Social Media Competitive Analysis 2012 August 2012
Table of Contents Competitive Analysis Criteria……………………………………......P3-6 Individual Competitors………………………………………………..P7-47 • • • • •
Bank of America………………………………………………………….p7-14 TD Bank…………………………………………………………………...p15-22 PNC Bank………………………………………………………………....p23-30 Wells Fargo……………………………………………………………….p31-38 Chase……………………………………………………………………...p39-47
Competitive Summary………………………………………………..P48-50 •
ROI & Examples……………………………………………………….....p51-55
Appendix……………………………………………………………..P56-132 • • •
Summary Tables & Graphs…………………………………………….p57-65 Competitor Deep Dive Examples: Facebook, Twitter, YouTube, LinkedIn…………………………………………………………………..p66-120 Competitor Deep Dive Examples:Google +, Pinterest, Blogs…..…p121-132
2
Communication Pillars How are Competitors focus their efforts in Social Media?
Brand Marketing
Focusing efforts directly on the brand, either a product or campaign focus, through targeted and evergreen programs and content Bringing customers deeper into the category or product the company serves
Community/Philanthropy
Showing support for a greater cause, involving customers in company efforts; or bringing corporate responsibility to the forefront
Customer Service
Actively listening and participating in social media to support customer needs
Innovation/ Customer Participation
Partnering with customers to drive innovation and/or simply bring them closer to the process
3
How are competitor brands measuring against these pillars? We assessed them against these criteria: Content
Whatever the goal and however it’s delivered, superior content it a must.
Programs/ Campaigns
The best results come from long-term programs, as opposed to short-term campaigns
ROI*
Efficiency and effectiveness generates ROI and adds to the bottom line
Channel Integration
How well they are leveraging the paid, owned, earned model of converged media
Operations*
Is the organization as a whole coming together in their marketing programs
*Harder to get visibility into this criteria. Assessed based on observation.
4
Competitor Scoring • A score was established to enable an evaluation of each pillar and the corresponding criteria
0- Not started/not applicable
1 - Emerging
• Scores can range from 0 to 4, with 0 being the lowest and 4 highest.
2 - Established a base
3- Breaking Out
4- Leader
• Each competitor’s scores were tallied to establish an overall benchmark and discover areas of strength and weakness. 5
Who are the competitors?
6
BANK OF AMERICA
7
Overview & Observations Overview: Bank of America (BofA) has moved focus from Community efforts to a robust content of Category/Product, Community and Customer Service content that is integrated on other social channels, such as Twitter. However, BofA continues to see a majority of content that customers post in the Customer Service arena, making the channel far less effective at engagement and more of a broadcast platform for consumers to vent their frustrations.
Key Observations Channel Integration
Community Programs
Customer Service
Bank of America has worked to integrate marketing programs with social channels through a Facebook presence that ties in with content published to Twitter and YouTube. Bank of America shows steady growth in their social communities by highlighting the “good.” While they’ve diversified their social presence to include more content types, community programs are a focus, particularly a current initiative to “Support The Troops.” While BofA has 6 different Twitter accounts to engage in the platform outside of customer service, that function continues to win out and require the most attention/engagement
8
4- Leader
3- Breaking Out
2 - Established a base
1 - Emerging
0- Not started/not applicable
Benchmarks Against Pillars Content
Programs/ Campaigns
ROI*
Channel Integration
Operations*
Whatever the goal and however it’s delivered, superior content it a must.
The best results come from long-term programs, as opposed to short-term campaigns
Efficiency and effectiveness generates ROI and adds to the bottom line
How well they are leveraging the paid, owned, earned model of converged media
Is the organization as a whole coming together in their marketing programs
9
10
0
2
5
Brand Marketing
Community/Philanthropy
Customer Service
Innovation/ Customer Participation Totals
26
*Harder to get visibility into this criteria. Assessed based on observation & anecdotal evidence (see ROI Slide 51-55)
9
Key Competitive Takeaways •
Bank of America completely changed direction on Facebook in 2012, moving from a community/philanthropic page to a more general brand page, which is line with their competitors
•
Visual content is posted frequently: custom infographics to make content easier to digest and their Facebook cover photo is part of larger content strategy that changes with marketing programs
•
Like its competitors, Bank of America is trying to gauge and promote engagement with social media based engagement like The Bank of America Challenge to help fight hunger and show a bigger tie-in with its community efforts
•
Although BofA deletes a lot of its negative comments, they now respond to fans/followers more frequently and use conversations to encourage engagement
10
BANK OF AMERICA EXAMPLES 11
BofA Facebook Facebook Page: facebook.com/BankofAmerica
Facebook Cover Photo is updated frequently with new community efforts. Content on the troops gets the most engagement. A “Salute our troops” post generated 4,371 likes, 554 shares, and 121 comments TABS: “Get Help” Tab allows conusmers to private message a customer service rep The Bank of America “Building Opportunity Challenge” Tab & program helps to generate earned media by providing a place to share stories places and ideas that would help to fight hunger
CONTENT: Custom (infographics), thirdparty & sponsored content keep the mixture fresh & drive real-time marketing & human connection with their consumers
12
BofA Twitter, YouTube, LinkedIN Twitter Page: twitter.com/BofA_Community
BofA has 6 Twitter Handles in total across Community, News, Help, etc. They tweet 2-3 times per day and retweets other brands that have joined forces in sponsoring a specific effort.
YouTube Channel: youtube.com/user/bankofamerica
LinkedIn: http://www.linkedin.com/company/bank-ofamerica
YouTube channel is integrated with other social channels and is the hub for all videos they share on Facebook and Twitter. They showcase a variety of community efforts, small business, sponsored events, sustainability, company news and info
Mainly used for just recruitement, their LinkedIn presence is large but mainly consists of employees
13
Bank of America Competitor Summary
Likes: 656,574 Page Created: 2011 Began Posting: 6/22/2011
Likes: 29,059 Page Created: 6/3/2010 Began Posting: 4/13/2011
Followers: 198,859
Followers: 3,250
Followers: 9,080
Followers: 241,948
988 Channel Subscribers N/A
N/A 884,560 Video Views
Followers: 9,952
6 Channel Subscribers N/A
N/A
N/A 3,325 Video Views
Employees N/A : 168,845
Employees N/A : 7,239
14
TD BANK
15
Overview & Observations Overview: TD Bank appears to be investing in paid media to grow a Facebook base to support its Brand Marketing and Community efforts. However, progress seems sporadic and they have not aligned the types of content or engagement with those goals. Most activity is Customer Service oriented on its Twitter page more specifically, which may indicate a misalignment between their business goals and customer needs.
Key Observations Content
Customer Participation/ROI Operational Integration
Good visual imagery & appeal using Facebook Timeline features has helped to make TD Bank’s Money Lounge page stand-out
“Catch It & Carry In” Sweepstakes and online game asks customers to help TD Bank help you (customer) by engaging in real-time marketing to make improvements to their online banking products TD Bank does not have a complete digital ecosystem (.com/Facebook/Twitter/etc.) that supports its programs
16
4- Leader
3- Breaking Out
2 - Established a base
1 - Emerging
0- Not started/not applicable
Benchmarks Against Pillars Content
Programs/ Campaigns
ROI*
Channel Integration
Operations*
Whatever the goal and however it’s delivered, superior content it a must.
The best results come from long-term programs, as opposed to short-term campaigns
Efficiency and effectiveness generates ROI and adds to the bottom line
How well they are leveraging the paid, owned, earned model of converged media
Is the organization as a whole coming together in their marketing programs
12
9
0
11
6
Brand Marketing
Community/Philanthropy
Customer Service
Innovation/ Customer Participation Totals
38
*Harder to get visibility into this criteria. Assessed based on observation & anecdotal evidence (see ROI Slide 51-55)
17
Key Competitive Takeaways •
•
TD Bank has been focusing its efforts in the social space around the retail and online banking sector. Their social channels extend their media reach, in addition to providing integrated product-based engagements in addition to customer service. Also important to note: • Organic growth is also important, as TD Bank focuses its efforts around creating conversations around strong visual content • Huge amounts of visual content is displayed through highlight posts • TD Bank consistently reaches out to customers proactively on Twitter by searching keywords likely by employing a listening tool Radian6 in the past year • Like other competitors, YouTube is used as the hub for all the videos, which are then shared on their more active Facebook and Twitter channels
18
TD BANK EXAMPLES
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TD Bank Facebook Facebook Page:.facebook.com/TDMoneyLoungeUS TABS: TD Bank “Checking” tab uses Regis and Kelly, popular personalities in their TV ads as talking heads to explain checking, The tab features: •Funny video from Regis & Kelly as talking heads. The video can be seen here TD Bank “TD Forests” Tab is an interactive tool where customers can pledge going green and paperless banking
CONTENT: The variety of content, video, polls, photos, etc. and conversations are not brand-focused, which generates more likes and comments. On average, these posts are receiving around 100 “likes” and about 6-10 comments (time period: 1 week). They do not hide negative comments and post no more than 1x per week.
They share results of surveys and polls to repurpose content and build credibility. They post about traditional and non-traditional bank topics such as holidays, etc.
20
TD Bank Twitter, YouTube, LinkedIN Twitter Page: twitter.com/TDBank_US
YouTube Channel: http://www.youtube.com/user/TDBankUS
Engage 1-2x per day offering a variety of not particularly brand focused content. Product lines that are promoted are small business, savings, online banking, loans Link to game here LinkedIn: http://www.linkedin.com/company/td-bank-group
TD Bank’s LinkedIn presence is strong - one dedicated page on LinkedIn under TD Bank Group. Page contains frequent links to YouTube videos, articles, product offerings (like their First Time Homebuyers Kit), in addition to recruitment Running the “Catch it & Cash in” game where customers can view videos on improvements made to Online Banking for a chance to be an instant-winner & earn digital currency (e.g. FB Credits, by watching more about improvements they’ve made 21
TD Bank Competitor Summary
Likes: 68,447 Page Created: 9/12/2011 Began Posting: 10/4/2011 Likes: 29,059 Page Created: 6/3/2010 Began Posting: 4/13/2011
Followers: 27,740
Followers: 3,250
663 Followers
91 Channel Subscriber
17 Followers
N/A 27,600 Video 11 Group Views Follower
N/A
N/A 3,251 Video Views
Employee s: 28,000
N/A
Followers: 9,490
6 Channel Subscribers N/A
Followers: 58,452
Employee s: 5,984
N/A
22
PNC BANK
23
Overview & Observations Observation: PNC has also invested in paid media to boost their Facebook fan base to support its efforts in Product Marketing (Virtual Wallet) and Community efforts. They are currently growing their base organically as well as generating earned media through successful programs. It is also certain they are using Customer Innovation to grow these programs by asking customers to co-create content to elevate their programs like Neighborhood Wishlist. Key Observations Channel Integration
Content/Programs
Customer Innovation
PNC Bank invested in paid media via “Like” Sponsored Stories ads to grow from <5k fans in mid-2011 to over 115k by Q4 2012. Stong paid, owned, earned marketing efforts on Facebook. They are currently very active in creating/maintaining tabs for programs like “Neighborhood Wishlist,” which they continue to support Their Virtual Wallet continues to grow as a product – it now has its own Facebook page to support it.
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4- Leader
3- Breaking Out
2 - Established a base
1 - Emerging
0- Not started/not applicable
Benchmarks Against Pillars Content
Programs/ Campaigns
ROI*
Channel Integration
Operations*
Whatever the goal and however itâ&#x20AC;&#x2122;s delivered, superior content it a must.
The best results come from long-term programs, as opposed to short-term campaigns
Efficiency and effectiveness generates ROI and adds to the bottom line
How well they are leveraging the paid, owned, earned model of converged media
Is the organization as a whole coming together in their marketing programs
14
12
0
13
2
Brand Marketing
Community/Philanthropy
Customer Service
Innovation/ Customer Participation Totals
40
*Harder to get visibility into this criteria. Assessed based on observation & anecdotal evidence (see ROI Slide 51-55)
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Key Competitive Takeaways •
• •
•
•
Customer Service is handled directly through social channels. They do not delete negative comments and activated their Private Message feature on Facebook allowing fans to send direct messages PNC has utilized Facebook “Like” Ads and Sponsored Stories to drive acquisition on its pages since last year’s launch PNC has spun off a separate Facebook and Twitter presence for “Virtual Wallet” product. The page has fewer fans/followers and has overlapping content with main pages, however Posts contain drivers to .com and other programs like their “S” is for Savings program which teaches parents and children how to be smart savers through a fun and interactive experience PNC is also capitalizing on its student segment by creating specialized programs like Virtual Wallet Student and giving them an area to discuss on Facebook.
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PNC BANK EXAMPLES
27
PNC Bank Facebook
Facebook Page: facebook.com/pncbank Facebook Page:.facebook.com/pncvwallet
PNC Bank’s Virtual Wallet (VW) gives you tips on how to track your spending, budget and save. They have a special VW for Students, too PNC Bank’s “Neighborhood Wishlist” allows fans to support their community by creating a project funded by PNC Bank that can uplift their community. The budget is $500 and friends/family can vote
Sponsored Ads drive “Like” acquisition and a variety of content drive to their online banking tools and savings products/programs (e.g. “S” is for Savings on their .com site)
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PNC Bank Twitter, YouTube, LinkedIN Twitter Page: twitter.com/PNCNews
Twitter is a relatively underutilized channel for PNC. They have 4 handles and use it mostly as a broadcast platform and retweet other followers content. Like Facebook, they have their own Twitter page for Virtual Wallet.
YouTube Channel: youtube.com/user/pnc
They have a variety of rich content: TV, testimonials, products and services, community efforts, financial confidence, and Christmas related content, but they have almost as many videos (121) as subscribers (151)
LinkedIn: linkedin.com/company/pnc-bank/
Mostly used for recruitment, not linked with other social channels. They have used their channel to showcase their â&#x20AC;&#x153;Best Place to Workâ&#x20AC;? awards
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PNC Competitor Summary
Likes: 125,918 Page Created: 2011 Began Posting: 9/22/2011
Likes: 29,059 Page Created: 6/3/2010 Began Posting: 4/13/2011
Followers: 11,129
Followers: 3,250
Followers: 22
Followers: 29,583
151 Channel Subscribers N/A
N/A 52,875 Video Views
N/A
N/A 3,325 Video Views
N/A
Followers: 9,952
6 Channel Subscribers N/A
Employees: 25,781
Employees: 7,239
N/A
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WELLS FARGO
31
Overview & Observations Overview: Like many of the other competitors, Wells Fargo saw strong fan/follower growth from 2011 to 2012 as it appears they invested in paid media. However, little has been done to support Brand Marketing efforts for this audience. Overall, there is a de-fragmentation of their social channel integration which leads to less amplification, but it appears they have a well-developed ecosystem for major initiatives like â&#x20AC;&#x153;Share Your Goalsâ&#x20AC;? sweepstakes which feels a part of a bigger marketing program. Observations Channel Integration
Wells Fargo grew from <7k Facebook fans in mid-2011 to over 320k by Q4 2012. Paid media drove this tremendous growth, but they havenâ&#x20AC;&#x2122;t done much to cultivate their owned/earned channels
Content/Brand Message
They engage about 1x every other day but the upside potential is that they have varied their content to be more than just job-related news
Operations
Wells Fargo integrates its Facebook presence with other digital initiatives such as their corporate blog and the Share Your Goals sweepstakes to drive traffic to other properties 32
4- Leader
3- Breaking Out
2 - Established a base
1 - Emerging
0- Not started/not applicable
Benchmarks Against Pillars Content
Programs/ Campaigns
ROI*
Channel Integration
Operations*
Whatever the goal and however itâ&#x20AC;&#x2122;s delivered, superior content it a must.
The best results come from long-term programs, as opposed to short-term campaigns
Efficiency and effectiveness generates ROI and adds to the bottom line
How well they are leveraging the paid, owned, earned model of converged media
Is the organization as a whole coming together in their marketing programs
5
5
0
5
10
Brand Marketing
Community/Philanthropy
Customer Service
Innovation/ Customer Participation Totals
25
*Harder to get visibility into this criteria. Assessed based on observation & anecdotal evidence (see ROI Slide 51-55)
33
Key Competitive Takeaways •
• • •
•
Wells Fargo likely also jumpstarted their growth through Facebook paid media and shifted content strategy to focus less on jobs/recruitment to more on topics that engaged the fan base Strong digital cross channel integration with Facebook, Twitter, YouTube, their corporate blog, etc. “Share your Goals” Sweepstakes is well integrated and easily shareable without requiring too many steps to proceed Excelling at Twitter with a great mix of customer service, engaging content and a consistent deployment of Twitter best practices like Retweeting In comparison, they are also one of the only brands using YouTube and uploading fresh content every month with over 4MM video views
34
WELLS FARGO EXAMPLES
35
Wells Fargo Facebook Facebook Page: facebook.com/wellsfargo
Wells Fargo integrates well with other initiatives such as blog posts and the Share Your Goals sweepstakes, leveraging the large Facebook audience to drive traffic to other owned properties
CONTENT: Currently focused on Share Your Goals Sweepstakes which runs until November 2012. Posts drive to a landing page* where users can share their lifestyle goals for a chance to win prizes, including a grand prize of $10,000. *There used to be a Facebook App for this that was run by OfferPop, but it is currently inactive.
36
Wells Fargo Twitter, YouTube, LinkedIN Twitter Page: twitter.com/WellsFargo
Wells Fargo has 2 Twitter handles. Their main page has seen large follower increases likely from some paid media and the heavily promoted sweepstakes
YouTube Channels: youtube.com/user/wellsfargo youtube.com/user/WellsFargoBusiness
Unpaid, non-custom brand channel. They maintain a variety of content and link to other social platforms (Twitter, Blog). They also maintain a separate small business page
LinkedIn Page: linkedin.com/company/wells-fargo
WF has a main page but also profiles that focus on specific business lines, products and services like Home Mortgage, Investment Advisors, Insurance Services, Capitol Finance. Profiles are hard distinguish because of the inconsistent branding & logo conventions 37
Wells Fargo Competitor Summary
Likes: 320,743 Page Created: August 2010 Began Posting: 08/27/2010
Likes: 29,059 Page Created: 6/3/2010 Began Posting: 4/13/2011
4,096,281 views Followers: 42,040
Followers: 167,252 Page claimed
N/A 1,494 subscribers
Followers: 3,250
Followers: 9,952
6 Channel Subscribers N/A
N/A 3,325 Video Views
Employees: 135,303
Corporate blog and topicspecific blogs
Employees: 7,239
N/A
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CHASE
39
Overview & Observations Overview: Chase continues to grow its investment in Community focused efforts through Chase Community Giving. In addition, they maintain separate social presence for its Products and do not take a “one brand for all” approach; they build and support Facebook pages and YouTube channels for their many credit card products. All the while, Chase maintains a strong marketing channel integration to capitalize on its Brand Marketing while creating a Service oriented channel on Twitter specifically to target Service content better to those who require it.
Key Observations Increased Marketing Efficiency/ROI
Chase segments their products into separate communities via Facebook and YouTube (Sapphire, Blue, Freedom). It’s easy for users to connect with the product they are using – making it extremely targeted and relevant.
Marketing Integration
Digital initiatives are supported via websites – their own and partner sites – as well as social channels (Facebook/YouTube). They have a strong social media presence that is well-integrated.
Programs
Chase Community Giving has its own Facebook page alone with almost 4MM fans and they continue to invest heavily in this program to continue its growth
40
4- Leader
3- Breaking Out
2 - Established a base
1 - Emerging
0- Not started/not applicable
Benchmarks Against Pillars Content
Programs/ Campaigns
ROI*
Channel Integration
Operations*
Whatever the goal and however itâ&#x20AC;&#x2122;s delivered, superior content it a must.
The best results come from long-term programs, as opposed to short-term campaigns
Efficiency and effectiveness generates ROI and adds to the bottom line
How well they are leveraging the paid, owned, earned model of converged media
Is the organization as a whole coming together in their marketing programs
16
16
0
18
7
Brand Marketing
Community/ Philanthropy Customer Service
Innovation/ Customer Participation Totals
57
*Harder to get visibility into this criteria. Assessed based on observation & anecdotal evidence (see ROI Slide 51-55)
41
Key Competitive Takeaways â&#x20AC;˘
Chase continues to invest in its largest social media effort Chase Community Giving (now with over 4MM fans). Evergreen content is community focused and they have multiple tabs that engage the community like the Charity Toolkit
â&#x20AC;˘
In addition, targeted Facebook & YouTube pages (Sapphire, Freedom, etc.) allow for more customized messaging and programs. Chase has also begun engaging more on these channels Like other competitors, Chase has created multiple Twitter accounts to try and target content better to those who want it and they focus the non-service handles to maintain better marketing program integration
â&#x20AC;˘
42
CHASE EXAMPLES
43
Chase Community Giving Facebook Facebook Page: facebook.com/ChaseCommunityGiving
Chase Community Giving is centered around their fans deciding which organizations get donations from the bank. This has been so successful that it has extended to a live event and broadcast on NBC on 12/8/12. People can vote and honor the deserving charities and organizations through a TAB on Facebook. TABS: Showcasing results of “Giving” program, a dedicated tab allows for more engagement and sharing (via FB/Twitter) after winners are chosen. There is also a “Charity Toolkit” tab & toolkit that educates charities on how to set up their own social media programs.
44
Chase Facebook Facebook Pages: facebook.com/chasefreedom facebook.com/chasesapphire facebook.com/inkfromchase facebook.com/chaseslate facebook.com/chaseblueprint
Chase Freedom and Chase Sapphire have grown the most since 2011, due to investment in apps/tabs including a sweepstakes Ink From Chase supports small businesses and focuses on Jot, its mobile app
Chase Sapphire is sponsoring two promotions In partnership with “Around the World in 80 Plates” TV show and Foodspotting: 1. As part of a Facebook app consumers can socially share and earn badges by tasting plates from restaurants around the world. 2. Catch the Points Guy Sweepstakes - Chase uses The Points Guy’s trips around the world as content on the page to drive engagement/conversions.
45
Chase Twitter, YouTube, LinkedIN Twitter Page: twitter.com/ChaseSupport
Chase has three Twitter handles. Their main handle is used as customer support and to reply to customers. They also maintain a handle for Community Giving efforts which has more followers than the main handle LinkedIn: linkedin.com/company/chase-bank YouTube Channels: youtube.com/user/chasesapphire youtube.com/user/chaseblueprint youtube.com/user/chasefreedom youtube.com/user/inkfromchase youtube.com/user/chasecommunitygiving Chase has 5 YouTube channels to support its products and integrate with marketing programs. Freedom has the most views (>100K) driven largely by popularity of spokesperson and TV. Sapphire publishes lifestyle videos and other promotions that support sweeps and other social programs.
Chase exists on LinkedIn as JP Morgan Chase and is primarily for recruitment. However, they’ve filled out and maintain their “Services” tab on LinkedIn with links and information to target both B2B and B2C customers 46
Chase Competitor Summary
Likes: 4,643,029 Page Created: August 2010 Began Posting: 08/27/2010
Likes: 20,601 Page Created: 6/3/2010 Began Posting: 4/13/2011
Followers: 30,666
Followers: 2,596
Totals: 190, 535 views N/A
Followers: 209,989 N/A
369 Subscribers
Employees: 137,486
Followers: 9,952
6 Channel Subscribers N/A
N/A 3,325 Video Views
N/A
Employees: 7,239
N/A
47
SUMMARY
48
Opportunities For Citizens Based on competitive landscape and assessment of their digital/social marketing efforts, below are some considerations for Citizens Bank’s social media program. •Strategic Areas of Exploration (Non-threatening) • • •
Develop a complete digital ecosystem in support of major social programs to ensure they are well crosspromoted and integrated like Chase’s Community Giving Program, a best-in-class example Increase marketing efficiency and soft ROI by segmenting programs to like target markets like Chase has done with its Sapphire/Freedom/etc. products or PNC with its Virtual Wallet for Students social pages Take advantage of real-time marketing and you will get rewarded for it. Consumer-centric approach like community efforts and relief aid will get you more eyeballs like in the case of Bank of America’s Support Our Troops efforts
•Paid/Owned/Earned • •
Investing in paid media can help to grow Facebook channels like PNC Bank to gain critical mass of followers that Citizens does not have yet Organic growth and earned media is also important to note, as banks like TD Bank focuses its efforts around creating conversations around strong visual content. Median statistic of shares to views is 9:1 (Source: Constant Contact)
49
What does it mean for Citizens? (cont.) Based on competitive landscape and assessment of their digital/social marketing efforts, below are some considerations for Citizens Bank’s social media program. •Content/Engagement • • • • •
Investing in games/sweepstakes/apps to drive awareness and engagement Set aside budget for photography/rich media to enhance Facebook Timeline/Twitter header Promoting a diversity of content types and categories: community, products/business lines, customer service, holidays, polls, videos, etc. Include more video content, which can live on YouTube and be integrated across channels TD Bank consistently reaches out to customers proactively on Twitter by searching keywords likely by employing a listening tool Radian6 in the past year
•Infrastructure/Platform Expansion • • •
Claiming urls, brand names, handles, etc. on emerging platforms like Google+ and Pinterest. Bank of America to be poised to be on par with other financial services competitors Consider content platforms & partnerships like Wells Fargo has done with OfferPop to help build and distribute content/infrastructure for marketing programs to live off of Mobilize everything possible like PNC’s Virtual Wallet which is a mobile app in addition to on Facebook/Twitter to help with competitor conquesting and hyper-local targeting
50
ROI
51
About ROI Although it is hard to find the specifics of ROI for these competitorsâ&#x20AC;&#x2122; social media efforts, we know that ROI is an important measure of performance. Other industries have been able to assess their ROI and the following examples and empirical evidence suggest ROI from digital/social activations.
52
Social ROI example: Etrade Slashes Ad Budget but Digital Drives ROI Leverage Paid Interactions
TV Online Search
PAID Interactions
OWNED Interactions
YouTube Facebook Twitter
Etrade used its digital and social challenges to support their Superbowl TV ad push. According to CMO “Online is a critical piece of our marketing mix....over 40% of our marketing spend is online.” In general,17% of people who use social media have purchased a financial services product through content seen on social channels.*
Grow Owned Interactions EARNED Interaction s • TV ad appeared on social channels (Facebook, Twitter, YouTube) • 3 million YouTube views of outtakes • 2 million combined YouTube views of the “Wings” and “401(k)” spots in the week following • 5,000% increase YOY in visits to the E*Trade TV Webpage with an average of 4.8 minutes spent viewing the page.
In terms of what Etrade calls “soft” ROI metrics, they saw a 1,000 increase in searches for ETrade on YouTube from one hour before the game through the middle of the broadcast. Integratied all owned channels together during promotions – TV, email, website, social, etc. to reach customer at all touch points with messaging. Etrade saw an 86% increase in unique prospect visitors to etrade.com in the week following the game, and a 19% increase in online brokerage applications the week after the game
Facilitate Earned Interactions Content from paid and owned interactions from Etrade’s efforts built organic growth, conversions and engagement. See stats to the left. In general, of users who talk about purchases on social channels, 66% talk about financial service purchases.* People trust other people more than they trust you •90% of consumers online trust recommendations from people they know • 70% trust opinions of unknown users
Case study: eMarketer.: " E*TRADE Slashes Ad Budget, But Digital Drives ROI “Feburary 2009. *Source: ROI Research Inc., "S-Net: A Study in Social Media Usage & Behavior" sponsored by Performics, Aug 2011. 53
Case Studies Case study: “E*TRADE Slashes Ad Budget, But Digital Drives ROI.“ eMarketer.. Case Study: “Online eyewear company sees a 3X increase in conversions for its first-pair-free promotion after running an Offer on Facebook and supporting it with Facebook Ads.” http://www.facebook-studio.com/fbassets/media/5315/Coastal_CaseStudy.pdf Case study: “ASOS online retailer see 131 percent uplift in purchase behavior on the ASOS website in the four weeks following ad exposure.” http://www.comscoredatamine.com/2012/07/asos-experiences-the-facebook-effect/ Case Study: “Florida Blue Drives 5X Increase in Daily Brand Mentions” Twitter. https://business.twitter.com/en/optimize/case-studies/floridablue/ Case Study: “Coke’s Polar Bowl Drives Second-Screen Engagement” eMarketer. 25 September 2012 Gaudio, Micah: “Facebook Small Business Case Studies – Sweet Frog Premium Frozen Yogurt” Facebook Case Studies Spotlight: “Jackson Hewitt Boosts Engagement with Facebook Marketplace Ads” eMarketer. 22 June 2012 54
Additional Resources and Reading Eilliot, Nate: ‘The ROI of Social Marketing” Forrester. 20 June 2012 Petouhoff, Natalie L., PhD: “Adding Social Media To Customer Service Initiatives Can Break Down Barriers To Change” Forrester. 11 February 2010 Petrock, Victoria: “The US Financial Services Industry: Digital Ad Spending Forecast and Key Trends” eMarketer. April 2012 Petrock, Victoria: “Social Media for Industries Assessing Opportunities in Automotive, Travel, Financial Services and Pharmaceuticals” eMarketer. January 2012 Tavilla, Elisa: “Banking Online: Multichannel Engagement Deepens Customer Loyalty” eMarketer. March 2011
**ARTICLES ARE INCLUDED IN SEPARATE ZIP FILE**
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