Ben Pankonin 0:14
Welcome to a social insurance webinar, we’re going to be talking about the state of social media in 2020. And a lot has changed this year, not just in our work from home strategies and all of those things, but it has impacted social media in some incredible ways. I’m excited to tackle this conversation today. And join with me today is our cmo. Jody gutter. Jody, welcome.
Jody Guetter 0:43
Hi, good to see you from a distance. Thanks, everyone, for joining us today. We have a big group on the line today. So we’re really excited to share what we’ve found out throughout this research and discovery process.
Ben Pankonin 0:56
Yeah, well, you know, Jody, we had a lot of people jump in today. And I think really, we’re all kind of wondering, like what has changed. And this has been such a productive exercise for me to spend some more time kind of looking at the platforms, what’s been changing. But you know, with things like working from home, with, you know, a lot of what we’ve called Doomsday scrolling. For a lot of us, we’ve spent more time on our smartphones, scrolling through our feeds, than maybe ever before. And that’s had a huge impact on social media. And not to mention a little upstart of a social media company that we’ve been talking about for several years we originally talked about, I looked back at some of my webinar notes, where we talked about a little upstart that was gaining some momentum called musically, which has now morphed into tik tok. And so we’ll be talking about that, we’ll be talking about how these all have an impact on for bank marketers. With that, let’s kick it off here. Jody, we’re gonna talk a little bit three different areas. Today, we’re gonna be talking about the platform changes. So what what’s changed about these social media channels? What’s changed, you know, about audiences? You know, these platforms grown? Have they declined? And then thirdly, what, how do we tackle these? So and with that, you’ll see our Twitter link up at the top, feel free to tweet at social assurance, you know, we’ve got the hashtag social bank, so feel free to tweet with that hashtag as well, we’ll be following along to the conversation and, and whenever I have a moment, I’ll try to catch in as well. Feel free to jot your questions on Twitter or over in the GoToWebinar control panel. You know, we love having those questions and interaction. So if you have some heckling, or, or favorite preferences on social media, feel free to bring those up. And, you know, we, we sort of always talked about it too, is what are the platforms that you enjoy using.
And while I do spend a lot of time on all of these social media channels, there are certainly some preferences of mine. Sometimes they become dated, things like like Twitter, right is not necessarily the the platform that we’re always talking about right now. But it has a great amount of virality to it. So, you know, we’ll be talking about some of those trends changes. And within those platforms, What’s changed? So first things first, when we talk about platform changes, you know, we want to talk a little bit about how, you know, is the social media trends. You know, what is it about the platforms themselves that really have have changed over the past year, we have some pretty significant ones. So we’re going to be kind of reviewing all of these platforms today, we’re going to be highlighting these in some various different degrees. You know, it’s interesting when I have casual, sort of, you know, conversations with people about social media, a lot of times we look at kind of the big ones, Facebook, Instagram, Twitter, and then maybe get mentioned Snapchat, you know, what we’ve really had happen in the last several years, is these companies have become ginormous players, right? We have platforms like Facebook, that are now worth over $700 billion. You know, we have, you know, changes to the way that they run ads. You know, we have, you know, Who would have ever thought, you know, 510 years ago, that when we talked about antitrust issues, that Facebook would be one of the key players questioned in front of Congress just several weeks ago. That becomes a really interesting penguin we look at where the data is controlled. how that influences obviously things like elections. But you know, how we receive news becomes, you know, all of those become in question. Now, some of these other companies, you know, we talk about YouTube as a social media channel. But obviously, it’s owned by Google. So we’ll be talking a little bit about that interaction and how that affects things. But it’s also important to note that these are very different sized social media channels. Now, when we’re talking about a platform like Facebook, who obviously also owns Instagram, you were talking about a $700 billion company, when we talk about Twitter, that’s about a $30 billion company. So very different in sizes and scales. And a lot of that has to do with how they make money. And we of course, have to talk about that a little bit too, in our exchange. So first things first, things like Instagram, Instagram has undergone quite a few changes over the past year. One of the biggest is really the ways that we lay out things like stories. So stories have been a huge focus for Instagram over the past year, they’ve really focused on, on getting users to generate content, just for that day. And they really incentivized people to have that content every day updated in their stories. So they’ve they’ve updated some things in the way that they have layouts for Instagram stories, they’ve updated some things really, in how you tell those stories. They’ve added things like captions and things for igtv for those of you who might be doing the live streams, or you know, longer form content on igtv. And they really increase the way that that HTTP works. Now automatic captions and those types of things. Sometimes we look at those because of disability concerns. And that’s certainly an important aspect to having captions available. But it’s also important, as you see in this video here, you see that the scales here, but you see that the caption in front of her is auto caption, that also becomes important, because a lot of times we don’t want our audio turned on when we’re using our social media channels. So a lot of users like to just simply let that caption.
Now, you know, Apple’s planning a number of changes with iOS, including, you know, the way that they’re doing opt in tracking is changing. So that one into that becomes a really interesting components for advertisers. Because you know, the way that you’re identified as a user is going to be different. So it’s actually taking some things away from Facebook and Instagrams tracking mechanisms. And it’s a, it may impact the way that you advertise on their for their ad network. Depending on how you’re doing tracking, that unique identifier, is a little bit more difficult to track the other activities that you have with your smartphone. They’re trying to really restrict, and you know, Apple is trying to restrict platforms like Facebook and Instagram, to keeping what they’re tracking inside of that app. And so, you know, for for those of you who are interested in privacy, that’s a good thing. For those of you who are interested in trying to target users as they do other activities, that may be a bad thing. For the for the overall experience. Also want to highlight Instagram reels, and Instagram reels are really a response to the this dramatic success that we’ve seen in tik tok. That success has led us to, to look at video differently in this auto scrolling mechanism. But one of the things that it’s challenged for Instagram is that Instagram is now the app where you’re trying to do a lot visually, right? We have stories, which are one way that we might be posting we have inside of our feed, we have photos and videos, we have HGTV and now they’ve added this new concept of reels, all baked into one app. So for a lot of us who have spent some time on tik tok, understanding how it’s working and why you would post videos there, you know we’re struggling at at how reelz introduces yet another concept inside of Instagram. So realistically, I think Instagram has some work to do to make that experience all something that’s unified, but reels do allow you that flexibility to shoot video just like you were doing on tik tok. And then put it on your on your Instagram feed. For those of you who haven’t spent much time broadcasting on reels if you were to compare the experience of using tik tok versus using reels, you’ll find that it is dramatically easier to create an edit video on tik tok. Relative to Instagram Instagrams reels, it’s clunky, it’s much more difficult to get that video uploaded to match it up with sounds. That type of experience just isn’t the same as what you’re getting on tik tok right now, I do believe Instagram has the resources to catch up. And I think they will, because it’s in their best interest to figure out how to do that. But definitely, if we’re looking at a side by side comparison, you know, tick tock has a one way of browsing videos. And there’s only one way, Instagram essentially has four different ways. And they’ve really created some confusion in their app with yet another concept, but they had to do it because realistically, so many people were starting to use Tick Tock. So we’ll see how that how that shakes out, when we talk about Tick Tock a little bit, I think that will also come into play. Let’s talk a little bit about Facebook. You know, for a lot of us, we’ve looked at Facebook, as you know, that platform that has skewed older and hasn’t, you know, changed quite as much. But you know, Facebook really has understood that it continues to reinvent themselves. And the latest interface. That was depending on when you opted in, pushed out a few months ago, you know, really started to shift things to have a little bit more of an updated interface. And it’s really pushed into some of the things that made Facebook really successful over time. One of those is moving back to, to their roots of focusing on Facebook campus, you know, this understanding that, you know, we can create a connection with a younger demographic, you know, they, your Facebook started in college, right. So it was originally that player that understood that if we can get young people to be active on this platform, this is what will determine success. And they figured that out.
You know, what they’ve had to do is figure out that they have to keep working on it. And Facebook is continuing to try to do that. They’re probably not at a spot where they can just acquire new companies anymore. There were many people that had speculated that they would just buy tik tok. But because they’re in the forefront of antitrust issues, they’re not in a situation where that will likely get approved. So Facebook has to continue reinventing themselves. But Facebook still has the vast majority of users. Also Facebook, one of the things that we overlook a lot of times when we say are young people on Facebook, and you know if you asked my nieces and nephews, are you on Facebook, they would say, No, I’m not on Facebook at all, but I am on Instagram. What they’re also you know, capturing in Facebook is that your ad network spans across those two applications. And it extends into their ad network, which can be a wide range of activities online. So Facebook’s reach is much bigger than people who just post every day their their reach with, you know, with WhatsApp, their reach with in messenger are really significant. The way that messenger has undergone some changes over the last year is also pretty significant. They’ve limited some things. As far as ads, you know how many ads pages can run concurrently. For most of you, that’s probably not an issue. But if you are running high volume of ads, that could be an issue or question. There’s some new organic post testing where we can now do a B testing, you need to understand whether or not videos working. Facebook’s really focused a lot on video. And we’ll talk a little bit more about why that’s so important. But video is is an incredibly important medium to Facebook, because they really see YouTube as one of the big challenges for them. So both in live streaming video, we’ve seen it, you know, with a lot of the events that have happened over the last six to eight months, and we’re continuing to see that whether you’re watching your your church from Facebook, or you’re engaging in political debates on Facebook, all of those really been been ramped up on Facebook.
So as we talked about YouTube, really YouTube has some some pretty interesting testing things. The first one is, as we talked about Tick Tock being really that upstart who’s who’s threatening a lot of the bigger traditional players. YouTube has responded. And they rolled out a platform that they’re continuing to tweak in somewhat of a limited capacity, but they’re calling YouTube shorts. And this is a response to a couple different things. One of those being the way that people are browsing videos on tik tok. A lot of the things that are happening on tik tok are very YouTube like, so explainer videos, teaching you how to do something is definitely something that we’re seeing really as a trend on Tick tock, and YouTube is saying, you know, why would we lose out to tick tock We are the, the traditional player for uploading videos and sharing that type of content. But they’re reducing those that link that video to 15 seconds, I think that’s really going to be an interesting thing to watch. Because YouTube continues to be a really strong player, especially for young people. Obviously, that’s one of the things that people are looking for is that video content, but we’re seeing that really grow in the younger demographics, and they’re just wanting a way to watch shorter videos. So YouTube’s introducing, I think, some pretty, pretty interesting things. There, their picker feature is really going to do kind of the same thing that Tick Tock and rails have done, where you can grab that video and click, you know, a suggested audio for it, which allows you to adjust that music at the bottom. You can also string together multiple videos, you know, you’re speeding up videos slowing those down, which have been features that really YouTube has always kind of stayed away from, they’ve always kind of said, Hey, we’ll help you optimize these videos, we’ll help you clip them, things like that, but they really haven’t gone a lot into the video editing. But I think they’ve that’s really been a weakness for YouTube, especially as you’re looking for people shooting more and more videos on smartphones and wanting some of those editing capabilities right within the app. So I think YouTube is really going to be come a bigger and bigger player in this space of social, like a lot of times we don’t label them as a social media company. But the way that you have interactions, the way that you have comments, shares are certainly all descriptive of social media engagement activity. With that, let’s talk a little bit about Tick Tock. I will admit just before this webinar, I checked tic tocs you know some of the news, again, just to see where we’re at, because things are certainly changing very quickly. You know, as the first bullet point, Oracle and Walmart sort of without a bid, you know, beating out Microsoft, that’s still not finalized. And both the US and Beijing are are debating on whether or not that is good for their own self interests, will will really see what happens that has the deadline has been extended out to September 27. To see what will happen. But really, what’s happened with Tick Tock is pretty interesting, because Tic Tac has really taken the playbook that Instagram had, and said, Let’s take this playbook of we can create easier to upload photos, which is the way that Instagram started, we can apply that same methodology to videos create a better way to edit videos, a better way to upload those and a more engaging experience for scrolling through those. And they really put a lot of development resources into making that a good experience. That’s really what’s propelled Tiktok success. And the numbers are there. You know, when you can upload a you know, a stupid video and have thousands of people who will like or engage in that you you can move the needle and tick tock has definitely demonstrated that users will flock to this because it’s easy to use, because it’s compelling content. And because you know, they’ve got enough users there.
We’ll see whether or not that hangs on. If Tick Tock does get banned and removed from the app stores that will likely kill it success in the US. But those users really are, are changed for good. And so that’s that’s the thing that I think we should really focus on as bank marketers is that we’ve seen what happens and what video has four capabilities and we’ll be demonstrating those on other platforms. Tick Tock has a really interesting marketing partner platform, they really are pushing small to medium business ads. So you can advertise on Tick tock, and they have some, you know, they’re building some tools, it’s still feels very much like a startup. So they don’t have quite the same fully featured ads platform that you’d see in, you know, in YouTube, you know, obviously, Google being such a big player there. And on Facebook, those are certainly the predominant ads platforms. But Tick Tock is really working on it. And they’re working heavily on their brand safety conversation last week, with some of the things that they’re trying to do to really help your advertisers to be more comfortable with what tic tocs doing, you’ll even see some some news today about some of the content that tik tok is removing on their platform to make that a safer platform. And really, what they want to do is appeal to advertisers. So that advertisers will feel comfortable on that platform. Now bring in some of these older players like Reddit, and Reddit is a fascinating platform, I think there’s a lot of interest in the way that Reddit is being used. You know, for those of you are read, it’s kind of one of those platforms that a lot of people don’t engage in them as themselves on Reddit, right, you have your Reddit username and you, you might not share that with your co workers. They you don’t know if the person sitting in the cubicle next to you is on Reddit or not. Right. Typically people aren’t engaging ads themselves.
That’s, that makes it for a different platform as far as what we need to know for advertisers. But you know, they’ve been introducing some some new things. They’re not very advertiser driven. That’s, that’s not the focus of Reddit. It’s not for the the sort of monetization goals that the other social media channels are really about. It’s really about this free flowing exchange of ideas and ranking up content. I think it’s an important one to know, because it does have pretty significant convergence. it you know, it has some interesting things that they’ve introduced this past year. Apollo is one of those, which is their little app for quickly scrolling through content for Android or iOS. And so Reddit has some interesting things to it. A lot of people have seen it as a research platform, but they do have a very, very loyal following that visit Reddit site every day. So that becomes a really interesting component. Let’s talk a little bit about Pinterest. Pinterest actually just went through a redesign. So if you haven’t updated your app yet, make sure to update your Pinterest app. They actually stole some really interesting things from Instagram to talk about how they’re, in fact, the screenshot that I have here is not their latest interface. But you’ll see some of the impacts of full size photos on there that actually look like they’re positioned on a platform like Instagram, or tik tok. And but they really built on upon this, this concept of being able to click through to exercise your e commerce opportunities. That’s really where Pinterest has made the most money, because they have been very highly focused on conversions. You know, during this growth Coronavirus, era, really Pinterest has had some, some huge opportunities because one they went public not that long ago. And, you know, by doing that, they were also able to really open themselves up to more and more advertisers. And as we’re sitting at home looking for how we can make the most out of not having a vacation. A lot of us were looking at platforms like Pinterest for how we could redo our home, what’s the DIY project that we have in front of us. And so Pinterest is really been a great platform for figuring out how to address, you know, better personalization. Look at search as an important element. I was doing some backyard projects that have just finished up yesterday. And you know, Pinterest is one of those platforms that saw me looking at how am I going to do this landscape project. So I’m searching out on Pinterest before I actually conduct that activity. And when we think of marketing opportunities, that’s what allows me to engage in intent. Right, Ben is clearly going to fix up his backyard. He’s searching for that type of activity. So now I have that opportunity to intersect before he makes that purchase decision. And that’s a key element for why Pinterest has really been successful is that people are searching things before they execute on those things. So they’re able to actually get into intent in some really interesting ways. Let’s talk a little bit about social media advertising. So we we have, really over the past six to eight months, an increased and increased trend in social media advertising. But I kind of want to share a little bit of why that is during Coronavirus. In fact, it had a question in about, you know, how has this, how’s social media really been changed during this Coronavirus area.
So, you know, one of those things that we really want to talk through is social media advertising has, has really increased in the last six to eight months. And part of that is that we’ve also had a supply surplus. And so, you know, the reason for that surplus is, think about it in this in this COVID area where we have, you know, an estimated 30% or more increase across the board on social media challenges. So if you’re using a social media platform 30% more, that means there are 30% more ad placements available on those platforms. So if Normally, you were served up with, you know, 100 ads during your week, now, you they could serve you 130 ads, because you’ve spent 30% more time on that platform. So with a surplus of ads, that’s part of the reason why you saw, you know, Facebook increase their valuation by $200 billion over the last six months is that there’s an increase of time spent on those platforms, which means consumers are in are consuming more ads during that time period. Now, one of the also, the things that have happened is, as an advertiser, I’m spending money on each one of those placements. So if now there are 30% more ads ad spaces available, that means my cost typically per ad is going down. So that that also has an impact on on how we we see these platforms. So we can see that as, as there’s more ads available, we also have, you know, the ad spaces get cheaper. So that becomes an important component of what we’re doing there. So when we look at your organic growth here, you know, our organic growth cross channels, depending on the channel now, in you know, tik tok does have pretty substantial organic growth. But we have, you know, less organic growth on platforms like Facebook, just because they’ve become more mature. And it’s harder to get through on those platforms. Now, you know, we’ve had some significant changes in the way that so social media algorithms have really impacted that growth. Because they’ve said, Hey, there are certain things we want to value. And Facebook being one of those key ones that have said, Hey, we need to, we need to make sure that this algorithm is the type of content that keeps people active in this platform. Now, I’m going to give a quick shout out if you haven’t watched the documentary on Netflix called social dilemma. You know, it’s kind of required viewing around our office a lot of times, so we, we did, you know, take a look at at the social dilemma. If you haven’t looked at it, really what it does is picks apart how Facebook’s targeting how some of these social media channels are targeting, in an effort to keep people on their platform. Now, Mike, my harsh critique of it is that they pretend that all of us are drones, without any sort of free will. And we’re sort of controlled by all of these platforms. And you know, the the element of truth in there is that these platforms are self serving and trying to get you to stay on the platform, because that is what allows them to continue advertising to you. That should be no secret to anyone. But it’s really no different than getting you to engage in TV. Because that’s that’s continuing to keep you on that platform. And hopefully, you can be somewhat addicted to that show or whatever it might be. Also, it happens to be a Netflix documentary, and they don’t have to talk about Netflix, also using the same types of algorithms to keep you engaged and interactive. So you know, we’re definitely seeing an increase in ad spend. We’re seeing an increase Recent ads in total. But, you know, as we’re seeing all of that, you know, we really want to look at what is the audience insights throughout this process? What are the, what’s the audience we want to target?
Yep, throughout our social media engagement. So we’ll take a quick look at like some of these means that have kind of said, Hey, here’s the type of people that interact in each one of these platforms. But realistically, what we find is that there are some universal trends across these platforms. And one of the big trends is that extramural content is here to stay, right? That is our short content, like stories on Instagram, and Facebook, that are only there for 24 hours, and then it disappears. That is definitely a trend on social media that is going to continue. You know, a lot of the stories that are actually posted are from businesses, as a really important thing to consider, right? We have, it’s a short form, it’s only here today, oftentimes, what we say is, hey, it’s, it’s okay to post something that’s not quite as Instagram worthy on your story, it’s a little, it’s a little bit better to post it there than it is to have it live on your story forever. So, so that’s definitely one of the reasons people use this type of content more dramatically. But let’s, let’s also consider that, you know, Facebook, and Instagram, got this idea from Snapchat, right, Snapchat was growing pretty dramatically, hey, 24 hour, content that disappears. Pretty soon Facebook and Instagram said, Hey, this is actually probably a pretty good idea. If this means we can get users to come back every day, as opposed to just scrolling through an Instagram feed whenever they randomly get bored. If they know that content is going to go away, it’s sort of like having that daily special every day of the year, that keeps people coming back. So it’s a really important thing for these platforms. But it’s also ties in with our consumer sentiment that says, had, sometimes I want to watch content that’s relevant just for today, I don’t want to watch or look at the evergreen content that’s only available for a longer time period. So you know, brands are certainly using stories to target, you know, a younger demographic. You know, a lot of the views do skit do skew much younger, in that 18 to 34 group. And, you know, and, and stories are a huge opportunity for advertising as well on these platforms. So whether you’re doing retargeting ad, or you’re looking at, you know, just a regular ad to push out to a demographic, it’s very valuable spot. You know, Instagram and Facebook are still leading the charge on almost all things, social media, just had this photo pop up in my memories from a year ago. You know, I wish I could have gotten back out to Silicon Valley this year. But you know, Facebook and Instagram are really are the most popular social media platforms. 68% of adults, report that they’re on Facebook, and are active. And 89% of brand marketers are using those platforms. So I mean, this is really where the bulk of your users still exist on Facebook and Instagram, as much as we want to talk about Tick tock, you know, being sort of this upstart, really what it’s serving to do is influence the way that you post content on a platform like Instagram, or Facebook. LinkedIn continues to be a powerhouse. They were purchased about three years ago, for about $30 billion.
And the estimates would be that they’re about double that size. You know, actually Tick Tock is about that size now as well. You know that, you know, realistically these are, LinkedIn converts very well. One of the things that’s really important to note about LinkedIn, is that the content you post on LinkedIn is not that 24 hour content. LinkedIn actually is kind of the opposite of that. When I post something on LinkedIn, like it did this morning, I’m expecting people to engage with my LinkedIn content for days following, potentially up to about a week. So you’ll see that if you’re making any content that becomes semi viral, if it’s starting to reach into the thousands of users or interactions, you’ll start to see that content. hang around for around a week to even 10 days. That content will stick around and people will continue engaging in it. Because realistically, LinkedIn knows they haven’t incentivized people to log in every day to LinkedIn. So they know it needs to last a little bit longer to wait for those people, your connections, to be engaging with that, you know, financial marketers have huge opportunities with LinkedIn, especially if you’re working at with commercial lending is a fantastic opportunity to create really great, engaging content. And your your performance mech metrics are very high. at Twitter happens to be a platform I really enjoy using, I like the up to date nature of, of Twitter, it has a lower algorithm engagement. So meaning I can still scroll through a feed that shows me everything that happens on Twitter, which I don’t get on platforms like Facebook or Instagram anymore. You know, it’s it’s trailing a bit and its engagement, it hasn’t had the increase of users. So they have a little bit of a drop. It’s not a drop actually in users. But it’s a drop in the engagement of users relative to the other platforms. But there’s still have 300 and 30 million active users worldwide. And Twitter is a platform that a lot of individuals go to for branded product discovery. So that becomes a very important platform. But part of the reason that the Twitter isn’t worth as much is that Twitter has had, you know, not as great of success in advertising. For those of you who have placed Twitter advertisements, you’ve probably been frustrated that it hasn’t had quite the level of successor engagement that you might be looking for. Now we’ll look a little bit of a tick tock in YouTube, you know, contents really key for these platforms. You’re 25% of brands are using video for shoppable ads and stories. And that’s phenomenal success. And 37% of marketers are increasing digital video budgets. You know, there’s there’s some really compelling elements with Tick Tock and YouTube that are important to consider. One of the points I’ll make on both of those platforms is that I get asked frequently, which platform should I be on, in order to reach X or Y demographic, you know, I want to reach people 18 to 30, where I want to reach an older demographic, I want to reach people who are 45 and up. One of the things that I think you always have to keep in mind is that the content is often more important than the platform. That is I’m an outlier. I’m I’m old on Tick Tock. But I see very different content than my niece and nephew do when we talk about the type of things they would use tik tok for. And that’s really influenced by the type of content that I consume on the platform. You know, I happen to want to know how to fix my golf swing. So they’re not concerned with that. But I’m now getting a lot of that content that’s snarky about, you know, about how I golf. Or if I’m fixing up the backyard, and I happen to look on tik tok for some content like that. That’s the type of content they’re going to start to feed me. Now I’m getting a whole lot of sports content on my YouTube. So it might be a highlight video from the Lakers game the other night, where it might be, you know, a highlight video from Sports who’s going to sort of come back here, in the next couple months, I’ll start to get that type of content on YouTube. And so a lot of that is self selecting. So when you’re looking at a platform, make sure that you’re thinking about the content, you want to distribute out to that platform, who you want to reach more so than even the platform themselves. You know, if you want to reach gamers, yes, you might go out to YouTube, or you might try to open up a twitch account. But I’m using YouTube, and I don’t see any content for video gaming, because that’s not the content I’m typically looking for on YouTube. But my nephew sees almost exclusively video game content when he opens up his YouTube. So those are some of the things to really consider is that that algorithm is very important. But your content and who you are engaging with on those platforms, influences the demographic you’re going to reach on that platform.
So you know, we talked about paying attention to tick tock really do pay attention to tick tock. It’s not just a hey, here’s a flash in the pan. This is a new thing. You know, tick tock goes away. What’s happened to the young people who have engaged with Tick Tock is not going to go away. There are expectations for video, the expectations for how you would spend time watching video, and the length of time of videos, none of that will go away. So you might be placing some of that on YouTube, you might be placing some of it on Facebook, you might be using Instagram reels for that type of content. But what you’re what you’re gonna see is you saw it first here on tik tok. So that’s really, part of what becomes important there is the way that users are growing on those platforms and what they’re expecting of those platforms is not going to go away. On your Pinterest, I just passed up a question that we had here a little bit ago. From Terry, who asks you what are the opportunities for banks on a platform like Pinterest, those are actually pretty interesting, especially when we’re working on the mortgage area. Because we’re seeing an increase of users on on Pinterest, you know, 90% of those pinners are planning to make a purchase, right? If you’re looking at home buying, that’s an area you can target on a platform like Pinterest, you can see, you know, a lot of you know, video shares. Realistically, you can see a lot of those, fixing up your home types of opportunities, there’s really an opportunity there to capture some of those users and allow them to see, hey, here’s, here’s maybe some things we can contribute to our audience on a platform like Pinterest. But we’re going to kind of transition into some marketing and communication strategies for, for how you can leverage some of the changes to these platforms. And at the top of that list is, is really the way you talk about social and community impact is a huge component of what’s working on social media right now. And now we’re seeing it when you when you see someone like Mark Zuckerberg interviewed and he says we want the world to be a better place, right? We want to make sure that we’re protecting our users and being authentic, and all those sorts of things. But really, what they want to do is make sure that, that there’s a positive interaction on these platforms. So they are trying to hopefully emphasize that some of this content would have some positive values to it. So there’s, there’s some clear indications that, you know, engaging in things like
better social impacts for how you engage in local, how you engage in support small businesses in your community, become very important. You know, the way that you take, you know, public or social stands on even political issues do have a place on social media, obviously, that’s an area we have to be careful in. Especially if we’re trying to serve an entire population in our community. Obviously, there are some ways that, that that can be alienating to certain populations. But we are seeing some success. When you’re taking that social standard, we’ll have a couple of these components here. So how do how do brands do this? Right? How does the brand like, like Lego do that one of the ways is, by being clear, you know, don’t don’t just say, Hey, we’re helping, without sort of explaining how you’re helping and, you know, Share, share some ways that consumers and people who gravitate to your brand can be assisting you, you know, make some meaningful statements or around that, and make sure that it’s backed up by by how you’re performing. So you know, Lego, this was kind of the post that they made, hey, here’s, here’s how we’re standing with the black community. And here’s what we’re doing. We’re going to donate this right, to supporting black children educating right, here’s, here’s the way that we’re helping. Here’s another interesting one from aspiration which talks about how we’re looking at things like reforestation, right. So the climate change movement has certainly gained a lot of attraction. Here’s one of the ways that they’re doing it, right. They’re showing you have a step by step process. Over in the bottom right there, you’ll see, here’s The Giving Tree, here’s what we’re doing to support this as we’re doing it. Here’s how we’re, you know, connecting with you. Here’s how you as a consumer can participate, you know, for every thing you do, right? It’s kind of like the the toms or Warby Parker or all of those types of platforms where we’re saying you If you spend this, we’re going to do this, there’s an exchange, more guarantee in that process. Now, I’ve seen some great bank marketing brands that have done that, where they’ve said, If you understand that every dollar you put in a community bank equals this, if you understand that the way you interact with our member owned organization, produces this for all of our members, right? All of those things contribute to that social good opportunity. When you’re marketing it well, you know, here’s some statements that, you know, financial brand was putting out during some of the last six months about here’s, you know, how we see opportunities for minorities and people of color. Obviously, this presents some challenges for a lot of financial institutions who, who maybe don’t have the diversity on your board yet, or who maybe don’t have the diversity organization. And you know, that that’s okay, I think these are areas for us to have those conversations. But until you sort of flesh that out from top to bottom, this isn’t something that you’re necessarily going to make that public statement about. So I would definitely say, you know, it’s something that you want to be able to, to make that over time when that is appropriate to be making that.
You know, Jodi’s having some some challenges with her audio issues. But she had brought this one up, as we were talking through the slides about Renaissance bank and how, how they’re really engaging in this role of how do we empower women to pursue greatness. So they, they ran with this rise campaign to really elevate the conversations around women within their organization and within their community, phenomenal way for them to really bring those things together. I also was, happens to be chatting with them earlier this week, because they ran some campaigns around football and the SEC conference. Now, that while that doesn’t sound like a social campaign, to those of you who might not be in a football state, in a place like Nebraska, that was, that was a social endeavor, that was very threatening to me. So we had a good banter over it. But part of what they’re doing is they’re tapping into something that resonates with their community. And our community being you’re spanning several states on the SEC conference was really that area that really has gravitated for them. And so they have some, some kind of fun, could be videos that happened to make fun of my school. So you know, kind of a fun way to unify that type of content. Whenever you can bring user generated content into your strategy. It has a strong, high degree of success. So you know, users are looking for, for other users to guide the way for them. So how is it that they’re creating content or business feeds or posts, right? Looking at how consumers will engage with a brand, over time, is really important in the way that they’re engaging, right? Because if I’m seeing that other followers I respect and follow are engaging with that kind of content, it really becomes powerful. You know, 71% of consumers are likely to share positive experiences with brands online. That’s a fantastic opportunity. We can talk about Jay Baer, it’s the other real thought leaders in this space, talking about how, hey, whenever we can get someone to talk about us in fat realm, that becomes a really powerful endeavor for us. You know, 49% of consumers are claiming that they’re, they depend on influencer recommendations to inform purchasing decisions, we’ll show you how you can use influencers in banking as well. And that can be a phenomenal way for you to really engage and cross a lot of opportunities as well. And that, you know, building review strategies, and you know, as we work with banks to talk about, Hey, you know, why is it that your Google reviews have stagnated? Could we improve those? That’s a great opportunity to look for new review generations, and there’s some great processes that you can put in place, to gaining more reviews for all of your locations, which really can be helpful. And then seeking out those community influencers to really help
Unknown Speaker 49:52
God with it.
Jody Guetter 49:54
Yeah, can you hear me? Yes, you’re good. Yes. I can’t. I apologize. I don’t Want to disrupt everything? Thank you. Yes, I’m sure I’ll give you a two minute break. And I’ll add my two cents. And then you can get a breath again. Yeah, at Midwest as most of you know, I was at Midwest for seven years. And we really focused in on user generated content. And one of the things, I think it’s really important as we talk about these social causes, and incorporating that into your brain messages is this sense of authenticity. It can’t be out of left field, something that all of a sudden you have an opinion about, or all of a sudden you care about. And the examples that been shared, certainly, with aspiration bank, with Lego, they were all really authentic to their brand, and something that really resonated to a larger audience because of how integrated it was with their company culture. But with user generated content, you know, Midwest really focusing on their agricultural community, and he’s known as the ag bank in Minnesota and South Dakota. And so one of the things Midwest did really well, was leveraged relationships with social influences, more specifically, that Johnson who’s known as the the Minnesota, millennial farmer, and that has a huge following online. He has over 250,000 followers on Facebook, 200,000, on Instagram, over 100 million views on YouTube with his YouTube videos. And so finding these these content that can be either custom content created for your brand, or content with fitness of influences or respected people within your organization, or even in your communities to be able to produce or share content is a really good strategy is only going to position your brand as a thought leader in certain areas, but give you an additional platform and reach an audience. For Midwest this was really great to be able to get content that was custom forming with related to AG, which is their target audience. This was a really successful campaign. rise with Renaissance two, as Ben mentioned, was really successful in positioning and Leif MacIntyre. veneer does an exceptional job with really not only just talking about women entrepreneurs, but really building out a complete marketing and corporate brand strategy around how is this organization really going to list really going to invest in women entrepreneurs and provide resources and information and celebrate their stories as well?
Back on now,
Ben Pankonin 52:42
yeah. Oh, you’re great. God, no, and I appreciate you sharing this. I think this is a fantastic use of, you know, influencer marketing. And I know that, that presents a lot of different kind of compliance challenges as well, right, when we’re vetting an individual. And then, you know, in some cases, we might even be vetting them, sort of, in this scenario, but we might also be betting live sort of influencers as well. We’ve seen, obviously, more and more trends towards live video. Yeah, and I know, that’s been a challenge for a lot of bankers as well.
Jody Guetter 53:24
Yeah, thanks for bringing that up. And I do want to add my two cents earlier on when we talked about how much these platforms really are investing in their video streaming their video platform, the video functionality to because it’s really where the consumer is gravitating towards, as well. And I know that it does give compliance offices, a little bit of a heartburn going, Okay, how do we utilize Facebook Live in our marketing and communication strategies? What happens with stories when it disappears, you know, in 24 hours, and so I think one of the things that we really need to navigating the coming month because as you’ve seen with the data, video is just going to get bigger and bigger and bigger and more part of our marketing strategy. And so I really think in the coming months, we need to be having data sitting down and having conversations with our compliance team, and figuring out a way we can do it. We need to if we under utilize these platforms, we’re going to under serve our customers, and we’re going to underserved our marketing efforts, too. And so even if it’s coming with, what level of risk do we have? Or are we willing to take? You know, do we agree on okay, if we use stories or if we use Facebook Live, we’re just going to use it for showcasing community impact or we’re just going to use it for financial literacy or coming to some agreement to where there’s a level of comfort there where you can start to expand your marketing efforts, but do it in a way that aligns with your marketing. strategy and can help compliance kind of rest a little bit easier at night. And I think then to that opens up more conversation down the track where you then can go, we’ve done this for six months. This is the impact these are the results and to be able to continue that conversation with your compliance team.
Ben Pankonin 55:20
Yeah, well, I like what you said about kind of, like, evaluating all of those together. And I think that’s one of the real challenges for bank marketers is, hey, we’ve got to worry about this compliance hurdle. We can’t just pick an influencer, because they did a great dance in front of, you know, their, their circle light, you know, we’ve got, we’ve got a lot of things to consider there. Um, you know, one of the things you and I have talked about a little bit is finding influencers and finding the right ones, we just had a question in about, how do we find them? Well, you know, we actually have some tools that you can outsource through a network of, of, you know, influencers, so you can kind of shop for influencers, those are kind of an interesting way to do it. A lot of agencies are starting to do that as well. So you reach into a network, but sometimes they’re just the person down the street, like sometimes that pretty, you just already know that they are, they’re an influencer in your communities, depending on the size of your communities, that can be somebody you know, and then you’re just, you’re just reaching out to them to say, Hey, you know, we have something that we’d really love to partner with you on. And I think those oftentimes are the best.
Jody Guetter 56:45
Yeah, I would agree. And you’re right, there are a wealth of resources and third party sites and agencies now that are really facilitating this influencer marketing, round bit, you know, a lot of community banks in particular, are really focused on local content, right? How do we really engage locally, and so really not underestimating, you know, the mayor of your town, or the guy that owns, you know, the diesel shop, and he’s sharing videos of how to fix up cars, and you’re really focusing on a particular industry, and, you know, getting creative like that, but bringing your customers bringing your community into your storytelling in your marketing mix is really going to allow you to connect on a larger scale. Yeah,
Ben Pankonin 57:35
yeah. Fantastic. And, you know, you talk about this sometimes, you know, thinking less like this sort of like financial market or more just like a marketer, right? Like, how is that, that we can be a part of all of these conversations? How do we plan for great content? And then, you know, as we’re budgeting for all of these things, we’re having lots of conversations about what is 2021 gonna look like from a social ad spending category. For a lot of us, we may have even paused some things. In 2020, we were just having one of those conversations an hour ago, have paused a lot of this, still trying to, you know, kick in some of that budget for the rest of 2020. To kind of launch us into 2021, where we can think be strategic and plan again.
Jody Guetter 58:31
Yeah, yeah, absolutely. And this kind of blanket statement that I use a lot here too, is yes, we need to have our banking head on and understand compliance, understand the business understands our products, and how a bank makes money. But the reality is, our job is to market that and to really be staying abreast of all of the channels that we’ve even talked about today. And you may not be making decisions today around what channels you have to be in or what you need to choose to be in. But understanding the implications of these changes as it relates to your overarching, you know, marketing strategy as well, I think you touched on a couple of really key things with Tick Tock in particular, I think all of us are scratching our head a little bit going, how does this fit into bank marketing. But I think On the flip side, as you saw with Ben’s presentation, every single platform is responding to tick tock. They’re responding and ways of investing in short form content, video content. So what it’s telling us is the consumer is on these platforms, and they’re interacting in this way. They’re backing it up and going, how am I going to build out a content strategy that’s going to support these different channels to and really understanding how the consumer wants to be communicated with and how are they going to consume your content and engage with your content I think those are kind of the key messages there. Then I think the other part that Ben addressed as well is this continued focus on data privacy, and customer privacy, and how these platforms and even digital marketing are utilizing that data. So really making sure too, that you’re staying on top of GDPR, you’re staying top of the California data, data privacy act, and even the things that have been talked about with Apple. And what’s kind of interesting with Apple two with those changes. They’re actually using that as their headlines in their marketing going for the new marketing campaign all around the privacy components of the iPhone. And so what implications does that have for targeting, what implications does that have for expanding digital footprints for online account opening? And so really making sure that you are thinking like a marketer? And thinking about how does it impact my entire marketing strategy, and not just my bank and my community as well?
Ben Pankonin 1:01:10
That’s phenomenal. Jody, you know, when we talk about, you know, your statement of every one of these social media platforms are really responding to tick tock, I think that’s a really important thing to consider. These aren’t, this isn’t a level playing field of social platforms, they have different, they’re different ways to approach them, there’s certainly different ways to advertise on them. And, you know, the way that we build relationships are really different. So I appreciate your comments on those. And, you know, as we’ve shared here, you know, you can’t be social on every social channel, you just can’t be absolutely everywhere. But you can be on the right ones, and you can have the right approach on each of those. So, Jodi, thanks for, for putting so much of this data together, and really providing us some clarity to how we can take social media forward for 2020. And into 2021. I know one of those areas that we’ve talked about a lot is how do you ignite those community connections? How do you make community really a part of who you are? So that those social impacts, you know, which is something we’ve invested a lot in the in the last several years, is making sure that’s a big part of it. But God, any following any follow up thoughts for this group?
Jody Guetter 1:02:40
No, probably just one thing to leave the group with as we talk about community as well, as we all start to really think about how do we get out of this COVID mindset and just living in the moment? And as we think about, you know, long term strategy, and how do we start to pivot back to growing a brand engaging with our customers, I think community is a big part of that. And really being able to tell your brand story through all of the work that you’ve done this past year with supporting small business to responding to community health crisis, and there’s a lot of content there already. And so really taking that and thinking through how can I incorporate that into my brand strategy into my social and content strategy into 2021. There’s a lot of great content there a lot of wonderful stories. And we want to continue to kind of, you know, slowly pave it back in a way that our customers and our target audience will respond and react to us in a positive way. And so I think, improving your community impact, talking about it, sharing my stories, highlighting other storytellers in your community are really, really great ways to do that. And then I think the next part, too, is spending the next few months as well, really thinking about your content strategy. These social channels are only as good as the content that you create for them. And so really thinking through investment in video content, and user generated content, blogs, resources, all of those things that are really going to ignite your social channels, and really create compelling and captivating content to consume as well.
Ben Pankonin 1:04:29
Well, thank you, God for for really bringing so much to bear in this conversation. I know we’re gonna need more of these conversations, you brought a lot of this data and so much good research into this to you know, next month we’re going to be having another webinar, talking about some, some additional things as we prepare for 2021. And so, you know, I think God fantastic, you know, research really here, I think We’ve got a lot to consider so and thank you, all of us. You know everybody for joining. We had some really great conversations on Twitter, some great chat conversations in the question boxes. So, thanks for being with us. And again, if anything else comes up, be social and feel free to drop us a note.
Jody Guetter 1:05:24
Transcribed by https://otter.ai