Workflow for Marketing and Compliance - Social Assurance
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Workflow for Marketing and Compliance

October 3, 2018 10:30 am
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In a financial marketing process utopia, all marketing materials would seamlessly float directly in and out of compliance, then straight to your published and successful campaigns. While no organization (at least that we know of) has hit that utopian marketing process yet, financial brands can drastically move in that direction with the right compliance and marketing workflow strategy and tools in place

Join Social Assurance as Ben Pankonin discusses proven workflow tips and tools to help financial brands enhance the efficiency of their marketing and compliance processes. This webinar is geared toward both marketing and compliance professionals and will focus on:

  • Building a marketing and compliance workflow
  • Process tools and tips
  • Approvals process management
  • Marketing records and auditing

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Unknown Speaker 0:00
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Ben Pankonin 0:18
Good morning and welcome back to a webinar here. Today we’re going to be talking about workflows for marketing and compliance and how we optimize those together. So I am joined today I’m Ben painting the founder and CEO social insurance and today I’m joined with Danielle cheney. Welcome, Danielle. Hi. So Danielle is our content and client strategy manager here at social insurance and she wears a lot of hats. And she’s been in a number of different roles where she’s been able to really do a lot with digital advertising and marketing and I’m excited to have her on today because we’re going to be talking a little bit about how we streamline a lot of these processes. And I know you’ve been, you know, prior to joining social insurance, you were on working with a regulated industry, where you were in financial, where you were managing 35 plus brands yourself, and, and having to do a lot of those. And it requires being a bit more organized, right? Yes, it definitely does. So we’re going to talk a lot a lot about those things. We’re going to talk about how we, how we make sure that you can execute whether you’re coming in to this webinar from a marketing role or a compliance role, or somewhere in between, we realize that many of you have a lot of different hats, and you have to manage things more efficiently. So we’re going to talk a little bit about how those things work. By the way, if you are on Twitter today, during our webinar, we’ll be tweeting with the hashtag social bank. And as always, you know, we try to monitor that hashtag and and keep that something active even between our webinars. So that could be something Oftentimes we’ll get a tweet that jumps out there. That’s a question about an idea or a thought, or Has anyone run across something, you feel free to use that. I think that’s a great way to, for us to all stay engaged, as we’re going through these. And

as always, if you’ve got questions during the webinar, you can reach over on the right side, there is a chance to ask questions there. We do try to pull those questions in in real time. So if it’s something that we can kind of answer on the spot, or something that we didn’t answer over text, we’ll try to get to that as quickly as possible. But today’s challenge really is this it is that marketing has to move faster than ever before. And that compliance has more regulations than ever before. And you see the tension. And, you know, for all of you you’re feeling that on a daily basis, is how do we how do we embrace the tension on both sides of those that you know, now that we have content marketing As a core component of what we do as marketers and financial services, and now that we’re, you know, experiencing more and more regulations, you know, every conference, we go to every every compliance seminar that I’m sitting through, you know, we’re hearing about that one more thing that we’ve got to think about. So today is, is trying to alleviate some of that pressure, how do we help both sides to work together better, but but also, you know, how do we make sure that we’re performing with accuracy as well. So today, we’re going to talk about optimizing that workflow, we’re going to talk about some new digital challenges. Because obviously, you know, when we talk about increasing the level of marketing, we’re also increasing the amount of advertising so we’ve got content on more channels than we ever had before in different places. And then ultimately, we have to be able to report on that. So we’re going to talk about how we report on that and I’ll try to bring in fortunately A lot of you have asked me questions. Before audits, after audits, you’ve given me some feedback. So I’ll try to bring some of those in. If you have other comments or questions, as always reach out, drop me a note. If you’re running into something, that is a question, I’m glad to, to connect and chat about those things too, because that really helps all of our community to be better. So as we talked about optimizing the workflow, I think there’s one really core component that is making sure that we are coordinated in our approach. We’re going to talk about why that is. But I think one of those is figuring out how do we make sure that that is a quick process. So making sure that when we make a post, if it’s on social media, or we make a piece of content, that is a, you know, digital marketing piece, or maybe it’s our print material, we’ve got to be able to coordinate that as much as possible. Rather than thinking of it as a this is sort of a checklist that we have to do, we have to figure out how we coordinate that. And one of those areas is this understanding that we have to find precision in speed. So we have to be performing quickly. But we have to have precision in that. Obviously, we can’t miss a rate. We can’t miss some of those things. And so I think one of the easiest ways to do that is to make sure that, you know, our life in that world is not cluttered. For many of you, I think that is the challenge that we feel every day is that when we’re coordinating marketing activities, it doesn’t feel like the rest of our financial institution does. Oftentimes, you know, we’ve got nice, neat spreadsheets sometimes that we’re evaluating loan portfolios or things like that, where we have, we have things that are structured, it feels more like accounting, and then we enter the marketing space and it Feels like we have, you know, a desktop full of icons, and we don’t know which one to select. And I think I think for many of us, that’s the challenge. But I love this quote from Christina, who’s she’s great blogger that blogs about being neat and organized. And she says hate clutter is the physical mental manifestation of unmade decisions fueled by procrastination. And I think that’s the challenge we face when we’re entering the marketing realm is that we do have all of these opportunities. And sometimes it obviously points to some contention. If I’m a compliance officer, and I’m used to interacting with the accounting department who’s who’s typically putting things in a very structured manner, and then I start to interact with marketing and it doesn’t feel the same structure. All of a sudden we have we have those challenges. So So our goal as marketers is to help seems to be a little bit more structured. And then I think our goal and compliance is to understand that that some of those, some of those items coming from marketing aren’t going to look quite as structured. But we’re going to try to find some ways to make things more structured coming from marketing during our webinar today. So one of those ways is, is in this area that we called decision fatigue. Many of you have, have or might be familiar with that term, which decision fatigue really means that, you know, if I make more decisions in a short amount of time, I’m more prone to error. And that is, that is a core challenge that we face as compliance officers. It’s actually a major challenge that we face as marketers as well as we have more content going out. We were used to that, you know, that direct mail piece that we were coordinating once a quarter, and we would send out that direct mail piece and then afterwards, we would say okay, here’s the results of it. Here’s the story. And now that we’re pumping out content every day, we have more and more decisions to make. So that’s one of the areas where we have to think through the psychology of how we make decisions. And we have to batch those, as some of us who, you know, might pay more attention to some of the inspiring characters like Mark Zuckerberg, he actually talks about

decision fatigue a lot. And one of the ways that he avoids decision fatigue is he doesn’t make decisions on things that he doesn’t feel like he has to. Now I don’t subscribe to all of his philosophies on wearing sort of the same gray hoodie every day. Because he doesn’t want to have to make decisions and forcing his mind to think about you know, dressing in different clothes or things like that, I think is a bit of an extreme from a decision fatigue process. But it does point us to one of the things that we don’t think enough about which is how many Which energy? Are we expanding, making decisions on things that aren’t significant. And that then can distract us from making good decisions on the things that we that are important. And so a few ways that we can help do that when we’re looking at organizing our content. One of those is, is to separate out things that are product decisions, versus those posts or activities, that would be non product content. So if I’m making content on social media, and I make all of the content in the same way, so I make a post about home equity loans, at the same time that I make a post about the latest golf outing, and I don’t separate that out. It forces our minds to have to think the same critically about that content when it comes across our desk for an approval. And I think that’s one of the first steps that we can see Some impact is by simply separating those out. Now your workflow may require every post to be approved by compliance or it may not, that depends a little bit on your institution. And we can always talk about those decisions and how you’re how you’re making that. But even if you’re having every decision go through a certain person, if they can glance down and see that that is a product related post or a non product related post that simplifies the psychology behind that. And now all of a sudden, you say, this is a non product related post. I’m only looking to make sure that this that this wouldn’t violate something major in a branding exercise. So now all the sudden you’re able to approve that content quicker, and that will help streamline that process when it gets to the next person. Another one is to pre approve content. We’ll talk about some strategies for doing that. But a lot of times, we can pre approve Prove certain types of content, we can approve some imagery. And we can create that once and, and send that out in multiple different channels. Another one, you know, we talked a little bit about labeling those products, but having accurate labels that allows me as the compliance officer to look down at that content and say, Oh, this is direct deposit account, I actually don’t have the same you know, I don’t have to think about Truth in Lending. now. I’m only thinking about this as a depository product. So allows me to have that hierarchy of approval when I’m doing that. Another way that we can reduce decisions is when we submit artwork once what you’ll see on the right side is, you know, I was grabbing some content just recently where we were posting a whole large Pay Per Click campaign, you know, with multiple different sources. And so we have images that we’ve sized in all of these different categories. we’re laying those all out. And, you know, what happens is all of those images have the same elements in them. You know, as a compliance officer, I shouldn’t have to evaluate as long as it’s legible. And as long as the elements are in there, you know, it really shouldn’t matter as much to me, if it’s the medium rectangle size, the leaderboard size, or the half page ad size, if all of the content in it is the same. So what I always advocate for is if you’re running a complex advertising campaign, and I know, Danny, you’ve interacted with that a number of times where you have those large ones, and you send one email, right, yeah. Or you you post make one submission through our app for 50. Yeah, so 50 different variants. And then, you know, we can track those ad variants. So we can report on those But we don’t have to necessarily submit, you know, 50 all in one post,

Dani Chaney 13:06
and what would you suggest would be great for starting with this? What workflow when you’re trying to track you know, different sizes and things like that? What would you recommend to get started with that?

Ben Pankonin 13:14
Yeah, so one of the things I would look at is, you know, if it’s a really complicated campaign, you may want it to conversation, you know, internally to make sure that, that it is compliant. But, you know, if you’re running, you know, let’s say you’ve got a HELOC opportunity. And you want to make a large scale post about that, you know, you might say, Hey, I’m gonna go post the one piece of artwork and you know, we we do that through our tool, so you just track that approval, but you’ve got that one image that contains all of the text all of the images and and then you can reference in Notes section that we’re going to submit other Variants based on size. But you don’t necessarily have to submit, you know, in this case 30 different different size options. Yeah. So. So I think that’s one way to reduce those. I another one, I think we run into this a lot of times and you know, I, I’m certainly guilty of it is that often I don’t schedule content. So things that wouldn’t be an emergency become an emergency, like we scheduled this webinar a month ago. So there’s, there should be no reason that I stress out our content team, or whoever is going to approve their content this morning, because that content should be scheduled out. We knew it was coming. We know these events are coming. Oftentimes, we’re sponsoring an event, you know, six months to a year in advance. And so at that time, I can schedule a lot of that content. And you know, when I’m scheduling that kind of content, I can remember that it’s not always, you know, a fire or emergency. And the reality is fires and emergencies should feel rare. If it feels like every day is a fire as far as approving content, getting those things out, then, you know, then we’ve got to adjust and figure out how to how to schedule. So one of the things we like to do is put a pattern of scheduling content that can be predictable. Again, as we think about the decision making process, I can do a better job of a decision making process. If I know something’s coming in advance. For instance, I you know, if I’m approving bills, I kind of want to do those, you know, 10 of those all at once. I kind of like to do the same thing with social content. So you can schedule it and say, Hey, you know what, on Monday at three o’clock, if that’s a slow time for you, I’ll make sure you have all of your content by Monday at three o’clock. And then that way, whoever’s approving it can click down that content all in one spot, and allows you to batch it. And quite honestly, it’s partly about making better decisions if I can batch content. And I’m thinking about social media content at one time during the week, as opposed to thinking about making decisions on approvals all throughout the week and scattered between emails, I’m going to do a better job of approving content. Another thing that, you know, that can help that is when you can pre approve responses if you are responding as well. I think that’s a great opportunity. When you’ve got content that you might respond to, you can load that in and and select your pre approved content so that so you’re thinking about it when it’s not a disaster so that when the fire comes, you can actually have some attention and energy on it. And you realize that it is a fire. We’ve we’ve experienced that internally. At times, and we’ve worked with a number of clients that have that it feels like a fire when it’s not. And that’s something that all of a sudden you’re burning a lot of energy for something that isn’t a fire yet. And I think that’s one of the challenges.

Dani Chaney 17:14
And what would your recommendation be for how, you know, brands can move things along as quickly as possible. So knowing that, you know, emergencies might happen, but what’s your recommendation for getting things through a workflow and having it not really sit in, you know, the pre approval stage when it needs to go out next

Ben Pankonin 17:32
week? Yeah, I think one of the things that that we have to do is be able to signal that this is an emergency. Some of our best content comes when when we just had that live actionable event. And we’re at the event, and we need to get that photo through. But one of the challenges we have as marketers is we think all of that it has equal weight and the reality is it doesn’t you know, And schedule the posts for that event, have all of those approved beforehand. But then when I’m at that event, then I can message and make sure, you know, whoever needs to approve that content knows that this needs to happen, you know, within the next hour and or, you know, the next two hours for that to be relevant content. And, you know, really what I want to do is have more content that fits in that bucket. But when I put it all in the same level, that’s where we get challenges where we get resistance a lot of times because it feels like contents always coming at me for approval. And that’s where, honestly things, things get bound up, because that that one that you need that’s really urgent, is sitting at the bottom of the pile, you know, 15 messages deep from content that’s maybe not as relevant. Yeah. So I think that I think that makes a lot of sense. You know, now, you know, the more we’re sort of scheduling out content, whether that’s On a daily basis or weekly basis, you know, we’ve moved a lot of the clients that we make full service content for, we work with on a weekly or bi weekly basis for creating their content. I think that’s, that’s an appropriate sort of rhythm A lot of times, because it gives you that opportunity to make sure that if there is a major event that’s coming up something changes, you know, every once in a while we have something that happens, a world event or things like that, and you just made some content. And that content is sensitive now. And, you know, we don’t know that we don’t we can’t predict that. But every once in a while, something like that happens. You know, we might be talking about going to the movie theaters, and then all of a sudden something happens in a movie theater and our thought process, you know, consciously around movie theaters are different than it was yesterday. And it’s the sad world we live in, but I think that’s something that we don’t want to necessarily schedule out too far in advance. Because if we do we miss, we miss the change in that sentiment that we that we need to be conscious of. But usually a week or two in advance gives us that opportunity. And then if we did realize that we scheduled something, you know, for that, that day or the day after one of those events, we can go in and we can always unscheduled content. That’s that’s an easy process to get through, but, but making sure you have scheduled contents, not always that easy. So another question that comes up. A lot of times when we’re talking about scheduling content is but what happens with trolls? What happens with the people who respond back to us? How should we think about them? Should we be responding to all of those posts? Many of you have been to conferences with Jay Baer over the last couple years, and I think he really truly is a leader in this space, of understanding how we as marketers, can react. And I think one of his biggest impacts is, is saying that much of what we do in content and reviews is now a spectator sport. And that’s one of the things that’s changed in our market. But he talks about it here. And he said, I think you should answer everybody. And I think he’s right in the sense that we should often respond, even if people are trolling us. Now, that doesn’t mean that we have to have a long conversation with trolls. You know, we don’t necessarily have to go three conversations deep with every troll, but I think oftentimes we do have to acknowledge it. We do have to acknowledge that they had a problem. There was there was something that we either didn’t address or or they see wrong with us and you know, trolls have a different you know, we call them trolls because they’re not necessarily conscious of the result. They simply want to elicit a reaction or express a belief. And so we have to deal with trolls differently than we do the rest of content. But if you are dealing with a troll online, I think it’s great to be able to respond to them quickly, and then dismiss it have that be out of the things that we think about sometimes, you know, we get obsessed by their response that we get that emotion that comes with them not understanding who we are and how much we do care about our customers or things like that. But I think when we can respond quickly and dismiss it, that’s really what, what allows us to move quicker.

Dani Chaney 22:33
And I think there are two I think one of the major things is just knowing when to take it offline.

Ben Pankonin 22:37
Yeah, yeah, oftentimes, we we just need to acknowledge it online and then move it right. move it to a different channel. Yeah, yeah. So another area that can help if you’re struggling for managing a lot of reviews, and different interactions. We do have a product that we work with, to manage reviews on multiple different things. sites, I think it gathers 50 some different aggregated sites, whether that’s Yelp, or, or Google or platforms like that, if that’s something you need to manage each of your locations, shoot us a note, we’re glad to talk to you about how those reviews can work for claiming all of those locations, and then being able to collect reviews on all of those different locations in one spot, that is something that that can be a service for you. Unfortunately, we do have to do promoted listings in order to get that feedback from places like Yelp. So there is a cost for promoting each of your locations on those platforms.

Dani Chaney 23:40
And can you talk a little bit about why it’s important to claim all of your

Ben Pankonin 23:44
pages on those platforms? Yeah, oftentimes, you know, we we find that there are different phone numbers. There are different, you know, challenges with, you know, people finding your locations. Even finding ATMs can be a challenge. So, you know, because we don’t necessarily have a phone number at that ATM, maybe you didn’t claim it. So being able to push through a location on those can be effective. Yeah. So now we’re talking a little bit about some of the new digital challenges that come into places. We’re talking about advertising. I’d like to start out with this quote, that Warren Buffett has in in the way that he thinks about businesses that we have to avoid the ABCs of what he calls deteriorating companies. And I like this, it’s a it’s a great reminder for me, oftentimes in our company to say, hey, there’s three things we really have to avoid in order to make sure that we don’t deteriorate. It’s arrogance, bureaucracy, and complacency. If we can. If we can avoid those three things and see those as enemies to our company, then we can really help to make sure that we continue to grow and I think it’s a really important message as We start to think about how we interact with digital ads, which have a lot more complexity to them, there’s a lot more opportunities. So it’s really easy for us to think that, you know, we’re always good at this. And we’re good because we have a really complicated process in place. And, and we don’t have to think about it anymore. You know, that’s really what leads us down that scary path of of these ABCs. And so I think it is something that we have to have to realize it’s always changing. We’re, we’re not going to be experts for long if we don’t stay hungry. And if we think that it’s all about just putting together a big complicated structure for it, then we probably will stay complacent in that area. So when we think about the way that we had been marketing, we referenced this a little bit, is that, you know, if we were using direct mail or a lot of those paths, And, you know, we’re having a lot of people loading direct mail into our content platform. So I’m not anti direct mail, but the things that we had to think about with direct mail are very different than the things we have to think about with digital marketing. Now, you know, we had to think about, you know, oftentimes we would drop the name from our direct mail and say, Hey, neighbor or current resident, because we didn’t want to deal with the change of address. And then we would sort of, you know, generically address a mail piece, and we would make sure that we mailed it to all addresses within a certain geography so that we didn’t have to worry about things like CRA because we were looking for all of it geography. Now that we’re looking at digital marketing, all of that goes out the window because now we’re looking at people with computers and we’re pulling ads and the hunger and things that we have for creating ads in this space are completely different. Everything’s dynamic targeting is multi dimensional, by multi dimensional, I mean, I can look at a geography. And now I can say I really want to target people of certain ethnicities interests, have certain characteristics of spending habits,

wealth, behaviors, things like that, that I never had available to me in print marketing. So this changes things as we think of ad targeting. And so we can we can no longer say, hey, let’s go put our targeting together and use all of the weapons at our disposal because they’re simply not compliant. Those are simply not strategies that are compliant legally. So we’re going to talk about a few Have those. But you know, the other complexity there, as we referenced a little bit is that we can have hundreds of ads to make just one piece. So what do I really worry about when I think of digital marketing and advertising? It’s targeting, like, I am really concerned about the way that many institutions are targeting today. Because oftentimes, we’re saying, Hey, you know, this digital marketing space is not something that I necessarily understand. So, you know, we approve an advertiser to put those ads together for us, and we set it on autopilot. The challenges, if that person’s who’s, who’s in charge of those advertisements, doesn’t realize the implications of truth and lending laws. They’re not understanding how Community Reinvestment Act work, then that we’re missing. A big hole for us that could leave us vulnerable. And regulators are starting to ask more questions about what type of targeting mechanisms we’re using. So I think that’s something that, that we really should take a look at. If you’re not looking at how you’re targeting with digital and pay per click ads, I know that there are a lot of places you can go to with advertisements that will say, hey, just submit us your ads or your intent. And we’ll run all of these ads for you and send you back the results. But the challenge is somewhere in that black box, there might be some targeting that is not compliant. And I think that’s something that, that you really got to get a question, how you’re handling those and be able to report on what types of targeting is being done in there. And then a distant second in there is making sure that obviously we have accuracy in our advertisements. I think that’s where most of us are are actually doing a pretty good job a lot of times is making sure that things are, are accurate in that ad that we’re talking about rates or things like that. We do have to make sure those are, those are available. But we’ll talk a little bit about targeting. And I know, Danny, you had a lot of thoughts on, on how we’re thinking about targeting.

Dani Chaney 30:17
Yeah, you know, one of the things that’s so different about working with direct mail and social ads is that you get to see how they’re performing right away. And I think that that’s extremely exciting. One of the questions that I get when starting campaigns with a lot of our clients is, you know, how do they get started and and what metrics matter to them. So there are really so many as you kind of navigate from that traditional media space to the digital media space, that it opens up a lot of opportunities for a better understanding your customers, which I just don’t think direct mail could give you that. So it’s really exciting. And I find that our clients get really excited about all of the metrics and tools that are available to them and then how they can just modify ads so quickly. Then reach new audiences as they expand.

Ben Pankonin 31:03
Yeah, I think that’s a great point. And, you know, we, when we think about the way that we do targeting, if you’re trying to just simplify it, one of those ways is to is to simply look at, you know, zip codes and radiuses as far as your targeting. Yeah, that’s, that’s probably the easiest way to just say, Hey, we’re going to target everybody within this area. Now it’s limiting. But there’s also some ways you can set up your targeting to say, Hey, we’re going to do, again, a multi layer where we say, Hey, we’re going to target everybody within this zip code. But then we want to target those people a little bit differently, maybe different ad sets based on who they are. Now, another one that that we were talking about a little bit this morning was was separating out the different types of targeting Yeah. You we were talking a little bit on Facebook has three ways that they do that, right. Yeah. So Core custom and look alike. Dini, what really is the difference between those three?

Dani Chaney 32:05
Yeah. So you depending on what your goal is for the ad you would have, you could use those three audiences very differently. So when you think about a core audience, that is the audience that already exists, and then the audience that exists kind of just beyond that, so the the connections of that core audience, so you might want to target your core audience, if you have a new product that you want to advertise, or you want to reach existing kind of fans of your page to send them a message, and they’re already aware of your brand because they’re following you online. In terms of the custom audiences, this would be one where you would upload an email list into Facebook and be able to target those users, I would advise to make sure to look at your regulations to make sure that you can use that list to target on Facebook. So that would be one of the things that I would recommend would be that you could reach your customers and a new Or your leads in a new way just by simply having their email addresses. And then the look alike audience is actually really exciting. It’s, it’s that audience that looks like your existing audience, but is a new version of that. So there are a lot of capabilities there that you can really play with and that look alike audience would be, you know, a really great idea to target and awareness add to that look alike audience. So maybe you want to build customers that are like your existing customers, where you can use Facebook, to target a look alike audience and they have different capabilities of how much you really want that to look like your existing audience. So those those are three really great options that Facebook offers as your advertising. And it really ultimately just depends on what your goal is. And we see oftentimes that, you know, most of the time people want to grow their audience and they want to start there and you’re more broad but when you really want to specify an ad, that is really when you want to test your audience to make sure your your your spend is effective.

Ben Pankonin 33:58
Yeah, I think that makes a lot of sense. you referenced it subtly, which was, you know, when we look at something like a look alike audience, that might be a great tool for awareness. But I probably wouldn’t use that as a tool for something like a lending ad, right? Because obviously, from a regulatory standpoint, I have a different burden there. And so I think that’s a really important thing to be thinking about is, well, you know, if that’s a lending campaign, would a regulator interpret that my look alike audience is only trying to find people? Basically, it’s sort of a tricky way to think about demographics, right? Exactly. Yes. So if I’m only targeting these kinds of people, then I only providing lending opportunities for these sort of people. So I think that’s a that’s an interesting way to to subtly talk about it. There are some differences even in the way we would target the way we think of products. So I think that’s important. Now, I know you do a B testing, a lot of times when you’re looking at those You can’t split tests A B tests or things like that. We talked about it sometimes that some of your ads are going to fail, right? Yes, yes. So, so that’s kind of a scary, scary thing to say. Now, we don’t mean fail on compliance, we don’t mean that it’s going to be non compliant yet, but, but it just might not perform,

Dani Chaney 35:20
right. And I think when you’re doing a split test, you can split it out to spend, you know, 75 of your 150 evenly, or what’s really great is Facebook will spend your money where it’s best spent, so your ad might fail because the other ones succeeded. And as long as you’re spending those dollars, and you learn more about your audience by split testing, then you take the results of that split testing and use it when you do all of your other ads moving forward.

Ben Pankonin 35:44
Yeah, so a great way to learn quickly on those and I think the other thing is to when we do a B testing is if we have to push through and you know, maybe I’ve got an advertisement that I’m doing, you know with a coffee mugs submarine. Sounds really good right now. Or, you know, I’ve got another option, you know, with a family, you know, I might push both of those through compliance and say, I’m going to AB test this. That’s one. That’s one check, right? So I’ve got artwork going through once. And then then I’m able to illustrate that I’m actually going to AB test this. And then we don’t know, right, we don’t know which one’s going to spend more money or which one’s going to get distributed more, but we’re going to hear it, here’s how we’re going to try that we don’t necessarily have to overwhelm with all of that data coming through. But here’s the artwork. And we’re going to be targeting that maybe the same audience with the Navy.

Dani Chaney 36:39
Yeah. And we find that, you know, some people might use the same image. They know that their users respond to people in the mountains if they’re in the mountains, so they just want to test that copy or reverse. They know what their audience responds to, but they want to test visuals to see what type of visual is performing better and then how they use that moving forward in their other advertising campaigns.

Ben Pankonin 37:01
That’s a great point, you know, sort of reducing the sort of complexity of it by saying, I’m gonna test copy for I’m gonna test artwork. Let’s separate those out and see which one wins.

Dani Chaney 37:13
Yeah. And I think that’s important when you first get started. If you test both at the same time, it’s oftentimes hard to understand. Did they respond to copy? Or did they respond to graphics? Yeah,

Ben Pankonin 37:23
yeah. Good, good statements. So quick note in here was we’re thinking about anti spam laws here, the can spam act and things like that. That’s another thing to be thinking of. When you’re pushing content through to compliance that hate we do have to think and you’ll see some layers in here. We do have to think about banking regulations first. But then we have to think about things like FTC regulations. So FTC is going to have increased scrutiny on email marketing. But you know, one of the things that there’s really kind of two areas to think about what We think about can spam. One of those is, is our opt in and opt out regulations. And then the other is, how do we treat things like transactional email different from marketing? Email? transactional email would be those emails like, Hey, we had a change to our online banking today or our online banking, or are we just made changes to your credit cards or whatever that might be that you’re sort of illustrating to existing customers, that might be transactional email. And then separating that out from email that might be to non customers or people who don’t necessarily have a clear relationship to your financial institution? You know, we have to separate those out and make sure we do treat those differently, especially from a clarity standpoint. Now, another question that comes up a lot is how do we treat employee use of social media and I know we had a question in just a little while ago, that had to deal with employee use of social media. I think that’s an important thing to think about how we separate out employee use of social media from the way we think of the bank’s use of social media. So one of the ways to answer that question is thinking of employees in different buckets. So, so really, there’s sort of two uses that employees would have for social media


So one of those would be an employee that’s in a marketing capacity they are posting for the financial institution, and we’re going to, you know, want them to comply with a workflow that, you know, archives all of our data for social media that manages that process well, so here’s here’s a new post for the bank’s Facebook. We want to put them into a marketing capacity and ask them to work through the processes and procedures that we have in place. Marketing. Now, another bucket of employees that would be approved for social media would be those that we sort of deem exempt employees, they’re exempt from acknowledging their relationship to the bank. And we might have some specific ways that we do that. Oftentimes we’ll see a training program in place for those employees. Those employees might be loan officers, they might be executives at the bank, they they probably have a work function in which they’re incentivized to, to distribute your products. So that would be an area where we would say, we want to make sure those employees are trained on the appropriate use of social media. And we want them to be aware of their context and their environment. We want to make sure that if they’re posting about buying products on their Instagram, that the rest of their Instagram presence Also would be, would be reflective of a good citizen online. So we want to talk about that. And typically, if they are talking about bank products, then we we usually want to archive that information so that we can properly report about it. So there’s so usually what we will do is suggest that you have marketing processes and procedures than if you have employees that would be using social media for work, that you would then have them in that status. And then ever anyone that would be not in that category, then we would want to limit their engagement, we would want to essentially have our standard social media policy for the bank apply to all of the rest of those employees. So that’s usually how we talk about it and address it. each institution treats this slightly differently. But this kind of gives you a framework in which to process that type of information. Now lastly, we want to talk about reading reporting. And I think reporting for the marketing and compliance side is something that’s really important that, that we start by thinking about what we want to achieve when we’re marketing. So we’ve been talking about this a lot, Danny, but you know, when you’re setting up an ad set, we talked about targeting, we talked about your geo targeting, things like that. But we have to know what we want to report on before we ever run the ad, right?

Dani Chaney 42:29
Yes, I think one of the things that can be exciting and overwhelming at the same time is the amount of data that you receive on all the ads that you’re doing. And you can find out if you’re targeting the zip code, what kind of mobile phone that person is using a what city they’re in, there are so many things that you can find out about your audience and some of those you may want to use based on who you’re trying to reach and how that might appeal to you. But we really focus on the core data that’s important to our partners. So you know, if that Goal of your ad was link clicks to your website, we want to find out how many people viewed your website, if the true goal is for them to pick up the phone and give you a call, we want to make sure that we’re we’re helping you measure that. So really, you know, we say begin with the end in mind, it’s very terrifying to look at all the metrics, but what we really try to help our partners do is to take those five or six key metrics to understand how important reach impressions and link clicks are in an app.

Ben Pankonin 43:24
Yeah, so So from an advertising perspective, that’s really important, but also for every piece of content that we’re that we’re archiving, if we’re going to ultimately assemble that into a marketing binder. When we create that piece of content, that’s the easiest spot to say, this content is a direct deposit account, this content is for our main street location. And so within our system, you can of course tag that information. If it’s a if it’s a social post, or if it’s a piece of print marketing. You can tag that when you first create it, you can actually go back Through, if you didn’t get that tag, you can go into the marketing binder. And you can click on that piece of content. And you could select it and say, Oh, actually, this was a lending product. So you could tag it after the fact that we, we track all of that in the archive. So you can do it there. But, but the easiest way to do it is, whenever you’re submitting new content, if that happens to be product related, then you’ve got it. And so to produce that report for all of your advertising material that might have been lending related. It’s literally about three clicks, to be able to produce that for the year. So So that gets really easy. If you’re tagging it. If you weren’t tagging it, then of course, you’re gonna have to just scroll through that marketing binder. You can also invite a regulator to see that marketing binder. If you just wanted to give them the auditor role. You can do that. But then also, you know, keeping records where we think about those, you know, we’re tracking each Have those ad sets and tracking each of those activities separately. So that could be, could be voting involved. It could be, you know, number of days that, you know, that report ran. There’s a lot of different ways we can do that. But if we don’t think about it, when we’re creating it upfront, then we miss out on that opportunity to report on that. So one of the reports I was just looking at, we were tracking based on zip codes. Well, I can’t track on zip codes in Facebook after the fact if i if i told Facebook, hey, I would like to target. You know, everyone within these 10 different zip codes. Facebook’s not going to tell me which one of those zip codes performed the best on my ad actually have to run 1010 separate ads. So that’s where we’re thinking about what you want to report on before you create that ad becomes really important. So I think Being able to, to say, Hey, we would really like to correlate some of our digital traffic based on the geography we have the does it correspond to this, you know, branch location, or that branch location? Well, you have to create those as separate ad sets. And it can be difficult to manage, you have a lot of different ads, a lot of different activity going on. But then that can give you the rich amount of reporting at the end.

Dani Chaney 46:28
Yeah, I think as you’re getting started to just logging all of your activity to be able to figure out what’s working. So if you know particular branches, those zip codes are performing better than others. You just want to take note of that. And then you want to make sure that you’re optimizing your website for that traffic. So if you’re pushing people to a page and you have no form for them to fill out that would be something I would definitely consider is if you’re trying to build awareness and bring them to your page to learn more about you, you might want a form to pop up On that page to get them into your funnel, so that would be one of the things that I would definitely recommend optimizing. You don’t want to send people to a landing page, and they don’t know where to go or they don’t know what to do. So just keep that in mind when you’re getting started with your ads. And that’s always something that you can track as you move forward and then implement things like the facebook pixel, which will then help you better track how people are using your website.

Ben Pankonin 47:23
Awesome. So we had a good question come in from Ashley, who’s asking on Twitter, what is the difference between targeting and geo fencing? So Danny, how would you How would you sort of separate those two out?

Dani Chaney 47:36
Yeah, so in terms of targeting and geofencing Yeah, so geofencing is very unique and that you’re targeting a specific zip code and and able to do that in Facebook. It is sort of like geo fencing. So we’ve definitely done that before as social insurance when we go to a conference will target the zip code of a of the conference and then blast it out to them to come. See us at our booth or to learn more about us. And so it is in a way, that geofencing capability that allows you to send a targeted message to specific zip codes. And you can be, you know, as little as 10 miles from a specific branch, you can go up to 50 of a specific branch kind of just depending on how far you want to reach, especially to a certain zip code to so we see some of our partners come to us and they’re opening a new branch and they want to reach new people, you know, how how do they get their messages out, and that surely, awareness campaign targeting their new zip code, hey, we have a new branches are really way to sort of geo fence that area. But in terms of that is the targeting of Facebook, whereas geo fencing is an external tool that you would use, and that would be reaching them in other areas as well. So you know, when they open the weather app, there’s your ad or they, they open another sort of category, and you can do that as well and Facebook’s advertising is advancing. So they actually partner with some external web. sights to kind of follow your audience around as they’re clicking on other websites. And that is the display network that allows you to target them after they’ve seen your Facebook ads. So they really do work together. And I think it’s just truly trying to optimize both of them to figure out how it works for you. But in terms of an entry point, social media advertising is a lot cheaper than if you work with a geo fencing partner, for instance. So there are a lot of capabilities there that you can modify, and Facebook’s becoming so advanced that you can essentially do all of that in their platform.

Ben Pankonin 49:33
Yeah, so so I guess one of the ways I would think of it is your targeting is sort of a generic term that we’re using to say, hey, there’s a lot of different ways we can target we can target on Facebook very specifically, we can target you know, with, you know, geo fencing, we can target with zip codes, we can target with demographics. Sometimes when I sit at a bank conference, and in some other sessions, I might hear Some terms like your bank really needs to be doing geo fencing where it really needs to be doing. And so sometimes those terms get blurred. The strategies are different. But when we think of the compliant nature of social media and how we have to think about those things, geo fencing can be a great option for making sure that traffic in a very specific area gets receives our message. And we can display those ads within a number of different applications. You know, there’s a reason why Facebook’s worth, you know, even after some stock price hits the last six months, why they’re still one of the largest players in that space, and why Google’s one of the largest players in that space. And it’s because when you buy an ad on their platform, it’s not necessarily just showing up in your Facebook feed. It’s not just showing up. When you search on Google. They They both utilize display networks. So those can be showing up in different types of ads. It could be showing up when I go play. Candy Crush, I’m a huge no ad guys, but but it could it could show up when we’re using those third party apps, it could show up on the weather channel. But I might be placing that ad in different places. So in other words, I don’t have to go to necessarily The Weather Channel directly in order to place an advertisement on their platform. I also don’t have to go to the newspaper locally to advertise on their site. Most of them are using a platform like Google to, to do display ads on your local newspaper. So even small newspapers are using, you know, sites like Google to sell ads on their platforms. So I think when you’re thinking about how you’re buying ads, there’s a lot of different ways that that can go into that. There’s a lot of ways that you might have aggregate that you might place an ad in one spot and display it in many spots, you might place an ad in one platform, and it gets displayed in others. There’s there’s a lot of complexity that can go into that. Which is also why I think you really have to think very carefully about when you are selecting that targeting, whether it be geo fencing or something else, you have to think about what those implications are. And would you have done that with, with direct mail? You know, would you have done that with other platforms? And you might find that, that you wouldn’t, and we can’t just rely on somebody to sort of set that on autopilot and say, yes, they’ll they’ll find me some new clicks or engagements that that targeting does have have a real implication on how you’re receiving it.

Dani Chaney 52:50
Yeah, and I think it’s important to note too, how to modify those based on the type of ad you want to run to so you might not want a video ad to run in all of the places You might want to print ad to run. And when you run a video ad, you want to make sure that it’s optimized. And it’s as people are scrolling through their mobile feed, that is something that they can turn their phone and watch and watch the live. And I think, you know, when you’re really thinking about the goals of your messaging to understand where you want to push those messages through, and some of those tools can be more effective than others when you’re running ads, but when you start, it’s really just about testing. what is best for your audience and then understanding where those ads go and how that might benefit your brand.

Ben Pankonin 53:33
Yeah, good. Good comments, good questions. Keep those coming. You know, as as we have more questions, you feel free to drop me an email, you know, shoot us a tweet at social insurance, or, you know, mentioned something in here. We’ll we’ll be sending out some follow ups to this webinar, as well. As we talked about some of the other ways that you know, marketing and compliance can really work together. We want to see you moving quickly. We want to see the interactions that you have had some great comments by Tim on Twitter, saying about how they’re their bank scheduling out content a couple of weeks in advance, and then alerting when things are emergencies. I think it’s a great, great pattern. So we like seeing the change in this industry and seeing the things that we as a community can help accelerate for banks across the country, to help make us more competitive, to move faster, and to make sure that we’re doing in a compliant manner. So thank you so much for your feedback. today. Danielle, thanks for joining us today, your first webinar with social insurance. And, you know, next month we’re going to be tackling some some other topics as we get to sort of year end and planning for next year. So I think it’s going to be a great discussion, but stay tuned for some follow ups. From there. And again, if you have questions, feel free to reach out at any time.

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