bank blogging
DESCRIPTION
A presentation on why banks should blog, which banks are blogging and what the steps are for implementation. February 2009.TRANSCRIPT
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Bank BlogsWhy Blogging in Today’s Environment is a Smart Communications Strategy for Banks
By Jeff Ingram, VP of Ein Communications
February 2009
Bank Blogging
The Current Environment
Every bank is facing increased scrutiny from communities, regulators, depositors, borrowers, investors, media and employees.
Many community banks are doing well and have a good story to tell and yet are being painted with a broad banking brush.
There is a general sense that all banks lack transparency.
Online banking and ATMs have removed much of the personal interaction between banks and their customers.
Bank Blogging
Why Blog?
Frequent Updates – promotes greater sense of transparency.
Personal Tone – deepens relationships and trust with key stakeholders.
Accessibility – allows stakeholders to more easily receive and revisit content.
Sharability – enables others to share and champion the bank’s messages more broadly.
Bank Blogging
Why Blog Now?
In times of uncertainty, constant communication is critical to preserving trust.
Blogging is an established and powerful tool, yet still underutilized in banking and will position blogging banks as a forward-looking organizations with a deep commitment to transparency.
Discussions about banks are already occurring on and offline, a blog gives the bank an equal and immediate platform to participate and respond.
Bank Blogging
SEC Regulation FD Issues
Many banks are publicly traded and regulated under fair disclosure rules that may limit blog utility
The SEC issued new guidance in July 2008 allowing companies to rely solely on their websites to satisfy public disclosure requirements.– Details: http://www.irwebreport.com/daily/2008/07/30/sec-oks-websites-and-blogs-for-reg-fd/
– Legal interpretation for implementation: http://www.whitecase.com/publications_11012008/
Blogging content does not necessarily need to cover issues covered under Regulation FD
Bank Blogging
Who is Blogging in Banking?
http://futurebanking.bankofamerica.com/
http://shorebankvoices.swirlspace.net/blog/
http://sierravistabankblog.com/
http://www.idahotrust.com/blogs/1/
http://blog.wellsfargo.com/
Bank Blogging
Blog Implementation Steps
1. Select a blog type/s
2. Identify workflow
3. Soft launch
4. Publicize
5. Engage Online Community
(Note: I have ignored technical implementation and chosen to focus on content related activities. While there are benefits and drawbacks to certain blog platform options such as Wordpress and Moveable Type, they are largely commoditized today. Development costs in general should be minimal.)
Bank Blogging
Step One: Blog Type Selection
Organization Blog: Follows the activities and concerns of the entire organization and is usually authored by several individuals
Personality Blog: Follows the activities and concerns of a particular individual that represents the organization.
Issue Blog: Focuses on one issue of interest to an organization and is usually authored by one or more experts from the organization.
Platform Blog: Aggregates several blogs often targeting specific issues and personalities at the organization
Micro-Blog: Made popular by Twitter, these a 140-character messages that update followers about an individual or organization’s activities
Bank Blogging
Step One: Blog Type Selection
Organization Blog
Examples:
Pros: Appeals to widest audience… Can be primary communications vehicle… Spreads authorship duties
Cons: Broad content universe may turn niche stakeholders off… Less personal engagement with multiple authors… Expectations high for communication.
http://shorebankvoices.swirlspace.net/blog/ http://www.whitehouse.gov/blog
Bank Blogging
Step One: Blog Type Selection
Personality Blog
Examples:
Pros: Greater potential for deepening trust, relationship with readers… Higher potential for mainstream media interest.
Cons: Active and intense participation by author… Pressure as “voice” of the organization.
RUNNING A HOSPITALhttp://runningahospital.blogspot.com/http://sierravistabankblog.com/
Bank Blogging
Step One: Blog Type Selection
Issue Blog
Example:
Pros: Loyal readership from niche stakeholders… Enables emphasis on a core marketing/branding theme… Less oversight required.
Cons: Narrow audience… No platform for organizational response to breaking news/concerns… Less interest from mainstream media.
http://futurebanking.bankofamerica.com/
Bank Blogging
Step One: Blog Type Selection
Portal Blog
Examples:
Pros: Allows readers to narrow in on desired content… can incorporate all other blog types and their benefits.
Cons: Very labor intensive… higher development costs.
http://blog.wellsfargo.com/
Bank Blogging
Step One: Blog Type Selection
Micro-Blogging:
Examples:
Pros: Similar benefits to the personality blog in terms of building relationships and trust… Much lower time commitment than traditional blogs… very high interest from mainstream media
Cons: Public less familiar with the platform… requires frequent updates to be successful… easier to say something regretful.
http://twitter.com/BofA_help http://twitter.com/clairecmc
Sen. Claire McCaskill
Bank Blogging
Step Two: Workflow
Answer the following questions:Who will generate blog post ideas?
Who will author the blog posts?
Who will approve blog posts?
How will comments be handled?
What are the blog post frequency expectations?
Bank Blogging
Step Three: Soft Launch
Begin blogging with publicity to employees and other close stakeholders.
Gain feedback and tweak as necessary.
Get comfortable with workflow and develop a strong, substantive history of posts.
Bank Blogging
Step Four: Publicize
Promote to mainstream media contacts and high audience online outlets in the industry/region.
Ensure most recent post is an engaging illustration of the blog’s content.
Measure success by growth in number of visitors and subscribers.
Bank Blogging
Step Five: Engage
Be active in responding to comments – either in the comment section through new blog posts.
Respond to posts on other blogs related to the industry and community.
Use “trackbacks” to let other blogs know you are referencing their posts.
Bank Blogging
Best Practices for Implementation
Approach blogging as if you were having a casual yet informative discussion with a valued customer.
Try to integrate into existing workflow (e.g. newsletter writing).
Actively promote via all other communications channels.