Marketing, Policies and Contests – How a Bank is Using Social Networking – Social Media Breakfast

Stephanie Byrnes

Stephanie Byrnes

Planning a good marketing strategy on social networks is a way to connect with community. Some are taking their to the levels of giving away great prizes. Businesses are seeing the opportunities with using to build community.

Stephanie Byrnes works for the State Bank of Cross Plains. She has been spearheading a couple in the community – including that involve not for profit corporations. During this half hour, Stephanie will be touching upon:

  • History – Why Social Media to do this?
  • Bank Compliance – Reputation and Social media policy
  • Banks and Social Media
  • Contests – Running of and issues regarding (including cheating)
Video is also available through YouTube – Marketing, Policies and Contests
It’s interesting to hear what a bank has to do to use Social Networking. They must follow guidelines set by to keep compliance. Using a 3rd party, they learned how to set up on Facebook and then run it on their own.
“We have a lot of specific rules we have to follow to be covered and not get charged fees…” Stephanie mentions.  “As you can imagine, compliance and marketing don’t allways get along, espeially with contests, it’s a bear. It was something we needed to look into.”
When they launched their first contest, it was a bit overwhelming.
“It was very new and there weren’t too many rules just yet. So with other advertising rules – if you advertise a CD special, you have to put disclaimers on it. And with first review we are like ‘What are we doing with this?’ Are we going to get fined – There was a real risk here that they didn’t know.”
A couple months after launch, they went to social media events dealing with banks. They found out they were regulating social media just like a newspaper ad. Therefore, if they host an event (like social media breakfast), they do not need the disclaimer “Member FDIC”. But if they say “Stop in”, that changes the rule.

Putting Policies in Social Media for Businesses

Social Media Breakfast - Aflac Negativity

Social Media Breakfast - Aflac turns negativity into a positive thing

Stephanie goes on to how they approach Facebook through policy. She talked about how they had to watch what was posted. Stephanie talked about how Aflac took a bad situation in the Gilbert Gottfried situation and created a contest to find a new voice for the company.

She posted some pictures from an event that showed families, in which some employees complained about. Since then they took those photos down and they created a policy where each employee has to sign off on having their photo on the website. Further, they decided not put any pictures with children on the site.

Running Contests on Social Media

In 2010, they started doing giveaways for their bank. They created “Hear my voice”, which you would go on and sign up a non-profit organization where people could vote on. They gave away 2- $500 prizes for the month.
They did this to give back to the community and create PR with these non-profits and the bank. They had 164 charities sign up, 70,081 votes and 2 winners. They got publicity in local paper and other outlets.

Problems with 2nd Year Contest

The second year, they upped the ante with

“We appropriated an individual component. So now individuals were championing for charities.” Stephanie gave an example. ” We spanned it out for 2 months, we had a 2 week submission period. After two weeks, it flipped up to a voting portal. We wanted to watch what people were posting for a picture [making sure no inappropriate content was loaded].”

They changed the voting scheme to 3 votes per IP address every 24 hours. With the change, everyone was on their own.

The prizes were $1000, $750 and $500 with an iPad2 for the winner. Therefore, the campaign was a lot more successful in participation. They found it was a more competetive contest. They used a system called wizehive to help out with the contest.

The end result – 61 groups competing, 112,000 votes.

Now, even though there were non-profits involved, there was some issues. People were challenging the winners. Someone noted a possibility of fraud. The bank had to do some investigative work past the contest.

The results are pretty interesting. To find out what happened, well, you’re gonna have to watch the video for what Stephanie talks about.

This is a very interesting 35 minute view – especially for those who want to run contests for their sites or companies.

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