Meeting the Needs of Gen YSocial Networking and Other Strategies
The Payments Authority Concepts ‘09
September 18, 2009Eric Cook, Certified Internet Business Consultant
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Did You Know Video…
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What Does This Mean For Financial Services?
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Agenda
• Who is Gen Y?• Evolution of the web• Social networking• Social banking• Free promotion tools• Wrap-up and questions
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Why “Gen Y”
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Generation Y
• Also referred to as the Millenials
• Primarily offspring of Baby Boomers
• Shaped by trends of the time– Internet, e-mail, texting, Facebook, YouTube
• “Trophy” kids
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Shifting Values
1 2 3 4 5Traditionalists
1901 - 1924
Legacy Loyalty Discipline Logic Consistency
Boomers
1925 - 1965
Climbing the Ladder
Money & Status
Hard Work Idealism Competition
Gen X
1966 - 1979
Flexibility Portability Independence Change Freedom
Gen Y
1980 - 1990s
Collaboration Innovation Entertainment Speed Learning
Source: Bea Fields, Author
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Evolution of the Web
• Then (1.0)– Basic information
source– Online brochures– Looks nice, but difficult
to determine effectiveness
– Expense items
• Now (2.0)– 24/7 sales person– Accountable (ROI)– Feedback– Conversational– Transparent– Open to contribution
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Online Advertising Spend
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Percent of Total Spend
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What is Web 2.0?
• Web 1.0 = One-way conversation– “Website”
• Web 2.0 = Two-way conversation– Visitor-generated content– Feedback and participation– Involve and interact
• “Business 101”– Know me, like me, trust me… do business with me
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social media is basically a
conversationhi whats up?
socialmedia
What Is Social Media???
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Using Networks Such As…
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Social Network Profiles
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The Future is Now
Nearly 50 percent of senior marketing executives believe that social media (networking) is a vital component of corporate communications that
should be monitored at the executive level and allocated appropriate resources.
-2008 Survey from TNS Comfony
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Objectives of Social Media
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Customer Rankingsand Feedback
96 percent of retailers surveyed ranked customer ratings and reviews as an effective or very effective
tactic to driving conversion.
-Forrester Research and Shop.org
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Benefits of Social Media• Product Development• Customer Service• Networking & Idea Sharing• Market Intelligence (competition)• News & Information• Research on People (HR)• Global Perspective• Low Cost• Build Your Brand• Build Trust Source: Marketing 2.0
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Hello. I’m SEO.
And I’m SMO.
• Just adding pages and pages of content as an SEO strategy doesn’t cut it anymore
• Social Media is the new way to take your SEO strategy to the next level
• Social Media increases the number of high quality links & targeted traffic (2 of the most important factors in SEO)
SEO & SMO Work Together
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Blogging
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Are You Blogging?
• Approx 133 million blogs indexed since 2002 with 900,000 posts in 24 hours (Technorati.com)
• Blended term for “web” and “log” = “blog”• Website that supports feedback and is more
conversational• Can be developed for personal or business use• Comments can be moderated or open• Good “first start” for companies
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Examples of FI Blogs
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Blogging Etiquette
1. Be real & engaged
2. Provide value
3. Be accessible
4. Generate conversations
5. Listen to opinions
6. Ask questions
7. Help others (even competition)
8. Put others first
9. Listen to community
10.Leverage talent
Source: MarketingProfs.com
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The “Fab Four”
• YouTube
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Total Visits
Source: Compete.com
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Some Facebook Stats
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Twitter-iffic
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Twitter Tidbits
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Peoples Bank Phishing Alert
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• Professional networking environment
• More business focused– Online resume
• Personal and Groups
• Connections
• Recommendations
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YouTube
• Online video site created February 2005• Sold to Google in November 2009 $1.65B• #2 search engine (behind Google)• 2007 vs. 2000 bandwidth consumption• Flip camera• Examples…
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Landmark BankVideo Channel
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Consider Integrated Approach
• Consider social media as one leg of the chair
• Identify what offline efforts are currently underway
• Use to drive traffic to your end goal
• Leverage tools to aggregate your message (ping.fm)
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Social Banking• Mint.com, Wasabe.com, QuickenOnline &
Geezeo.com– Web-based account aggregators and financial planning tools– Accounts, tips from other members and goals (budgeting tools)– Some even offer “social networking” for connections
• MoneyIsle.com, Prosper.com and LendingClub.com– Provide P2P saving/lending capabilities
• SmartyPig.com - Provides users a way to save for a goal and invite others to help
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Online PFMs
Source: Compete.com
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Mint.com
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USAA - Mobile Deposits
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Free Promotion Tools
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Podcasting• TalkShoe.com• BlogTalkRadio.com• InstantConference.com
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Webinars
• DimDim.com• Also…
– GoToMeeting/Webinar– WebEx
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Whitepapers & Articles
• DocStoc.com– “Community Bankers
Guide to Social Network Marketing” by Jesse Torres
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Presentations
• SlideShare.net– Embeds into
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Dealing with Negativity
• Realize you cannot control conversations
• Opportunity for feedback
• Gain respect by accepting criticism
• Address open and honestly
• Let the world see how you handle problems
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Critical Success Factors
• Be yourself– Not John Mackey, CEO of Whole
Foods
• Be responsive
• Contribute and give back
• Don’t sit on the sidelines
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It Takes Balance…
QuestionsEric Cook
Certified Internet Business Consultant
www.PoweredByWSI.com/Concepts09
(269) 841-5007
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