Is Financial Services Industry really Social?

By Alex Romanovich

October 13th, 2009

Alex Romanovich is the Founder and CMO of Social2B

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According to ENGAGEMENTdb’s recent “Ranking the Top 100 Global Brands” report on how deeply global brands are engaged in Social Marketing, big financial companies are not as much socially engaged as media, retail or technology companies of the same ranking.

However, it does not mean that a financial brand cannot “socialize” itself. On the contrary, it shows that the financial services industry, often too closed, hindered by government regulations and by somewhat “conservative culture”, is getting more and more open to “socialization”.

According to the same ENGAGEMENTdb’s report, even such giant conglomerates as Visa, ING, American Express, UBS, JP Morgan are, if not very active, are still quite responsive to the today’s demand of being social. Being most commonly engaged in six or fewer social channels, and having below-average engagement scores (as estimated by ENGAGEMENTdb), they have already started integrating social media into their marketing and customer communication strategy.

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Popularity: 15% [?]

A Corporate Social Media Policy: Do You Really Need One?

By Kent Huffman

August 22nd, 2009

Kent Huffman is the CMO at BearCom Wireless.

You can follow him on Twitter at www.Twitter.com/KentHuffman

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The explosive growth of Twitter, LinkedIn, Facebook, MySpace, and a host of other social networking tools has led to some significant opportunities for companies to promote their products and services in the Web 2.0 world. But it has led to some significant risks as well.

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By definition, social media content is created by its users. Therefore, the content is not directly controlled by your company as it would be in the case of your official corporate marketing materials (Web site, collateral pieces, advertisements, etc.). Therein lies the potential risk. One way to help safeguard your organization is to publish an official corporate social media policy for your employees. read more

Popularity: 47% [?]

Seven Steps to Creating a B2B Community on Twitter (cont’d) – Greenlight360 Case Study

By Kent Huffman.

July 24th, 2009

Kent Huffman is the CMO at BearCom Wireless. You can follow him on Twitter at www.Twitter.com/KentHuffman

The Company

Greenlight360 describes itself as an “Internet television network” that will produce and air original episodic Internet TV and films. The startup is based in Boston and intends to provide a platform for emerging talent to gain exposure and monetize their art while providing great original television programming to their viewing audiences.

You may want to think of Greenlight360 as the next HBO or Showtime . . . but online.

The Challenge

With most startups, one of the main obstacles to success is the lack of brand awareness. Greenlight360 was no different.

Since it was to be primarily an online operation, Greenlight360 executives needed to create a buzz on the Internet. And they wanted to do it quickly. So they decided to focus on several hot social media platforms, including Twitter.

The Solution

Marci Reynolds, COO and VP of Sales & Marketing at Greenlight360, developed a carefully planned strategy to build a quality following on Twitter. Her approach began with creating “buyer personas”—detailed profiles of the targeted users—in order to accurately define the types of followers that Greenlight360 wanted to attract. Keeping those personas in mind, Reynolds identified a number of tweeters (using various tools such as TweepSearch.com, Twellow.com, and HootSuite.com), followed them, and read their tweets for several days.

She then began tweeting about topics that would be of interest to those same people, including publishing a variety of content written specifically for them. In addition to quality, relevant tweets, Reynolds ensured the content was sent on a regular basis: approximately 5-7 tweets each day. She also sent tweets at times where they would receive the most exposure, such as the coveted lunchtime slot: 11:00 a.m.-1:00 p.m.

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Popularity: 38% [?]

Social Media Marketing – Back to Basics.

I was recently asked – what is Social Media Marketing and Viral Marketing? How do I get started?

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I think it is important to start with basics, since there is a lot of ’sophisticated Internet advice out there’ and everyone these days is a social media ‘expert’. As a B2B marketer of many years, founder of Social2B, and a member of The CMO Club, I have the privilege of reviewing Social Media ‘case studies’ all day long – there are numerous successes and numerous failures.

This may sound very basic, but it works every time.

First, decide on your target audience, and match the product or a service to it. Most importantly, you have to decide what type of content value-add you are going to provide – without compelling content, you are D.O.A. That’s your biggest investment.

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Popularity: 54% [?]

Can Social Media Marketing be Outsourced? Again?

By Alex Romanovich

May 17th, 2009

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Oh no! I don’t want to scare you – this is not yet another post about whether Social Media Marketing (SMM) can be outsourced or not. Instead, it is a brief decomposition of what exactly I think can be, or cannot be, outsourced. Later on, I also provide a few examples of tools and techniques, which can be used to guide yourself into the world of Social Media.  First, let me say – Social Media Marketing, like any other service, can be decomposed, broken into smaller tasks, and yes, outsourced. Let’s also agree that, in reality, outsourcing, is not about ’shipping jobs overseas’, but rather a fairly old process of off-loading a set of processes and tasks to a qualified professional, hopefully with knowledge of the subject matter.  Secondly, if we were to break Social Media Marketing into components, tasks and functions, we could come up with a very long and interesting list, similar to this one:

  • Social Media Marketing Strategy
  • Social Media Marketing Blueprint or Action Plan
  • Social Media Channel Strategy (Facebook, LinkedIn, Twitter, Vimeo, YouTube or a slightly different combination of the previously mentioned social media channels)
  • Online Reputation Management, or set of reputation and brand related tools and services
  • Social Media Profile Creation, Integration, and Management (Maintenance) – most of us know how to set up Twitter and Facebook accounts, but some of us don’t like to do it
  • Blog creation, marketing, and optimization
  • Online video marketing (video blogs included)
  • Blog and Twitter (’listening devices’) data collection, analysis, interpretation
  • Action, related to ‘what to do next’ in the terms of marketing or communications response or maintenance
  • Data mining and text analytics
  • Search Engine Marketing (SEM)
  • Copywriting and Creative Writing

…and many other tasks and functions that we can list above.

In reality, depending on how, when and what you are trying to achieve with Social Media Marketing, an organization can decide whether to outsource any of  it or not. Certainly, if you are going to blog about the aviation industry, you would have to know something about it. Or if you are developing a strategy for small and medium size retailers, who are looking for ways to survive,  and potentially grow, you’d better know something about catalog management and eCommerce.

Truthfully, organizations need to decide what they can do internally, and what could be outsourced, out-tasked, crowdsourced, and ‘expert-sourced’.  Social Media Marketing opens a number of opportunities for improvement if companies honestly assess their capabilities and admit their weaknesses, one of which could be their inability to manage projects successfully, or political undertones of their operations, blocking progress.

In the end, Social Media Marketing is a ‘recombinant set of tools and services’, capable of assembling and disassembling upon need, to deliver tangible results – measured, tracked, and explained. Once the results are well understood by the marketing organization, changes, tweaks, and enhancement can be made. Most importantly, whether you outsource any of the above functions or keep it tightly interwoven within your marketing and technology organizations, one thing is absolutely clear – you,  as an organization, need to dedicate yourself to a long term Social Media Marketing strategy and execution. Don’t let anyone tell you otherwise.

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Popularity: 48% [?]