Dan Marks and his team place a huge value in being able to measure the ROI of their marketing. In the evolution of the use of social media in financial services, Dan sees that right now they should just experiment a bit; try new tactics, growing follower counts and listening a lot. As they find what works and doesn’t however, Dan predicts that as they can put the ROI model around their efforts and see the results, they will likely make larger investments. Right now they are looking at how or if a Facebook ad might increase / improve click through for search marketing.
FTB has also seen some ‘cross pollination’ between social and traditional too. In one effort, FTB leveraged unsolicited online testimonials to build proof points in traditional print ads. In the ads they turned it around and invited other customers into the online conversation. While sometimes hard to hear, they also took in the less positive comments and recognized that they served a useful purpose on what they need to be paying attention to in terms of operations or service.
The key tactics Dan and his team focused on initially include an approach that acknowledges the difference in a long-term, ‘let’s-plan-this-out-to-forever’ vs. a more nimble, agile approach that allows experimentation and testing to see what works best. Dan and his team acknowledge that the thought of the potential for failures is behind their experimental approach, it suites the organization and the financial services industry at large.
Dan tells us that they need to understand the customer and approach them with messages that are appropriate and as they find the places where the social marketing connects to traditional marketing, they will tend to act more prudently. They’ve learned that if a post on a Facebook exhibits unintended consequences, they have the ability to react more quickly, likewise, when they uncover social elements that work well, they can be leveraged up and expanded to better connect with the consumer just as fast.
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