Happy Monday folks. Time for another edition of the Financial Services Marketing Roundup. We only have 2 articles to discuss today, so let's get right back to it. To kick things off for this week, Information Week ran a very interesting article around the financial consequences companies can expect from shortcomings in their social media strategy. We've discussed at great length the barriers to entry when it comes to executing social strategies in the financial services industry, particularly around compliance and security issues, but until now, there has been little information available as to what those barriers can equate to from a monetary perspective. Citing a survey from Applied Research that focuses on social media costs associated with lawsuits, security breaches, PR disasters etc, the average price tag for organizations of 1,000+ employees is $4.3 million (check out the article for a specific cost break down). This has to be an eye opener for any financial services marketer looking to implement a social media engagement into their marketing strategy. Given the general lack of interaction financial services companies see from their customers on social networks, is it really worth the financial risk? Read more »
The Economics of Social Media
My alma mater recently held a social media conference in Chicago. And while social media conferences are nothing new these days, I thought that the focus of this one was especially interesting because it moved beyond the typical conversations (Do Social Now! Don’t Be Left Behind! It’s Where Your Customers Are! They’re In Control!) to a new conversation about the economics of social media. Read more »
Financial Services Marketing Roundup 7/18/11
Happy Monday everyone. Time for another installment of the financial services marketing roundup, so let's get right to it. Kicking things off for this week, The Financial Brand ran an article highlighting 3 of the most innovative sources for financial education. I am not going to delve into an evaluation of each site, but living in the world of financial services marketing, one aspect of the space that often times gets overlooked is the idea of financial education, particularly for the younger generation. It is a very daunting task to prepare yourself for a lifetime of financial stability, and it is oftentimes derailed by not only bad spending habits, but really a lack of education on the topic. While it isn't the sexiest course in the book of life lessons, it is arguably one of the most important; so kudos to the folks trying to find a way to make financial education fun and interesting, and helping us all benefit as a result. Read more »
Financial Services Marketing Roundup 7/11/11
Happy Monday everyone. I hope all of our readers had a very happy 4th of July, but it is time to get back to the financial services marketing roundup, so let's get right to it. To kick things off for this week, Mashable ran an article discussing the new partnership between Facebook and American Express, in which AmEx customers can exchange their rewards points for Facebook ad space. Targeted at small businesses, every $6,750 spent can be redeemed for $50 in Facebook ad space. This partnership marks the first time in which rewards points can be exchanged for advertising of any kind. I absolutely love this move by AmEx, as often times, financial services marketers demonstrate a tendency to overlook the value of small business customers, despite the constant lip service that they want to fight for the little guys. American Express is sending the message here that they truly value those relationships by providing them exposure that they traditionally would have no means to afford. Read more »
Financial Services Marketing Roundup 6/27/11
Another Monday, another installment of the financial services marketing round up, so let's not waste any time. To kick things off for this week, The Financial Brand ran a great article addressing in detail the true opportunity costs involved for financial services organizations when investing in social media. As the article points out, the Facebook and Twitter penetration for financial services firms falls below 1%, so to say the concept of social media has yet to be fully embraced within the industry would be an understatement.
Financial Services Marketing Roundup 6/20/11
Happy Monday everyone. Time once again for the financial services marketing roundup. To kick things off for this week, Advertising Age ran a very interesting article highlighting the biggest advertising spenders in 2010, and there is quite a bit to be excited about in the world of financial services marketing. Overall, according to the 2010 LNA report, US ad spending increased 8.8% in 2010, with the financial services industry leading the way with a 29% increase over 2009. Additionally, financial services organizations made up 4 of the top 10 ad spenders in terms of growth in 2010. This is extremely encouraging news, given the woeful state of the industry in 2009, but I would approach this trend with guarded optimism. While the modest economic recovery has helped budgets balloon, one has to wonder what will happen when things start to flatten out. For the time being, as the article aptly points out, the budget revival of 2010 "demonstrates that top marketers want to, and will, invest in advertising to drive revenue and build brands." Read more »
Financial Services Marketing Roundup 6/13/11
Happy Monday folks. Time for another installment of the financial services marketing roundup, so let's get to it. To kick things off for this week, Boston.com highlighted a new iPhone app from Putnam Investments that is built to demonstrate the real impact of your spending habits on your 401(k). The app allows the user to scan the barcode for a particular item and then calculates the amount of money that would be received in retirement if the purchase amount was instead put into their 401(k), taking into account how far the user is from retirement at that moment. The app is also capable of hunting for better deals for the user and providing the retirement impact of the money saved on the cheaper price. I absolutely love what Putnam is doing here. While retirement planning is generally understood to be extremely important, it is difficult to get people to be thinking about the impact of their financial decisions 30-50 years down the road, especially given the instability of today's economy. Putnam is giving their users a very exact and tangible look at what responsible financial decision making will mean for them down the road, and I expect the app to be a huge hit. Read more »
5 Writing Tips for Getting Things Done and Not Sounding Like an Idiot
Last week I attended a lecture about gene expression and cytogenetics from a graduate-level professor of molecular biology who holds a PhD in genetics and is currently using research techniques like quantitative polymerase chain reactions and RNA-sequencing experiments.
(I’ll give you a moment to read that again.) Read more »
Financial Services Marketing Roundup 6/6/11
Happy Monday everyone. After a week off, we are back with another installment of the financial services marketing roundup, so let's get right to it. To kick things off for this week, the folks at The Financial Brand ran a great article showcasing perhaps the coolest bank that Gen-Y has ever seen. FRANK by OCBC (Oversea-Chinese Banking Corporation), located in Singapore has completely turned the buttoned-up banking industry on its head as it attempts to reach the younger, trendier, more stylish Gen-Y consumer base. FRANK, which is derived from the phrase "frankly speaking" offers a very interactive in-store experience (think of the Apple store in the US), over 100 stylish debit card designs and a variety of cool give away items for their new customers. I absolutely love this breaking-the-mold concept, and think this would be a huge hit here in the US. The banking industry is boring, buttoned-up and mundane, and that simply doesn't fit with the younger generation. Granted, Gen-Y consumers aren't carrying the kind of assets that a baby boomer might be, but there is a real opportunity here to win customers in a demographic that has little brand loyalty at all when it comes to banking, and FRANK has laid out the blueprint for building that customer base.
Read more »
Little Bets
There's a new book released by Peter Sims entitled "Little Bets" I've just started digging into - it's fascinating. This book is essentially about the opposing forces of risk and innovation. Peter's thesis states that by placing "little bets" or taking numerous small risks instead of larger, riskier bets on what the market wants, companies end up finding big, transformative ideas. Read more »
