3 Ways To Move Beyond Personalization To In-The-Moment Marketing

Bernard Chung

As personalization of the customer experience evolves, it becomes more contextual with a less templated real-time mass outreach. Even predictive modeling to anticipate customer behaviors and identify hidden trends is insufficient to meet increasing customer expectations of on-demand and relevant engagements. In other words, a higher order of personalization is now required—the kind that can be delivered only by in-the-moment marketing, or understanding the real-time context of customers to deliver customer experiences that meets their needs and interests.

Here are 3 ways to drive in-the-moment marketing

Modern technology creates the opportunity to marry relevant customer information with real-time customer experience. Whether matching on-site on-demand content with offers and promotions, the customer is given the right information at the right time. This enables marketers to:

1. Gain deeper customer insights

Customer insights no longer need to be calculated based on static segmentation, consumer behavior tracking, and limited customer profiles. Data has historically been diluted across multiple tools and technologies, siloed by department and inaccessible to those who could use it most: marketing and sales. Pulling together the data into one place within a certain time period requires resources and time to get it right.

In-the-moment marketing allows marketers to:

  • Capture and enrich customer profiles with offline and online information across the enterprise, which is enabled by integrated access to data and actionable analytics.

  • Anticipate customer behaviors by discovering hidden trends, understanding customer sentiments, and gaining insights at the individual customer level.

  • Accurately define micro-segments and target audiences with powerful discovery and visualization tools that blend implicit and explicit customer information in real time.

  • Real-time data sources like location and session information provide key customer information that can be leveraged to execute customer engagement across the enterprise.

In-the-moment marketing enables deeper customer insights to target, engage, and convert more customers.

2. Market with speed and agility

Today’s customers require in-the-moment relevant offers and product support that is engaging and high-quality.  In-the-moment-marketing supports an agile marketing response that allows:

  • Quick reaction to market realities (meeting the dynamic needs of the customer). Fast delivery with quick start implementation guides extend the marketing reach with data-based scenarios and sales actions.

  • Alignment of resources and activities so that a single platform manages marketing plans, calendars, real-time budgets, and expense management.

  • Understanding of details behind the numbers, enabling a real-time fast response to customers and opportunities.

  • Consistent brand experiences across the customer journey, regardless of channel or device.

Today’s marketing environment is dynamic; windows of opportunity are available for only hours. To meet these demands, organizations must be able to react quickly so they don’t miss these opportunities.

3. Deliver relevant contextualized customer experiences

With the availability of online reviews, offers, social media messaging, and location identification, brands have the ability to engage customers wherever they are. In-the-moment conversion opportunities powered by relevant contextualized customer experiences provide meaningful engagement across the enterprise.

Contextualized customer experiences enables companies to:

  • Continuously adjust and optimize ever-changing customer preferences, purchase decisions, and experiences by providing relevant experiences seamlessly across channels.

  • Provide an integrated ecommerce experience that incorporates key events and decreases shopping cart abandonment.

  • Convert audiences into loyal brand advocates with loyalty and rewards programs offered in real time seamlessly across channels.

  • Move customers through their journey by providing relevant, contextualized experiences and offers, providing brand transparency and supporting customer loyalty.

In-the-moment marketing allows you to consistently bring context and powerful personalization to customers, which in turn creates loyal customers and brand advocates. In the digital age, customers’ growing expectations of the perfect engagement experience can be met only by understanding their needs and intent at the moment of the interaction. The power of consumers to engage their peers cannot be consistently  leveraged without the right technology.

For more on digital marketing strategies, see Moving From Digital Tactics To Digital Marketing.

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Bernard Chung

About Bernard Chung

Bernard Chung is Head of Audience Marketing for Marketing Line of Business at SAP Hybris.

5 Steps To A Real-Time Content Desk

Tami Cannizzaro

I don’t think I’ll get too many opinions to the contrary when I suggest that effective real-time contentmarketing is getting harder every day. Consumers seem to have developed an allergic reaction to anything that smacks of selling. Banner ads are essentially wallpaper with a dismal .1% conversion rate. Television ads have been all but eradicated by the DVR. Text ads are brand destroyers unless they’re pushed at point of sale while the discounted coffee is still piping hot. I could go on.

So what can you do to insert your brand into a welcome conversation? I would suggest that successful marketing today is all about building relevance and utility for your Brand. A social network is often the beginning of the conversation and should extend into the entire brand experience.

At IBM, we realized this, and here’s what we did about it.

We built a real-time content desk. It’s a system that changes the way we build and disseminate branded content. There are essentially five stages—here’s how you can build one for yourself.

Monday – The Beat Box: Ask what’s happening in the world that’s relevant to your customers and find the hot conversations. Social listening tools can help to identify the latest topics. An agency like Sparks & Honey can help you tap into significant cultural trends. They run a daily report on relevant world events, consumer trends and general cultural shifts. Build themes that align to the identified areas of interest in the marketplace.

Tuesday – Editorial Sync: Figure out what content you want your audience to consume and how. This is best done by a seasoned PR expert working with your marketing team to provide guidance and direction. Examples might include the fact that election season is coming up and you want to show how your software can help to identify the right candidate, or it’s Valentine’s Day and you’re selling overpriced gifts for lovers.

Wednesday – The Angle: Brainstorm on what content will be produced. Our agency, Ogilvy & Mather, supports the desk with a creative team and content strategist to develop a mix of short, consumable content as well as longer-form content. A fact-filled SlideShare, a report that ties in to an upcoming holiday, a short video series—all great content candidates.

Thursday – The Deadline: Determine how you will deploy the content across branded properties. Lay out a strategy for how content will be amplified through paid, owned, and earned media. Adding technologies like retargeting can help to bring consumers down the funnel.

Friday – The Analytics: Perform a weekly assessment of winners and losers. What types of content are consumers engaging with and sharing? Understanding which content types and themes are successful is critical to increasing brand engagement.

The real-time content desk is helping us to become experts at creating content that resonates. The nirvana for this type of desk is “news jacking” in conversations, like pushing a SlideShare into a competitors’ conference stream or being the top tweet that goes viral during a popular world event.

As a consumer, I know that I hate being sold. As a marketer, I know I need to sell. In order to be heard by consumers today, brands need to align with how people experience the world and find a meaningful, relevant way to make the right connection. A content engine is a great way of driving that engagement.

The post 5 Steps To A Real-Time Content Desk appeared first on B2B Marketing Insider.

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5 Steps To A Real-Time Content Desk

Tami Cannizzaro

I don’t think I’ll get too many opinions to the contrary when I suggest that effective real-time contentmarketing is getting harder every day. Consumers seem to have developed an allergic reaction to anything that smacks of selling. Banner ads are essentially wallpaper with a dismal .1% conversion rate. Television ads have been all but eradicated by the DVR. Text ads are brand destroyers unless they’re pushed at point of sale while the discounted coffee is still piping hot. I could go on.

So what can you do to insert your brand into a welcome conversation? I would suggest that successful marketing today is all about building relevance and utility for your Brand. A social network is often the beginning of the conversation and should extend into the entire brand experience.

At IBM, we realized this, and here’s what we did about it.

We built a real-time content desk. It’s a system that changes the way we build and disseminate branded content. There are essentially five stages—here’s how you can build one for yourself.

Monday – The Beat Box: Ask what’s happening in the world that’s relevant to your customers and find the hot conversations. Social listening tools can help to identify the latest topics. An agency like Sparks & Honey can help you tap into significant cultural trends. They run a daily report on relevant world events, consumer trends and general cultural shifts. Build themes that align to the identified areas of interest in the marketplace.

Tuesday – Editorial Sync: Figure out what content you want your audience to consume and how. This is best done by a seasoned PR expert working with your marketing team to provide guidance and direction. Examples might include the fact that election season is coming up and you want to show how your software can help to identify the right candidate, or it’s Valentine’s Day and you’re selling overpriced gifts for lovers.

Wednesday – The Angle: Brainstorm on what content will be produced. Our agency, Ogilvy & Mather, supports the desk with a creative team and content strategist to develop a mix of short, consumable content as well as longer-form content. A fact-filled SlideShare, a report that ties in to an upcoming holiday, a short video series—all great content candidates.

Thursday – The Deadline: Determine how you will deploy the content across branded properties. Lay out a strategy for how content will be amplified through paid, owned, and earned media. Adding technologies like retargeting can help to bring consumers down the funnel.

Friday – The Analytics: Perform a weekly assessment of winners and losers. What types of content are consumers engaging with and sharing? Understanding which content types and themes are successful is critical to increasing brand engagement.

The real-time content desk is helping us to become experts at creating content that resonates. The nirvana for this type of desk is “news jacking” in conversations, like pushing a SlideShare into a competitors’ conference stream or being the top tweet that goes viral during a popular world event.

As a consumer, I know that I hate being sold. As a marketer, I know I need to sell. In order to be heard by consumers today, brands need to align with how people experience the world and find a meaningful, relevant way to make the right connection. A content engine is a great way of driving that engagement.

The post 5 Steps To A Real-Time Content Desk appeared first on B2B Marketing Insider.

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Konstanze Werle

About Konstanze Werle

Konstanze Werle is a Director of Industries Marketing at SAP. She is a content marketing specialist with a particular focus on the travel and transportation, engineering and construction and real estate industries worldwide. Her goal is to help companies in these industries to simplify their business by sharing latest trends and innovation in their industry.

5 Steps To A Real-Time Content Desk

Tami Cannizzaro

I don’t think I’ll get too many opinions to the contrary when I suggest that effective real-time contentmarketing is getting harder every day. Consumers seem to have developed an allergic reaction to anything that smacks of selling. Banner ads are essentially wallpaper with a dismal .1% conversion rate. Television ads have been all but eradicated by the DVR. Text ads are brand destroyers unless they’re pushed at point of sale while the discounted coffee is still piping hot. I could go on.

So what can you do to insert your brand into a welcome conversation? I would suggest that successful marketing today is all about building relevance and utility for your Brand. A social network is often the beginning of the conversation and should extend into the entire brand experience.

At IBM, we realized this, and here’s what we did about it.

We built a real-time content desk. It’s a system that changes the way we build and disseminate branded content. There are essentially five stages—here’s how you can build one for yourself.

Monday – The Beat Box: Ask what’s happening in the world that’s relevant to your customers and find the hot conversations. Social listening tools can help to identify the latest topics. An agency like Sparks & Honey can help you tap into significant cultural trends. They run a daily report on relevant world events, consumer trends and general cultural shifts. Build themes that align to the identified areas of interest in the marketplace.

Tuesday – Editorial Sync: Figure out what content you want your audience to consume and how. This is best done by a seasoned PR expert working with your marketing team to provide guidance and direction. Examples might include the fact that election season is coming up and you want to show how your software can help to identify the right candidate, or it’s Valentine’s Day and you’re selling overpriced gifts for lovers.

Wednesday – The Angle: Brainstorm on what content will be produced. Our agency, Ogilvy & Mather, supports the desk with a creative team and content strategist to develop a mix of short, consumable content as well as longer-form content. A fact-filled SlideShare, a report that ties in to an upcoming holiday, a short video series—all great content candidates.

Thursday – The Deadline: Determine how you will deploy the content across branded properties. Lay out a strategy for how content will be amplified through paid, owned, and earned media. Adding technologies like retargeting can help to bring consumers down the funnel.

Friday – The Analytics: Perform a weekly assessment of winners and losers. What types of content are consumers engaging with and sharing? Understanding which content types and themes are successful is critical to increasing brand engagement.

The real-time content desk is helping us to become experts at creating content that resonates. The nirvana for this type of desk is “news jacking” in conversations, like pushing a SlideShare into a competitors’ conference stream or being the top tweet that goes viral during a popular world event.

As a consumer, I know that I hate being sold. As a marketer, I know I need to sell. In order to be heard by consumers today, brands need to align with how people experience the world and find a meaningful, relevant way to make the right connection. A content engine is a great way of driving that engagement.

The post 5 Steps To A Real-Time Content Desk appeared first on B2B Marketing Insider.

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Angelica Valentine

About Angelica Valentine

Angelica is the Marketing Manager at Wiser. Wiser collects and analyzes online and in-store data with unmatched speed, scale and accuracy. She is experienced in strategy and creation for cross-channel content. Angelica is passionate about growing engagement and conversion rates through excellent content. Her work has also appeared on VentureBeat, Bigcommerce, Retail Touchpoints, and more. She holds a Bachelor’s degree in Sociology from Barnard College of Columbia University in New York City.

5 Steps To A Real-Time Content Desk

Tami Cannizzaro

I don’t think I’ll get too many opinions to the contrary when I suggest that effective real-time contentmarketing is getting harder every day. Consumers seem to have developed an allergic reaction to anything that smacks of selling. Banner ads are essentially wallpaper with a dismal .1% conversion rate. Television ads have been all but eradicated by the DVR. Text ads are brand destroyers unless they’re pushed at point of sale while the discounted coffee is still piping hot. I could go on.

So what can you do to insert your brand into a welcome conversation? I would suggest that successful marketing today is all about building relevance and utility for your Brand. A social network is often the beginning of the conversation and should extend into the entire brand experience.

At IBM, we realized this, and here’s what we did about it.

We built a real-time content desk. It’s a system that changes the way we build and disseminate branded content. There are essentially five stages—here’s how you can build one for yourself.

Monday – The Beat Box: Ask what’s happening in the world that’s relevant to your customers and find the hot conversations. Social listening tools can help to identify the latest topics. An agency like Sparks & Honey can help you tap into significant cultural trends. They run a daily report on relevant world events, consumer trends and general cultural shifts. Build themes that align to the identified areas of interest in the marketplace.

Tuesday – Editorial Sync: Figure out what content you want your audience to consume and how. This is best done by a seasoned PR expert working with your marketing team to provide guidance and direction. Examples might include the fact that election season is coming up and you want to show how your software can help to identify the right candidate, or it’s Valentine’s Day and you’re selling overpriced gifts for lovers.

Wednesday – The Angle: Brainstorm on what content will be produced. Our agency, Ogilvy & Mather, supports the desk with a creative team and content strategist to develop a mix of short, consumable content as well as longer-form content. A fact-filled SlideShare, a report that ties in to an upcoming holiday, a short video series—all great content candidates.

Thursday – The Deadline: Determine how you will deploy the content across branded properties. Lay out a strategy for how content will be amplified through paid, owned, and earned media. Adding technologies like retargeting can help to bring consumers down the funnel.

Friday – The Analytics: Perform a weekly assessment of winners and losers. What types of content are consumers engaging with and sharing? Understanding which content types and themes are successful is critical to increasing brand engagement.

The real-time content desk is helping us to become experts at creating content that resonates. The nirvana for this type of desk is “news jacking” in conversations, like pushing a SlideShare into a competitors’ conference stream or being the top tweet that goes viral during a popular world event.

As a consumer, I know that I hate being sold. As a marketer, I know I need to sell. In order to be heard by consumers today, brands need to align with how people experience the world and find a meaningful, relevant way to make the right connection. A content engine is a great way of driving that engagement.

The post 5 Steps To A Real-Time Content Desk appeared first on B2B Marketing Insider.

Comments

5 Steps To A Real-Time Content Desk

Tami Cannizzaro

I don’t think I’ll get too many opinions to the contrary when I suggest that effective real-time contentmarketing is getting harder every day. Consumers seem to have developed an allergic reaction to anything that smacks of selling. Banner ads are essentially wallpaper with a dismal .1% conversion rate. Television ads have been all but eradicated by the DVR. Text ads are brand destroyers unless they’re pushed at point of sale while the discounted coffee is still piping hot. I could go on.

So what can you do to insert your brand into a welcome conversation? I would suggest that successful marketing today is all about building relevance and utility for your Brand. A social network is often the beginning of the conversation and should extend into the entire brand experience.

At IBM, we realized this, and here’s what we did about it.

We built a real-time content desk. It’s a system that changes the way we build and disseminate branded content. There are essentially five stages—here’s how you can build one for yourself.

Monday – The Beat Box: Ask what’s happening in the world that’s relevant to your customers and find the hot conversations. Social listening tools can help to identify the latest topics. An agency like Sparks & Honey can help you tap into significant cultural trends. They run a daily report on relevant world events, consumer trends and general cultural shifts. Build themes that align to the identified areas of interest in the marketplace.

Tuesday – Editorial Sync: Figure out what content you want your audience to consume and how. This is best done by a seasoned PR expert working with your marketing team to provide guidance and direction. Examples might include the fact that election season is coming up and you want to show how your software can help to identify the right candidate, or it’s Valentine’s Day and you’re selling overpriced gifts for lovers.

Wednesday – The Angle: Brainstorm on what content will be produced. Our agency, Ogilvy & Mather, supports the desk with a creative team and content strategist to develop a mix of short, consumable content as well as longer-form content. A fact-filled SlideShare, a report that ties in to an upcoming holiday, a short video series—all great content candidates.

Thursday – The Deadline: Determine how you will deploy the content across branded properties. Lay out a strategy for how content will be amplified through paid, owned, and earned media. Adding technologies like retargeting can help to bring consumers down the funnel.

Friday – The Analytics: Perform a weekly assessment of winners and losers. What types of content are consumers engaging with and sharing? Understanding which content types and themes are successful is critical to increasing brand engagement.

The real-time content desk is helping us to become experts at creating content that resonates. The nirvana for this type of desk is “news jacking” in conversations, like pushing a SlideShare into a competitors’ conference stream or being the top tweet that goes viral during a popular world event.

As a consumer, I know that I hate being sold. As a marketer, I know I need to sell. In order to be heard by consumers today, brands need to align with how people experience the world and find a meaningful, relevant way to make the right connection. A content engine is a great way of driving that engagement.

The post 5 Steps To A Real-Time Content Desk appeared first on B2B Marketing Insider.

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Uli Muench

About Uli Muench

Uli Muench is Global Vice President of the Automotive Industry Business Unit at SAP.

5 Steps To A Real-Time Content Desk

Tami Cannizzaro

I don’t think I’ll get too many opinions to the contrary when I suggest that effective real-time contentmarketing is getting harder every day. Consumers seem to have developed an allergic reaction to anything that smacks of selling. Banner ads are essentially wallpaper with a dismal .1% conversion rate. Television ads have been all but eradicated by the DVR. Text ads are brand destroyers unless they’re pushed at point of sale while the discounted coffee is still piping hot. I could go on.

So what can you do to insert your brand into a welcome conversation? I would suggest that successful marketing today is all about building relevance and utility for your Brand. A social network is often the beginning of the conversation and should extend into the entire brand experience.

At IBM, we realized this, and here’s what we did about it.

We built a real-time content desk. It’s a system that changes the way we build and disseminate branded content. There are essentially five stages—here’s how you can build one for yourself.

Monday – The Beat Box: Ask what’s happening in the world that’s relevant to your customers and find the hot conversations. Social listening tools can help to identify the latest topics. An agency like Sparks & Honey can help you tap into significant cultural trends. They run a daily report on relevant world events, consumer trends and general cultural shifts. Build themes that align to the identified areas of interest in the marketplace.

Tuesday – Editorial Sync: Figure out what content you want your audience to consume and how. This is best done by a seasoned PR expert working with your marketing team to provide guidance and direction. Examples might include the fact that election season is coming up and you want to show how your software can help to identify the right candidate, or it’s Valentine’s Day and you’re selling overpriced gifts for lovers.

Wednesday – The Angle: Brainstorm on what content will be produced. Our agency, Ogilvy & Mather, supports the desk with a creative team and content strategist to develop a mix of short, consumable content as well as longer-form content. A fact-filled SlideShare, a report that ties in to an upcoming holiday, a short video series—all great content candidates.

Thursday – The Deadline: Determine how you will deploy the content across branded properties. Lay out a strategy for how content will be amplified through paid, owned, and earned media. Adding technologies like retargeting can help to bring consumers down the funnel.

Friday – The Analytics: Perform a weekly assessment of winners and losers. What types of content are consumers engaging with and sharing? Understanding which content types and themes are successful is critical to increasing brand engagement.

The real-time content desk is helping us to become experts at creating content that resonates. The nirvana for this type of desk is “news jacking” in conversations, like pushing a SlideShare into a competitors’ conference stream or being the top tweet that goes viral during a popular world event.

As a consumer, I know that I hate being sold. As a marketer, I know I need to sell. In order to be heard by consumers today, brands need to align with how people experience the world and find a meaningful, relevant way to make the right connection. A content engine is a great way of driving that engagement.

The post 5 Steps To A Real-Time Content Desk appeared first on B2B Marketing Insider.

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5 Steps To A Real-Time Content Desk

Tami Cannizzaro

I don’t think I’ll get too many opinions to the contrary when I suggest that effective real-time contentmarketing is getting harder every day. Consumers seem to have developed an allergic reaction to anything that smacks of selling. Banner ads are essentially wallpaper with a dismal .1% conversion rate. Television ads have been all but eradicated by the DVR. Text ads are brand destroyers unless they’re pushed at point of sale while the discounted coffee is still piping hot. I could go on.

So what can you do to insert your brand into a welcome conversation? I would suggest that successful marketing today is all about building relevance and utility for your Brand. A social network is often the beginning of the conversation and should extend into the entire brand experience.

At IBM, we realized this, and here’s what we did about it.

We built a real-time content desk. It’s a system that changes the way we build and disseminate branded content. There are essentially five stages—here’s how you can build one for yourself.

Monday – The Beat Box: Ask what’s happening in the world that’s relevant to your customers and find the hot conversations. Social listening tools can help to identify the latest topics. An agency like Sparks & Honey can help you tap into significant cultural trends. They run a daily report on relevant world events, consumer trends and general cultural shifts. Build themes that align to the identified areas of interest in the marketplace.

Tuesday – Editorial Sync: Figure out what content you want your audience to consume and how. This is best done by a seasoned PR expert working with your marketing team to provide guidance and direction. Examples might include the fact that election season is coming up and you want to show how your software can help to identify the right candidate, or it’s Valentine’s Day and you’re selling overpriced gifts for lovers.

Wednesday – The Angle: Brainstorm on what content will be produced. Our agency, Ogilvy & Mather, supports the desk with a creative team and content strategist to develop a mix of short, consumable content as well as longer-form content. A fact-filled SlideShare, a report that ties in to an upcoming holiday, a short video series—all great content candidates.

Thursday – The Deadline: Determine how you will deploy the content across branded properties. Lay out a strategy for how content will be amplified through paid, owned, and earned media. Adding technologies like retargeting can help to bring consumers down the funnel.

Friday – The Analytics: Perform a weekly assessment of winners and losers. What types of content are consumers engaging with and sharing? Understanding which content types and themes are successful is critical to increasing brand engagement.

The real-time content desk is helping us to become experts at creating content that resonates. The nirvana for this type of desk is “news jacking” in conversations, like pushing a SlideShare into a competitors’ conference stream or being the top tweet that goes viral during a popular world event.

As a consumer, I know that I hate being sold. As a marketer, I know I need to sell. In order to be heard by consumers today, brands need to align with how people experience the world and find a meaningful, relevant way to make the right connection. A content engine is a great way of driving that engagement.

The post 5 Steps To A Real-Time Content Desk appeared first on B2B Marketing Insider.

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Shawn Slack

About Shawn Slack

Shawn Slack is the Director of Information Technology and Chief Information Officer for the City of Mississauga.

5 Steps To A Real-Time Content Desk

Tami Cannizzaro

I don’t think I’ll get too many opinions to the contrary when I suggest that effective real-time contentmarketing is getting harder every day. Consumers seem to have developed an allergic reaction to anything that smacks of selling. Banner ads are essentially wallpaper with a dismal .1% conversion rate. Television ads have been all but eradicated by the DVR. Text ads are brand destroyers unless they’re pushed at point of sale while the discounted coffee is still piping hot. I could go on.

So what can you do to insert your brand into a welcome conversation? I would suggest that successful marketing today is all about building relevance and utility for your Brand. A social network is often the beginning of the conversation and should extend into the entire brand experience.

At IBM, we realized this, and here’s what we did about it.

We built a real-time content desk. It’s a system that changes the way we build and disseminate branded content. There are essentially five stages—here’s how you can build one for yourself.

Monday – The Beat Box: Ask what’s happening in the world that’s relevant to your customers and find the hot conversations. Social listening tools can help to identify the latest topics. An agency like Sparks & Honey can help you tap into significant cultural trends. They run a daily report on relevant world events, consumer trends and general cultural shifts. Build themes that align to the identified areas of interest in the marketplace.

Tuesday – Editorial Sync: Figure out what content you want your audience to consume and how. This is best done by a seasoned PR expert working with your marketing team to provide guidance and direction. Examples might include the fact that election season is coming up and you want to show how your software can help to identify the right candidate, or it’s Valentine’s Day and you’re selling overpriced gifts for lovers.

Wednesday – The Angle: Brainstorm on what content will be produced. Our agency, Ogilvy & Mather, supports the desk with a creative team and content strategist to develop a mix of short, consumable content as well as longer-form content. A fact-filled SlideShare, a report that ties in to an upcoming holiday, a short video series—all great content candidates.

Thursday – The Deadline: Determine how you will deploy the content across branded properties. Lay out a strategy for how content will be amplified through paid, owned, and earned media. Adding technologies like retargeting can help to bring consumers down the funnel.

Friday – The Analytics: Perform a weekly assessment of winners and losers. What types of content are consumers engaging with and sharing? Understanding which content types and themes are successful is critical to increasing brand engagement.

The real-time content desk is helping us to become experts at creating content that resonates. The nirvana for this type of desk is “news jacking” in conversations, like pushing a SlideShare into a competitors’ conference stream or being the top tweet that goes viral during a popular world event.

As a consumer, I know that I hate being sold. As a marketer, I know I need to sell. In order to be heard by consumers today, brands need to align with how people experience the world and find a meaningful, relevant way to make the right connection. A content engine is a great way of driving that engagement.

The post 5 Steps To A Real-Time Content Desk appeared first on B2B Marketing Insider.

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Daniel Schmid

About Daniel Schmid

Daniel Schmid was appointed Chief Sustainability Officer at SAP in 2014. Since 2008 he has been engaged in transforming SAP into a role model of a sustainable organization, establishing mid and long term sustainability targets. Linking non-financial and financial performance are key achievements of Daniel and his team.

5 Steps To A Real-Time Content Desk

Tami Cannizzaro

I don’t think I’ll get too many opinions to the contrary when I suggest that effective real-time contentmarketing is getting harder every day. Consumers seem to have developed an allergic reaction to anything that smacks of selling. Banner ads are essentially wallpaper with a dismal .1% conversion rate. Television ads have been all but eradicated by the DVR. Text ads are brand destroyers unless they’re pushed at point of sale while the discounted coffee is still piping hot. I could go on.

So what can you do to insert your brand into a welcome conversation? I would suggest that successful marketing today is all about building relevance and utility for your Brand. A social network is often the beginning of the conversation and should extend into the entire brand experience.

At IBM, we realized this, and here’s what we did about it.

We built a real-time content desk. It’s a system that changes the way we build and disseminate branded content. There are essentially five stages—here’s how you can build one for yourself.

Monday – The Beat Box: Ask what’s happening in the world that’s relevant to your customers and find the hot conversations. Social listening tools can help to identify the latest topics. An agency like Sparks & Honey can help you tap into significant cultural trends. They run a daily report on relevant world events, consumer trends and general cultural shifts. Build themes that align to the identified areas of interest in the marketplace.

Tuesday – Editorial Sync: Figure out what content you want your audience to consume and how. This is best done by a seasoned PR expert working with your marketing team to provide guidance and direction. Examples might include the fact that election season is coming up and you want to show how your software can help to identify the right candidate, or it’s Valentine’s Day and you’re selling overpriced gifts for lovers.

Wednesday – The Angle: Brainstorm on what content will be produced. Our agency, Ogilvy & Mather, supports the desk with a creative team and content strategist to develop a mix of short, consumable content as well as longer-form content. A fact-filled SlideShare, a report that ties in to an upcoming holiday, a short video series—all great content candidates.

Thursday – The Deadline: Determine how you will deploy the content across branded properties. Lay out a strategy for how content will be amplified through paid, owned, and earned media. Adding technologies like retargeting can help to bring consumers down the funnel.

Friday – The Analytics: Perform a weekly assessment of winners and losers. What types of content are consumers engaging with and sharing? Understanding which content types and themes are successful is critical to increasing brand engagement.

The real-time content desk is helping us to become experts at creating content that resonates. The nirvana for this type of desk is “news jacking” in conversations, like pushing a SlideShare into a competitors’ conference stream or being the top tweet that goes viral during a popular world event.

As a consumer, I know that I hate being sold. As a marketer, I know I need to sell. In order to be heard by consumers today, brands need to align with how people experience the world and find a meaningful, relevant way to make the right connection. A content engine is a great way of driving that engagement.

The post 5 Steps To A Real-Time Content Desk appeared first on B2B Marketing Insider.

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Michael Laprocido

About Michael Laprocido

Mike Laprocido serves as a Strategic Industry Advisor for SAP. He is responsible for developing thought leadership and driving SAP solution adoption in the chemical and oil and gas industries. With over three decades in various executive roles at BP Oil, BP Chemicals, Kuraray America, Panda Energy and IBM prior to joining SAP, Mike has gained a broad and deep industry knowledge base that he leverages to help his clients to innovate and transform their business through the application of digital technology.

5 Steps To A Real-Time Content Desk

Tami Cannizzaro

I don’t think I’ll get too many opinions to the contrary when I suggest that effective real-time contentmarketing is getting harder every day. Consumers seem to have developed an allergic reaction to anything that smacks of selling. Banner ads are essentially wallpaper with a dismal .1% conversion rate. Television ads have been all but eradicated by the DVR. Text ads are brand destroyers unless they’re pushed at point of sale while the discounted coffee is still piping hot. I could go on.

So what can you do to insert your brand into a welcome conversation? I would suggest that successful marketing today is all about building relevance and utility for your Brand. A social network is often the beginning of the conversation and should extend into the entire brand experience.

At IBM, we realized this, and here’s what we did about it.

We built a real-time content desk. It’s a system that changes the way we build and disseminate branded content. There are essentially five stages—here’s how you can build one for yourself.

Monday – The Beat Box: Ask what’s happening in the world that’s relevant to your customers and find the hot conversations. Social listening tools can help to identify the latest topics. An agency like Sparks & Honey can help you tap into significant cultural trends. They run a daily report on relevant world events, consumer trends and general cultural shifts. Build themes that align to the identified areas of interest in the marketplace.

Tuesday – Editorial Sync: Figure out what content you want your audience to consume and how. This is best done by a seasoned PR expert working with your marketing team to provide guidance and direction. Examples might include the fact that election season is coming up and you want to show how your software can help to identify the right candidate, or it’s Valentine’s Day and you’re selling overpriced gifts for lovers.

Wednesday – The Angle: Brainstorm on what content will be produced. Our agency, Ogilvy & Mather, supports the desk with a creative team and content strategist to develop a mix of short, consumable content as well as longer-form content. A fact-filled SlideShare, a report that ties in to an upcoming holiday, a short video series—all great content candidates.

Thursday – The Deadline: Determine how you will deploy the content across branded properties. Lay out a strategy for how content will be amplified through paid, owned, and earned media. Adding technologies like retargeting can help to bring consumers down the funnel.

Friday – The Analytics: Perform a weekly assessment of winners and losers. What types of content are consumers engaging with and sharing? Understanding which content types and themes are successful is critical to increasing brand engagement.

The real-time content desk is helping us to become experts at creating content that resonates. The nirvana for this type of desk is “news jacking” in conversations, like pushing a SlideShare into a competitors’ conference stream or being the top tweet that goes viral during a popular world event.

As a consumer, I know that I hate being sold. As a marketer, I know I need to sell. In order to be heard by consumers today, brands need to align with how people experience the world and find a meaningful, relevant way to make the right connection. A content engine is a great way of driving that engagement.

The post 5 Steps To A Real-Time Content Desk appeared first on B2B Marketing Insider.

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Integration Of Social Media With CRM In Banking And Financial Services

Luisa Ruppert

Many businesses across industries have integrated social media into their CRM systems early on; some better than others.

It’s not only about the adaptation but knowing how to leverage social media to get the best results and accelerate business growth.

It is common knowledge that the financial sector was highly affected by the global economic crises. Most banks and other financial services providers sustained a substantial loss in customer trust and loyalty. Integrating social media into their CRM systems and putting a considerable amount of effort into social media strategies is one of the ways to rebuild that trust.

Challenges

One of the unique challenges for the entire financial industry is the vast variety of international and national laws and regulations that restrict the integration of social media in a few different ways:

  • Internationally operating banks face various laws that restrict them in one or more countries in actually integrating any type of social media with their CRM system.
  • Industry-specific regulations limit financial institutions in giving financial advice online due to privacy concerns of their customers.
  • All of the available social networks have their own terms and conditions that contain regulations on companies’ communication with customers and prospects.

Due to these limitations, banks are reluctant to adopt any kind of social media as part of their communications strategy. Here are a few examples of what financial institutions might be worried about:

  • Degradation or loss of brand image. Negative feedback and controversial discussions on social media sites can damage the image of financial institutions. This is why it is crucial to have the right resources, expertise and a strategy in place when employing any type of external social media.
  • Waste of energy and resources. Most banks make most of their profit through corporate banking and there is still a predominant opinion amongst the financial industry that social media is more for the individual than for corporations and therefore considered not to be valuable for revenue.

Benefits

In making use of social media and tying their CRM system to social media networks, banks and financial service providers can get closer to their customers, corporate and retail, and find out how to improve services and products. This will positively impact their revenue if the right strategy is in place. Here are a few selected benefits:

  • New opportunities of designing customer-specific offers will emerge through the gathering and analyzing of big data via social CRM system
  • Increased customer satisfaction through engaging with clients on social media platforms and easier management; For example: using social complaints management solutions integrated in CRM systems
  • Encourage P2P (peer-to-peer) Support by establishing discussion forums and communities for customers and interested parties to exchange knowledge and profit from each other. A good suggestion might be to open forums for existing customers via a secure log-in to ensure a higher level of security – This can be an issue when it comes to sensitive financial issues

6 Examples of banks successfully using social CRM

Even though the bank and financial industry are still reluctant to integrate social networks into their CRM, there are a few early adopters and best practice cases in most regions. Below is a brief selection:

In the US American Express has recently delivered a very unique campaign enabled via social CRM. The program the bank developed with Twitter allows AmEx customers to link their bank accounts with Twitter, and by using specific hash tags, customers earn savings from designated partners. This long-term social and brand campaign is focused on rewarding existing customers and since its foundation is social CRM it has a high ROI on media and sales. Another example is Bank of America which uses their Twitter account to track customer relationships and reduce response time to inquiries.

In the EMEA region the Spanish bank Caja Navarra provides customer support via Facebook, Twitter, YouTube and Skype and leverages communities to better understand their customers’ needs. The Jyske Bank in Denmark offers its clients interactive Q&A sessions via a social TV channel. The third European best practice case is First Direct, a UK subsidiary of the global HSBC bank, that leverages Facebook, after experimenting with their own platform, as a place for their customers to exchange advice and receive feedback from peers as well as from the bank itself. The German Deutsche Bank ended up with 27 new customer product ideas after asking their customers to vote on features they are missing in their portfolio.

In APJ the CIMB Bank sees the integration of social media into their communication strategy less as a risk but rather as opportunity to engage their customers with competitions or by letting them decide what their next credit card layout will be.

Considering the mentioned challenges above (and only a few were mentioned), the banking industry is still very reluctant towards any social media and it is unfamiliar territory, for most, as on-site customer service was always first priority. Since the evolution of the internet, however, and the rise of online banks (e.g. ING DiBa in Germany and ING Direct in the USA, now owned by Capital One) without physical locations connecting with customers and prospects in a cost-effective way, online becomes even more crucial. In addition to that it is the changed customer, ‘the social customer’ that banks need to react to.

‘Generation Y’, born early 1980s to the early 2000s, is growing-up to be the key market segment. This generation is doing business mobile on tablets and phones, tweeting the news and sharing customer reviews on the Internet. According to a recent study “more than 40 percent of high-net-worth individuals younger than 50 viewed social media as an important channel for communicating with their banks.” Young people today do not want to take the time to go to a physical location or wait hours on the phone to get service from their banks; if banks do not adapt to the fast-paced world of their customers they will not have a a lot of customers in the future.

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Integration Of Social Media With CRM In Banking And Financial Services

Luisa Ruppert

Many businesses across industries have integrated social media into their CRM systems early on; some better than others.

It’s not only about the adaptation but knowing how to leverage social media to get the best results and accelerate business growth.

It is common knowledge that the financial sector was highly affected by the global economic crises. Most banks and other financial services providers sustained a substantial loss in customer trust and loyalty. Integrating social media into their CRM systems and putting a considerable amount of effort into social media strategies is one of the ways to rebuild that trust.

Challenges

One of the unique challenges for the entire financial industry is the vast variety of international and national laws and regulations that restrict the integration of social media in a few different ways:

  • Internationally operating banks face various laws that restrict them in one or more countries in actually integrating any type of social media with their CRM system.
  • Industry-specific regulations limit financial institutions in giving financial advice online due to privacy concerns of their customers.
  • All of the available social networks have their own terms and conditions that contain regulations on companies’ communication with customers and prospects.

Due to these limitations, banks are reluctant to adopt any kind of social media as part of their communications strategy. Here are a few examples of what financial institutions might be worried about:

  • Degradation or loss of brand image. Negative feedback and controversial discussions on social media sites can damage the image of financial institutions. This is why it is crucial to have the right resources, expertise and a strategy in place when employing any type of external social media.
  • Waste of energy and resources. Most banks make most of their profit through corporate banking and there is still a predominant opinion amongst the financial industry that social media is more for the individual than for corporations and therefore considered not to be valuable for revenue.

Benefits

In making use of social media and tying their CRM system to social media networks, banks and financial service providers can get closer to their customers, corporate and retail, and find out how to improve services and products. This will positively impact their revenue if the right strategy is in place. Here are a few selected benefits:

  • New opportunities of designing customer-specific offers will emerge through the gathering and analyzing of big data via social CRM system
  • Increased customer satisfaction through engaging with clients on social media platforms and easier management; For example: using social complaints management solutions integrated in CRM systems
  • Encourage P2P (peer-to-peer) Support by establishing discussion forums and communities for customers and interested parties to exchange knowledge and profit from each other. A good suggestion might be to open forums for existing customers via a secure log-in to ensure a higher level of security – This can be an issue when it comes to sensitive financial issues

6 Examples of banks successfully using social CRM

Even though the bank and financial industry are still reluctant to integrate social networks into their CRM, there are a few early adopters and best practice cases in most regions. Below is a brief selection:

In the US American Express has recently delivered a very unique campaign enabled via social CRM. The program the bank developed with Twitter allows AmEx customers to link their bank accounts with Twitter, and by using specific hash tags, customers earn savings from designated partners. This long-term social and brand campaign is focused on rewarding existing customers and since its foundation is social CRM it has a high ROI on media and sales. Another example is Bank of America which uses their Twitter account to track customer relationships and reduce response time to inquiries.

In the EMEA region the Spanish bank Caja Navarra provides customer support via Facebook, Twitter, YouTube and Skype and leverages communities to better understand their customers’ needs. The Jyske Bank in Denmark offers its clients interactive Q&A sessions via a social TV channel. The third European best practice case is First Direct, a UK subsidiary of the global HSBC bank, that leverages Facebook, after experimenting with their own platform, as a place for their customers to exchange advice and receive feedback from peers as well as from the bank itself. The German Deutsche Bank ended up with 27 new customer product ideas after asking their customers to vote on features they are missing in their portfolio.

In APJ the CIMB Bank sees the integration of social media into their communication strategy less as a risk but rather as opportunity to engage their customers with competitions or by letting them decide what their next credit card layout will be.

Considering the mentioned challenges above (and only a few were mentioned), the banking industry is still very reluctant towards any social media and it is unfamiliar territory, for most, as on-site customer service was always first priority. Since the evolution of the internet, however, and the rise of online banks (e.g. ING DiBa in Germany and ING Direct in the USA, now owned by Capital One) without physical locations connecting with customers and prospects in a cost-effective way, online becomes even more crucial. In addition to that it is the changed customer, ‘the social customer’ that banks need to react to.

‘Generation Y’, born early 1980s to the early 2000s, is growing-up to be the key market segment. This generation is doing business mobile on tablets and phones, tweeting the news and sharing customer reviews on the Internet. According to a recent study “more than 40 percent of high-net-worth individuals younger than 50 viewed social media as an important channel for communicating with their banks.” Young people today do not want to take the time to go to a physical location or wait hours on the phone to get service from their banks; if banks do not adapt to the fast-paced world of their customers they will not have a a lot of customers in the future.

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Konstanze Werle

About Konstanze Werle

Konstanze Werle is a Director of Industries Marketing at SAP. She is a content marketing specialist with a particular focus on the travel and transportation, engineering and construction and real estate industries worldwide. Her goal is to help companies in these industries to simplify their business by sharing latest trends and innovation in their industry.

Integration Of Social Media With CRM In Banking And Financial Services

Luisa Ruppert

Many businesses across industries have integrated social media into their CRM systems early on; some better than others.

It’s not only about the adaptation but knowing how to leverage social media to get the best results and accelerate business growth.

It is common knowledge that the financial sector was highly affected by the global economic crises. Most banks and other financial services providers sustained a substantial loss in customer trust and loyalty. Integrating social media into their CRM systems and putting a considerable amount of effort into social media strategies is one of the ways to rebuild that trust.

Challenges

One of the unique challenges for the entire financial industry is the vast variety of international and national laws and regulations that restrict the integration of social media in a few different ways:

  • Internationally operating banks face various laws that restrict them in one or more countries in actually integrating any type of social media with their CRM system.
  • Industry-specific regulations limit financial institutions in giving financial advice online due to privacy concerns of their customers.
  • All of the available social networks have their own terms and conditions that contain regulations on companies’ communication with customers and prospects.

Due to these limitations, banks are reluctant to adopt any kind of social media as part of their communications strategy. Here are a few examples of what financial institutions might be worried about:

  • Degradation or loss of brand image. Negative feedback and controversial discussions on social media sites can damage the image of financial institutions. This is why it is crucial to have the right resources, expertise and a strategy in place when employing any type of external social media.
  • Waste of energy and resources. Most banks make most of their profit through corporate banking and there is still a predominant opinion amongst the financial industry that social media is more for the individual than for corporations and therefore considered not to be valuable for revenue.

Benefits

In making use of social media and tying their CRM system to social media networks, banks and financial service providers can get closer to their customers, corporate and retail, and find out how to improve services and products. This will positively impact their revenue if the right strategy is in place. Here are a few selected benefits:

  • New opportunities of designing customer-specific offers will emerge through the gathering and analyzing of big data via social CRM system
  • Increased customer satisfaction through engaging with clients on social media platforms and easier management; For example: using social complaints management solutions integrated in CRM systems
  • Encourage P2P (peer-to-peer) Support by establishing discussion forums and communities for customers and interested parties to exchange knowledge and profit from each other. A good suggestion might be to open forums for existing customers via a secure log-in to ensure a higher level of security – This can be an issue when it comes to sensitive financial issues

6 Examples of banks successfully using social CRM

Even though the bank and financial industry are still reluctant to integrate social networks into their CRM, there are a few early adopters and best practice cases in most regions. Below is a brief selection:

In the US American Express has recently delivered a very unique campaign enabled via social CRM. The program the bank developed with Twitter allows AmEx customers to link their bank accounts with Twitter, and by using specific hash tags, customers earn savings from designated partners. This long-term social and brand campaign is focused on rewarding existing customers and since its foundation is social CRM it has a high ROI on media and sales. Another example is Bank of America which uses their Twitter account to track customer relationships and reduce response time to inquiries.

In the EMEA region the Spanish bank Caja Navarra provides customer support via Facebook, Twitter, YouTube and Skype and leverages communities to better understand their customers’ needs. The Jyske Bank in Denmark offers its clients interactive Q&A sessions via a social TV channel. The third European best practice case is First Direct, a UK subsidiary of the global HSBC bank, that leverages Facebook, after experimenting with their own platform, as a place for their customers to exchange advice and receive feedback from peers as well as from the bank itself. The German Deutsche Bank ended up with 27 new customer product ideas after asking their customers to vote on features they are missing in their portfolio.

In APJ the CIMB Bank sees the integration of social media into their communication strategy less as a risk but rather as opportunity to engage their customers with competitions or by letting them decide what their next credit card layout will be.

Considering the mentioned challenges above (and only a few were mentioned), the banking industry is still very reluctant towards any social media and it is unfamiliar territory, for most, as on-site customer service was always first priority. Since the evolution of the internet, however, and the rise of online banks (e.g. ING DiBa in Germany and ING Direct in the USA, now owned by Capital One) without physical locations connecting with customers and prospects in a cost-effective way, online becomes even more crucial. In addition to that it is the changed customer, ‘the social customer’ that banks need to react to.

‘Generation Y’, born early 1980s to the early 2000s, is growing-up to be the key market segment. This generation is doing business mobile on tablets and phones, tweeting the news and sharing customer reviews on the Internet. According to a recent study “more than 40 percent of high-net-worth individuals younger than 50 viewed social media as an important channel for communicating with their banks.” Young people today do not want to take the time to go to a physical location or wait hours on the phone to get service from their banks; if banks do not adapt to the fast-paced world of their customers they will not have a a lot of customers in the future.

Comments

Angelica Valentine

About Angelica Valentine

Angelica is the Marketing Manager at Wiser. Wiser collects and analyzes online and in-store data with unmatched speed, scale and accuracy. She is experienced in strategy and creation for cross-channel content. Angelica is passionate about growing engagement and conversion rates through excellent content. Her work has also appeared on VentureBeat, Bigcommerce, Retail Touchpoints, and more. She holds a Bachelor’s degree in Sociology from Barnard College of Columbia University in New York City.

Integration Of Social Media With CRM In Banking And Financial Services

Luisa Ruppert

Many businesses across industries have integrated social media into their CRM systems early on; some better than others.

It’s not only about the adaptation but knowing how to leverage social media to get the best results and accelerate business growth.

It is common knowledge that the financial sector was highly affected by the global economic crises. Most banks and other financial services providers sustained a substantial loss in customer trust and loyalty. Integrating social media into their CRM systems and putting a considerable amount of effort into social media strategies is one of the ways to rebuild that trust.

Challenges

One of the unique challenges for the entire financial industry is the vast variety of international and national laws and regulations that restrict the integration of social media in a few different ways:

  • Internationally operating banks face various laws that restrict them in one or more countries in actually integrating any type of social media with their CRM system.
  • Industry-specific regulations limit financial institutions in giving financial advice online due to privacy concerns of their customers.
  • All of the available social networks have their own terms and conditions that contain regulations on companies’ communication with customers and prospects.

Due to these limitations, banks are reluctant to adopt any kind of social media as part of their communications strategy. Here are a few examples of what financial institutions might be worried about:

  • Degradation or loss of brand image. Negative feedback and controversial discussions on social media sites can damage the image of financial institutions. This is why it is crucial to have the right resources, expertise and a strategy in place when employing any type of external social media.
  • Waste of energy and resources. Most banks make most of their profit through corporate banking and there is still a predominant opinion amongst the financial industry that social media is more for the individual than for corporations and therefore considered not to be valuable for revenue.

Benefits

In making use of social media and tying their CRM system to social media networks, banks and financial service providers can get closer to their customers, corporate and retail, and find out how to improve services and products. This will positively impact their revenue if the right strategy is in place. Here are a few selected benefits:

  • New opportunities of designing customer-specific offers will emerge through the gathering and analyzing of big data via social CRM system
  • Increased customer satisfaction through engaging with clients on social media platforms and easier management; For example: using social complaints management solutions integrated in CRM systems
  • Encourage P2P (peer-to-peer) Support by establishing discussion forums and communities for customers and interested parties to exchange knowledge and profit from each other. A good suggestion might be to open forums for existing customers via a secure log-in to ensure a higher level of security – This can be an issue when it comes to sensitive financial issues

6 Examples of banks successfully using social CRM

Even though the bank and financial industry are still reluctant to integrate social networks into their CRM, there are a few early adopters and best practice cases in most regions. Below is a brief selection:

In the US American Express has recently delivered a very unique campaign enabled via social CRM. The program the bank developed with Twitter allows AmEx customers to link their bank accounts with Twitter, and by using specific hash tags, customers earn savings from designated partners. This long-term social and brand campaign is focused on rewarding existing customers and since its foundation is social CRM it has a high ROI on media and sales. Another example is Bank of America which uses their Twitter account to track customer relationships and reduce response time to inquiries.

In the EMEA region the Spanish bank Caja Navarra provides customer support via Facebook, Twitter, YouTube and Skype and leverages communities to better understand their customers’ needs. The Jyske Bank in Denmark offers its clients interactive Q&A sessions via a social TV channel. The third European best practice case is First Direct, a UK subsidiary of the global HSBC bank, that leverages Facebook, after experimenting with their own platform, as a place for their customers to exchange advice and receive feedback from peers as well as from the bank itself. The German Deutsche Bank ended up with 27 new customer product ideas after asking their customers to vote on features they are missing in their portfolio.

In APJ the CIMB Bank sees the integration of social media into their communication strategy less as a risk but rather as opportunity to engage their customers with competitions or by letting them decide what their next credit card layout will be.

Considering the mentioned challenges above (and only a few were mentioned), the banking industry is still very reluctant towards any social media and it is unfamiliar territory, for most, as on-site customer service was always first priority. Since the evolution of the internet, however, and the rise of online banks (e.g. ING DiBa in Germany and ING Direct in the USA, now owned by Capital One) without physical locations connecting with customers and prospects in a cost-effective way, online becomes even more crucial. In addition to that it is the changed customer, ‘the social customer’ that banks need to react to.

‘Generation Y’, born early 1980s to the early 2000s, is growing-up to be the key market segment. This generation is doing business mobile on tablets and phones, tweeting the news and sharing customer reviews on the Internet. According to a recent study “more than 40 percent of high-net-worth individuals younger than 50 viewed social media as an important channel for communicating with their banks.” Young people today do not want to take the time to go to a physical location or wait hours on the phone to get service from their banks; if banks do not adapt to the fast-paced world of their customers they will not have a a lot of customers in the future.

Comments

Integration Of Social Media With CRM In Banking And Financial Services

Luisa Ruppert

Many businesses across industries have integrated social media into their CRM systems early on; some better than others.

It’s not only about the adaptation but knowing how to leverage social media to get the best results and accelerate business growth.

It is common knowledge that the financial sector was highly affected by the global economic crises. Most banks and other financial services providers sustained a substantial loss in customer trust and loyalty. Integrating social media into their CRM systems and putting a considerable amount of effort into social media strategies is one of the ways to rebuild that trust.

Challenges

One of the unique challenges for the entire financial industry is the vast variety of international and national laws and regulations that restrict the integration of social media in a few different ways:

  • Internationally operating banks face various laws that restrict them in one or more countries in actually integrating any type of social media with their CRM system.
  • Industry-specific regulations limit financial institutions in giving financial advice online due to privacy concerns of their customers.
  • All of the available social networks have their own terms and conditions that contain regulations on companies’ communication with customers and prospects.

Due to these limitations, banks are reluctant to adopt any kind of social media as part of their communications strategy. Here are a few examples of what financial institutions might be worried about:

  • Degradation or loss of brand image. Negative feedback and controversial discussions on social media sites can damage the image of financial institutions. This is why it is crucial to have the right resources, expertise and a strategy in place when employing any type of external social media.
  • Waste of energy and resources. Most banks make most of their profit through corporate banking and there is still a predominant opinion amongst the financial industry that social media is more for the individual than for corporations and therefore considered not to be valuable for revenue.

Benefits

In making use of social media and tying their CRM system to social media networks, banks and financial service providers can get closer to their customers, corporate and retail, and find out how to improve services and products. This will positively impact their revenue if the right strategy is in place. Here are a few selected benefits:

  • New opportunities of designing customer-specific offers will emerge through the gathering and analyzing of big data via social CRM system
  • Increased customer satisfaction through engaging with clients on social media platforms and easier management; For example: using social complaints management solutions integrated in CRM systems
  • Encourage P2P (peer-to-peer) Support by establishing discussion forums and communities for customers and interested parties to exchange knowledge and profit from each other. A good suggestion might be to open forums for existing customers via a secure log-in to ensure a higher level of security – This can be an issue when it comes to sensitive financial issues

6 Examples of banks successfully using social CRM

Even though the bank and financial industry are still reluctant to integrate social networks into their CRM, there are a few early adopters and best practice cases in most regions. Below is a brief selection:

In the US American Express has recently delivered a very unique campaign enabled via social CRM. The program the bank developed with Twitter allows AmEx customers to link their bank accounts with Twitter, and by using specific hash tags, customers earn savings from designated partners. This long-term social and brand campaign is focused on rewarding existing customers and since its foundation is social CRM it has a high ROI on media and sales. Another example is Bank of America which uses their Twitter account to track customer relationships and reduce response time to inquiries.

In the EMEA region the Spanish bank Caja Navarra provides customer support via Facebook, Twitter, YouTube and Skype and leverages communities to better understand their customers’ needs. The Jyske Bank in Denmark offers its clients interactive Q&A sessions via a social TV channel. The third European best practice case is First Direct, a UK subsidiary of the global HSBC bank, that leverages Facebook, after experimenting with their own platform, as a place for their customers to exchange advice and receive feedback from peers as well as from the bank itself. The German Deutsche Bank ended up with 27 new customer product ideas after asking their customers to vote on features they are missing in their portfolio.

In APJ the CIMB Bank sees the integration of social media into their communication strategy less as a risk but rather as opportunity to engage their customers with competitions or by letting them decide what their next credit card layout will be.

Considering the mentioned challenges above (and only a few were mentioned), the banking industry is still very reluctant towards any social media and it is unfamiliar territory, for most, as on-site customer service was always first priority. Since the evolution of the internet, however, and the rise of online banks (e.g. ING DiBa in Germany and ING Direct in the USA, now owned by Capital One) without physical locations connecting with customers and prospects in a cost-effective way, online becomes even more crucial. In addition to that it is the changed customer, ‘the social customer’ that banks need to react to.

‘Generation Y’, born early 1980s to the early 2000s, is growing-up to be the key market segment. This generation is doing business mobile on tablets and phones, tweeting the news and sharing customer reviews on the Internet. According to a recent study “more than 40 percent of high-net-worth individuals younger than 50 viewed social media as an important channel for communicating with their banks.” Young people today do not want to take the time to go to a physical location or wait hours on the phone to get service from their banks; if banks do not adapt to the fast-paced world of their customers they will not have a a lot of customers in the future.

Comments

Uli Muench

About Uli Muench

Uli Muench is Global Vice President of the Automotive Industry Business Unit at SAP.

Integration Of Social Media With CRM In Banking And Financial Services

Luisa Ruppert

Many businesses across industries have integrated social media into their CRM systems early on; some better than others.

It’s not only about the adaptation but knowing how to leverage social media to get the best results and accelerate business growth.

It is common knowledge that the financial sector was highly affected by the global economic crises. Most banks and other financial services providers sustained a substantial loss in customer trust and loyalty. Integrating social media into their CRM systems and putting a considerable amount of effort into social media strategies is one of the ways to rebuild that trust.

Challenges

One of the unique challenges for the entire financial industry is the vast variety of international and national laws and regulations that restrict the integration of social media in a few different ways:

  • Internationally operating banks face various laws that restrict them in one or more countries in actually integrating any type of social media with their CRM system.
  • Industry-specific regulations limit financial institutions in giving financial advice online due to privacy concerns of their customers.
  • All of the available social networks have their own terms and conditions that contain regulations on companies’ communication with customers and prospects.

Due to these limitations, banks are reluctant to adopt any kind of social media as part of their communications strategy. Here are a few examples of what financial institutions might be worried about:

  • Degradation or loss of brand image. Negative feedback and controversial discussions on social media sites can damage the image of financial institutions. This is why it is crucial to have the right resources, expertise and a strategy in place when employing any type of external social media.
  • Waste of energy and resources. Most banks make most of their profit through corporate banking and there is still a predominant opinion amongst the financial industry that social media is more for the individual than for corporations and therefore considered not to be valuable for revenue.

Benefits

In making use of social media and tying their CRM system to social media networks, banks and financial service providers can get closer to their customers, corporate and retail, and find out how to improve services and products. This will positively impact their revenue if the right strategy is in place. Here are a few selected benefits:

  • New opportunities of designing customer-specific offers will emerge through the gathering and analyzing of big data via social CRM system
  • Increased customer satisfaction through engaging with clients on social media platforms and easier management; For example: using social complaints management solutions integrated in CRM systems
  • Encourage P2P (peer-to-peer) Support by establishing discussion forums and communities for customers and interested parties to exchange knowledge and profit from each other. A good suggestion might be to open forums for existing customers via a secure log-in to ensure a higher level of security – This can be an issue when it comes to sensitive financial issues

6 Examples of banks successfully using social CRM

Even though the bank and financial industry are still reluctant to integrate social networks into their CRM, there are a few early adopters and best practice cases in most regions. Below is a brief selection:

In the US American Express has recently delivered a very unique campaign enabled via social CRM. The program the bank developed with Twitter allows AmEx customers to link their bank accounts with Twitter, and by using specific hash tags, customers earn savings from designated partners. This long-term social and brand campaign is focused on rewarding existing customers and since its foundation is social CRM it has a high ROI on media and sales. Another example is Bank of America which uses their Twitter account to track customer relationships and reduce response time to inquiries.

In the EMEA region the Spanish bank Caja Navarra provides customer support via Facebook, Twitter, YouTube and Skype and leverages communities to better understand their customers’ needs. The Jyske Bank in Denmark offers its clients interactive Q&A sessions via a social TV channel. The third European best practice case is First Direct, a UK subsidiary of the global HSBC bank, that leverages Facebook, after experimenting with their own platform, as a place for their customers to exchange advice and receive feedback from peers as well as from the bank itself. The German Deutsche Bank ended up with 27 new customer product ideas after asking their customers to vote on features they are missing in their portfolio.

In APJ the CIMB Bank sees the integration of social media into their communication strategy less as a risk but rather as opportunity to engage their customers with competitions or by letting them decide what their next credit card layout will be.

Considering the mentioned challenges above (and only a few were mentioned), the banking industry is still very reluctant towards any social media and it is unfamiliar territory, for most, as on-site customer service was always first priority. Since the evolution of the internet, however, and the rise of online banks (e.g. ING DiBa in Germany and ING Direct in the USA, now owned by Capital One) without physical locations connecting with customers and prospects in a cost-effective way, online becomes even more crucial. In addition to that it is the changed customer, ‘the social customer’ that banks need to react to.

‘Generation Y’, born early 1980s to the early 2000s, is growing-up to be the key market segment. This generation is doing business mobile on tablets and phones, tweeting the news and sharing customer reviews on the Internet. According to a recent study “more than 40 percent of high-net-worth individuals younger than 50 viewed social media as an important channel for communicating with their banks.” Young people today do not want to take the time to go to a physical location or wait hours on the phone to get service from their banks; if banks do not adapt to the fast-paced world of their customers they will not have a a lot of customers in the future.

Comments

Integration Of Social Media With CRM In Banking And Financial Services

Luisa Ruppert

Many businesses across industries have integrated social media into their CRM systems early on; some better than others.

It’s not only about the adaptation but knowing how to leverage social media to get the best results and accelerate business growth.

It is common knowledge that the financial sector was highly affected by the global economic crises. Most banks and other financial services providers sustained a substantial loss in customer trust and loyalty. Integrating social media into their CRM systems and putting a considerable amount of effort into social media strategies is one of the ways to rebuild that trust.

Challenges

One of the unique challenges for the entire financial industry is the vast variety of international and national laws and regulations that restrict the integration of social media in a few different ways:

  • Internationally operating banks face various laws that restrict them in one or more countries in actually integrating any type of social media with their CRM system.
  • Industry-specific regulations limit financial institutions in giving financial advice online due to privacy concerns of their customers.
  • All of the available social networks have their own terms and conditions that contain regulations on companies’ communication with customers and prospects.

Due to these limitations, banks are reluctant to adopt any kind of social media as part of their communications strategy. Here are a few examples of what financial institutions might be worried about:

  • Degradation or loss of brand image. Negative feedback and controversial discussions on social media sites can damage the image of financial institutions. This is why it is crucial to have the right resources, expertise and a strategy in place when employing any type of external social media.
  • Waste of energy and resources. Most banks make most of their profit through corporate banking and there is still a predominant opinion amongst the financial industry that social media is more for the individual than for corporations and therefore considered not to be valuable for revenue.

Benefits

In making use of social media and tying their CRM system to social media networks, banks and financial service providers can get closer to their customers, corporate and retail, and find out how to improve services and products. This will positively impact their revenue if the right strategy is in place. Here are a few selected benefits:

  • New opportunities of designing customer-specific offers will emerge through the gathering and analyzing of big data via social CRM system
  • Increased customer satisfaction through engaging with clients on social media platforms and easier management; For example: using social complaints management solutions integrated in CRM systems
  • Encourage P2P (peer-to-peer) Support by establishing discussion forums and communities for customers and interested parties to exchange knowledge and profit from each other. A good suggestion might be to open forums for existing customers via a secure log-in to ensure a higher level of security – This can be an issue when it comes to sensitive financial issues

6 Examples of banks successfully using social CRM

Even though the bank and financial industry are still reluctant to integrate social networks into their CRM, there are a few early adopters and best practice cases in most regions. Below is a brief selection:

In the US American Express has recently delivered a very unique campaign enabled via social CRM. The program the bank developed with Twitter allows AmEx customers to link their bank accounts with Twitter, and by using specific hash tags, customers earn savings from designated partners. This long-term social and brand campaign is focused on rewarding existing customers and since its foundation is social CRM it has a high ROI on media and sales. Another example is Bank of America which uses their Twitter account to track customer relationships and reduce response time to inquiries.

In the EMEA region the Spanish bank Caja Navarra provides customer support via Facebook, Twitter, YouTube and Skype and leverages communities to better understand their customers’ needs. The Jyske Bank in Denmark offers its clients interactive Q&A sessions via a social TV channel. The third European best practice case is First Direct, a UK subsidiary of the global HSBC bank, that leverages Facebook, after experimenting with their own platform, as a place for their customers to exchange advice and receive feedback from peers as well as from the bank itself. The German Deutsche Bank ended up with 27 new customer product ideas after asking their customers to vote on features they are missing in their portfolio.

In APJ the CIMB Bank sees the integration of social media into their communication strategy less as a risk but rather as opportunity to engage their customers with competitions or by letting them decide what their next credit card layout will be.

Considering the mentioned challenges above (and only a few were mentioned), the banking industry is still very reluctant towards any social media and it is unfamiliar territory, for most, as on-site customer service was always first priority. Since the evolution of the internet, however, and the rise of online banks (e.g. ING DiBa in Germany and ING Direct in the USA, now owned by Capital One) without physical locations connecting with customers and prospects in a cost-effective way, online becomes even more crucial. In addition to that it is the changed customer, ‘the social customer’ that banks need to react to.

‘Generation Y’, born early 1980s to the early 2000s, is growing-up to be the key market segment. This generation is doing business mobile on tablets and phones, tweeting the news and sharing customer reviews on the Internet. According to a recent study “more than 40 percent of high-net-worth individuals younger than 50 viewed social media as an important channel for communicating with their banks.” Young people today do not want to take the time to go to a physical location or wait hours on the phone to get service from their banks; if banks do not adapt to the fast-paced world of their customers they will not have a a lot of customers in the future.

Comments

Shawn Slack

About Shawn Slack

Shawn Slack is the Director of Information Technology and Chief Information Officer for the City of Mississauga.

Integration Of Social Media With CRM In Banking And Financial Services

Luisa Ruppert

Many businesses across industries have integrated social media into their CRM systems early on; some better than others.

It’s not only about the adaptation but knowing how to leverage social media to get the best results and accelerate business growth.

It is common knowledge that the financial sector was highly affected by the global economic crises. Most banks and other financial services providers sustained a substantial loss in customer trust and loyalty. Integrating social media into their CRM systems and putting a considerable amount of effort into social media strategies is one of the ways to rebuild that trust.

Challenges

One of the unique challenges for the entire financial industry is the vast variety of international and national laws and regulations that restrict the integration of social media in a few different ways:

  • Internationally operating banks face various laws that restrict them in one or more countries in actually integrating any type of social media with their CRM system.
  • Industry-specific regulations limit financial institutions in giving financial advice online due to privacy concerns of their customers.
  • All of the available social networks have their own terms and conditions that contain regulations on companies’ communication with customers and prospects.

Due to these limitations, banks are reluctant to adopt any kind of social media as part of their communications strategy. Here are a few examples of what financial institutions might be worried about:

  • Degradation or loss of brand image. Negative feedback and controversial discussions on social media sites can damage the image of financial institutions. This is why it is crucial to have the right resources, expertise and a strategy in place when employing any type of external social media.
  • Waste of energy and resources. Most banks make most of their profit through corporate banking and there is still a predominant opinion amongst the financial industry that social media is more for the individual than for corporations and therefore considered not to be valuable for revenue.

Benefits

In making use of social media and tying their CRM system to social media networks, banks and financial service providers can get closer to their customers, corporate and retail, and find out how to improve services and products. This will positively impact their revenue if the right strategy is in place. Here are a few selected benefits:

  • New opportunities of designing customer-specific offers will emerge through the gathering and analyzing of big data via social CRM system
  • Increased customer satisfaction through engaging with clients on social media platforms and easier management; For example: using social complaints management solutions integrated in CRM systems
  • Encourage P2P (peer-to-peer) Support by establishing discussion forums and communities for customers and interested parties to exchange knowledge and profit from each other. A good suggestion might be to open forums for existing customers via a secure log-in to ensure a higher level of security – This can be an issue when it comes to sensitive financial issues

6 Examples of banks successfully using social CRM

Even though the bank and financial industry are still reluctant to integrate social networks into their CRM, there are a few early adopters and best practice cases in most regions. Below is a brief selection:

In the US American Express has recently delivered a very unique campaign enabled via social CRM. The program the bank developed with Twitter allows AmEx customers to link their bank accounts with Twitter, and by using specific hash tags, customers earn savings from designated partners. This long-term social and brand campaign is focused on rewarding existing customers and since its foundation is social CRM it has a high ROI on media and sales. Another example is Bank of America which uses their Twitter account to track customer relationships and reduce response time to inquiries.

In the EMEA region the Spanish bank Caja Navarra provides customer support via Facebook, Twitter, YouTube and Skype and leverages communities to better understand their customers’ needs. The Jyske Bank in Denmark offers its clients interactive Q&A sessions via a social TV channel. The third European best practice case is First Direct, a UK subsidiary of the global HSBC bank, that leverages Facebook, after experimenting with their own platform, as a place for their customers to exchange advice and receive feedback from peers as well as from the bank itself. The German Deutsche Bank ended up with 27 new customer product ideas after asking their customers to vote on features they are missing in their portfolio.

In APJ the CIMB Bank sees the integration of social media into their communication strategy less as a risk but rather as opportunity to engage their customers with competitions or by letting them decide what their next credit card layout will be.

Considering the mentioned challenges above (and only a few were mentioned), the banking industry is still very reluctant towards any social media and it is unfamiliar territory, for most, as on-site customer service was always first priority. Since the evolution of the internet, however, and the rise of online banks (e.g. ING DiBa in Germany and ING Direct in the USA, now owned by Capital One) without physical locations connecting with customers and prospects in a cost-effective way, online becomes even more crucial. In addition to that it is the changed customer, ‘the social customer’ that banks need to react to.

‘Generation Y’, born early 1980s to the early 2000s, is growing-up to be the key market segment. This generation is doing business mobile on tablets and phones, tweeting the news and sharing customer reviews on the Internet. According to a recent study “more than 40 percent of high-net-worth individuals younger than 50 viewed social media as an important channel for communicating with their banks.” Young people today do not want to take the time to go to a physical location or wait hours on the phone to get service from their banks; if banks do not adapt to the fast-paced world of their customers they will not have a a lot of customers in the future.

Comments

Daniel Schmid

About Daniel Schmid

Daniel Schmid was appointed Chief Sustainability Officer at SAP in 2014. Since 2008 he has been engaged in transforming SAP into a role model of a sustainable organization, establishing mid and long term sustainability targets. Linking non-financial and financial performance are key achievements of Daniel and his team.

Integration Of Social Media With CRM In Banking And Financial Services

Luisa Ruppert

Many businesses across industries have integrated social media into their CRM systems early on; some better than others.

It’s not only about the adaptation but knowing how to leverage social media to get the best results and accelerate business growth.

It is common knowledge that the financial sector was highly affected by the global economic crises. Most banks and other financial services providers sustained a substantial loss in customer trust and loyalty. Integrating social media into their CRM systems and putting a considerable amount of effort into social media strategies is one of the ways to rebuild that trust.

Challenges

One of the unique challenges for the entire financial industry is the vast variety of international and national laws and regulations that restrict the integration of social media in a few different ways:

  • Internationally operating banks face various laws that restrict them in one or more countries in actually integrating any type of social media with their CRM system.
  • Industry-specific regulations limit financial institutions in giving financial advice online due to privacy concerns of their customers.
  • All of the available social networks have their own terms and conditions that contain regulations on companies’ communication with customers and prospects.

Due to these limitations, banks are reluctant to adopt any kind of social media as part of their communications strategy. Here are a few examples of what financial institutions might be worried about:

  • Degradation or loss of brand image. Negative feedback and controversial discussions on social media sites can damage the image of financial institutions. This is why it is crucial to have the right resources, expertise and a strategy in place when employing any type of external social media.
  • Waste of energy and resources. Most banks make most of their profit through corporate banking and there is still a predominant opinion amongst the financial industry that social media is more for the individual than for corporations and therefore considered not to be valuable for revenue.

Benefits

In making use of social media and tying their CRM system to social media networks, banks and financial service providers can get closer to their customers, corporate and retail, and find out how to improve services and products. This will positively impact their revenue if the right strategy is in place. Here are a few selected benefits:

  • New opportunities of designing customer-specific offers will emerge through the gathering and analyzing of big data via social CRM system
  • Increased customer satisfaction through engaging with clients on social media platforms and easier management; For example: using social complaints management solutions integrated in CRM systems
  • Encourage P2P (peer-to-peer) Support by establishing discussion forums and communities for customers and interested parties to exchange knowledge and profit from each other. A good suggestion might be to open forums for existing customers via a secure log-in to ensure a higher level of security – This can be an issue when it comes to sensitive financial issues

6 Examples of banks successfully using social CRM

Even though the bank and financial industry are still reluctant to integrate social networks into their CRM, there are a few early adopters and best practice cases in most regions. Below is a brief selection:

In the US American Express has recently delivered a very unique campaign enabled via social CRM. The program the bank developed with Twitter allows AmEx customers to link their bank accounts with Twitter, and by using specific hash tags, customers earn savings from designated partners. This long-term social and brand campaign is focused on rewarding existing customers and since its foundation is social CRM it has a high ROI on media and sales. Another example is Bank of America which uses their Twitter account to track customer relationships and reduce response time to inquiries.

In the EMEA region the Spanish bank Caja Navarra provides customer support via Facebook, Twitter, YouTube and Skype and leverages communities to better understand their customers’ needs. The Jyske Bank in Denmark offers its clients interactive Q&A sessions via a social TV channel. The third European best practice case is First Direct, a UK subsidiary of the global HSBC bank, that leverages Facebook, after experimenting with their own platform, as a place for their customers to exchange advice and receive feedback from peers as well as from the bank itself. The German Deutsche Bank ended up with 27 new customer product ideas after asking their customers to vote on features they are missing in their portfolio.

In APJ the CIMB Bank sees the integration of social media into their communication strategy less as a risk but rather as opportunity to engage their customers with competitions or by letting them decide what their next credit card layout will be.

Considering the mentioned challenges above (and only a few were mentioned), the banking industry is still very reluctant towards any social media and it is unfamiliar territory, for most, as on-site customer service was always first priority. Since the evolution of the internet, however, and the rise of online banks (e.g. ING DiBa in Germany and ING Direct in the USA, now owned by Capital One) without physical locations connecting with customers and prospects in a cost-effective way, online becomes even more crucial. In addition to that it is the changed customer, ‘the social customer’ that banks need to react to.

‘Generation Y’, born early 1980s to the early 2000s, is growing-up to be the key market segment. This generation is doing business mobile on tablets and phones, tweeting the news and sharing customer reviews on the Internet. According to a recent study “more than 40 percent of high-net-worth individuals younger than 50 viewed social media as an important channel for communicating with their banks.” Young people today do not want to take the time to go to a physical location or wait hours on the phone to get service from their banks; if banks do not adapt to the fast-paced world of their customers they will not have a a lot of customers in the future.

Comments

Michael Laprocido

About Michael Laprocido

Mike Laprocido serves as a Strategic Industry Advisor for SAP. He is responsible for developing thought leadership and driving SAP solution adoption in the chemical and oil and gas industries. With over three decades in various executive roles at BP Oil, BP Chemicals, Kuraray America, Panda Energy and IBM prior to joining SAP, Mike has gained a broad and deep industry knowledge base that he leverages to help his clients to innovate and transform their business through the application of digital technology.

Integration Of Social Media With CRM In Banking And Financial Services

Luisa Ruppert

Many businesses across industries have integrated social media into their CRM systems early on; some better than others.

It’s not only about the adaptation but knowing how to leverage social media to get the best results and accelerate business growth.

It is common knowledge that the financial sector was highly affected by the global economic crises. Most banks and other financial services providers sustained a substantial loss in customer trust and loyalty. Integrating social media into their CRM systems and putting a considerable amount of effort into social media strategies is one of the ways to rebuild that trust.

Challenges

One of the unique challenges for the entire financial industry is the vast variety of international and national laws and regulations that restrict the integration of social media in a few different ways:

  • Internationally operating banks face various laws that restrict them in one or more countries in actually integrating any type of social media with their CRM system.
  • Industry-specific regulations limit financial institutions in giving financial advice online due to privacy concerns of their customers.
  • All of the available social networks have their own terms and conditions that contain regulations on companies’ communication with customers and prospects.

Due to these limitations, banks are reluctant to adopt any kind of social media as part of their communications strategy. Here are a few examples of what financial institutions might be worried about:

  • Degradation or loss of brand image. Negative feedback and controversial discussions on social media sites can damage the image of financial institutions. This is why it is crucial to have the right resources, expertise and a strategy in place when employing any type of external social media.
  • Waste of energy and resources. Most banks make most of their profit through corporate banking and there is still a predominant opinion amongst the financial industry that social media is more for the individual than for corporations and therefore considered not to be valuable for revenue.

Benefits

In making use of social media and tying their CRM system to social media networks, banks and financial service providers can get closer to their customers, corporate and retail, and find out how to improve services and products. This will positively impact their revenue if the right strategy is in place. Here are a few selected benefits:

  • New opportunities of designing customer-specific offers will emerge through the gathering and analyzing of big data via social CRM system
  • Increased customer satisfaction through engaging with clients on social media platforms and easier management; For example: using social complaints management solutions integrated in CRM systems
  • Encourage P2P (peer-to-peer) Support by establishing discussion forums and communities for customers and interested parties to exchange knowledge and profit from each other. A good suggestion might be to open forums for existing customers via a secure log-in to ensure a higher level of security – This can be an issue when it comes to sensitive financial issues

6 Examples of banks successfully using social CRM

Even though the bank and financial industry are still reluctant to integrate social networks into their CRM, there are a few early adopters and best practice cases in most regions. Below is a brief selection:

In the US American Express has recently delivered a very unique campaign enabled via social CRM. The program the bank developed with Twitter allows AmEx customers to link their bank accounts with Twitter, and by using specific hash tags, customers earn savings from designated partners. This long-term social and brand campaign is focused on rewarding existing customers and since its foundation is social CRM it has a high ROI on media and sales. Another example is Bank of America which uses their Twitter account to track customer relationships and reduce response time to inquiries.

In the EMEA region the Spanish bank Caja Navarra provides customer support via Facebook, Twitter, YouTube and Skype and leverages communities to better understand their customers’ needs. The Jyske Bank in Denmark offers its clients interactive Q&A sessions via a social TV channel. The third European best practice case is First Direct, a UK subsidiary of the global HSBC bank, that leverages Facebook, after experimenting with their own platform, as a place for their customers to exchange advice and receive feedback from peers as well as from the bank itself. The German Deutsche Bank ended up with 27 new customer product ideas after asking their customers to vote on features they are missing in their portfolio.

In APJ the CIMB Bank sees the integration of social media into their communication strategy less as a risk but rather as opportunity to engage their customers with competitions or by letting them decide what their next credit card layout will be.

Considering the mentioned challenges above (and only a few were mentioned), the banking industry is still very reluctant towards any social media and it is unfamiliar territory, for most, as on-site customer service was always first priority. Since the evolution of the internet, however, and the rise of online banks (e.g. ING DiBa in Germany and ING Direct in the USA, now owned by Capital One) without physical locations connecting with customers and prospects in a cost-effective way, online becomes even more crucial. In addition to that it is the changed customer, ‘the social customer’ that banks need to react to.

‘Generation Y’, born early 1980s to the early 2000s, is growing-up to be the key market segment. This generation is doing business mobile on tablets and phones, tweeting the news and sharing customer reviews on the Internet. According to a recent study “more than 40 percent of high-net-worth individuals younger than 50 viewed social media as an important channel for communicating with their banks.” Young people today do not want to take the time to go to a physical location or wait hours on the phone to get service from their banks; if banks do not adapt to the fast-paced world of their customers they will not have a a lot of customers in the future.

Comments

Hack the CIO

By Thomas Saueressig, Timo Elliott, Sam Yen, and Bennett Voyles

For nerds, the weeks right before finals are a Cinderella moment. Suddenly they’re stars. Pocket protectors are fashionable; people find their jokes a whole lot funnier; Dungeons & Dragons sounds cool.

Many CIOs are enjoying this kind of moment now, as companies everywhere face the business equivalent of a final exam for a vital class they have managed to mostly avoid so far: digital transformation.

But as always, there is a limit to nerdy magic. No matter how helpful CIOs try to be, their classmates still won’t pass if they don’t learn the material. With IT increasingly central to every business—from the customer experience to the offering to the business model itself—we all need to start thinking like CIOs.

Pass the digital transformation exam, and you probably have a bright future ahead. A recent SAP-Oxford Economics study of 3,100 organizations in a variety of industries across 17 countries found that the companies that have taken the lead in digital transformation earn higher profits and revenues and have more competitive differentiation than their peers. They also expect 23% more revenue growth from their digital initiatives over the next two years—an estimate 2.5 to 4 times larger than the average company’s.

But the market is grading on a steep curve: this same SAP-Oxford study found that only 3% have completed some degree of digital transformation across their organization. Other surveys also suggest that most companies won’t be graduating anytime soon: in one recent survey of 450 heads of digital transformation for enterprises in the United States, United Kingdom, France, and Germany by technology company Couchbase, 90% agreed that most digital projects fail to meet expectations and deliver only incremental improvements. Worse: over half (54%) believe that organizations that don’t succeed with their transformation project will fail or be absorbed by a savvier competitor within four years.

Companies that are making the grade understand that unlike earlier technical advances, digital transformation doesn’t just support the business, it’s the future of the business. That’s why 60% of digital leading companies have entrusted the leadership of their transformation to their CIO, and that’s why experts say businesspeople must do more than have a vague understanding of the technology. They must also master a way of thinking and looking at business challenges that is unfamiliar to most people outside the IT department.

In other words, if you don’t think like a CIO yet, now is a very good time to learn.

However, given that you probably don’t have a spare 15 years to learn what your CIO knows, we asked the experts what makes CIO thinking distinctive. Here are the top eight mind hacks.

1. Think in Systems

A lot of businesspeople are used to seeing their organization as a series of loosely joined silos. But in the world of digital business, everything is part of a larger system.

CIOs have known for a long time that smart processes win. Whether they were installing enterprise resource planning systems or working with the business to imagine the customer’s journey, they always had to think in holistic ways that crossed traditional departmental, functional, and operational boundaries.

Unlike other business leaders, CIOs spend their careers looking across systems. Why did our supply chain go down? How can we support this new business initiative beyond a single department or function? Now supported by end-to-end process methodologies such as design thinking, good CIOs have developed a way of looking at the company that can lead to radical simplifications that can reduce cost and improve performance at the same time.

They are also used to thinking beyond temporal boundaries. “This idea that the power of technology doubles every two years means that as you’re planning ahead you can’t think in terms of a linear process, you have to think in terms of huge jumps,” says Jay Ferro, CIO of TransPerfect, a New York–based global translation firm.

No wonder the SAP-Oxford transformation study found that one of the values transformational leaders shared was a tendency to look beyond silos and view the digital transformation as a company-wide initiative.

This will come in handy because in digital transformation, not only do business processes evolve but the company’s entire value proposition changes, says Jeanne Ross, principal research scientist at the Center for Information Systems Research at the Massachusetts Institute of Technology (MIT). “It either already has or it’s going to, because digital technologies make things possible that weren’t possible before,” she explains.

2. Work in Diverse Teams

When it comes to large projects, CIOs have always needed input from a diverse collection of businesspeople to be successful. The best have developed ways to convince and cajole reluctant participants to come to the table. They seek out technology enthusiasts in the business and those who are respected by their peers to help build passion and commitment among the halfhearted.

Digital transformation amps up the urgency for building diverse teams even further. “A small, focused group simply won’t have the same breadth of perspective as a team that includes a salesperson and a service person and a development person, as well as an IT person,” says Ross.

At Lenovo, the global technology giant, many of these cross-functional teams become so used to working together that it’s hard to tell where each member originally belonged: “You can’t tell who is business or IT; you can’t tell who is product, IT, or design,” says the company’s CIO, Arthur Hu.

One interesting corollary of this trend toward broader teamwork is that talent is a priority among digital leaders: they spend more on training their employees and partners than ordinary companies, as well as on hiring the people they need, according to the SAP-Oxford Economics survey. They’re also already being rewarded for their faith in their teams: 71% of leaders say that their successful digital transformation has made it easier for them to attract and retain talent, and 64% say that their employees are now more engaged than they were before the transformation.

3. Become a Consultant

Good CIOs have long needed to be internal consultants to the business. Ever since technology moved out of the glasshouse and onto employees’ desks, CIOs have not only needed a deep understanding of the goals of a given project but also to make sure that the project didn’t stray from those goals, even after the businesspeople who had ordered the project went back to their day jobs. “Businesspeople didn’t really need to get into the details of what IT was really doing,” recalls Ferro. “They just had a set of demands and said, ‘Hey, IT, go do that.’”

Now software has become so integral to the business that nobody can afford to walk away. Businesspeople must join the ranks of the IT consultants.

But that was then. Now software has become so integral to the business that nobody can afford to walk away. Businesspeople must join the ranks of the IT consultants. “If you’re building a house, you don’t just disappear for six months and come back and go, ‘Oh, it looks pretty good,’” says Ferro. “You’re on that work site constantly and all of a sudden you’re looking at something, going, ‘Well, that looked really good on the blueprint, not sure it makes sense in reality. Let’s move that over six feet.’ Or, ‘I don’t know if I like that anymore.’ It’s really not much different in application development or for IT or technical projects, where on paper it looked really good and three weeks in, in that second sprint, you’re going, ‘Oh, now that I look at it, that’s really stupid.’”

4. Learn Horizontal Leadership

CIOs have always needed the ability to educate and influence other leaders that they don’t directly control. For major IT projects to be successful, they need other leaders to contribute budget, time, and resources from multiple areas of the business.

It’s a kind of horizontal leadership that will become critical for businesspeople to acquire in digital transformation. “The leadership role becomes one much more of coaching others across the organization—encouraging people to be creative, making sure everybody knows how to use data well,” Ross says.

In this team-based environment, having all the answers becomes less important. “It used to be that the best business executives and leaders had the best answers. Today that is no longer the case,” observes Gary Cokins, a technology consultant who focuses on analytics-based performance management. “Increasingly, it’s the executives and leaders who ask the best questions. There is too much volatility and uncertainty for them to rely on their intuition or past experiences.”

Many experts expect this trend to continue as the confluence of automation and data keeps chipping away at the organizational pyramid. “Hierarchical, command-and-control leadership will become obsolete,” says Edward Hess, professor of business administration and Batten executive-in-residence at the Darden School of Business at the University of Virginia. “Flatter, distributive leadership via teams will become the dominant structure.”

5. Understand Process Design

When business processes were simpler, IT could analyze the process and improve it without input from the business. But today many processes are triggered on the fly by the customer, making a seamless customer experience more difficult to build without the benefit of a larger, multifunctional team. In a highly digitalized organization like Amazon, which releases thousands of new software programs each year, IT can no longer do it all.

While businesspeople aren’t expected to start coding, their involvement in process design is crucial. One of the techniques that many organizations have adopted to help IT and businesspeople visualize business processes together is design thinking (for more on design thinking techniques, see “A Cult of Creation“).

Customers aren’t the only ones who benefit from better processes. Among the 100 companies the SAP-Oxford Economics researchers have identified as digital leaders, two-thirds say that they are making their employees’ lives easier by eliminating process roadblocks that interfere with their ability to do their jobs. Ninety percent of leaders surveyed expect to see value from these projects in the next two years alone.

6. Learn to Keep Learning

The ability to learn and keep learning has been a part of IT from the start. Since the first mainframes in the 1950s, technologists have understood that they need to keep reinventing themselves and their skills to adapt to the changes around them.

Now that’s starting to become part of other job descriptions too. Many companies are investing in teaching their employees new digital skills. One South American auto products company, for example, has created a custom-education institute that trained 20,000 employees and partner-employees in 2016. In addition to training current staff, many leading digital companies are also hiring new employees and creating new roles, such as a chief robotics officer, to support their digital transformation efforts.

Nicolas van Zeebroeck, professor of information systems and digital business innovation at the Solvay Brussels School of Economics and Management at the Free University of Brussels, says that he expects the ability to learn quickly will remain crucial. “If I had to think of one critical skill,” he explains, “I would have to say it’s the ability to learn and keep learning—the ability to challenge the status quo and question what you take for granted.”

7. Fail Smarter

Traditionally, CIOs tended to be good at thinking through tests that would allow the company to experiment with new technology without risking the entire network.

This is another unfamiliar skill that smart managers are trying to pick up. “There’s a lot of trial and error in the best companies right now,” notes MIT’s Ross. But there’s a catch, she adds. “Most companies aren’t designed for trial and error—they’re trying to avoid an error,” she says.

To learn how to do it better, take your lead from IT, where many people have already learned to work in small, innovative teams that use agile development principles, advises Ross.

For example, business managers must learn how to think in terms of a minimum viable product: build a simple version of what you have in mind, test it, and if it works start building. You don’t build the whole thing at once anymore.… It’s really important to build things incrementally,” Ross says.

Flexibility and the ability to capitalize on accidental discoveries during experimentation are more important than having a concrete project plan, says Ross. At Spotify, the music service, and CarMax, the used-car retailer, change is driven not from the center but from small teams that have developed something new. “The thing you have to get comfortable with is not having the formalized plan that we would have traditionally relied on, because as soon as you insist on that, you limit your ability to keep learning,” Ross warns.

8. Understand the True Cost—and Speed—of Data

Gut instincts have never had much to do with being a CIO; now they should have less to do with being an ordinary manager as well, as data becomes more important.

As part of that calculation, businesspeople must have the ability to analyze the value of the data that they seek. “You’ll need to apply a pinch of knowledge salt to your data,” advises Solvay’s van Zeebroeck. “What really matters is the ability not just to tap into data but to see what is behind the data. Is it a fair representation? Is it impartial?”

Increasingly, businesspeople will need to do their analysis in real time, just as CIOs have always had to manage live systems and processes. Moving toward real-time reports and away from paper-based decisions increases accuracy and effectiveness—and leaves less time for long meetings and PowerPoint presentations (let us all rejoice).

Not Every CIO Is Ready

Of course, not all CIOs are ready for these changes. Just as high school has a lot of false positives—genius nerds who turn out to be merely nearsighted—so there are many CIOs who aren’t good role models for transformation.

Success as a CIO these days requires more than delivering near-perfect uptime, says Lenovo’s Hu. You need to be able to understand the business as well. Some CIOs simply don’t have all the business skills that are needed to succeed in the transformation. Others lack the internal clout: a 2016 KPMG study found that only 34% of CIOs report directly to the CEO.

This lack of a strategic perspective is holding back digital transformation at many organizations. They approach digital transformation as a cool, one-off project: we’re going to put this new mobile app in place and we’re done. But that’s not a systematic approach; it’s an island of innovation that doesn’t join up with the other islands of innovation. In the longer term, this kind of development creates more problems than it fixes.

Such organizations are not building in the capacity for change; they’re trying to get away with just doing it once rather than thinking about how they’re going to use digitalization as a means to constantly experiment and become a better company over the long term.

As a result, in some companies, the most interesting tech developments are happening despite IT, not because of it. “There’s an alarming digital divide within many companies. Marketers are developing nimble software to give customers an engaging, personalized experience, while IT departments remain focused on the legacy infrastructure. The front and back ends aren’t working together, resulting in appealing web sites and apps that don’t quite deliver,” writes George Colony, founder, chairman, and CEO of Forrester Research, in the MIT Sloan Management Review.

Thanks to cloud computing and easier development tools, many departments are developing on their own, without IT’s support. These days, anybody with a credit card can do it.

Traditionally, IT departments looked askance at these kinds of do-it-yourself shadow IT programs, but that’s changing. Ferro, for one, says that it’s better to look at those teams not as rogue groups but as people who are trying to help. “It’s less about ‘Hey, something’s escaped,’ and more about ‘No, we just actually grew our capacity and grew our ability to innovate,’” he explains.

“I don’t like the term ‘shadow IT,’” agrees Lenovo’s Hu. “I think it’s an artifact of a very traditional CIO team. If you think of it as shadow IT, you’re out of step with reality,” he says.

The reality today is that a company needs both a strong IT department and strong digital capacities outside its IT department. If the relationship is good, the CIO and IT become valuable allies in helping businesspeople add digital capabilities without disrupting or duplicating existing IT infrastructure.

If a company already has strong digital capacities, it should be able to move forward quickly, according to Ross. But many companies are still playing catch-up and aren’t even ready to begin transforming, as the SAP-Oxford Economics survey shows.

For enterprises where business and IT are unable to get their collective act together, Ross predicts that the next few years will be rough. “I think these companies ought to panic,” she says. D!


About the Authors

Thomas Saueressig is Chief Information Officer at SAP.

Timo Elliott is an Innovation Evangelist at SAP.

Sam Yen is Chief Design Officer at SAP and Managing Director of SAP Labs.

Bennett Voyles is a Berlin-based business writer.

Read more thought provoking articles in the latest issue of the Digitalist Magazine, Executive Quarterly.
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CEO Priorities And Challenges In The Digital World

Dr. Chakib Bouhdary

Digital transformation is here, and it is moving fast. Companies are starting to realize the enormous power of digital technologies like artificial intelligence (AI), Internet of things (IoT) and blockchain. These technologies will drive massive opportunities—and threats—for every company, and they will impact all aspects of business, including the business model. In fact, business velocity has never been this fast, yet it will never be this slow again.

To move quickly, companies need to be clear on what they want to achieve through digital transformation and understand the possible roadblocks. Based on my meetings with customer executives across regions and industries, I have learned that CEOs often have the same three priorities and face the same three challenges:

1. Customer experience – No longer defined by omnichannel and personalized marketing.

Not surprisingly, 92 percent of digital leaders focus on customer experience. However, this is no longer just about omnichannel and personalized marketing – it is about the total customer experience. Businesses are realizing that they need to reimagine their value proposition and orchestrate changes across the value chain – from the first point of interaction to manufacturing, to shipment, to service – and be able to deliver the total customer experience. In some cases, it will even be necessary to change the core product or service itself.

2. Step change in productivity – Transform productivity and cost structure through digital technologies.

Businesses have been using technology to achieve growth for decades, but by combining emerging technologies, they can now achieve a significant productivity boost and reduce costs. For this to happen, companies must first identify the scenarios that will drive significant change in productivity, prioritize them based on value, and then determine the right technologies and solutions. Both Mckinsey and Boston Consulting Group expect a 15 to 30 percent improvement in productivity through digital advancements – blowing the doors off business-as-usual and its incremental productivity growth of 1 to 2 percent.

3. Employee engagement – Fostering a culture of innovation should be at the core of any business.

Companies are looking to create an environment that encourages creativity and innovation. Leaders are attracting the needed talent and building the right skill sets. Additionally, they aim for ways to attract a diverse workforce, improve collaborations, and empower employees – because engaged employees are crucial in order to achieve the best results. This Gallup study reveals that approximately 85 percent of employees worldwide are performing below their potential due to engagement issues.

As CEOs work towards achieving these three desired outcomes, they face some critical challenges that they must address. I define the top three challenges as follows: run vs. innovate, corporate cholesterol, and digital transformation roadmap.

1. Run vs. innovate – To be successful you must prioritize the future.

The foremost challenge that CEOs are facing is how they can keep running current profitable businesses while investing in future innovations. Quite often these two conflict as most executives mistakenly prioritize the first and spend much less time on the latter. This must change. CEOs and their management teams need to spend more time thinking about what digital is for them, discuss new ideas, and reimagine the future. According to Gartner, approximately 50 percent of boards are pushing their CEOs to make progress on digital. Although this is a promising sign, digital must become a priority on every CEOs agenda.

2. Corporate cholesterol – Do not let company culture get in the way of change.

The older the company is, the more stuck it likely is with policies, procedures, layers of management, and risk averseness. When a company’s own processes get in the way of change, that is what I call “corporate cholesterol.” CEOs need to change the culture, encourage cross-team collaborations, and bring in more diverse thinking to reduce the cholesterol levels. In fact, both Mckinsey and Capgemini conclude that culture is the number-one obstacle to digital effectiveness.

3. Digital transformation roadmap – Digital transformation is a journey without a destination.

Many CEOs struggle with their digital roadmap. Questions like: Where do I start? Can a CDO or another executive run this innovation for me? What is my three- to five-year roadmap? often come up during the conversations. Most companies think that there is a set roadmap, or a silver bullet, for digital transformation, but that is not the case. Digital transformation is a journey without a destination, and each company must start small, acquire the necessary skills and knowledge, and continue to innovate.

It is time to face the digital reality and make it a priority. According to KPMG, 70 percent to 80 percent of CEOs believe that the next three years are more critical for their company than the last fifty. And there is good reason to worry, as 75 percent of S&P 500 companies from 2012 will be replaced by 2027 at the current disruption rate.

Download this short executive document. 

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Dr. Chakib Bouhdary

About Dr. Chakib Bouhdary

Dr. Chakib Bouhdary is the Digital Transformation Officer at SAP. Chakib spearheads thought leadership for the SAP digital strategy and advises on the SAP business model, having led its transformation in 2010. He also engages with strategic customers and prospects on digital strategy and chairs Executive Digital Exchange (EDX), which is a global community of digital innovation leaders. Follow Chakib on LinkedIn and Twitter