May 9, 2012 § Leave a comment
May 9, 2012 Large-scale social and digital initiatives are becoming a standard part of future-focused programs at today’s leading financial institutions. In talking with peers, vendor partners, and those within the financial services industry…this much is becoming clear and it will have big implications for the next 5 year. Here are several of the areas of focus for these programs:
- Social Media is slowly, but surely, transitioning from a marketing and campaign vehicle to a set of technologies and capabilities transforming sales and distribution, customer service, market research, and future product development. Today, large insurance and wealth management firms are reporting that top performers all leverage social channels as a significant portion or their lead generation success. Social customer service is becoming a standard element, but not one operated very efficiently. Market research and innovation teams are realizing success from mining social data and open innovation, but not maximizing its potential. All of this is just the tip of the iceberg and it is now time to start the hard work. « Read the rest of this entry »
May 2, 2012 § Leave a comment
4.30.12 During SXSW 2010, Jeremiah Owyang of the Altimeter Group discussed a challenge managing social interactions for businesses – scale. At that time, I nodded by head, but I was not entirely on board. Here we are in 2012 and I think those words make more sense to me now.
Going back again, the entire panel Jeremiah was speaking with disagreed. Partly because they were all responsible for running some aspect of social media for their firms and were keeping their heads above water (using some technology and small teams). 2010 was also the time of boundless social optimism and this was basically a negative thought. I mean…how dare we speak badly against the new wave of all consuming communication and change. « Read the rest of this entry »
March 23, 2012 § Leave a comment
3.22.12 Today, for the first time, I noticed Google+ integrating much deeper into the Google search experience. Backing up, the first level of integration included a small area above the search results pointing out connections with a search query to people or pages within an individual’s Google+. Nothing too crazy, but a subtle reminder that the people or pages you follow might have some relevance to your search.
However, Google is now taking it the next level:
In the image above (double click to enlarge if difficult to see), Google is bringing in results from all peoples and pages. Also, note the prominence of its location. It sits right next to the top 3 sponsored results and above the right hand column of sponsored ads. Furthermore, the Google+ results are much more visually compelling. What does this all mean? Here are a couple of thoughts: « Read the rest of this entry »
March 20, 2012 § Leave a comment
March 20. 2011. After taking a couple of days to recover from the craziness that is SXSW, I am finally getting some thoughts down on the experience. As a starter, I watned to talk about two of the keynote session I was able to attend:
Individually each keynote brought an interesting perspective on how today’s digital consumer drives change. From Billy’s perspective, the change was not all positive. For example, musicians and labels are struggling to find a business model that works despite the fact that people still love music. Furthermore, social networks and other digital interactions (i.e. ratings and reviews, blogs, etc) provide more opportunity for artists to be criticized. As it relates to Smashing Pumpkins, this has given Billy reason to think hard about what happens in his live concerts. « Read the rest of this entry »
February 29, 2012 § Leave a comment
February 29, 2012. With just over a week to go before making the interactive pilgrimage to Austin for SXSW I am very pleased that I have a rough schedule in place. What I learned from my last experience is the importance of a plan and to have multiple options for each time slot. Often events are too packed to get in or simply too far away to make it in time.
I am excited to attend events on the use of marketing data, customer experience, responsive design, social media, and more. I am also excited that one of the after parties has Miike Snow playing live.
For anyone that is planning on attending, here is where you can find me. I will also be posting updates here and on Twitter (@newcomer).
Sunday, March 11
December 14, 2011 § Leave a comment
December 14, 2011 Over the last couple of months Dachis Group has been busy launching the Social Business Index. Obviously many more months went into its conception and development, but essentially the Social Business Index aggregates terabytes of data about organizations and their brand’s social presence from a variety of social signals that can be picked up (i.e. employees on social networks, how the market is talking about a brand, how many brands have presence on social networks, etc). For a quick peek see below:
What is significant about this is that it covers more than 25,000 companies and more than 25,000 brands. That alone is incredibly impressive. More so is that the index is refreshed with new data every 15 minutes. It is built on Big Data technology, complex analytics, a custom scoring algorithm, and includes a tool kit for companies that are tracked to communicate internally about their social presence.
November 16, 2011 § 1 Comment
November 16, 2011. For the last couple of months, I have spent a lot of time thinking about the role of social media in wealth management, especially in firms that go-to-market with an advisor-led business model.
Here is the skinny, exploration and experimentation are the words of the day and most firms fit squarely into one bucket or the other. Here is how I think of them:
- Social Exploration: This is more of less the term being used for “we are looking at it.” This also typically means that corporate marketing is playing around with social networks like Facebook and Twitter as a PR channel and a few folks are trying to figure out what might be involved with enabling advisors (and meeting resistance – budget, priorities, loose business case, etc).
- Social Experimentation: This can be characterized as limited pilots – both in terms of the amount of advisors able to use social channels, scope of use, and incorporation within the overall business. Some firms are moving past initial experimentation into broader experimentation, which means advisors outside of the pilot group, but I would still call this experimentation. Experimenters are also using some forms of social within the firm as well.
The next bucket is Social at Scale and I don’t know of any single firm that can claim this (if you do…please tell me). This next bucket pushes social media into the DNA of the firm. It allows social media touch points and techniques to be considered part of the relationship process versus a fringe activity. It becomes a standard communication media, a source of insight, inputs into CRM, a part of meaningful relationship building, and most simply – a set of activities that allow advisors to do their job. This will not happen overnight, but that is what the vision should be.
So I skipped over insight from the BDI event, but if you read my words above you get a sense of what I walked away thinking. Also, I would like to give a shout out to:
- Greg Weiss (AVP for Social Media at New York Like): Outstanding job talking about social media in life insurance. Your words were inspirational and I would bet that you achieve scale faster than most for New York Life. You can follow a heavy hitter any day.
- Frank Eliason (SVP of Social Media at Citibank): As usual, Frank tells a compelling story based on his experience. Thanks for giving everyone your candid thoughts and a reminder – social media does not fix problems, but can help…if a firm has the courage to act. Thanks also for words and not slides.
- Nathan Bricklin (SVP and Head of Social Strategy – Wells Fargo): First of all, Nathan’s entire presentation was driven from his own comments in Twitter. Each comment he made in Twitter was a result of an article or thought that led his team to some success or insight that would lead to action. In addition to providing practical advice…Nathan helped us see the world though his eyes and not his PowerPoint. I am also left with the thought that despite how we might think folks will use social media tools, we need to give them some freedom to create their own use cases.
Lastly, for a sense of the conversation around wealth management and financial services, check out #BDI1 on Twitter, the sponsor of today’s session in NYC. For event details, go here: Financial Services Social Communications.