Course Materials SUCCESSFUL SOCIAL MEDIA … Materials SUCCESSFUL SOCIAL MEDIA STRATEGIES FOR TODAY’S COMMUNITY BANKER Eric C. Cook Digital Strategist WSI …

Course Materials

SUCCESSFUL SOCIAL MEDIA STRATEGIES FOR TODAY’S COMMUNITY BANKER

Eric C. Cook Digital Strategist

WSI Digital Marketing Battle Creek, Michigan

[email protected] 269-841-5007

August 11 & 12, 2016

GSB ‐ Social Media August 11‐12, 2016

@EricCook about.me/ecook 1

Successful Social Media Strategies for Today’s Community BankerGraduate School of Banking

August 11‐12, 2016

Instructor: Eric Cook

@EricCook• 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



2nd Edition on Amazon…

http://bit.ly/wsi-book2(DOWNLOAD on Amazon Kindle for FREE)

First, Let’s Get Online…



The Social Opportunity is Real

And The Younger Generation?



Digital in the United States

Source: We Are Social SG

Socialnomics

Insert Video



Look Who’s on Social…

9

Yet, Is This Your Reality?



Developing Your Digital Road Map

Key Goals

AttractRetain

ConvertMeasure

12



Who Needs to “LIKE” Social Media?

ComplianceEmployees

Your CommunityYour Institution

We Must Become SocailWhile Mitigating the Risks…Security

Privacy

Compliance

Productivity

Reputation

Legal Issues

RELEVANCE



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… http://bit.ly/ffiec-final

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 controls



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 List



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 least)



Readiness Assessment

1. Leadership Commitment

2. Social Media Knowledge

3. Customer Engagement

4. Competition

5. Staff and Resources

6. Social Media Plan7. Process

Documentation8. Policy and

Measurement

Are You Prepared? Eight Key Areas…

Readiness Assessment (cont.)



GAP Analysis● Conduct planning session based on desired state● Identifies

areas offocus

● Groupdiscussionandbenchmarks

Get [email protected]

First, Do You Know Who YouShould Be Connecting With???

Not all customers are the same



Top 10 Key Profitability Questions1. Understand relationships

and service usage2. Location performance and

competitive threats3. Products and contribution

to bottom line4. Companion services (what

else can you offer your customers)

6. Sales reports by employee, location and market area

7. Analyze trends over time8. Track campaigns for ROI9. Analyze +/- accounts,

customers, households10.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 Pareto



Then, Consider OperationalizingYour Social Efforts

There's a Genuine Financial Impact



Coming Soon – LinkedIn Elevate

It’s a Mobile/Social WorldWhat networks are people using?



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 Center



Image Based Platforms Growing

Digital Disruptors…Technology is shifting consumer’s expectations on “who does what”



World’s Largest Taxi CompanyDoes not own any vehicles

World’s Largest Accommodation ProviderDoes not own any real estate



World’s Largest Phone CompaniesDon’t own any telecom infrastructure

World’s Most Valuable RetailerHas no inventory



Who?

Source: Companies are eBay, Amazon, Alibaba, JD.com, and Rakuten. Per publicly available company data, Morgan Stanley Research.

World’s Most Popular Media OwnerCreates no content



Yet Engagement is a Challenge

http://marketingland.com/want-maximum-reach-facebook-dont-post-photos-118536

Reach vs. Stock Price 2013-14

Source: Convince and Convert



World’s Largest Movie HouseDoesn’t own any cinemas

World’s Largest Software VendorsDon’t write their own apps



What Are The ImplicationsFor 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: http://bit.ly/banking-disruptors



Your Competition???

Source: Accenture

Your Competition?



FICO – “F” Stands for Facebook• Facebook wants to

be like a credit bureau• Lender will submit a

request for informationfrom Facebook’s servers

• Will provide social circleinformation with averagecredit score of friends

Digital Consumer TrendsWhat else are people doing online?



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…

• http://bit.ly/marymeeker-2016

US Internet Advertising Growth



Google and Facebook Ad Growth

Missing the Mobile Opportunity



Messaging Apps = 2nd 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!http://m.me/PAGENAME

http://m.me/ecook



Missing Your Filtered Messages • Check to see if you have any… I did!

Average Mobile App Usage



Best Ways for Businesses to Contact Millennials (it’s not the telephone)

Live Video Streaming – It’s Here!



Facebook too (YouTube Coming Soon)

But YouTube Live Streaming DOESWork on Desktop



BTW: YouTube is a Search Engine…

Common Search Phrases

Remote Deposit

3,180 Business Loans

327,000

Mortgage Loans

15,300



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: Google



Mobile/Location: A Personal Story

The ULTIMATE “Out and About”



Google Knows!• April 21st (’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

Are You Awesome?• http://bit.ly/g-m-t (Google Mobile Test)

This is what you want Google to see!

bit.ly/g-m-t



Social Media TipsSome advice you can “take to the bank”

73



Leveraging LinkedIn1. Professional profile photo2. Engaging headline3. Personalize your profile

URL4. Make contact info

accessible5. Visitor-focused work

summary

6. You need activity7. Recommendations8. Join groups and

participate9. Skills and endorsements10.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

75



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, email signature etc.• Use your name, not company

77



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 2nd & 3rd 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.

79



Step 6 - Activity • The updates:

• Click next to Messageto see recent activity

• Create posts:• To demonstrate

your expertise• And grow your “authority”

• They show up on:• your connections timeline • and daily digest email

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

81



Step 8 - Groups • A catalyst to business development

• To LEARN or EDUCATE• Can join up to 50• Think like your buyer/prospect

• What topics & trendsare 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

83



Step 10 - You’re a Real Person• Take the time to personalize

• Change invite text• Say “Thank You”

84

Please Stop Doing This…



Showcase Pages• Products & Services

are GONE

86

Groups – 3,904 Results!



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

89



Think Like a Publisher – Not a Banker! Content is King

• News releases• Blog content

• With moderated comments• Videos

• Testimonials, tutorials,commercials

• Infographics• Presentations

• SlideShare.netCreate 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

91



Two of my Favorites

92

Start by Listening, then Share

93

Easily Share



Pay Attention to Your Best Clients• On Facebook• On Twitter• On LinkedIn





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 Thoughts1. Visible - Ensure that you’re mobile-friendly2. Reputable - Consider implementing a customer review

plan (90%)3. Extend - Empower and train your staff so they can HELP

spread the word on social media4. 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

working



#FinalChuckle

https://www.youtube.com/watch?v=57dzaMaouXA

Don’t Forget Your Book!

http://bit.ly/wsi-book2(DOWNLOAD on Amazon Kindle for FREE)



Let’s Keep in Touch!Eric Cook

[email protected]/BES

FreeWebinarWednesdays.comAbout.me/ecook

http://bit.ly/wsi-book2

Documents

Course Materials SUCCESSFUL SOCIAL MEDIA … Materials SUCCESSFUL SOCIAL MEDIA STRATEGIES FOR TODAY’S COMMUNITY BANKER Eric C. Cook Digital Strategist WSI …