How Financial Services Companies Use Social Media to Attract, Engage, & Serve Customers

Presented by Joel Book, ExactTarget & Bianca Buckridee, SunTrust Bank

August 25, 2011

Welcome!

Bianca BuckrideeAVP, Social Media EngagementSunTrust Bank

Joel BookPrincipal, Research & EducationExactTarget

About ExactTarget• A leading global provider of on-demand software solutions for interactive marketing and customer service. •Key financial services clients include:

• Farmers Insurance• Nationwide Insurance• Genworth Financial• Liberty Mutual• Bank of America• Ally Bank• SunTrust Bank

• ExactTarget’s Interactive Marketing Hub™ technology enables organizations to connect with customers via email, inbound and outbound text messaging, landing pages and social media.

• With assets of $172.2 billion, SunTrust Banks, Inc. is one of the nation’s leading financial services holding companies.• SunTrust Bank provides deposit, credit trust and investment services to a broad range of retail, business and institutional clients. • 29,000 SunTrust Bank team members in 1,661 retail branches serve clients in FL, GA, TN, NC, SC, MD, VA and the District of Columbia.

About SunTrust Bank

I’m learning how to use Social Media for Fin Svcsfrom @SunTrust & @ExactTarget - #LLGSocial

Join the Conversation!

Joel Book: @JoelBookExactTarget: @ExactTarget

Bianca Buckridee: @blatantlybiancaSunTrust: @SunTrust

Event: #LLGSocial

Media [R]evolution

2011

Mobile EmailSMS + MMSIM EmailFaxDirect MailTelephone

TVRadioPrintDisplayWebsiteSearchOnline DisplayPaid SearchLanding PagesMicrositesOnline VideoAffiliate MarketingWebinarsBlogsRSSPodcastsWikisSocial NetworksMobile WebBehavioralSocial Media AdsVirtual WorldsAppsQR Codes

1990s

IMEmailFaxDirect MailTelephone

TVRadioPrintDisplayWebsiteSearchOnline Display

1999

IMEmailFaxDirect MailTelephone

TVRadioPrintDisplayWebsiteSearchOnline DisplayPaid SearchLanding PagesMicrositesOnline VideoWebinarsAffiliate Marketing

2000s

Mobile EmailSMSIMEmailFaxDirect MailTelephone

TVRadioPrintDisplayWebsiteSearchOnline DisplayPaid SearchLanding PagesMicrositesOnline VideoAffiliate MarketingWebinarsBlogsRSSPodcastsWikisSocial NetworksMobile Web

<1990

FaxDirect MailTelephone

TVRadioPrintDisplay

72% of marketers have increased spending on digital marketing.

More Budget for Digital Marketing

Source: The DMA“Digital Marketing Practices in the U.S. and Canada: Navigating the Digital Labyrinth”Research conducted by Ipsos Reid Marketing, and the Canadian Marketing Association (CMA)February, 2011

• Increases Brand Awareness• Serves Existing Customers• Attracts New Customers

Social Media UsersFacebook: 750M Worldwide(1) / 225M U.S.(1)

Twitter: 200M Worldwide(2) / 20M U.S.(2)

LinkedIn: 100M Worldwide(3) / 44M U.S.(3)

YouTube: 2B Views/Day; Avg. View: 15 Min.(4)

Sources: (1) Facebook (2) Twitter (3) LinkedIn, (4) YouTube

Social Networks Pack Plenty of Influence

US marketers will spend $3.08 billion to advertise on social networking sites in 2011.Source: eMarketer, Jan. 2011

Customers are Defining Your Brand

Your Brand Advocates

have become

Your Best Marketers

To Monetize Social Media, Convert Fans & Followers to Email Subscribers

Fans & Followers are Good. Customers are Better.

Conversion Metrics

75% of social media users say email is the best way for companies to communicate with them.

MarketingSherpa, 2010

• Aids the Buying Process• Improves Product Experience• Maximizes Retention

GENWORTH USES EMAIL TO KEEP LIFE INSURANCE

BROKERS AND AGENTS INFORMED

PERSONALIZED EMAIL DELIVERS HIGHER SALES FOR GENWORTH FINANCIAL

•Weekly Bulletin sent to agents on behalf of Genworth Financial Wealth Management consultant

•Allows for content personalization while maintaining corporate brand and compliance standards

•Personalized email produces a 7-10% higher open rate vsnon-personalized email

“Not only does email usage remain a prime activity among internet users of all ages, it allows marketers to contact their target audience with timing and personalized details that social sites cannot match.”

David Hallerman, Principal Analyst – eMarketerAuthor: 10 Best Practices for Email Marketing

Email is #1 for Delivering Personalized Information

93% of online consumers are email subscribers

The Customer Life Cycle

Brand Advocate

Once a person gives you permission . . . • Email aids the buying process.• Email drives repeat purchase, referrals.• Email keeps customers connected and informed.

Business Getting Business Keeping

Email Keeps Customers Engaged

Product Inquiry

Product Evaluation

Product Purchase

Product Usage

Repurchase/Renewal

Email Enhances the Customer Experience

“Those who buy products marketed through email spend 138% more than non-readers of email.” Source: Forrester Research

“E-Mail Marketing Comes of Age.”

Brands Betting Big on Social, Email, Content Marketing

About the data: Findings are from a survey of 520 strategic marketers across businesses (57%) and agencies (31%), conducted by Bizo Strategic Marketing during the week of August 8, 2011.

Bianca BuckrideeAVP, Social Media EngagementSunTrust Bank

The Socialnomics of Social Media

28

LinkedIn

29

The Business of Social Media

30

48% of consumers combine social media and search engines in their

buying process (GroupM)In 2009, social gamers bought $2.2 billion in virtual goods.

This is predicted to increase to $6 billion by 2013.

(NPD Group)

~140 Million Tweets are sent each day (Twitter)

73% of the US internet population

visits Facebook each month

46 million Americans check their

social media profiles daily

96 % of Americans use Facebook

Role of Social Media at SunTrust

Meet consumers where they are Humanize

the brand

Integrate Products &

Services

Extend our reachInteract

Build loyalty

Your brand isn't what you say it is - it's what people tell their friends it is.

Social Media Channels

32

DialogueLive Solid Facebook

Live Solid Twitter

InformationSunTrust Facebook

SunTrust Twitter

Bank Statements

ServiceSunTrust Facebook

@askSunTrust Twitter

Bank Statements Blog

33

Conversations Apps

Polls Contests

Live Solid Facebook

Live Solid Fans & Followers

34

We have 15,740+ fans on Live Solid Facebook and 1,500+ followers on Twitter

We have 3,720 fans on SunTrust Facebook and 3,011 followers on Twitter

SunTrust has nearly 24,000 fans and followers across all

of our FB and Twitter channels, which is more

than most competitors in the industry!

Financial Service Brand

Facebook Fans (Likes)

Mint (founded ‘07) 118,019

Visa Signature 178,100

ING Direct 49,452

Vanguard 20,946

TheStreet.com 18,684

Live Solid 15,741

Charles Schwab 14,486

Wells Fargo 10,531

SunTrust 3,718

Regions 2,141

Wachovia 1,730

Live Solid Dialogue

35

Daily discussion topics and posts

fueled by the brand average 60,000+ impressions/day

• Live Solid Tips, distributed each day, garner the most retweets and “Likes”

• Fans have shared that they like the simple, actionable advice the tips provide

Top Trending Discussion Topics:

Buying a carSetting a budgetGetting out of debtPlanning for the futureMaintaining a Healthy Lifestyle

Fan Demographics

29% of fan base is 35-4477% female | 21% maleTop 5 Cities: Atlanta, Nashville,

Tampa, Washington, D.C. and Livingston

Live Solid Facebook Demographics

36

YTD Facebook Insights Report: pulled 8/5/11

SunTrust Enters The Conversation…

37

@askSunTrust

38

- Officially launched 10/13/09- Currently at 1,832 followers and Klout Score 56

Primary service channel of all ST social channels

- Staffed response team in STOLI, 4 and counting…- Process: Identification/Evaluation of clients key

Simple engagement and empathy can defuse a situation that can result in viral negative publicity and associated costs.

Monitoring & Engagement: CoTweet

39

CoTweet Searchpad

40

How Our Clients Use Twitter

41

Identify Issues Compliment Service Share Info | Ask ?s

How Our Clients Use Facebook

42

Third Party Recognition

43

SunTrust’s social media program has been featured in:

• Advertising Age

• U.S. News

• Bank Technology News

• American Banker

• Bank Investment Consultant

• Industry conferences including: BAI, BAFT-IFSA, LIMRA, Connections, Cloudforce and Dreamforce

What Works AND What Doesn’t…

44

What Works…

Decide Who You Want To BeStrategy: service or marketing?Tone: honest, empathetic, witty

ConversationKnow when to joinKnow when to escalateKnow when to ignoreEstablish community guidelines

Response StrategyMap out crisis scenariosAlign stakeholders

What Doesn’t Work…

Decide Who You Want To BeRobotic responsesRetreat when under attack

ConversationIgnoring direct feedbackIgnoring issues that require immediate addressing

Response StrategyTaking comments personally…Not having a plan

Brand Awareness & Prospects

45

Source: Forrester Research - April 2009 “Campaign Management Needs A Reboot”

Outbound+Inbound Integration = Effective Marketing

Cross-Channel Marketing

Data Acquisition / Database Updating

Product /ServiceNeeds, Interests

CampaignResponse History

Analytics and Model Scores

Products Purchased

CustomerDemographics

Customers & Prospects

Database Management

Segmentation and Program Planning

ProspectiveCustomers

Iden

tify

Customers with Specific Needs

Offer

InformationSele

ct

Timing

Channels

Det

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Offline

Online

Offline

Campaign Planning and Production

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Segment A• Offer/ Message• Channel• Timing

Segment C• Offer/ Message• Channel• Timing

Segment B

• Offer/ Message• Channel• Timing

Lead

Qua

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Man

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Customer Interaction Tracking and Reporting

Interactive Marketing Hub™ from ExactTarget

Thank You!

Bianca BuckrideeAVP, Social Media EngagementSunTrust Bank

Joel BookPrincipal, Research & EducationExactTarget

jbook@exacttarget.com@JoelBookhttp://www.linkedin.com/in/joelbook

Bianca.Buckridee@suntrust.com@blatantlybiancahttp://www.linkedin.com/in/biancabuckridee