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Hearsay Social Welcomes La Banque Postale as Newest European Client

labanqueWe’re thrilled today to announce our newest customer in France, La Banque Postale, a leading financial institution in the country that has a track record of creatively leveraging social media to generate brand awareness. Now with Hearsay Social, its advisors will be able to have a professional, personalized “La Banque Postale advisor” Facebook presence, as well as the ability to interact dynamically with customers and strengthen relationships.
La Banque Postale has maintained a strong presence on social media since 2011 and is one of the first banks in France to fully embrace and utilize the power of the Internet. It developed and created an innovative episodic Web series in 2014 that drew considerable YouTube viewership, and also recently launched a real-time marketing campaign on Twitter using #aMonEchelle.
According to a press statement issued in France, advisors with “La Banque Postale advisor” Facebook pages powered by Hearsay Social will have access to a content library prepared in advance by the corporate digital team, so that time spent on social networks is optimized and interactions with customers are relevant. They also receive alerts on when clients share information on important events in their lives on Facebook, such as a marriage or birth. Advisors are able to quickly react with relevant, pre-approved content, providing a high degree of personalized customer relations.
The ultimate goal with this new partnership is to further strengthen the close relationship between La Banque Postale and its customers by offering them a new way of communicating with their advisors, says Thomas Salviejo, head of digital communication, digital media and acquisition at La Banque Postale.
For more details, check out the press release issued in France.
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On Facebook, high-quality, engaging content is more important than ever

FacebookIn order to ensure people are always seeing highly relevant content, Facebook® recently announced that fewer overly promotional posts will appear in people’s News Feeds beginning in 2015.
As people connect with more friends and Like more business Pages, News Feed is becoming increasingly crowded. Overly promotional posts in News Feed add little value compared to other more relevant posts, so Facebook, after conducting a widespread survey, listened to people’s feedback and addressed this in their recent announcement.
As we’ve highlighted with other evolutions of the News Feed, high-quality, highly engaging organic content will continue to be featured. So for financial services professionals, if your posts are getting a lot of Likes and comments, Facebook will continue to feature them in News Feed; good content that informs, entertains and makes people think will win.
What does Facebook define as “overly promotional?” This will include posts that strictly sell and make no attempt to engage, such as:

  1. Posts that solely push people to buy a product or install an app
  2. Posts that push people to enter promotions and sweepstakes with no real context
  3. Posts that reuse the exact same content from ads

High-quality organic posts will continue to appear in News Feed. In addition, with Hearsay Social’s new promotional posts feature, financial services professionals can also use ad dollars that were previously wasted on low yield ads like billboards and instead invest them in higher yield Promotional Posts to get even greater reach.
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Facebook® is a registered trademark of Facebook Inc.

Advisor use of social media matures, regulatory requirements are still a challenge: Recap from #SIFMAsocial

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Last week we attended the sold out SIFMA Social Media Seminar in New York City, a one-day event in the heart of Wall Street that brings together experts from a variety of business roles including marketing, business, compliance, and legal, as well as financial advisors, to discuss the expanding use of social media for financial services.

Major themes from the conference included:

  • The financial services industry has greatly advanced its use of social media in recent years, but there is still a lot of opportunity for social media to impact the business.

  • Interpreting regulatory and compliance requirements continues to be a challenge for firms and financial professionals.

  • Social media can be a truly valuable tool for advisors and branches to build their business, especially if they leverage it to expand their client base in a target niche.

Michael Lock (President & COO at Hearsay Social, @michaelhlock) kicked off the seminar with a lively perspective on technology trends and how consumer expectations are changing. In his session, Michael shared some ways in which financial professionals are using social media to build customer relationships. Harking back to a lesson familiar for every good salesperson, he reminded us that social media is about listening first. OnWallStreet author Andrew Welsch (@AndrewWelsch) published a great recap of Michael’s session here.

Here are more key takeaways from the event:

Updates from the social networks

The next session was a panel moderated by Mike White (CMO at Raymond James, @MikeRJF) with financial services industry leaders from LinkedIn, Twitter, and Facebook. Mike set the stage with learnings from a roundtable conversation that a group of SIFMA members had shared the day before: “We’ve come a long way over the past few years, but there is still a lot of opportunity,” he said, however, noting “the importance of not looking to social media as a standalone panacea. […] The most successful advisors and firms are looking at it as a piece of an overall marketing program.”

The following conversations from the respective social networks followed these same themes. Some of their insights included:

  • Brad Murphy (Client Partner, Financial Services Vertical at Facebook) described how the Facebook platform has evolved over the past 18 months. Although many business owners have seen a decrease in the organic reach of their pages, Facebook has greatly expanded its targeting ability with its evolving advertising program. Brad specifically referenced new data partnerships, such as with Acxiom, that help financial professionals reach exactly the audience they’re targeting.

  • Jennifer Grazel (Head of Category Development, Financial Services at LinkedIn, @jgrazel) provided insight into the core pillars of focus for LinkedIn: “identity, network and knowledge.” She also explained how the network’s continued push into content publishing and sharing is intended to support the “knowledge” pillar. In addition, she said that LinkedIn’s acquisition of Bizo will support the company’s plans to enable marketers to run nurture programs.

  • Michael Wong (Head of Financial Services at Twitter, @mw145) said that when it comes to content, timing and quality is more important than frequency and volume, citing Vanguard and Motley Fool as two organizations that excel at sharing good content during volatile times. He also predicted that, going forward, the focus will be on developing a mobile experience for end users as well as better analytics to measure effectiveness of campaigns and activity.

Static vs. dynamic content and other regulatory requirements

In the second panel, “Navigating The Web of Social Media Regulation,” Rick Apicella (Morgan Stanley Wealth Management), Thomas Selman (FINRA), Doug Preston (Bank of America Merrill Lynch), and Melissa Callison (Charles Scwhab) discussed the regulatory requirements that govern social media use.

Selman, who is responsible for advertising policy at FINRA, summarized how the regulatory authority thought about social media. They “took a principles-based view of social media,” he said, in order to write regulation that would not have to be changed every time the technology changed. And they “tried to leverage existing rules and terminology” wherever possible instead of introducing new terms. This approach lead to FINRA Regulatory Notices 10-06 and 11-39, which directly address social media.

Supervision and review requirements for social media address two key content categories: “static” content and “dynamic” content. FINRA requires that all static content be pre-reviewed before it is published, and therefore what is categorized as dynamic or static is often a hot topic in conversation amongst legal and compliance professionals.

At this event, Thomas Selman notably commented that “a case can be made for why a tweet is considered dynamic content.” Somebody from the audience even asked him to repeat this because this opinion was in contrast to other interpretations of the regulation that we’ve heard.

“Content is king, and context is queen”

After spending the first half of the day discussing mostly advisor use of social media, the panel “Social Media Strategy & Use at the Corporate Level” specifically zeroed in on corporate and brand use of social media.

Ruth Papazian (HD Vest Financial Services) moderated a discussion with Joe Corriero (Bank of America Merrill Lynch), Kraleigh Woodford (UBS Wealth Management Americas), Jon Pauley (Ameriprise Financial), and Melissa Socci (LPL Financial). This conversation kept coming back to the importance of content, with each team member describing how their respective organization sources, develops and distributes content.

It was especially interesting to hear how firms of different sizes deal with the challenges of creating social content. Joe Corriero, for example, said that Bank of America Merrill Lynch created a “social media newsroom,” which is a regular meeting bringing together all the disciplines (including research, marketing, legal and compliance) to brainstorm and plan their content timelines. And sometimes internal teams aren’t enough. For example, Melissa Socci explained that they occasionally turn to contractors to create additional content pieces like infographics for social media because their traditional, print-first content team doesn’t have quite the right skillset for that. With a much leaner team, Ruth Papazian and her team rely upon the integration of Trapit and Hearsay Social to curate a regular stream of social media content.

Kraleigh Woodford from UBS Wealth Management Americas pointed out that, in additional to the common adage “content is king,” “context is queen.” Kraliegh argued that “it’s the ‘why do I care’ factor” that leads to successful social content. Companies don’t have a shortage of content but they have to be thinking about what people want to consume through social media; feeding them the wrong content, like “linking to a 60-page report,” might not be the be the most effective strategy.

When it comes to a corporate presence and approach to social media in financial services, Melissa Socci said it best: “We are not social media marketing, we are marketing in a social media age.”

Social media strategies for financial advisors and client communication

In the second panel moderated by Mike White (CMO at Raymond James, @MikeRJF), five financial advisors representing Raymond James Financial, Wells Fargo Advisors Financial Network, Ameriprise Financial, LPL Financial, and Robert W. Baird & Co. shared some of their most successful social media strategies for enhancing communication with clients and prospects.

One theme that stood out? Each of the panelists has found success using social media a little bit differently–depending on their target clients, location, and team structure.

Evan Shear (Branch Manager with Raymond James Financial) uses social media to stay up with what is happening in the lives of his client. One anecdote he shared: he saw via social media that his client had lost a family pet, and so he sent a thoughtful sympathy card and gift. Fueled by what he learns through social media, according to Evan, this type of activity strengthens client relationships and builds deep client loyalty.

Charles Camilleri (Financial Advisor with Ameriprise Financial Services) uses social media to stay top of mind and to get the word out to his extended network that he is a financial advisor. Within a week of using social media for business, Charles got a new client referral from a friend of a friend, simply due to the fact that they learned Camilleri’s profession after connecting on LinkedIn.

In addition to the financial advisors on the panel, Dan Swift (Director of Financial Services at LinkedIn, (@danjswift) shared insights into social selling and some of the exciting functionality that LinkedIn Sales Solution provides to help financial professionals. Dan described how LinkedIn Sales Navigator solves for the “now what?” feeling that often accompanies users who are new to social media. He recently spent three months on the road training 160 advisors on social selling with LinkedIn, and they saw some amazing success. Within that same time period, a subset of those financial professionals won over $100 million in new investable assets–impressive ROI for a program that was just getting started!

With the various success stories that can be correlated to a social presence, we think financial professionals would do well to take advice from one other participant on the panel, Jamie Cox (LPL Financial): “You don’t have time to not be on social media.” We would agree.

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Forget Facebook tabs: Why Timeline and News Feed are prime social real estate for your bank

Ed. note: The following post, penned by Hearsay Social Compliance Officer Ally Basak Russell, originally appeared in ABA Banking Journal.

Facebook’s recent conversion to the Timeline format for business pages should be changing the way your bank approaches social media overall.
It’s time to adjust your strategy by taking advantage of the new format, as your existing page or pages will be automatically transitioned to the new format very soon, if they haven’t been already.
With this stylistic shift, Facebook encourages companies to tell stories and engage in two-way conversation, rather than using Facebook as just another medium for one-way brand advertising.
To this end, content posted in the Timeline appears in two adjacent columns with the most recent posts at the top. Also, banks have not one but two images to convey their brand attributes–they can now add a large cover image to complement their existing profile photo. (You can view an interactive schematic of the Timeline feature here.)
Changes in the treatment of Facebook apps, and the stress that Timeline puts on content will drive some new thinking at your bank.
Facebook Banks Timeline

How apps’ status changes

But perhaps the biggest change is that Facebook apps, formerly called “tabs,” can no longer be set as default landing pages when customers and prospects visit the bank’s page. Directing customers to a social campaign tab before they’ve liked your bank’s page is a term known as “fan-gating,” and this will no longer be possible.
Now, only the bank’s timeline can be the default landing page.
Additionally, these apps no longer take up prime real estate on your bank’s Facebook page. At first displayed on your page as small buttons, the buttons must be clicked by a user before they are taken to the app’s full page.
So, if tabs were the Boardwalk of social real estate in the old format, their replacement apps have now been relegated to social media real estate more like Baltic Avenue, or when done right, Marvin Gardens.
To be fair, apps can still be effective for soliciting participation in campaigns–by clicking on something, entering information in a lead generation form, or looking up the nearest bank branch. Since apps often mimic other digital campaigns, your bank’s digital presence will be cohesive and interactive when you use apps.

Rethinking your social approach

Another thing to consider: recent studies by Facebook show that after the initial “like” or viewing of a business page, consumers are not likely to come back to your page, no matter how positive their first experience.
Ever.
Consumers are 40 to 120 times more likely to see your posts in their news feeds.
So why should banks even spend resources to maintain a dynamic social presence?
The answer is simple: Compelling content, as opposed to compelling design or digital campaigns, is more important than ever because now the Timeline is the bank’s prime social real estate.
Essentially, if your bank is like many large corporations whose agencies invested heavily in Facebook tabs, you may want to pivot your social strategy.
Engaging with consumers based on the quality and quantity of your social copywriting is a change for which bank marketers should be prepared. This can be at the corporate or local branch level, but content must be authentic and human.

Candidates for content

What can your bank talk about? There are plenty of wonderful seasonal stories, stories about corporate philanthropy, contests, and educational resources that can be shared on the corporate bank page. Posting photos of employees is another great way to humanize your bank. Also, be sure to fill in your bank’s Timeline with its date of incorporation and other important milestones, like the introduction of a new product, service, or logo, or expansion into new regions.
Sharing localized authentic content is even better. Hearsay Social research indicates a six times increase in engagement level as measured by likes, comments, and shares, when companies incorporate local news, events, and preferences into content. This may include info on a local football game, charity event, or promotions aimed at the city’s sports teams.
Educational content for customers and prospects is also a sure bet to draw engagement. Banks can post tips on how to save for college or retirement, build credit, or apply for a loan.
Inversely, stale or bland corporate content won’t show up in customers’ or prospects’ News Feeds at all. This is because Facebook employs an algorithm called EdgeRank. This algorithm takes into account views, click rates, likes, and reshares, in order to determine engagement and to prioritize what appears in users’ News Feeds.
In short, if you have lots of engagement your posts will show up in News Feeds. In regulated industries like banking, writing content that is both engaging, helpful, and compliant can be challenging. It takes collaboration between the marketing and compliance/legal teams.

Fresher than eggs…

And you need to keep the content timely. You can’t just post when the spirit moves you. Facebook agrees with this, and has implemented various new features that encourage fresh content.
Pinning a post keeps it at the top of your Timeline for exactly one week. Even if new posts are created they will appear below the pinned content. Posts you might want to pin include special promotions, such as a bank fundraiser, an open house for a new branch location with giveaways for opening a new checking account, or a financial advisor sharing his top 10 tips to prepare for retirement. Similarly, highlighting a post doubles its width across the page, making it much more visible as users scroll through the timeline.

A stark reality banks must face

Facebook’s nearly one billion users don’t come back every day to be sold products and services.
They come back to connect with family, friends, and, yes, brands.
The shift to content and away from tabs allows your bank to be more authentic and compelling than ever before–deepening your relationship with customers through two-way communication rather than just one-way advertising.
If you can engage customers in conversation, they will have a reason to keep your posts in their News Feeds. And that’s crucial for bank marketers.