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We turn online conversations into insights
The Financial Sector & Social Media
April 2011
@marketsentinel
Who are we?
• Team of technologists, network scientists, linguistic engineers, analysts and brand consultants
• Our journey started in 2002, when Ian Davis developed MyRSS, an application which enabled users to create a MyRSS feed from any web page
@marketsentinel
What do we do?
• Social media monitoring, analytics and research
– We understand the problems, we answer the questions and most importantly we deliver solutions that meet the business challenges and opportunities
• Deliver solutions via consultancy and software
@marketsentinel
Our tools
@marketsentinel
• LiveBuzz: Buzz Monitoring
• Market Context: Influence Analysis
• Skyttle Real-time: Twitter Analytics
• Skyttle Friends: Facebook Analytics
Social Media: A passing craze?
@marketsentinel
• 70% of people* were involved in social media
• Social media has reached mass maturity
What’s changing behaviour?
• Social networks are a primary media• TV and radio are now becoming ambient media
• A combination of touchscreen devices, 3G and Wi-Fi have created a casual computing culture
• Media consumption shifts towards “lean in” mediums: search, social and web applications
@marketsentinel
A reality in each home
> One Screen
@marketsentinel
Value of a Facebook user?
• 88% of people on Facebook have incomes in between $25 – $150, 000+
• DoubleClick AdPlanner 2011
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Nature of activity
• Social Networks are used for part communication and part entertainment
– People share opinions about the most exciting, everyday and mundane things:
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Opportunities
• Banks and the financial sector have for key reasons to utilise social media either directly or indirectly
• CRM & Community Management• Reputation Management • Engagement (Marketing) • Fostering Advocacy • Compliance (FINRA/SEC)
@marketsentinel
CRM
• Customer service discussions are spreading to social networks
conversations provide insights
CRM
Monitoring facilitates control
• Social media monitoring allows the tracking of conversations related to brands, products and customer service
• Tracking provides the opportunity to respond directly or passively
CRM
@marketsentinel
CRM
DIRECT RESPONSE
PASSIVE RESPONSE
Case study
• Wanted to understand the impact of outsourcing their customer service to India– Was it problematic? – Were customer ambivalent, happy
or unsatisfied?
• Market Sentinel used Social Media Monitoring to investigate
CRM
@marketsentinel
Case Study
• Needed to understand the level of trust people had in their brand and credit checking services– Success of the business – Where were the promoters and detractors
CRM
@marketsentinel
Reputation Management
• It’s important put out small flames before they turn into inextinguishable fires
• Conversations are omnipresent and can be discovered by anybody
REPU
TATI
ON
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#UKUNCUT
REPU
TATI
ON
• Conversations across social networks and Guerrilla SEO
• Search and social work together: highly shared, authoritative content appears in search results
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HSBC Customer Service
REPU
TATI
ON
Opinions spread through networks
REPU
TATI
ON
@marketsentinel
Proactively monitoring
• Important to track:– Any known issues– New issues as they arise– Historical issues which may resurface– Monitor networks of detractors and promoters
• Proactive monitoring helps to quickly determine the reach and influence of critical conversations
REPU
TATI
ON
@marketsentinel
Case Study
• Analysing conversations in response to fabricated opinions on forums – Community backlash against staff pretending to be
customers
@marketsentinel
REPU
TATI
ON
How we can help? CRM
REPU
TATI
ON
• Social Media Monitoring• Network Mapping• Community Analytics: Skyttle Friends & Skyttle Real-time
Engagement
ENG
AEM
ENT
@marketsentinel
• Wells Fargo created a virtual world that lets members learn and experience financial management
• Research, Buzz Monitoring and community analysis can feed content strategy and drive continual engagement
Understanding customer needs
• Wells Fargo are responding to a customer need: education and knowledge
• The community and the blog continually deliver tips for personal financial management
• Look outside of you own community, discuss and understand broader issues
@marketsentinel
ENG
AEM
ENT
Be useful
ENG
AEM
ENT
@marketsentinel
Advocacy
• Identify and empower and brand advocates– Understand and utilise their influence
• First Direct understand that happy customers are their most powerful marketing tool – They framed and effectively broadcast positive
conversations
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Advo
cacy
Customers could speak about the bank live and unedited
@marketsentinel
Advo
cacy
@marketsentinel
Advocacy
• Social Media is becoming an increasingly complex environment– Who are your advocates? – Where do they share their opinions? Blogs,
Facebook, Foursquare or Twitter?
• Identification of advocates is helpful to the business and brands
@marketsentinel
Advo
cacy
In practice
Advo
cacy
Facebook SuperFans
SuperFan rates of interaction
Compliance
Virtually all company data is subject to discovery should legal action be taken, including communication traffic over Web 2.0, social media, and unified communications.
At the end of the day, these are all simply forms of “electronic communications.”
In order to comply with most industry and government regulations, including FINRA, organizations need to demonstrate sufficient supervisory review, approval, and retention procedures and capabilities are in place.
Com
plia
nce
Not just FINRA
Com
plia
nce
Monitoring facilitates compliance
• In addition to archiving public conversation through social media monitoring, Skyttle Friends allows Financial organisations to archive comments on their Facebook Pages
Com
plia
nce
@marketsentinel