 5. Visitor-focused work summary 6. You need activity 7. Recommendations 8. Join groups and participate 9. Skills and endorsements 10.Humanize the experience 74 Step 1 Your Profile Picture Humans look at faces We make instant judgements First chance to build a first impression! LinkedIn is Professional So should your head shot about.me/ecook 37

40 Step 2 Your Headline Very important section Don t focus only on your job title The headline is Power Shows up in all searches When you post to groups Needs to demonstrate: What you actually do The problems you solve 76 Step 3 Personalized LinkedIn URL If you don t specify Generic URL with numbers Personalize then it easy to: Use on business cards, signature etc. Use your name, not company about.me/ecook 38

41 Step 4 Contact Information No.1 thing you want prospects to do? CONTACT YOU!! So make it easy for them through a variety of mediums Make sure in mobile friendly format As 2 nd & 3 rd degree won t see: Include in summary section too Perhaps even allow apt booking? 78 Step 5 - Summary Must demonstrate the value You offer clients/prospects NOT your accomplishments Unless your looking for a job!! Best profiles demonstrate: What s the value proposition The problems you solve The type of people you help Bring to life with attachments Videos/brochures etc. about.me/ecook 39

42 Step 6 - Activity The updates: Click next to Message to see recent activity Create posts: To demonstrate your expertise And grow your authority They show up on: your connections timeline and daily digest 80 Step 7 - Recommendations Place just below summary Maybe with endorsements Vital when prospects researching 70% done before they contact you! Client recommendations are vital But 360 degree useful too Do a good job first, then ask for it! Ensure that you follow bank policy on co-workers or clients about.me/ecook 40

43 Step 8 - Groups A catalyst to business development To LEARN or EDUCATE Can join up to 50 Think like your buyer/prospect What topics & trends are interesting Prospects & influencers Don t SPAM! Act as you would F2F 82 Step 9 - Skills & Endorsements The social signal These are the proof or evidence of ability Invest some time to manage these They WILL become even more important in time Skills-based search about.me/ecook 41

44 Step 10 - You re a Real Person Take the time to personalize Change invite text Say Thank You 84 Please Stop Doing about.me/ecook 42

45 Showcase Pages Products & Services are GONE 86 Groups 3,904 about.me/ecook 43

46 Personal Hero Images 88 Getting Heard Owned Earned Paid Owned: Direct visits Most will just login (GONE unless you keep em) Earned: Organic rankings Content strategy for SEO ranking Paid: Budget for traffic PPC Banner/display Ensure you re using landing pages and tagged URLs to track activity Bonus Consider remarketing/retargeting about.me/ecook 44

Think Like a Publisher Not a Banker! Content is King News releases Blog content With moderated comments Videos Testimonials, tutorials, commercials Infographics Presentations SlideShare.

47 Think Like a Publisher Not a Banker! Content is King News releases Blog content With moderated comments Videos Testimonials, tutorials, commercials Infographics Presentations SlideShare.net Create a Content Calendar to Keep On Track 90 Information Overload? It s not a case of Information Overload as much as it s a case of Filter Failure. -Clay Shirky about.me/ecook 45

48 Two of my Favorites 92 Start by Listening, then Share Easily Share about.me/ecook 46

49 Pay Attention to Your Best Clients On Facebook On Twitter On about.me/ecook 47

50 GSB Social about.me/ecook August 11 12,

51 So How Do You Remain Relevant? Train and empower your employees to engage Organic reach will continue to be a challenge Your employees are there anyway Consider new channels Use more images to tell your story Leverage video to become familiar Embrace mobile Website, apps, engagement, location Focus on providing value and being genuine, not just selling products Five Closing Thoughts 1. Visible - Ensure that you re mobile-friendly 2. Reputable - Consider implementing a customer review plan (90%) 3. Extend - Empower and train your staff so they can HELP spread the word on social media 4. Efficient - Find the tool(s) that work for you (work smarter, not harder) 5. Measure - Keep an eye on your reports to see what s about.me/ecook 49

#FinalChuckle https://www.youtube.com/watch?v=57dzamaouxa Don t Forget Your Book!

52 #FinalChuckle Don t Forget Your Book! (DOWNLOAD on Amazon Kindle for about.me/ecook 50

53 Let s Keep in Touch! Eric Cook eric@poweredbywsi.com PoweredByWSI.com/BES FreeWebinarWednesdays.com about.me/ecook 51

The Digital Dozen. 12 Key Strategies to Promote Your Bank Online Presented by: Eric Cook, MBA March 18, 2017

The Digital Dozen. 12 Key Strategies to Promote Your Bank Online Presented by: Eric Cook, MBA March 18, 2017 The Digital Dozen 12 Key Strategies to Promote Your Bank Online Presented by: Eric Cook, MBA March 18, 2017 @EricCook #ICBALive17 Recovering Banker of 15 years MBA & 03 Graduate School of Banking (GSB,