Social Networking for the Equipment Finance Industry Social Networking for the Equipment Finance Industry 2010 The Foundation is the only research organization dedicated solely to the equipment finance industry. The Foundation accomplishes its mission through development of future-focused studies and reports identifying critical issues that could impact the industry. The Foundation research is independent, predictive and peer-reviewed by industry experts. The Foundation is funded solely through contributions. Contributions to the Foundation are tax deductible. Equipment Leasing & Finance Foundation 1825 K STREET • SUITE 900 WASHINGTON, DC 20006 WWW.LEASEFOUNDATION.ORG 202-238-3426 LISA A. LEVINE, CAE, PRESIDENT Equipment Leasing and Finance Foundation Page 2 Social Networking for the Equipment Finance Industry 2010 Contents PREFACE....................................................................................................................................... 6 Purpose of This Study................................................................................................................. 6 Primary and Secondary Information Sources ............................................................................. 7 How to Use This Study............................................................................................................... 7 Acknowledgements..................................................................................................................... 7 THE SOCIAL MEDIA REALM .................................................................................................... 9 Executive Summary....................................................................................................................... 10 Overview................................................................................................................................... 10 Implications .............................................................................................................................. 11 Shift in Customer – and Employee – Power............................................................................. 11 Results and ROI........................................................................................................................ 12 Top Level Findings................................................................................................................... 13 Social Media for Equipment Finance ....................................................................................... 14 Best Practices............................................................................................................................ 15 The B2B Social Media Landscape ................................................................................................ 16 Social Media’s Promise ............................................................................................................ 17 Business Uses ........................................................................................................................... 17 Market Segment Differences .................................................................................................... 18 Summary................................................................................................................................... 18 Social Media and the Equipment Finance Industry...................................................................... 20 When Social Media May Not Make Sense .................................................................................... 24 Company Differences.................................................................................................................... 25 THE SOCIAL MEDIA PRIMER ................................................................................................. 27 Primer Outline .............................................................................................................................. 28 Prepare ......................................................................................................................................... 29 Understand the New Culture................................................................................................. 29 Form a Cross-Functional Social Media Team ...................................................................... 30 Identify Goals and Objectives............................................................................................... 31 Know Thyself........................................................................................................................ 32 Summary ............................................................................................................................... 33 Equipment Leasing and Finance Foundation Page 3 Social Networking for the Equipment Finance Industry 2010 Listen............................................................................................................................................. 35 Gather Intelligence................................................................................................................ 35 Get Your “Data House” In Order.......................................................................................... 39 Summary ............................................................................................................................... 41 Plan............................................................................................................................................... 43 Have a Plan and a Strategy ................................................................................................... 43 Identify What to Measure ..................................................................................................... 46 Identify Risk Areas ............................................................................................................... 48 Summary ............................................................................................................................... 52 Invest............................................................................................................................................. 54 Become Discoverable, Searchable, Shareable ...................................................................... 54 Individual Social Networking ............................................................................................... 55 Determine the Need for New Communities.......................................................................... 56 Select the Right Channels and Tools .................................................................................... 56 Dedicate Resources............................................................................................................... 57 Identify “Real” Content ........................................................................................................ 59 Summary ............................................................................................................................... 60 Engage .......................................................................................................................................... 62 Let the Brand Personality Shine ........................................................................................... 62 Determine the Level of Participation.................................................................................... 62 Understand the Four Horsemen of the B2B Social Media Kingdom ................................... 64 A Word About Facebook ...................................................................................................... 73 Promote the Effort................................................................................................................. 74 Reward Success .................................................................................................................... 75 Summary ............................................................................................................................... 75 Learn............................................................................................................................................. 76 Adjust, Abandon, Change ..................................................................................................... 76 Analyze, Monitor .................................................................................................................. 76 Calculate ROI........................................................................................................................ 77 Optimize................................................................................................................................ 79 Summary ............................................................................................................................... 79 Conclusion .................................................................................................................................... 81 CASE STUDIES........................................................................................................................... 82 Equipment Leasing and Finance Foundation Page 4 Social Networking for the Equipment Finance Industry 2010 Case Study: GE Capital ...........................................................................................................