What's Your Social Media Strategy

SOCIAL MEDIA STRATEGIES +HOW YOURBANK FITS IN by: victor tang/@picktang/www.tangmac.com sources: harvard business review 2011 & emarketer.com 2011 A global bank executive recently described to us a challenge for our times. It turns out that a customer who normally would qualify for the lowest level of service has an impressive 100,000 followers on Twitter. The bank isn't doing much yet with social media and has no formula for adapting it to particular customers, but the executive still wondered whether the customer's "influence" might merit special treatment. harvard business review, 2011 TOP 5 BANKS WORLDWIDE BY TWITTER FFOLLOWERS PREFERRED METHOD OF PAYING BILLS CANADA (BY %) INTERNET 18,922 Followers PAD 246,334 Followers BRANCH American Express Bank of America TELEPHONE Chase USAA OTHER ING Direct ONLINE ACTIVITIES OF INTERNET USERS 2010, BY % RESPONDENTS IN CANADA SHOPPING BANKING 68% GAMING BLOGGING 33% EMAILING 93% 75% 19% TOP 5 BANKS WORLDWIDE BY FACEBOOK LIKES 2.9 MILLION LIKES Chase 2.4 MILLION LIKES American Express 930 THOUSAND LIKES Barclays 600 THOUSAND LIKES RBS 540 THOUSAND LIKES Akbank PREDICTIVE PRACTITIONER 6 This approach confines usage to a specific area, such as customer service. It works well for businesses seeking to avoid uncertainty and to deliver results that can be measured with éstablished tools. CREATIVE EXPERIMENTER 6( Companies taking this approach embrace uncertainty, using smali-scale tests to find ways to improve discrete functions and pracțices. They aim to learn by listening to customers and employees on platforms such'as Twitter and Facebook. Sometimes they use proprietary technologies to conduct internal tests. SOCIAL MEDIA CHAMPION 6( This involves large initiatives designed for predictable results. It may depend on close collaboration across multiple functions and levels and include external parties. 1I SOCIAL MEDIA TRANSFORMER 66 This approach enables large-scale interacțions that extend to external stakeholders, allowing companies to use the unexpected to improve the way they do business. by: victor tang/ @picktang/www.tangmac.com sources: harvard business review 2011 & emarketer.com 2011