Posts Tagged ‘social media’
After examining a handful of companies, the mobile apps that stand out the most are the ones that perform a variety of tasks. Personally, claim and roadside service are the most valuable features; however, payment options, policy information, and quoting capabilities are also of value. Let’s take a look at State Farm…
Pocket Agent: The Pocket Agent seems to have it all…Customers can check their bill and make payments with the Pay Insurance Premium feature. Claim service functionalities cover the entire claim process, from documenting accident information to submitting and tracking claim status. Roadside Assistance aptitude seems to be lacking; however, On The Road is an option that allows customers to search for hotels, gas stations, tow trucks, taxis, locksmiths, and rental cars based on the consumers current location. MyTimeDeposit allows State Farm Bank customers to deposit checks by taking a picture of the check.
Steer Clear: This app allows drivers under 25 to track their driving behavior. Drivers who complete the Steer Clear Safe Driver Discount Program may be eligible for discounts on their auto policy. Features include education videos, self-assessments, driving logs, agent information, and driving tips.
Driver Feedback: This is a unique app combines GPS locations and accelerometer recording technology to measure acceleration, braking, and turning their driving habits. It works similar to a telematics device, as consumers receive a score for each drive and an overall score for each trip they record.
Overall: As the mobile industry has grown, State Farm has developed the Pocket Agent app into one of the best in the P&C insurance market. Driver Feedback is cool app that adds fun and safety to the driving experience and Steer Clear is a nice for young drivers who are looking for an extra discount.
GEICO’s Twitter pages, @TheGEICOGecko and @GEICO, were so-so. The number of followers was about a third of @StateFarm and @StateFarmNation, which is surprising because of the large Gecko following. GEICO does tweet almost every business day, mostly touching on popular marketing characters. GEICO does a nice job of intertwining their other social media pages with noticeable links that redirect followers to the GEICO Facebook and YouTube pages. As for the tweets…There is a nice mix of Gecko and recent events such as: Halloween, Thanksgiving, and shopping on Black Friday. However, they do a poor job of tweeting about current pop-culture events that connect with the average twitter demographic.
Overall, GEICO puts forth the effort on Twitter…just not to the level of State Farm Nation.
Twitter Grade: C+
- The GEICO Gecko – 201,080 “Likes”
- GEICO – 198,666 “Likes”
- GEICO Motorcycle – 5,002 “Likes”
- GEICO Military – 952 “Likes”
GEICO has numerous Facebook pages, many more than the four I listed above (RV, Local Office, Nascar, Careers, Caveman, Kash, and Skytyperse to name a few). Not to mention Warren Buffet has a large following of over 200K. Character appeal is overly apparent with pages dedicated to each of GEICO’s marketing personalities, with the Gecko getting the most love.
GEICO does a great job of bringing the Gecko to life. You’ll notice a lot of pictures and videos of him on Trips to New York and Buffalo. Shots of the Gecko sightseeing at Niagara Falls…Hanging out with the Bills WR David Nelson at the Buffalo Zoo …Getting a self-portrait in Central Park…Even dancing with the Naked Cowboy in Time Square.
GEICO has a great thing going on Facebook, but again, they haven’t reach their max potential. Relying on the Gecko is working, but there is room for more.
Facebook Grade: B
- GEICO Channel – 16,705 Subscribers & 37,118,819 Million Uploads
GEICO has set the bar for the YouTube standard in the insurance industry. The number of video uploads and page subscribers far exceed GEICO’s competition. The abundance of activity is a result of successful advertising through various popular characters that star in the GEICO commercials. The Gecko is the most prominent TV personality on the YouTube page; however, Guinea Pigs, Mr. Butters and the Cockatoo, and the GEICO Question Guy make appearances.
On the top of the webpage, the Gecko is featured, in which consumers can “Follow the Gecko’s Journey.” This feature includes links to the Gecko Facebook page, the Gecko Twitter page, and GEICO.com.
The number of subscribers, views, and uploads says it all.
YouTube Grade: A
GEICO has done a great job of leveraging the popularity of its television marketing. The Gecko is an obvious staple in GEICO marketing, but social media efforts need to be pushed further if they hope to connect with consumers on Facebook and Twitter. GEICO is one of the best in this space…I just think they can do better.
Social Media Grade: B+
So while back, I graded Progressive’s social media sites, but after review other companies and due to Flo’s overwhelming popularity, I have decided to re-grade.
- @Progressive – 9,838 Followers & 4,245 Tweets
- @ask_progressive – 4,189 Followers & 817 Tweets
- @ItsFlo – 5,627 Followers (+100% from pervious blog/grade) & 605 Tweets (+ 300%)
Halloween might be the most active time of year for @ItsFlo. Various tweeters are tweeting about their Flo Halloween costumes. Progressive is using the hash tag #dresslikeflo and have a website http://www.progressive.com/dresslikeflo.aspx dedicated to helping consumers dress like Flo. The website has a list of items needed, “how to” video streams, a link to amazon if you want to buy the official Flo costume, a live feed of Flo’s Twitter, a link to Flo’s Facebook page, and a link to get the Flo-isms mobile app.
Based on the heavy activity on @ItsFlo, I must up my grade on Progressive’s Twitter efforts.
Twitter Grade: B+
- Flo The Progressive Girl Facebook Page – 3.23M “Likes” (+0.53M)
- Progressive Facebook Page – 34,768 “Likes”
- Progressive Motorcycle – 4,538 “Likes”
Flo’s Progressive Page continues to grow and does a great job of touching consumers on Facebook. The Flo Halloween costume in full force on the Flo The Progressive Girl Facebook page. Fans are posting pictures of their costumes and the amount of post is overwhelming. On Twitter you saw a couple of negative tweets to #dresslikeflo, but its all positive wall post and experiences shard on Flo’s Facebook page.
Progressive’s Motorcycle Facebook Page continues to impress, but Flo takes the cake here.
Facebook Grade: A
- Progressive Channel – 2,597 Subscribers & 5.3 Million Uploads (+2.6M!!!)
In just 6 months, the number of uploaded videos has doubled. That alone shows the success of Progressive’s YouTube page. Classic commercials staring Flo and The Messenger are available for stream. New additions include snapshot testimonials and dress like Flo videos, as well as updated videos on safety awareness and career information.
Again, the activity on Progressive’s YouTube page is above and beyond. I take back my previous grade.
YouTube Grade: A
Though I have never been a hug Flo fan, I have been pleasantly surprised with the overwhelming love for Flo during this Halloween season.
Social Media Grade: A
These questions are from our recent Webinar, “ The Role of Online Advertising in Bank Marketing.”
The Zappo’s example had a panel that said “Why am I seeing this ad”. Do they allow an opt out?
If someone clicks on: “Why am I seeing this ad?”, they are taken to the Web site of Criteo, the advertising technology company behind the Zappos ads, where the ads are explained. Once there, users can opt out. You can view the messaging here: http://tinyurl.com/3t5oda7
What types of adoption rates have you seen for QR code marketing downloads, and if so, do you have any by channel (i.e. print versus digital out-of-home)?
While we don’t track adoption rates across media per se, we are seeing more QR codes used in direct mail than in previous months.
Have you noticed any of the banks using a unique online media strategy for more urgent offers? Such as a current cd rate?
Savings products – CDs and money markets – are almost always marketed based on the rate. Often a “rate booster” is used as an incentive. For example, customers would receive double interest for a period of time for deposits over a certain amount. Banks have the ability, with online media, to change the rate on a daily basis, if necessary. However, we have not picked anything up that advertises a rate that is good for one day only.
I see QR codes popping up everywhere, and they are being used in several different innovative ways. What do you see as the future of QR codes? Do you think they are going to become a significant channel? Or is this just a trend that will die down soon?
I don’t think that QR codes will fade away – instead I think they’ll increase in popularity. I think they are a useful marketing tool, but companies are still figuring out how to use them. They’re a great way to extend the message or to include information that works better online or in video, than in print. Additionally, it’s a great way for customers to save information. For example, being able to look up the nearest branch location or a phone number and saving that info in the phone. Bank of America is currently using QR codes in direct mail so customers can download its mobile banking app.
Retail is obviously a lot more mature in this space – but aren’t subject to the same compliance rigor that financial services is (i.e. 2 pages of mouse type with every direct mail piece) What are trends or approaches that you’re seeing from financial services¬ that are good ways to handle what will make compliance happy?
The trend is to use a fairly general message in the ad and then include the fine print in the landing pages.
What do you think are the most interesting marketing approaches for upmarket consumers?
Bank of America is piloting a program for its upmarket customers. It’s called Platinum Privileges and is designed for customers with combined balances of $50K+. It’s really a loyalty program – not just a reward program – that provides specialized customer service, special rates on mortgages, CDs and money market accounts, and a reward credit card. The program is currently being piloted in: Arizona, Georgia and Massachusetts.
How does Capital One Bank compare with the brands you’ve covered here?
Capital One focuses mainly on advertising the number of branches it has, or on the interest rates of its savings products. For more information, please contact us.
Do you find that most banks are using email and mobile for promotional or transactional messaging?
Most banks are using email and mobile for customer communications. They are much more focused in the messaging that direct mail is, for obvious reasons. We see banks using email to promote online banking and mobile banking, new features or services, or reminders that the account statement is available online. Mobile so far seems to be reserved for text messages that the customer has set-up to receive or to request information such as balance. For example, customers can set up alerts for instances when an account goes below a certain amount, a deposit is made, an automatic debit is made, etc. Currently Bank of America is allowing customers to text the bank to download its mobile banking app.
What programs have worked best for regional banks, in your research/experience? How do they differ from national banks?
Regional banks utilized the targeting capabilities to a greater degree than the national banks, to ensure they reach potential customers only in their footprint. To a large degree the strategies are similar. The regional banks are slightly more likely to advertise based on free checking, no ATM fees or better service.
What are financial institutions doing in marketing on Facebook and Twitter?
Financial institutions have been somewhat slow to embrace Facebook, although there are some good examples. Chase moved its Community Giving program to Facebook, and it seems to be successful.
Citibank has been using its Wall Street Journal ads to promote its presence on Facebook. The bank is offering exclusive content for its Facebook fans, and the ability to redeem ThankYou points for merchandise. The page has 164,000 “likes” to date, and the page has been available since November 2010.
American Express has a promotion on Facebook called “Link! Like! Love!” which provides members offers based on their Facebook “likes.” Customers choose the deals they “love” and then use their American Express card at the store or online. Customers get the savings through “statement credits” that are reflected on their next statement.
Banks use Twitter to promote events, products, and to respond to customer service issues.
For more information on either of these topics, please contact us.
Do you see a difference in the marketing strategy between banks and credit unions?
Yes, credit unions are more likely to advertise their free services, lower fees and better customer service. We also see them advertise online banking and mobile apps, perhaps in an attempt to communicate that they offer all the services the large banks do.
What is the proper mix of display and search online advertising? 60/40 Display/Search?
I’m not sure there is a general proper mix. I think it’s a matter of evaluating conversion rates and determining which performs better.
Mobile app or Mobile site… which is more important?
I think a mobile app is more important. They are easier to use and offer functionality that a mobile website can’t provide – such as remote deposit and ATM locator.
What advertising tactics seem to be successful in driving new accounts?
Cash incentives are included in almost all direct marketing across all banks, which indicates that they are successful in driving new accounts. In addition, we see banks advertise their online and mobile banking capabilities because these are functions that customers have grown to rely on and expect. As consumers are exposed to more and more media, an integrated message is important so the whole campaign works together and the messaging builds upon previous messages.