bank blogging

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Ein Communications is one of the nation’s top boutique public relations firms. We distinguish ourselves by providing clients with services that are thoughtful, proactive and results oriented – an approach that has been the hallmark of our firm since its inception more than 25 years ago. 1221 Connecticut Avenue, N.W. Suite 500 Washington, D.C. 20036 202.775.0200 Bank Blogs Why Blogging in Today’s Environment is a Smart Communications Strategy for Banks By Jeff Ingram, VP of Ein Communications February 2009

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A presentation on why banks should blog, which banks are blogging and what the steps are for implementation. February 2009.

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Page 1: Bank Blogging

Ein Communications is one of the nation’s top boutique public relations firms. We distinguish ourselves by providing clients with services that are thoughtful, proactive and results oriented – an approach that has been the hallmark of our firm since its inception more than 25 years ago.

1221 Connecticut Avenue, N.W.Suite 500

Washington, D.C. 20036202.775.0200

Bank BlogsWhy Blogging in Today’s Environment is a Smart Communications Strategy for Banks

By Jeff Ingram, VP of Ein Communications

February 2009

Page 2: Bank Blogging

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.

Page 3: Bank Blogging

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.

Page 4: Bank Blogging

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.

Page 5: Bank Blogging

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

Page 6: Bank Blogging

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/

Page 7: Bank Blogging

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.)

Page 8: Bank Blogging

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

Page 9: Bank Blogging

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

Page 10: Bank Blogging

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/

Page 11: Bank Blogging

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/

Page 12: Bank Blogging

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/

Page 13: Bank Blogging

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

Page 14: Bank Blogging

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?

Page 15: Bank Blogging

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.

Page 16: Bank Blogging

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.

Page 17: Bank Blogging

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.

Page 18: Bank Blogging

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.