Social Media Success on a Shoestring Budget

© 2015 BancVue. All rights reserved. Not for distribution.

Success on a Shoestring •  With Special Guest:

–  Ray Rahma3 – Market Director/Social Business Consultant at Spredfast

•  Goals: –  Discover the challenges financial ins3tu3ons face on social media –  Define what elements of social are absolutely necessary for success –  Deliver ac3onable items to shape your financial ins3tu3on’s social

media strategy and increase efficiency

© 2015 BancVue. All rights reserved. Not for distribution. #BankOnSocial


Divider Slide Option 1

“Social is no longer a “part-‐3me job.” It requires 3me and aPen3on, which can be a challenge for resource-‐strapped banks. So the biggest

challenge I’ve seen, is how to create great social experiences, with limited

resources. #BankOnSocial

@Ray_Rahmati



“Focusing on sales-‐pitch messages rather than rela3onship building.

#BankOnSocial”

@mosamarketing

“I see banks get trapped in transac3onal thinking when

they should always be focused on building a rela3onship

#BankOnSocial" @Ray_Rahmati


“But the biggest mistake is geUng hamstrung by

#compliance. Be mindful of the regula3ons but don’t let them

s3fle #BankOnSocial”

@Ray_Rahmati



“Latest industry data that I’ve seen, shows that most

companies allocate a minimum of 10% of marke3ng budget on

social #BankonSocial” @Ray_Rahmati

“An allotment for paid advg because organic reach (esp FB) is low. Don’t think of social

media as “free.” #BankOnSocial”

@gurufox



“Say no the “me complex.” Tell your story while focusing on others #BankOnSocial”

@mosamarketing



“1. goals 2. choose your channels 3. research market 4. content calendar (or something

like that) �#BankOnSocial”

@oliviawood_610

“You need to ask the tough ques3ons. And that starts with ”what is the business challenge we MUST solve as a bank?”

#BankOnSocial" @Ray_Rahmati


“Also ask if you’re internally suppor3ng the message

you project on #socialmedia. To work they must match #BankonSocial”

@mosamarketing



“COMPLIANCE! Also, the rest of the marke3ng team so

everything works as a unified well-‐oiled unit. #BankOnSocial”

@FredCntyBank

“Solid point. Sit down with compliance EARLY AND OFTEN to discuss and set guardrails.

#BankOnSocial"

@Ray_Rahmati



“Get your approvals ahead of 3me! Don’t wait un3l you want to post to have it approved.

#BankOnSocial”

@oliviawood_610

“Yes! A content cal. with a mix of evergreen & real 3me content. Compliance can

approve way ahead #BankOnSocial"

@HelenLawr


“It’s about quality, not quan3ty. Don’t set goal to

post 7x a week. Aim for a few quality posts that will provide

value #BankOnSocial”

@Ray_Rahmati



“Don’t focus so hard on the conversion and the transac3on. Focus more on building the

rela3onship. Then the sale will come �#BankOnSocial”

@Ray_Rahmati

“Every rela3onship takes 3me to build. Use social to create lots of touch points to build

those rela3onship �#BankOnSocial”

@Alukomnik



“For us its par3cipa3on, we are a small org. so if our employees

are excited we are doing something right �#bankonsocial”

@oliviawood_610

“Average response 3me and response rate. Set benchmarks, look at the data olen so you can measure increases in efficiency �#BankOnSocial”

@Ray_Rahmati


BONUS QUESTION

What can an FI do to provide value when they don't feel they have any

content?


“Show them what your compe3tors are doing. Show leadership the convos your

customers are having in social WITHOUT YOU �#bankonsocial”

@Ray_Rahmati

“Exhibit your community events and staff. Easy place to start. �#bankonsocial”

@FredCntyBank


“One easy trick is to take photos and do two minute

interviews (talk to compliance about them of course) �#bankonsocial”

@Alukomnik

Key Takeaways •  The biggest challenge for community ins3tu3ons is to create engaging

content with limited resources •  Sales pitch pos3ng ≠ engaging content. Build rela3onships!

–  Social media cannot be thought of as transac3onal –  Tell your story while focusing on others

•  You should allocate marke3ng dollars for your social media efforts –  Most companies these days allocate 10% of their budgets towards social

•  Define the problem you MUST solve as a business and build your social strategy around that

•  Get support from higher ups –  If encountering resistance show the conversa3ons happening without you OR what

your compe33on is doing

•  Sit down with your compliance team EARLY & OFTEN! –  Set as many general guidelines ahead of 3me so you can stay as real-‐3me as possible

•  Quality > quan3ty always –  Create a content calendar ahead of 3me to get approvals early

•  Set benchmarks for your success & 3e it back to your business goals © 2015 BancVue. All rights reserved. Not for distribution. #BankOnSocial

© 2015 BancVue. All rights reserved. Not for distribution.

#bankonsocial

Thank you