Michael Rubin: banking on Social Media (53rd bank)

Social media Is:

• Twitter
• Facebook
• Blogs
• Flicker
• YouTube
• WikiPedia
• LinkedIn
• Foursquare

Online conversations that generate offline actions. It is word of mouth marketing online.

Truths:

1. customers trust each other they know 1st (social media)
2. customers trust other customer opinions 2nd (google search)
3. customers trust brand websites last (for validation)

Branded social media sites are the current wave.

Search has become the internets front door. 8 of 10 browsers open to a search page.

Google "is fifth third a good bank?"
 Brand, social and press all show up on the first page.

Convert Matthewbuck. Aug 19 tweet (negative) vs Sept 15 tweet (positive) about 53. The Goal is to address the fires and then fix the root cause.

Just because it is online, doesn't mean that marketing principles don't apply.