2020 Marketing and Compliance Survey Insights
Join Social Assurance as we present our findings from our 2020 Marketing and Compliance Survey. Annually, we ask financial institutions throughout the country to report on compliance, community, marketing, and key trends impacting their brand. Interested in how others handled 2020 and are preparing for next year? Then this is a conversation you won’t want to miss!
Be sure to catch our webinar live from Thursday, November 19, as we go over:
- How financial brands are engaging in social platforms
- Community engagement trends
- Critical compliance concerns in financial marketing
- Trends and outlooks for 2021
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Ben Pankonin 0:17
Welcome to our 2020 marketing and compliance insights webinar, we’re going to be discussing the report that we put out this year. But it is an interesting year for everything, not just sort of changes to our banking processes. But also, you know, we, we have been doing this marketing and compliance survey for the last five years or so. And there was part of me that said, we should throw this whole thing out for 2020. Just like we’ve thrown so many other things out this year. But I will say that today, we have a unique opportunity to really dive in and see what’s changed, why it’s changed, and what we’re going to do in the process. And I think, you know, now more than ever, is really a time for us to reevaluate and see what we’re going to do, and how we’re going to, to improve things as we keep going. So, so this year, we’re going to talk a little bit about what’s changed, why it’s changed. And, and what we’re going to do to continue to solve it. But 2020, obviously, has been dominated by a lot of changes. And you know, in March, obviously, everything shifted for us. So when we looked at how we marketed, how we treated compliance, the things we’re never going to go back into the same way as it was right. You know, from our office, this became a lot of our offices. And, like many of you, I’m back in my home today, understanding that that things have shifted again, back to, to a different level of normal for us. We’ve gotten,
we’ve picked up some new coworkers, perhaps my proudest achievement was was sort of training my dog that when I asked him, if he wants to go to work, he will, he will come sit, sit next to my desk here today. You know, we, we began doing a bunch of webinars at the beginning of this pandemic, to talk about our posture to talk about how we change the things we need to change. From a marketing and PR standpoint, one of the biggest things we started talking a lot about is how do we celebrate and engage our community in this process? How do we talk about this new posture of helping that we have in our communities, for many of you, you may have downloaded some of our advice and tutorials in that process where we talked about, you know, embracing a community first aspect, and embracing that we can message our customers more and more, when we embrace that in a posture of helping. And that’s really been something that, that we’ve seen, be successful and continue. As we see, you know, things move from being a, you know, our plans for being in person events be shifted. A great example, there is a drive thru barbecue that we thought we’d never have to do this year. But more than that, you know, as marketing and compliance have really worked together, we saw some really transformations in this last eight months. And so we want to talk some about the transformations that have happened during that time period, some of what we’re seeing from the data that supports those transformations. And also this understanding that has we shifted, you know, we had to move faster than ever. And, you know, one of our big purposes as a company is helping marketing and compliance to work closer together, so that we can move at a speed that give customers and members in our community really can relate to and so many of you have had to do that in the last eight months out of necessity. But, you know, as we look forward, we don’t have to necessarily put put everything back into that normal that it was before, when we’re looking at what we’re what we’re headed for in 2021. I think we’ll see that over this last eight months and a lot of the data that we have supports that we don’t necessarily want to go entirely back to the way things were before while we do want to go back to some in person events and I hope to be with many of you. You know, we saw obviously a huge migration to digital. We saw, you know, a transformation of understanding that, you know, these events when Digital things obviously moved into zoom and webinars and things like this that those of us who have spent a lot of time in this space have, have tried to welcome as many people as we can, in that process, but also, you know, we ended up having some really interesting conversations with many of you about how to make that event, digital success. So we ended up working with a number of financial institutions and financial brands who are saying, hey, we’ve, we’ve felt like we were a great representation when we were in person, how do we make that same impression when we go digital, so that’s been obviously a huge focus for many of us. And also, for a lot of us, it was figuring out how not to entirely cancel that event, because we recognize the value of being together. But we also recognize that maybe there were some opportunities to have a different level of reach. This was one of the the shares we had from one of those webinars were in Nebraska, we moved what is very sacred to us. in football, we moved that online. And in fact, our spring game, which normally sells out in Nebraska, in the middle of the spring, moved to be an online experience with more than a quarter of a million people watching at one point in time. So we were able to have significant differences in our reach. So as we kind of evaluate
where we’ve been over the last eight months, and where we were in 2019, we’re seeing some significant shifts. And so, you know, as a follow up to this webinar, we will be sending out some opportunities to download our webinar presentation, as well as download the full report itself. So our team’s done that for, like I said, about the last five years, we’ve seen, obviously some significant shifts this year. And I think that presents some great opportunities for the collaboration between marketing and compliance. And also, as we plan for 2021, I think we’re going to have some, some different conversations, whether we implemented some new products over the last eight months, or we implemented some different ways of talking about our marketing aspects. If you happen to be on Twitter right now. And you know, our team will be tweeting with the hashtag social bank. And we’ll also be, you know, answering any questions out there that you might have, as we’re, as we’re jumping through this. So if you do have any questions, feel free to message me, I’ll try to get to those, as we’re working through the process here. But one of the things we want to talk about is really, the data and what we collected. So we surveyed your respondents from all sorts of different sizes of banks, from the sub 500 million space, which was certainly a large component to just certainly the five and 10 billion and up institution size, both banks and credit unions were part of our survey. And really, we wanted to hone in on a few of the topics that were really relevant. So one of those is this social media and digital marketing. And how that played a role in this last eight months is certainly played an outsized role for many of us. It was incredible for me to log in to a church service at the beginning of April, and have our pastor, thank thank God literally, for social media, right? When we think about those sorts of implications, that wouldn’t have been something that would have been done
a month prior to a pandemic. And so when we think about the opportunity to just communicate, and be available to those two, those people in our community, that’s certainly been a huge aspect. You’re looking at the way that community was engaged, we had some great responses in that space. And then as we look at, you know, how how have compliance concerns changed or shifted in this process? What have been the the challenges to compliance in that process, certainly have been many, as we’ve been approving new ways of doing business, as we’ve been changing the way that we communicate. And certainly the messaging has been changing in that process. And then as we look at what this data starts to show us and inform us about how things might change in 2021, we’re going to explore that a little bit with even some tips and suggestions as we go forward. So one of the things that we were surveying was, you know, what are the increases in social media usage from 2019 to 220 20. And, you know, one of the outliers there was certainly in the area of LinkedIn, you know, Facebook’s reached really maturity already, that we don’t see a lot of new financial institutions, because you know, closing that last gap of 6% or so really isn’t something, we’re probably going to see it, you know, that that’s not a dramatic shift. But we are seeing, you know, platforms like LinkedIn that were maybe kind of left on the shelf a little bit, we saw a lot of financial institutions that reserved a LinkedIn profile, they jumped out, kept that LinkedIn profile active, but they really didn’t use that. We saw that as an area that was underutilized, quite honestly, in 2019. And before that, we certainly saw a big uptick there, both in the organic social, which we’re talking about now. And then also in the paid side, we saw some of those platforms increase, we did see some increases on platforms like, like Twitter, obviously, we have, you know, smaller utilizations in platforms like Snapchat. But we also did see good increases in platforms like YouTube, where, you know, a lot of you may have recorded that last minute video, to share out to customers, maybe it was an educational component, or maybe you’re just sharing some of the aspects in your community. So we did see some good uptick in platforms like YouTube. And others, we did see some some increase there as well. Some others to note would be platforms like Zillow, we don’t often think of as being social, some of our clients and respondents indicated that that type of platform was an indication, we have seen a few banks that have ventured out into platforms like Tick Tock and and certainly, the growth of that platform for consumers over the last eight months has been incredibly significant. And those look to be areas of growth. Now, other platforms that this would have come out several months ago, but we are seeing a lot of questions on platforms, like parlor, which certainly we’re getting some some questions feel that from our customers and, and their management asking about those types of platforms. So, you know, our survey was done a couple months ago. So things are changing quickly in the social media landscape. So, you know, that’s certainly something that we will be tracking on into 2021 and have some conversations about, we’re seeing, you know, an increase in social media presence, not just from the main brand as well. And you know, a lot of financial brands are really stepping up their social game, by adding in different types of channel usage. So one of the ways that we’re seeing increases isn’t just in the main financial brand. But we’re also seeing increases in what we call often those sub grants, those areas like a trust department, maybe you’ve got an insurance division, different advisors starting to have their own social media presence. And really, during this time period, you know, if you were sitting at, you know, at home, well work from home scenario, as an advisor or a lender, or in one of those sales roles, a lot of them started to figure out how to adopt new social media presences. So that’s definitely an area where we saw a lot of questions and a lot of response in our survey, as well as more and more utilization of other either departmental or individual sales aspects
used in social media presence. So it’s definitely an area we’ve seen some increase, I wanted to share with you a little bit of some of the other data that we’re seeing out in the market. This happens to be from there’s an app called app Annie, which, which tracks the utilization of applications. And one of the utilizations that they were tracking is an app called next door. So if you use that, it’s, it’s all focused around your neighborhood. So when I registered, you know, next door, it’s giving me access to the couple neighborhoods around me, in suburban Lincoln, Nebraska, so I can have conversations just with that neighborhood. And I think it’s an interesting data to start to see that. A lot of times we think of social media only being a national sort of picture. And when we had something like this happen, we think of just these traditional social media platforms like Facebook and Twitter having a large increase, and certainly their stock prices reflected that and their usage metrics increased dramatically. But we’re also seeing these other types of channels. platforms like next door have a big spike and you see their spike happening in March and some of that did continue shortly after. What that starts to indicate to us It’s not just that users want to reach out on social media to people around the world, they also want to reach out to people in their neighborhood, which I think is a really important concept, as we start to look at what this data is showing us is it’s not just that we’re reaching out for four people coast to coast, we’re also looking for community in our own neighborhoods. And I think that’s an important aspect. We also want to address things like reputation management, we asked a number of questions in our survey, about reputation management, and how those are being managed. Our respondents indicated that the primary sources for seeking review generation were on social media. Additionally, you know, areas like email, and in branch were also areas that they were seeking some sort of reputation management, those reputation management being those platforms, like, like Google reviews, and others. We also recognize that through our own data, that some of the key frustrations for a lot of bank customers was in the area of whether or not a location was open, was closed, whether or not things like services were available. So those are certainly areas that we want to be focused on. But as to where some of those happen. I think it’s also important to understand that this is a hybrid approach. So when we’re thinking about branch locations, or we’re thinking about how social media interacts, the two together are really what becomes most important. If you paid attention to some of the financial news, one of the interesting things on Monday of this week, target released their third quarter results for their digital transformation for Target stores. One of the really interesting things out of that was that your targets, digital sales were up 155%, no huge surprise. But they also had a 21% sales growth across the board across target. So one of the things they’re starting to experience is indicated in the third metric there, which is that the same day drive up, increased 500%, in just the third quarter for target. So why did their stock price jump, it jumped because targets figured out that it’s not just about coming into a store, it’s not just about walking into the store, it’s not just about buying online. But the hybrid of those together is really what starts to facilitate a massive amount of growth for a large, traditional institution like targets. So that digital transformation is started to pay huge dividends, because it’s bringing people into those locations, and they’re buying things online, picking them up in the parking lot. And we’re seeing a double down of that strategy from retail across the board. Whether it’s, you know, seeing startups like a grub hub start to help with that adoption, or you’re seeing, you know, you know, massive adoptions in platforms like Starbucks, who’s famously said, Hey, we started this transformation years ago with a mobile app, and helping our customers to see that they could get an experience by ordering online, and then picking up at a store. But they’re also starting to realize that that neighborhood experience has really changed. And people aren’t seeing Starbucks necessarily as the place to snag free Wi Fi and stay for a long period of time. They’re seeing it as that opportunity to get delivery over their mobile phone, or get that experience over their mobile phone, and then
pick up that great experience. When they pick it up at a Starbucks store. I think that becomes a really interesting thing. As we start to talk about communication, and branch transformation, those start to be really important. So when we look at those open and close scenarios that we’ve had, the financial institutions that have managed that really well have started to see a lot more of that reputation management pushed out into social media, and getting some advantage from that. You know, it, you know, 95% of customers are reading those online reviews. Again, if you’re if you’re looking at where to find, you know, a financial institution, or you know, those types of things, typically, these review sites are coming up first. So we’ve worked with many of you on managing those listings and reviews. So pushing out those branch updates, and are they open? Are they closed? Is there some sort of hybrid that’s continuing to be a challenge, obviously, over this winter, and I think that’s really something that if you managing that well can help propel you into 2021 as well, much clearer opportunity for managing those things on Google You know, what we’re seeing from our responses isn’t necessarily what we’re seeing from consumers. Right? What we’re seeing from consumers is that they’re going to platforms like Google first, for a lot of that reputation management. So that’s really an area where we could continue managing those even better. And we’re also seeing some shifts in digital advertising. And you know, financial brands are certainly gravitating towards platforms like Facebook first, for that digital online advertisement. And again, you’re separating these out from what you’re making for organic traffic, we separated out in our survey to understand where our financial institutions spending some of that advertising dollars. And certainly Facebook was, was the first followed by things like display networks. And a display networks can also incorporate Facebook’s Display Network, and also incorporate platforms like Google’s display network. And then the third being those areas like pay per click, what we’re seeing and I think one of the limitations there oftentimes is that the challenge to utilizing things like a display ad network, and retargeting and some of those significant ones is that the learning curve, and the management of it is one of the more challenging aspects, which is why I think oftentimes, we see Facebook being a way to dip a toe into that digital advertising because, you know, we can simply boost a post for you know, $10. And now we’re doing some digital advertising, where those, those next level strategies of doing retargeting, managing where traffic that’s been to your location also shifts, as we look at those other channels. When we look at display networks, when we look at pay per click, there’s some huge opportunities in those, you know, also seeing some of those other advertising platforms, lag behind platforms like LinkedIn, I don’t think are any huge surprise, you know, some of the challenges of things like geo targeting weren’t nearly as relevant. When people were in a work from home type scenario. We didn’t have people commuting, we didn’t have people, you know, driving to the office every day. So understanding more about what people’s intention are, is actually more important than understanding where they physically are, or where they travel to a lot of times, so when you can overlay those different strategies, I think you get, you know, a more cohesive process. So, you know, a couple other things that we surveyed about is where our increases in banks digital advertising spend, and where are their decreases, we’re seeing more and more financial brands that are increasing their digital budgets, both this year and increasing for 2021.
huge surprise, but I think, as you’re looking at 2021, and realizing that, you know, digital is continues to be a significant spend, I don’t think everything’s going to go back into that box that it was before. And we’re also recognizing through a lot of those conversations that that a lot of banks are starting to increase, you know, that budget for social and digital advertising into areas that are that are certainly, you know, more applicable for testing. And, and having just more response, there we are, then obviously, moving some of that spent from some of the traditional means, platforms like print, direct mail, and radio. This is not different for other industries, we’re seeing that across the board, you know, newspapers are declining in their advertising revenue. And that’s not just from a shift that thanks for having but it’s a shift across the board. We’re also one of the interesting things to evaluate as you’re understanding digital spend, is that the inventory is also much larger. So what I mean by that is that if you’re buying digital advertising, and people are spending more time online, there’s more inventory for those digital ads available. We don’t often think about inventory in digital because we think that it’s, it’s sort of, you know, always replenishes itself. But if I spend a certain amount of time on Facebook, if I spent a half hour on Facebook, on my phone, or you know, 20 minutes on, on Instagram, I’m consuming only a certain number of ads, so those replacements and that’s the inventory that’s available to me. So as people spend more and more time on digital devices, which is certainly likely to continue into 2021. We actually have more inventory available to reach them. So the costs for digital advertising aren’t actually increasing, even though brands are spending more money there. You know, that wouldn’t necessarily be true. You know, it would, it would be kind of the equivalent, if we were looking at, you know, the highway down the middle of our of our state, if all of a sudden we increased, you know, the number of cars on that highway by 40%. You know, we would probably see more people advertising and billboards. That same true effect is happening on digital advertising, which is why we’re seeing those results. Now, community development is an area we we put more into our survey this year than we had in previous years. So we don’t have as as accurate of a picture of previous years. But I think that’s also a factor that, you know, we’re not seeing, we didn’t see that many in person events, obviously, you know, the, the current meme is rip how we started and how it’s going, right. We started many of our, our financial brands with a full calendar of in person events for 2020. I personally had lots of trips planned, that included plane travel, and and that was shut down in early March. So when we started to look at this, where it’s at now is for a lot of us, you know, we shifted this focus to of how many people will show up to an event to what would be my reach online when I have that kind of an event? And I think we’re seeing more and more financial brands that are that are focused on what is that reach rather than just how many people showed up to an event? I think that becomes an interesting shift in our metrics. And I actually think that that’s going to be something that does continue into 2021. I did see we had a question in from, from Heather who, who asked about new, new ideas to engage customers. And what are ways that we could use to teach and onboard into platforms like Bill Pay remote deposit capture, and some of the other you know, more efficient means? You know, definitely Heather, as we’re looking at some of those opportunities, we’re seeing, you know, some of these opportunities being on these online types of channels. Because we have, you know, an elderly population that is most affected in 2021. By the the negative implications of this virus, they’re the ones that are staying at home most. And they’re the ones who oftentimes needs need the most help transitioning to some of these new tools. I think quite honestly, what we’ve seen work most effectively is that a lot of our elderly population has started to understand zoom, and some of these video technologies, they may not
be using it all day, like those of us who are active in the workplace, but encouraging some opportunities to just connect with some members of your bank over platforms like zoom or other video chats. Those are really great ways to even have sort of like an open office type of concept, hey, you might not be able to walk into our lobby today. But if you can, if you want to click into this zoom chat, you do have that opportunity to do that. And I think even having that type of a resource available, when you’re talking over the phone with some of those customers to say, hey, we’d be glad to share a screen and walk through some of these concepts with you. Those can be really great opportunities to extend that reach to people who were who would normally be walking into your branch locations and asking some of those questions. I think those are great ways to just start to share some of those opportunities, you know, how are other ways that they could start to connect with you? What are the channels that that could be open to them? Additionally, we’re seeing great opportunities for short videos. You know, I think that 510 years ago, we used to do videos, a lot of times as just purely tutorials, right, you would see a tutorial video, here’s how to use online banking, and it would sort of be a 10 minute video on all of the aspects of online banking, what we’re seeing a shift of, is the short form videos that illustrate the value of using the type of online banking platform you’re using, or illustrating that remote deposit capture isn’t just for, for those, you know, one off circumstances, it’s something that all of us can use as customers, right. So I think, you know, things like remote deposit capture are great opportunities to really show the value of it. Especially in a scenario like this. You don’t have to guess about you know, getting to the bank. You don’t have to you know, manage the That, that in person interaction, really, really showing the value of each of those, I would also say that when we can pare down the value, to just showing one of those at a time, it’s really effective. So showing that, if it’s remote deposit capture, just show that don’t, don’t get too confused with all of the other aspects that we’re trying to communicate, we’re definitely seeing more success, when we when we take one feature, and really highlight that and amplify that one feature at a time, those become really effective. back to some of the the community development aspects, you know, one of the things that we’re seeing is, you know, the way that we’re tracking, you know, donations, you know, volunteer hours have certainly been significantly different in 2020, we’re seeing really resurgence of, you know, community financial institutions that are saying, how do we bring employees back into our community and show that they’re more involved. So, you know, those, those volunteer types of components don’t have to be physically in person or on site, we can find opportunities for our employees to be engaging with the community, we’ve seen some great examples. You know, even locally, you know, one of the banks down the street from me was writing letters to health care workers. In this time, this is a great opportunity to really highlight from a marketing standpoint, what we’re doing, but also getting employees engaged to say, How can the bank and our and our staff engage in this challenge and problem that our community is facing right now? So those are really an indication. And then I would I would just suggest the way that we track those bringing those in and making sure that we’re, we’re getting some metrics around it, how many hours are we spending doing that? what’s the what’s the dollar amount? And what does that produce? What’s the impact in our community of our efforts? Making sure that we’re answering that question, whenever we have that opportunity, is really a valuable aspect. So social impact, you really can be that that competitive advantage in your community? I had another question come in, from Sarah. And Sarah asks, What are low risk strategies to engage our community? That’s a great question. And you know, for a lot of the financial institutions that we work with, they engage a lot in activities with small businesses. Obviously, small businesses are some of the hardest hits in our communities. And I think there’s some wonderful ways to do that. We saw early on in the pandemic, a lot of opportunities where, you know, maybe,
you know, when you know, a location was open, we would sort of like, grab takeout and bring it, you know, home from that, from that small restaurant. I think that’s a great concept. I think we’ve seen some great sort of iterations on that, over the last eight months. One of them that I’ve seen more recently is, you know, reaching out to maybe some key members in your community. They don’t have to necessarily be celebrities, but they could at least be some people who, who have a great knowledge of the community and care a lot. It’s a great opportunity to just say, hey, we’d like to show how we care for the community. Could we sponsor you, right? Could we sponsor you to go out and eat out for five days in a row, we saw a nice campaign that was doing that. That they literally just took, you know, a couple and said, hey, you’ve got a couple kids at home. We just want you to take you know, some photos of where you’re going out to eat, to grab that food, grab it as takeout and then take some photos of it. And you obviously have to get some people who can take great photos in that scenario. It could even be an employee of the bank that you take through that type of process. I’ve seen some things like that work really well. If you do have that community event, we’ve seen a lot of great drive thru events that have been really successful, some who are planning their drive thru Santa types of opportunities in the next month. I think those are going to be really interesting. Anytime you can have people in a car, give them an excuse to get out of the house and drive through an event. If you have if you’re a an FBI that’s got to drive through that drive thru, find some ways to use that thing after hours. Whether whether it’s that your staffs dressing up for Christmas that you’re you know putting your teeth, your your, your Christmas tree outside and decorating it and having people drive through in the drive thru. I think all of those are great opportunities to really begin engaging Your community and find those ways. I think partnering with nonprofits in this time is a fantastic one, and you have a food bank here locally happens to be one that, that I participate in a lot about. But you know, we have lots of opportunities for FiOS, to engage with us. And we’d love to do them in a way to say, hey, it’s not just about, you know, the financial implications, also about raising the awareness for those nonprofits. And I think there’s some great opportunities to do that, whether that be through some sort of a drive through sort of an event, you know, we’ve, we normally have an event that we call Empty Bowls, where we, where we literally have people come in, and it’s a big lunch. And that went away for us as a, as a huge opportunity in our community, as well supported by a handful of banks. And so, you know, we ended up selling the bowls, and we ended up, you know, for finding some ways to engage in that virtually, those are some great opportunities in your community. One of the things I look at is, you know, and, you know, figuring out ways to incorporate social and community marketing, into your employees, motivations for 2021. And what I mean by that is, for a lot of us, we’ve treated community involvement is something that we did just because we’ve always done it, and because a lot of our leadership cared at the, you know, at the bank or credit union, but we haven’t necessarily brought that into a cultural aspect. That’s put metrics around it, that’s engaged employees and said, Here’s why this matters, both to you and to the community. I think this has been a great opportunity in 2020, to start to accelerate that process, and make community involvement more of a cultural aspect for your FBI. And we’ve certainly been a part of a lot of those conversations. And it’s a wonderful piece when, when a brand really can bring that together. Now we want to talk a little bit about some of the compliance concerns for 2021 of those is in this aspect
of social media promotion, the way that we promote social has certainly been an area that has been highly scrutinized, because for a lot of us, we started talking more and more about product out of necessity on social media, right? So some of it was messaging around things like PPP. For some of it, it was around messaging about where do I go to bank? How do I get there? What How do I actually conduct the business that I need to during this time period. And so social media took that kind of front row seat on product? For a lot of brands that were typically focused more around community involvement. And as a result, we had a lot of compliance concerns around that. Certainly, you know, with things like disclosures, you dad always becomes one of those focuses. So as we as we looked at some of the concerns around you, dap, that was certainly an area of focus, certainly some challenges around that. And I think in all of these, we saw speed being a huge concern for compliance, because all of a sudden, a product that didn’t exist, like PPP, all of a sudden became a central focus. And we had to figure out how to adapt to that quickly. Certainly, you know, software solutions are being utilized more and more for that. But social media, you know, promotions, and, and you’d have regulations continue to be a significant component. Now, we we definitely saw that, you know, in the pandemic’s impact, a huge increase in change of initial marketing strategy. I’ve talked to him, to many of you who have said, Hey, we kind of got to a spot in September, and we hadn’t spent very much money because normally, we were spending a lot of money and community involvement. So so many of you have had those types of scenarios where things just got put on pause, you know, a lot of change and shift in paid social media strategy, simply because it’s one of the fastest things we can change, where we don’t have to wait for something to go to print, we don’t have to wait for for things to happen. We can move quickly in the paid social and digital strategies. And then, you know, we we definitely saw, you know, some significant increases in the strategy around organic social content. So, for some of us, we were talking more about product, just out of that necessity. And we’re seeing trend for some significant, you know, shifts, as we look towards 2021 as well, I think a lot of those trends will continue, I want to, you know, highlight a little bit more about PPP and how that’s really affected them, the marketing and compliance together. And, you know, one of those areas is really understanding that, you know, for, for most, you know, f eyes, they were spending time on on the PPP program. But social media ended up being kind of the number one way that we communicated a lot of about that. I personally, as a small business owner, was getting messages from other small business owners saying, hey, how do I get to this, right? And so they’re messaging me on social channels saying, Hey, I know you work with banks, how does this work? And what do we do, right? And so many of you are starting to answer a lot of questions in there. You know, most of you were adding some, some additional language for your COVID disclaimers on your website about that. And some of you were, for the very first time, emailing customers about a new product. So that was a significant development. For some of you, you know, learning how to really bring in email marketing as a part of that. So a lot of shift for for many of our customers in a very, very short amount of time, I believe that Microsoft CEO said sandela said, hey, what we accomplished in the first 60 days of that pandemic, as far as digital transformation, would have taken us five or more years to accomplish without pandemic. So what we did see was a, you know, a dramatic shift of a lot of the the way that we communicate with clients.
In 2021, what we’re seeing is that, you know, more and more financial brands over over half are going to start using more software to manage those marketing workflows and processes. How are we approving ads? How are we approving social, certainly an area that, that we’ve been focused highly on those challenges of how do we make things faster between marketing and compliance. And, you know, 25% of respondents were managing, you know, a lot of that archival and recording of marketing materials. And we’re seeing, you know, more and more increases in that space, as well. Certainly, as we look to 2021, we’re seeing a growth of additional social media channels, we’ll continue reviewing some of the new ones as they come out, we’ll also be seeing how, you know, maybe a shift for some of you adding a platform like Instagram, or getting LinkedIn to be more of a cohesive strategy aligned with some of the other marketing that you’re doing. We’re seeing more management of individual social pages, right. So maybe it’s understanding how to manage that individual branch location with its separate Facebook page, or maybe that’s, you know, taking a look at how you’re managing or pushing information out to review sites. So if you’re managing something like Google reviews, for the customers that we’re working with, on our listings, and reviews product, that we’re pushing out an update to 50 branch locations at one time, that that becomes a necessity now of saying, Hey, we can manage listings a little bit better. And that gives us a leg up, especially when we’re seeing large, multinational bank brands that are withdrawing some branch locations, especially in rural communities, that really provides an opportunity as people are looking for, where to go for their banking, relationships, or even investment information, or even insurance, right, as they’re looking for that those become really important key aspects as we start to look for 2021. So we are seeing as some of those closures are happening, especially from the large multinational bank brands, this creates that opportunity, if we’re exercising correctly with digital strategies, we can take advantage of those opportunities, just like you know, a brand like Target is doing right now. So, you know, I think, you know, a clear intention to focus on those reviews continues to be a key aspect that we’re looking at for 2021. And really as we start to look at marketing and compliance, understanding how we’re selling and marketing products, and engaging a culture of community first involvement for our client base, we’re seeing some fantastic opportunities for brands that are considering how they can manage that digital transformation, incorporate speed into their marketing and and of course, that culture. You know, additionally, you know, we’re having more and more questions about how 2020 one’s going to look and how to position those budgets appropriately. If you’ve got questions about those, or have other you know, questions about how our surveys working, like I said, we will be sending out the full survey to you as well as the recording of this webinar. But we’d be glad to share any of that with your teams to help them collaborate more effectively. With that, you know, next week is Thanksgiving. If you don’t see any more engagement from us for Thanksgiving, have a wonderful time with your family. Be safe, and be well and thanks for being with us.
Transcribed by https://otter.ai