social crm in the swiss banking sector

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  • 1. Social CRM in the Financial Sector> A Framework for Swiss Banking 12/06/27 Natalie Huong

2. Markets are conversations The Cluetrain Manifesto (Levine et al. 2001)June 27, 2012 D-MTEC / Strategic Management and Innovation / Natalie Huong2 3. Swiss Banking Sector > Challenges Loss in loyalty and trust The new generation customer Competitive strategy Decreasing entry barriersJune 27, 2012 D-MTEC / Strategic Management and Innovation / Natalie Huong 3 4. TheoryDesignAnalysis Results ConclusionAgenda Theory > Social Media | CRM | Social CRM > Research Question Research Design > Variables | Sample | Method Analysis > Example: Social networking sites Results > Social CRM framework Conclusion > Filling the gap > Managerial implications > Limitations & Future WorkJune 27, 2012D-MTEC / Strategic Management and Innovation / Natalie Huong4 5. TheoryDesignAnalysis ResultsConclusion Theory Maturity layers of social CRM(Faase, Helms, and Spruit 2011) Customer retention & involvementCustomer engagementCustomer managementInformationInfrastructure createsSocialSocial MediaTraditional CRMconstitutes CRM emerges toimpacts Presence Relation- SharingValue chainMarketingenhances shipsIdentity Conver- Repu- Sales sations tationGroups Service Social Media experiences CRM focus (Kietzmann, et al, 2011) Swiss Banking Sector(Greenberg 2009) June 27, 2012 D-MTEC / Strategic Management and Innovation / Natalie Huong5 6. TheoryDesignAnalysis ResultsConclusion Theory > Research Question How can Social CRMaddValue in the Swiss Banking Sector?Social media platforms Enterprise Communication Customer Financial Sector Risks Regulations June 27, 2012D-MTEC / Strategic Management and Innovation / Natalie Huong6 7. TheoryDesignAnalysisResults ConclusionResearch DesignScopeVariablesSampleSwiss Banking SectorSocial Media CRMSocial CRM Platforms Banks Data collection Expert Interviews Multiple Case Studies Desk Research Data analysisCase analysis Research Data iteration Case comparisonenfoldingTheory generationJune 27, 2012D-MTEC / Strategic Management and Innovation / Natalie Huong 7 8. Theory DesignAnalysisResults ConclusionDesign> Variables and Framework S o c i a l C R M d o mee n o ipoi n s c i r ts cMarketingSalesServiceKnow- BrandingPR Pre-sales SalesAfter- SupportFeed- Improve-ledge sales backmentCorporateEnterprise Social Web EnterpriseLeadershipCorporatel e ve l sEmployee CustomerExecutiveCommunityI n t e ra c t i o n Social webTarget groupsTarget groups EmployeeCustomerCommunityJune 27, 2012 D-MTEC / Strategic Management and Innovation / Natalie Huong 8 9. Theory DesignAnalysis Results ConclusionDesign> SampleSocial CRM dimensionsMarketingSalesServiceKnow-BrandingPR Pre-sales SalesAfter- Support Feed-Improve-ledgesalesback mentCorporate EnterpriseLeadershipl e ve l sEmployeeCommunityI n t e ra c t i o n Social webTarget groupsCustomerJune 27, 2012D-MTEC / Strategic Management and Innovation / Natalie Huong9 10. TheoryDesignAnalysis ResultsConclusionDesign > Sample > Classification of Social Media Platforms Social presence / Media richnessLowMedium High BlogsSocial networking sites Virtual social worldsS e l f- p re s e nt at i o nHigh Collaborative projects Content communities Virtual game worldsLow Own illustration according to Kaplan and Haenlein (2010)June 27, 2012D-MTEC / Strategic Management and Innovation / Natalie Huong 10 11. TheoryDesignAnalysis ResultsConclusionData analysis > Social networks > Case Study Case Study : ASB Virtual Branch on Facebook Best practices (Simpson, 2010) Chat for interactive consulting and sales > Real time communication Initiative raised awareness by more than 10% Increase in user engagement Increase in reach High media presenceScreenshots taken from ASB Virtual Branch on Facebook,, accessed on May 30,2012June 27, 2012 D-MTEC / Strategic Management and Innovation / Natalie Huong11 12. Theory DesignAnalysis Results ConclusionResults > Social networking sites> Field of applicationArgumentsKnowledge+ +++Info on company, products servicesMarketingBranding +++ 0Raise brand awareness and reputationPublic Relations ++0++Customer experience,> Customer and engagement experience acquisition engagementPresales ++0++Dialogue +support > Increase loyalty > customer acquisitionSalesSales- -++Online community is more secure than networksAftersales ++-++Provide cross- and up-selling opportunities opportunitiesReal time interaction > cross- and up-sellingSupport+ -++Increase customer lifetime value and engagementServiceFeedback + -++Reach and visibility, customer retention and engagementImprovement0 -++Feedback Product improvement and product design++ best fit+ suitable 0 less suitable- not suitableJune 27, 2012 D-MTEC / Strategic Management and Innovation / Natalie Huong12 13. Theory Design AnalysisResultsConclusionResults > Social networking sites > Social CRM frameworkSocial CRM dimensions Marketing SalesService ImprovementKnowledge AftersalesFeedbackBrandingPresalesSupportSales PRCorporate EnterpriseLeadershipAssumption 1 Correlation between confidentiality and securityl e ve l sAssumption 2 Correlation between complexity and interactivityEmployeeAssumption 3 Communication is most efficient on equal levelI n t e ra c t i o nCommunity Social webTarget groupsCustomerJune 27, 2012 D-MTEC / Strategic Management and Innovation / Natalie Huong 13 14. Theory Design AnalysisResults ConclusionResults > Consolidated Social CRM FrameworkCRM dimensions MarketingSales Service Improvement KnowledgeAfter-salesFeedback BrandingPre-salesSupportSalesPR CorporateEnterprise LeadershipLevels of interaction Employee CommunitySocial web Target groups CustomerJune 27, 2012D-MTEC / Strategic Management and Innovation / Natalie Huong 14 15. TheoryDesignAnalysis Results ConclusionConclusion> Implications for management Marketing is the key source of generating a sustainable value added. Social Networks are the entering wedge to engage in a conversation. Corporate online communities offer the broadest field of application. Communication on employee level is the primary source for sales. The right social media mix ensures a competitive advantage.June 27, 2012D-MTEC / Strategic Management and Innovation / Natalie Huong15 16. TheoryDesignAnalysis Results ConclusionConclusion> Filling the gapHow can Social CRM addValue in the Swiss Banking Sector? Banking value chainSocial CRM frameworkPlatform Social CRM dimensions... ......Level of interactionConversationSocial CRM framework reveals which social media platform benefits the dimensions of socialCRM and what level of interaction obtains the richest conversation and the best value added.June 27, 2012 D-MTEC / Strategic Management and Innovation / Natalie Huong16 17. TheoryDesignAnalysis Results ConclusionConclusions> Limitations and Future Work Limitations Inductive approach Core focus on Social CRM and communication between enterprise and social web View on external use of social media No clear distinction between B2B and B2C Fu t u re Wo r k Deductive approach to test theory and propositions Social Media for recruitment and innovation Internal use of social media and collaboration Narrow focus on several topics (financial services, specific target groups, B2B, B2C)June 27, 2012 D-MTEC / Strategic Management and Innovation / Natalie Huong17 18. TheoryDesignAnalysis Results ConclusionConclusions> The Bottom LineCorporate firewalls have kept smart employees in and smart markets out. Its going to causereal pain to tear those walls down. But the result will be a new kind of conversation. And it willbe the most exciting conversation business has ever engaged in.The Cluetrain Manifesto (Levine et al. 2001)June 27, 2012D-MTEC / Strategic Management and Innovation / Natalie Huong18 19. TheoryDesignAnalysis Results ConclusionReferences Faase, Robbert, Remko Helms, and Marco Spruit. 2011. Web 2.0 in the CRM Domain: Defining Social CRM. InternationalJournal of Electronic Customer Relationship Management 5 Fredricksen, Clark. 2010. Case Study: American Express OPEN Forum Socializes Small Business. http://www.emarketer.com/blog/index.php/case-study-american-express-open-forum-social-media-small-business/, accessedon May 13, 2012 Kaplan, Andreas M., and Michael Haenlein. 2010. Users of the World, Unite! The Challenges and Opportunities of SocialMedia. Business Horizons 53 (1) (February): 5968 Kaplan, Andreas M., and Michael Haenlein, 2011. The Early Bird Catches the News: Nine Things You Should Know AboutMicro-blogging. Business Horizons 54 (2) (March): 105113. doi:10.1016/j.bushor.2010.09.004. Kietzmann, Jan H., Kristopher Hermkens, Ian P. McCarthy, and Bruno S. Silvestre. 2012. Social Media? Get Serious!Understanding the Functional Building Blocks of Social Media. Business Horizons 54 (3) 241251 Lions Share. 2012. Banking Value Chain. Lions Share Marketing Group. Langlois, Christophe. 2011. A Practical Guide to Social Media in Financial Services. Searching Finance Ltd. Levine, Rick, Christopher Locke, Doc Searls, and David Weinberger. 2001. The Cluetrain Manifesto: The End of Business asUsual. Basic Books. Messerschmidt, Christian M., Sven C. Berger, and Bernd Skiera. 2010. Web 2.0 im Retail Banking: Einsatzmglichkeiten,Praxisbeispiele und empirische Nutzeranalyse. Gabler Verlag. Raake, Stefan, and Claudia Hilker. 2010. Web 2.0 in der Finanzbranche: die neue Macht des Kunden. Gabler. Simpson, Deborah. 2010. ASB-facebook Advertising Case Study. http://ads.ak.facebook.com/ads/FacebookAds/ASB_CaseStudy.pdf, accessed on May 9, 2012June 27, 2012D-MTEC / Strategic Management and Innovation / Natalie Huong19 20. Copyright Natalie Huong 2012Some Rights ReservedThe work Social Customer Relationship Management in the Swiss Banking Sector by Natalie Huongis licensed under the Creative Commons Attribution-NonCommercial-NoDerivs 3.0 Unported License (CC BY-N