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Author Bill Tancer on Using Online Reviews for Your Business
John Cass: Welcome to the Authority Marketing Roadmap podcast on workingdemosite.com/authority. I’m John Cass, your host and Senior Vice President of Marketing at McDougall Interactive. Today, I’m interviewing Bill Tancer, who’s the author of “Everyone’s A Critic: Winning Customers in a Review‑Driven World.” It’s a book about the new world of on‑line reviews.
Bill is also the author of “Click” and the General Manager of Global Research at Experian Marketing Services. Bill lives in San Mateo, California. Welcome, Bill.
Bill Tancer: Thank you. Thanks for having me.
John: Well, great. It’s interesting you’re from San Mateo, California. When I first moved to the States, I worked in San Mateo, California at that big, twin towers that’s off the highway there. I feel as if I’ve got a connection with you in that sense.
Bill: It’s a great little town. Right now, we’re having the storm of the century. Hopefully it’ll stay above water.
John: I hope so, too. Oh, wow, it’s snowing here in Boston, so we’re both experiencing bad weather. It was interesting when I got your book, because I work in the world of search marketing, and I also wrote a blog post after the Digital Marketing Conference at Suffolk University in June here in Boston on management response to reviews.
David Morris and Brian Payea from TripAdvisor gave a great presentation on the topic. When your book came across my desk, it was top-of-mind and I think very relevant to today’s world.
Bill: Good.
How has the world changed with reviews?
John: Let’s get into some questions. How has the world changed with reviews?
Bill: It’s changed in a lot of different ways. One of the biggest ways it’s changed is how pervasive and ubiquitous the use of on‑line reviews has become. To give you some context, part of my background, as you mentioned in the intro, I’m the GM of Global Research at Experian Marketing Services.
In that role, one of the things that I do is I work with our Hitwise data sample which is part of our Consumer Insights Division of Experian. That sample, for your listeners who aren’t familiar with it, is a sample of over 5 million Internet users in the US, about 25 million worldwide.
I’ve been tracking what those 5 million people have been doing over the last 11 years, and one of the things that I’ve been fascinated with is the growth of sites like TripAdvisor and Yelp. When we talk about change, over the last 5 years, what I’ve seen is a big change in who’s visiting those sites.
For Yelp, for example, it was the Millennials that were the primary audience, but now, when I index all the different age bins, Millennials still are over‑indexing for visits to Yelp, but every other age bin, including 55‑plus, are either at a hundred, meaning they’re perfectly represented by the population, or even over‑indexing.
It tells me that everybody in our society is using on‑line reviews, at least here in the US. The other thing that I think is really interesting is some of the research that’s been done, survey‑based research from consumers.
An interesting story, when I started writing this book about a year and a half ago, our own data and experience said about 70 percent of consumers look at on‑line reviews before making a purchase decision on‑line. That grew to 80 percent by the time I’d gotten through with my fifth draft.
By the time I was able to make my last edits to the book, it was up to 82 percent, so a growth from 70 to 82 percent in just a little under 2 years.
Search Engines and Reviews
John: That’s fascinating, Bill. It’s interesting, in a way, because I’ve thought that one of the reasons why reviews have become so important is because the way that search engines are doing things in terms of how they present information. How do you think that search engines have affected reviews?
Bill: I think search engines certainly have been a huge part of the growth of on‑line reviews, and that’s another thing that we track. I don’t have the data here at my fingertips, but we do look at the amount of traffic coming from search and other channels driving traffic to the TripAdvisor, Yelp, and other reviews of the world.
More and more, we’re finding an increase in local searches happening across the major search engines. Of course, when you do that, one of the first things you’ll get if you’re searching on Google will be Google reviews and also Yelp reviews showing up above the fold in search‑engine results, and that’s going to be a massive influence of traffic or a source of traffic going to these review sites.
I think search is critical for the growth of review sites. Now, what we’re also seeing happening in our data is that mobile’s becoming more and more important in terms of consumers accessing local reviews, for example. Now, a good portion of the traffic going to local reviews are coming off the mobile device.
We’re going to see a little bit of shift from search being the most important to now a balance between search and app traffic going to local review sites.
Who writes reviews?
John: That’s interesting. Who’s writing these reviews? You’ve got a lot of good numbers here. Do you have different numbers for mobile compared to desktop, out of curiosity? If you don’t, that’s fine.
Bill: I don’t, but it’s an interesting question. We talked a few minutes ago about how ubiquitous the reading of online reviews are across the population. It is really ubiquitous. That’s not the case for who’s writing reviews.
From a research perspective, that’s a very interesting conundrum, and it’s also very interesting from a marketer’s perspective, that you’ve got a very small pocket of the population that’s writing these reviews. Marketers now are just waking up to the idea that they have to pay attention to these channels. It’s one of the most important social‑media channels.
Then there’s the challenge of “I need to get to the ones that are writing these reviews”, as well as making sure that my customers are reading the reviews. In our research, when I wrote “Click” back in 2008, I came up with a rule that I called the 1‑9‑90 rule.
At the time, using our data we found that only 1 percent of the US population was creating content for social media, and 9 percent were interacting with it, in the form of commenting and voting on whether something was useful, and the rest of us, 90 percent, reading or watching this social‑media content.
This breaks the Pareto principle, 80‑20 rule, 20 percent of your customers generate 80 percent of your revenue, or 20 percent of consumers generate 80 percent of social‑media content. Not the case in social media. We have been tracking this over time. If we look today at something like online reviews, we think the rule’s more of a 10‑90.
We can’t separate out that difference between interacting and creating, but we think it’s about 10 percent of the population that are interacting with these review sites. It’s probably somewhere between 3 to 5 percent of the population writing online reviews, and the remainder are interacting, but then the rest of us just reading the reviews.
One of the things I can tell you, we did look at our Simmons research product. We tried to isolate some pockets or psychographic groups or segments of the society that were most likely to write reviews. The one that showed the highest was a group in our “moms” segmentation, so looking at moms that had young children in the household, children under the age of 5.
That particular group, as a whole, indexed at 800. Or, in other words, that group was 8 times more likely than the population as a whole to write reviews. If you think about it, it makes sense. A mom with young children, bombarded with a ton of decisions to make in terms of what to buy, where to send the kids, what type of classes are the best, what food’s the best, where’s the best doctors.
Because of all these decisions to be made, this one community has become hyperactive and engaging in online reviews, both reading them and writing them. I think that’s something that marketers have to keep in mind. If I look at my products and services, where are the influencers, and are the influencers part of who I see as my addressable market?
If they are, I need to pay attention to this channel more so than the market in general.
How Influencer Marketing Relates to Online Reviews
John: In some ways, what you’re saying is that marketers should understand this reality and then also map out who the influencers are? Is that right?
Bill: That’s right. It’s influencer marketing 101, but I think what a lot of businesses haven’t realized is just how critical online reviews are to their business. For example, I have a client who happens to have that segment as one of key parts of their addressable market, and they don’t have reviews on their site.
It’s astounding to me that they would not think of putting some reviews on their site, either through their own proprietary reviews, or a third‑party solution like Bazaarvoice. This is very typical.
Another research point that we found, and there’s a lot of different research results on this specific question, which is when you put some reviews on a product page or your product, if you’re selling things online, in Revo’s, the last research study I’ve seen, if you got between 10 and 30 reviews on a product page, you can lift the conversion of that specific product from 3 to 5 percent.
For some businesses that could be huge. If we work backwards from there, the fact that putting reviews on your page can influence purchases, then you want to get reviews there. If you want to get reviews there, you got to make sure that you’ve got some of those segments of your customers engaged to write the reviews.
If you’re selling something that would appeal to moms with young kids, you got to make sure that you are targeting them, getting them engaged, and contributing content to your site. And in doing so, overall, help to raise your conversion.
Bad Reviews
John: That’s interesting. What happens if someone comes along and writes a review but that is a bad review? Can a bad review be good for you?
Bill: Yeah. That was one of the most fascinating things about the book. I want to back up for a seconds here. I found there’s this huge gap or huge inefficiency in our ecosystem. I noticed it as I was doing research for this book that when you talk to business owners, oftentimes — at least I found when I spoke to about a hundred small business owners throughout the U.S — you got this response when I asked them what they think about the review sites. They say, “We don’t pay attention to them all. They’re a lot of noise. It’s a form for people to complain.” Yet on the other side of it, like we mentioned, there’s a lot of data out there that shows that these reviews are really critical in terms of acquiring customers, retaining them and your revenue.
When it gets right down to it, it’s those negative reviews that seem to be what’s turning business owners off to paying attention to them. A good friend of mine has this saying that he told me a long time ago which was “No one likes to hear their baby’s ugly.”
John: All right.
Bill: I think that applies to reviews. You’re pouring your life blood into this specific product or service, and no one wants to hear people tell you how bad that thing is that you spent so much of your time and effort on. What’s interesting — and I tell this to all of my business owners, my clients, when we talk about online reviews — there was some research done on at NYU.
The research showed that a few negative reviews could be really good for your business. One of the conclusions of the study that was done on at NYU is that a few negative reviews give a little bit more credence to those 5‑star reviews that you have on your page.
There are certain negative reviews that are much better than others. If it’s not a deal breaker…I think in this specific study, they looked at digital cameras. They presented respondents with a bunch of different reviews. The negative reviews that said something like, “This battery can only get you 400 pictures, the battery life is not that good.”
A lot of consumers reading that think “400 pictures? That’s plenty. I’m not going to take all of that in a day.” This negative review isn’t so bad. I feel better about buying this camera.” versus the deal breaker, “This camera just takes horrible pictures” may not be as good for business.
I think we found in the product space, and now we’re hearing also, anecdotally, in the service realm, that a few negative reviews is good for your business. Hopefully that’ll help some business owners get over the challenge of dealing with those things.
Reviews and the Buying Process
John: From my perspective, working in the search field as well, and content marketing, what’s interesting to me, when you look at Google, you do a search on something, say it’s for a restaurant, or you are looking for an attorney, or looking for a professional services company, the results that come up are often pointing to, say, local search, Google Plus local, and there’s reviews in there, or it’s Yelp.
In a way, it’s not really surprising that there are more reviews because basically the search engines are teaching us that reviews are important as part of the buying process. What would you say to that?
Bill: Yeah, absolutely. I think — we had talked about this a few minutes ago — the fact that when you search on a business product, oftentimes what you get above the fold are the review results. It does instill in us as consumers that we have this ability to access a lot of information to make a true cost-benefit analysis of our purchases.
We definitely see the effect of that search over time, the search results and the growth of online reviews. I do think it’s instrumental. It does condition the consumer that, “You know what? You can get a lot more information about what you are thinking of buying before buying it, and make a smarter decision.” I agree with you. It’s changing the way we behave.
Getting Reviews for Your Business
John: You talked a little bit about the importance of getting a review and then how bad reviews can help you in some ways. Say a business owner is convinced that they do need to get more reviews, what does a business need to do today to get reviews?
Bill: I highlighted a couple of rules behind getting reviews for your business. There are a lot different things that you need do. I think the first thing before anything else is you have to be passionate about your own business. If you’re dispassionate about what you’re doing, then you are going to have a challenge getting those reviews.
In the book I also profiled those who write reviews. You find a good portion of the population fall into either a group I call the communitarians, or individuals that feel like they’re giving back to the community by writing reviews; or what I call the benevolent reviewers, which are people that find themselves ingratiating the business — they love a business so much that they want to go and write reviews.
I did a couple of case studies in the book and one of my favorites is a Locksmith in New York called Lockbusters. This is a great example of how you can get your customers to write reviews for you.
Jay is a 20‑something Locksmith. He was working with his dad in New York and they fell out of sorts, and he ended up quitting his job working with his dad and ended up broke living in his mom’s apartment.
Being a Millennial, he realized that when his age group needed a Locksmith, what they did was they went to Yelp, and they looked for the Locksmith that had the best reviews. He was shocked when he looked at the reviews of Locksmiths across New York — they were all horrible. They had like 2, 2 1/2 stars.
He thought to himself, “You know what? If I could be the Four Seasons of Locksmiths, if I could provide incredible service, if I could give people reason to write about me coming out and fixing their lock at 2 AM in the morning, I could probably own this town in terms of the Locksmith trade.”
He set up to do just that. If you go and you look at his Yelp page right now, I think he’s got 255 reviews with a solid 5 star. I’ll give you an example. One of things he does, and this is one thing that I mentioned is one of the rules of getting good reviews is give your customers, give your clients, something to write about.
He goes and he fixes a lock at a job, someone’s gotten locked out. He brings with him a little oil can. And when he finishes he goes through the house or the apartment and he oils all the hinges in the apartment.
Takes him about 5 minutes to do, but yet it blows his customers away. “My God, this guy. He not only came and he fixed my lock, but now all the doors in my house that used to creak, they don’t creak anymore. 5‑stars.”
I think its a perfect example of what’s happening. The great thing about reviews, it’s raising the bar of service and we’re finding that a lot of businesses that are engaging in reviews and taking them seriously, they are starting to raise their service to get better reviews because they know that’s going to result in increased business.
I think it’s a great example of how you get some positive reviews.
John: That’s a wonderful example, Bill. That’s something everybody should look at. It reminds me, in a way, of a company I remember, Conference Calls Unlimited. In the early 1990s, they were running Pay‑Per‑Click ads, and they weren’t getting a very good return on investment.
Zane Safrit, who was the CEO of the company, decided to change things and stop doing pay‑per‑click, and instead concentrate his marketing dollars on his customers. He’d do things like if you gave a referral, he’d send you a rose. I got one of those because I did a referral. It was a bit odd, but I’m still talking about it 10 years later.
Bill: Yeah, you’re still talking about it.
John: Yeah, exactly. For good customers who did a lot of business, if they were marketers, he’d send them off to Seth Godin conferences for free. While there, people would ask them, “Why are you here?” “Oh, I got sent by Conference Calls Unlimited.”
I think it was really interesting. Instead of putting the dollars into marketing, necessarily, it was putting the dollars into his existing customers.
Bill: Yeah, exactly right.
How to Deal With Bad Reviews
John: We talked a little bit about how to get reviews, but what happens if you get a review and it’s a bad review. How should companies deal with that?
Bill: There’s been some excellent research done on this topic. You’ll find that the majority of business owners decide not to engage in their negative reviews.
The research is showing, if you look at three different responses, the first being not responding at all to a negative review, the second being responding inappropriately, maybe engaging in an argument on an online forum, in public, and the third being responding in an appropriate manner. The worst thing you could possibly do, of those three, is to not respond at all.
I believe what’s behind that is – people are reading these bad reviews, and it’s almost like, through non‑response, you are implying that you don’t have a defense to whatever this person has said. Responding inappropriately showed better than not responding at all. It just shows you how bad it is not to respond. Of course, to respond appropriately is the way to go.
I found, in doing research for the book, that there are business owners who have taken this to the next level. There’s another great example in the book I talk about, which is Hotel 41, a hotel in London. That specific hotel’s been in the top three hotels, out of 1,800 hotels in London, over the last 7 or 8 years.
In fact, the Red Carnation chain out of South Africa, which owns Hotel 41 and a couple of other properties, has taken the number 1, number 2, number 3 position in London, over the last 5 years, and hasn’t moved from that position.
They formed their business to revolve around reviews. They make reviews central to their business. I was talking to their GM. He was sharing some examples about how he responds to reviews.
He takes the review as an opportunity, not just to put his case out there and deflect some of the angst in a negative review, but he also uses the response to reviews as an ability for him to push some of his brand message.
So, a great example — they have a restaurant at the property, at Hotel 41. It’s a South African restaurant. It’s great food. He goes and sometimes will stop by his guests’ table to find out how things are. A guest, while he’s doing that, comments that this one particular dish that he’s had is one of the best dishes he’s ever had in his life.
The GM remembers that. Another thing is, don’t just respond to your negative reviews. A lot of reviewers like to be thanked for their positive reviews. This GM goes onto TripAdvisor at the end of the day. He sees that his guest has posted a review of the hotel and gave him 5 stars, didn’t mention the restaurant.
The GM, in his response to a positive review, says to this guest in a public forum, “Thank you so much for your positive reviews. It was great seeing you tonight at our hotel restaurant. I also want to thank you for telling me that dish that you had…,” can’t remember what it was, but he names it, “…was one of the best you’ve ever had. I’m so glad we could make your visit and your meal special.”
Just a brilliant tactic. He’s made the response specific, so it’s not boilerplate, just thanking somebody for their response. He’s also taking it as an opportunity to push one of the things that he offers at Hotel 41 in a very effective way.
John: That’s a great example, especially by giving the example of the meal that the customer took. You’re more likely to go to that restaurant and want to order it, because you know it’s good.
Bill: Absolutely.
What’s the future for reviews?
John: What’s the future for reviews? Are there new technologies coming up? How do you think businesses are going to deal with reviews in the future?
Bill: The reviews are going to grow, and they’ll become more and more pervasive. We mentioned in the book that almost everything is reviewable these days, from sites like Rate My Professors, where students are rating their instructors, to Lulu, which is a site where women can rate their on‑line dates, to a number of other sites.
They’re growing. There’s a big challenge, though, in terms of reviews. This is going to become more evident as they grow and become even more pervasive, and that is that there’s something missing when we go and we look at reviews, and that’s perspective.
So I give some examples. One of them is The French Laundry, here in the San Francisco Bay area. It’s a 3‑Michelin‑star restaurant, incredible restaurant. Two different diners can have two completely different opinions, based on the exact same experience, just because they have a different perspective.
A person who maybe is in their late 40s, is used to fine dining, has eaten in a lot of 5‑star restaurants, can have one perspective. A Millennial, who just hit it big on his IPO and has never set foot in a 5‑star restaurant, might have a completely different opinion.
I found a case of that happening. It was the same scenario. It was a service scenario, where in fine restaurants oftentimes your plates are not cleared until everyone at the table has finished. One reviewer gives it 5‑stars, “it’s so nice not to be rushed”. He finds that in this day and age, especially in Silicon Valley, in the Bay area, service has become lax. But he likes it that he is not being rushed.
A Millennial sitting at a different table, reviews on almost the same day, gives service 1‑star. He finished his food. His plate is sitting there in front of him and all these wait staff just walk by and just leave it there while his other guests continue to eat. He is incensed. “Why didn’t they clear my plate? That is just lax service, 1‑star. ”
One of the things that we need in this space and where we are going to see some innovation, is finding ways to put perspective into the review ecosystem.
So that when I go and I look for a review, a review site is going to know about me, either my own review activity, or maybe third party data, to know we have got to triangulate to what this specific consumer’s perspective is. Give him reviews that would match how he is most likely to think about things.
A great example of this already happening — there are two companies, both in the cosmetics space. One being MakeupAlley and the other being Sephora, that are starting to do this. MakeupAlley, if you’re a woman looking for cosmetics, maybe you’re looking for a moisturizer — the site will ask you what your age group is. It will ask you your complexion, if you have dry or oily skin.
Then it will narrow reviews down to those individuals that have those same variables as you do. That is a great example, and Sephora is starting to do this as well, of taking all the reviews, the massive amount of reviews, and start to narrow them down, so that you will get more useful, relevant information off of review sites.
Using Reviews to Improve Customer Experience
John: That is interesting that you gave that example because I think in a way it reminds me of a prior job at SDL, which is a global customer experience management company. They were always talking a lot there about [how] the perspective of customer experience depends upon the individual culture. In this case, you gave an example of the age of the person, the Millennial.
But I think the other thing businesses gain from these reviews is understanding their customer experience process. Have you got any insights on that aspect of it, how companies can use reviews for improving the customer experience?
Bill: Yeah, absolutely. This is one of the things I encourage business owners to do. It’s actually two things. One is go through all of the reviews for your own business and find ways you can improve. Oftentimes business owners are going to disagree with negative reviews, but if you go through all of them en masse, you’ll find, sometimes, a common thread.
The second thing which I’ll talk about in a second is competitive analysis. There is this massive database out there for you, not on just your own customer service and service issues, but also those same issues that your competitive set have. You can often learn a lot about how you can trump the competition by looking at the challenges that others have.
A good example — there is a great restaurant here in the Bay area called Pizzeria Delfina. In fact, this is the guy who is famous. A few years ago, he was angry about a couple of negative reviews he got, one that just said “this place sucks”. So he had black tee shirts made up for his staff that all said “this place sucks” with a Yelp 1‑star on the back and put those tee shirts on his wait staff, his hostess, on the busboys, on the chefs. It was his way of giving the finger to on‑line reviewers and specifically negative reviewers.
But in talking with him, he made this interesting point. Even though he hates reviews, he learned something by going through them. One of the things he found that was a negative on his reviews that was pervasive was that the pasta dish that he serves at his restaurant, people were saying that the size, the portion, was too small.
They were complaining about the fact that his pasta dishes were so small. He is trying to run a traditional Italian restaurant, where the pasta dish is the first course. But he realized that that wasn’t clear to the diner when they ordered them. They thought they were getting maybe an entree size portion of pasta.
Just through reading reviews he was able to figure that out and then offer two different sizes, an appetizer size and an entree size, to help his diners understand the difference between the two. By doing so, he solved the problem. Here is somebody who really hates reviews, but yet learned something by paying attention to them.
John: Do you recall, and you may not, Bill, but do you recall if he also explained the reason why they would offer those pasta dishes at that particular size, because it was the tradition? Do you remember that?
Bill: He didn’t detail that on his menu. His diners were deciding “I’m going to get the pasta instead of this pizza,” and assumed that it would be an entrée sized portion.
John: All right.
Bill: He realized that he had made the assumption that people would know a pasta course is just that. It is meant as your first course and wouldn’t be that large. Then by offering two different sizes on the menu, it immediately solved the problem. The discovery of this issue came through reading the reviews.
John: The reason I ask that question, I was recalling the example that you gave of the other restaurant with the Millennial and thinking about the global customer experience management issue from SDL, which is that part of the process for marketers is to understand that different people come from different backgrounds and you have to watch out for what they are looking for and what their perspectives are.
We always have to look for that as marketers.
Bill: I think so. One of the other things we will see in the future, getting back to your other question, is incorporation of reviews into CRM files.
The customer relationship management files where businesses, especially those that host reviews on their own site, will start to be able to understand more about their own customers and what they like and don’t like by incorporating the reviews that those customers give into the actual CRM file.
Reviews and the Authority of a Business
John: Great. I think you’ve done a great job here, Bill. I’ve got one last question that relates to authority marketing. How do reviews affect the perceived authority of the business?
Bill: How do they affect the authority? That’s a good question. One of the things that consumers look at is the volume of reviews — how many reviews does that business have? It’s not just so much the stars but the number of reviews the business has. I think that’s probably, in terms of authority — I think volume probably is the biggest part of it.
John: Thank you, Bill. Thanks for talking with me today. I really appreciate it. How can people reach you and find your book on‑line?
Bill: You can reach me and find the book on‑line through my website www.billtancer.com. You also can find the book on Amazon, Barnes and Noble, anywhere else that fine books are sold. You can also follow me @billtancer is my Twitter name.
I really enjoyed the talk today and I look forward hearing from your listeners.
John: Thank you, Bill. I enjoyed it too. Well, thanks for joining us today on workingdemosite.com/authority. For more conversation, you can subscribe to the Authority Marketing Roadmap podcast on iTunes. We’ll see you next time. Thanks again.
Financial services content marketing and banking blog examples
Community banks and credit unions aren’t exactly leading the charge in starting blogs and blog strategies. There are however, numerous great examples of financial services content marketing and banking blogs.
I was just at a meeting yesterday with one of my client’s, BankFive. A year and a half ago we started an online only bank for them called Bank5Connect.com. We recently won the best of show at the NEFMA financial marketing awards for driving tens of millions of dollars in deposits, so as you can see, it worked out really well.
We did blogging, podcasting and created videos in order to build them up as a trusted authority before we started running paid search ads or doing social media. Now we get a lot of leads from organic searches, but to be honest, it’s just scratching the tip of the iceberg for financial blogs.
The compliance officer for BankFive was a joy to work with and allowed us to be successful because of his realistic approach. He says that the only way for a bank to completely mitigate risk with digital marketing is to not do it at all or to close the business.
If community banks and credit unions are going to step up their game, they’re going to have to stop letting compliance issues stop them in their tracks and look at what the big boys are doing, even though they can’t necessarily compete with these large-scale websites. They at least have to take a page out of their book. Certainly Google isn’t going to factor in your concerns about compliance issues when they are ranking the other websites ahead of you.
3 examples of financial services content marketing
This site is an absolutely stunning example of amazing content. I think their navigation menu says it all. First they have a link to their products. The mega drop-down menu makes it very easy to see what they offer. The next item in the list is the advice center that is absolutely chock-full of amazing content, broken down into categories.
They absolutely do not want you to leave their website. If you are researching about something like auto loans or mortgages, then you can find out everything you need to know on their website along with their branded offering. If you are worried about retiring or being a parent, then they have you covered there as well. Worried about your health? There is a section on that also. They have content for various types of people at the different stages of their lives and the website is a truly authoritative resource.
The next navigation tab and the last one of three main options, is “Why Join USAA”. This makes it very easy to get to the information about what makes them unique. This type of value proposition content is highly persuasive and can increase conversions.
Also, check out their Member Community section, where you can ask them financial questions and see popular blog posts.
Number of pages indexed in Google (Size matters, assuming its quality content)
By searching Google for the following (site:usaa.com) you can see that they have 111,000 pages that Google knows about.
Number of back links
According to the link building tool ahrefs.com, they get the following 8,273 people linking to their site and content (which includes 33 government sites and 79 schools):
Value of their organic traffic
According to the competitive analysis tool SEMrush.com their search engine traffic would have cost $5,230,428 per month if they were buying it through Google ads.
Number of organic keywords driving traffic
Also from SEM Rush you can see that 38,247 keywords drive traffic to their site!
Below are just a few of the keywords sorted by highest search volume.
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Navy Federal Credit Union
Navy Federal Credit Union is another example of a site having an advice and planning navigation tab that is up front and center.
Lots of the content is built into the main website, and they have a blog as well. I love what they say on the “about us” blog page:
This blog is an open forum created to provide you with commentary, news and advice that will enrich your personal and financial life and assist you in your daily and long-term financial decision-making.
We hope you visit us often and join the conversation.”
The fact that they welcome people to join in the conversation takes it from just producing content, to engaging people.
They have a list of 18 different financial thought leaders on the contributor’s page:
https://blog.navyfederal.org/contributors
By searching Google for the following (site:navyfederal.org) you can see that they have 3,300 pages that Google knows about.
Number of back links
According to the link building tool ahrefs.com they get the following 2,148 people linking to their site and content (which includes 5 government sites and 9 schools):
Value of their organic traffic
According to the competitive analysis tool SEMrush.com, their search engine traffic would have cost $1,200,000 per month if they were to buy it in Google ads.
Number of organic keywords driving traffic
Also from SEM Rush you can see that 17,135 keywords drive traffic to their site!
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S Bank (a good example of what NOT to do)
I need to apologize in advance to S Bank for highlighting them as a terrible website, but I just couldn’t resist. There is a lot of weak bank marketing out there, but this takes it to a new level, with the hokey graphics in the background, the poor layout, and the awkward spacing.
They are promoting the idea that they are all about success with a capital S, but they can’t even hire a decent website designer to give them a basic clean website. This is the perfect example of not matching your brand message with your content marketing strategy.
Number of pages indexed in Google
They have 143 pages indexed in Google.
Number of back links
They have 51 total links and none from government or school sites. They certainly haven’t given a school any reason to link to them. They have no blog or informative content.
Number of keywords driving traffic
49 Keywords driving traffic to their site and they are mostly related to their brand name.
S Bank, please call me, as I would be happy to help you. At the very least, re-do your site using a responsive WordPress theme, which can be done inexpensively, if you are willing to forgo complete customization. It’s not a complete option, but it’s a better start than what looks to be a 1990’s design. It could also be fun to add a blog post later with before-and-after photos of your new website and helpful blog!
Conclusion
Financial services content marketing is clearly possible, and is being done really well by some. It is only a matter of time before more community banks and credit unions start doing the same. This will make the people that still have their head in the sand look extremely bad in comparison.
Content marketing is at the heart of modern marketing. In my opinion, backed by my experience of driving more business to an online branch in about a year than a physical branch would’ve gotten in 5 years, it works! Not only can it work for large sites, but for your local community bank or credit union site as well. You just have to create a marketing plan and stay committed to the process.
Wondering how much to budget for content marketing and marketing in general? Check out the awesome review of “Bank Marketing Budgets” from The Financial Brand blog and think about what they say in this great quote:
Bottom Line: If you want average performance, make an industry average investment in marketing. But if your bank’s strategic plan calls for aggressive growth, you better be prepared to support your plan with the additional marketing necessary to hit the goal.”
Please chime in with other good (or bad) examples of content marketing for financial services or with questions in the comments below.
What content marketing isn’t and how not to do it
Content marketing is not just creating content, and is never successful if nobody sees it. If a blog post falls in the woods does anybody read it? Clearly, the answer is no.
Even if you put long tail keywords in your posts, if you are not deeply connected to the online communities and thought leaders that care about this content, your content marketing will never be truly successful.
What is the definition of content marketing?
Content marketing is a marketing technique of creating and distributing valuable, relevant and consistent content to attract and acquire a clearly defined audience – with the objective of driving profitable customer action. -The Content Marketing Institute
Content marketing components from above broken down
- Creating
- Distributing
- Consistency
- Defined audience
- Actionable
So if you want to do it wrong, just make sure to randomly do some of the following without a content marketing strategy.
Examples of content marketing types
- Blog posts
- How to guides
- Images
- Illustrations
- Testimonials
- Case studies
- Memes
- Email newsletters
- News-jacking posts
- Videos
- Podcasts
- Ebooks
- Infographics
- Cartoons
- Storytelling
This quote nicely summarizes the shock many new content marketers have when they realize it’s not just about creating content.
Content marketing slides down from heightened expectations to disillusionment as brands begin to realize “content marketing” isn’t the same thing as merely producing content. —Frank Strong, Director of Communications, Lexis
Content Marketing Strategy
If you want to do it right, think about the different types of content you’d like to create, then come up with a defined marketing plan. This includes, at the very least, defining your audience, selecting tactics, figuring out who will develop the content, and how it will be shared.
Jay Baer offers a little inspiration on places to find content sources:
2015 will bring decentralized content creation programs with participants across the company (not just marketing), as well as content initiatives that rely on user-generated content in expanded and highly strategic ways. The best source of content in most companies may be right under your nose: your employees and customers. —Jay Baer, President, Convince & Convert
One of my favorite tactics is doing podcast interviews with thought leader employees, influential people in your industry, and customers. It doesn’t have to be hard but you have to work smarter.
Thankfully, there are a lot of great content marketing agencies and thought leaders out there that can help you learn how to do it right and save you a lot of heartache.
Below are some of my fellow thought leaders on #contentmarketing
These are from Onalytica. Check out the hashtag #contentmarketing. Better yet, retweet this post using the hashtag above.
Why content marketing fails
Rand Fishkin of Moz recently gave an awesome presentation about why most content marketing fails. Here are a few bullets that summarize his points.
- You think people will buy before they trust you over many visits
- You vomit up content without a community
- You invest in content but not its amplification (broadcast, 1:1, paid)
- You ignored SEO and being an authority
- You gave up way too soon
One example Rand gave was of his wife Geraldine’s blog that took several years to be successful. Even the wife of one of the most famous SEO’s in the world couldn’t sprinkle some magic fairy dust to make it work. Below is the screenshot of her blog’s traffic and how it grew over time. There was an inflection point where it took off, but in general you have to think of it more as a marathon than a sprint.
Conclusion
There is a lot of competition out there in the world of content marketing because traditional advertising is going through a huge upheaval. Millennials in particular are distrustful of advertising, not that most people love to be bombarded by it either.
Most of us now are comfortable with the web, and many tune out magazine ads and use DVR’s to block out TV ads. This is where content marketing steps in and says “hey, here is something useful to your exact needs from me and my brand.”
It’s no longer good enough to just jack up your content with keywords. If you want to be successful with content marketing you’ll have to start engaging your audience and building useful customer experiences.
Context specific and hyper relevant content such as location, weather, news and events, vs. just SEO and discoverability driven content, will become increasingly important.
Are you ready to go from good to great with your content marketing and have your best year ever?
Public speaking tips and tricks
Platform conference review series: Ken Davis on how to improve public speaking
Ken Davis is the founder of the SCORE public speaking conference. He has been helping people overcome their fear of public speaking and become more dynamic presenters for over 30 years.
If you think that you just might not be cut out to be an interesting presenter, Ken has some surprising insights that will definitely cheer you up. My big take away from him is that while being more dynamic is what most people focus on, it’s actually more about getting to the point and giving people a clear message.
Public speaking is essential to building a solid authority-based platform. If you want to be seen as a thought leader, then it’s pretty much assumed that you are an author of a book and a speaker at conferences.
Before I give you Ken’s public speaking tips and tricks, here’s some inspiration from Joel Osteen, head of the largest Christian church in America who speaks to millions of viewers a year and spoke to over 50,000 people at Yankee Stadium in June 2014.
Joel says: “My personality is quiet and reserved. My dad was always the person on the stage. I just didn’t think it was in me. When I told my dad I would minister, I wasn’t looking forward to it. I just did it to make him proud. I was nervous. I spoke too fast. All I remember was how nervous I was and how much I dreaded doing it. It was THE worst week of my life!”
Don’t focus on the negative, which is the fear of public speaking; instead, be there to serve the audience and share a message with them. If that is your focus, it’s less about your ego and more about helping your audience.
More from Joel: “Some people are just raised negative. They don’t think they’re being negative, but they go through life almost expecting not to do well. They’ll show up for a job interview not expecting to get it. I think you have to turn it around. When you get up in front of people, believe that they want to hear you. Act like they like you.”
How to improve public speaking
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Passion is the number one gift of great communicators
Your body communicates passion, and a body in motion communicates in motion. So move your arms and eyebrows to show expression, as opposed to just moving your lips and being stuck in one position like a robot.
Ken said that a body at rest, rests in peace and that drones kill people LOL… So raise your voice up or down a little bit to become louder or softer depending on what you are talking about. Don’t do this in an unnatural way, but keep it in mind. Also, don’t end on the same inflection every time.
Ken said he does his radio shows standing up to keep his energy level high. This reminds me of one of my first jobs in sales. In order to increase my energy, my militant boss took my chair away and made me stand up for two days.
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Purpose
Ken went on to list how he has changed presentation preparation systems to give a greater focus on finding and ensuring the clarity of the message. He said, if you aim at nothing, you will hit it every time. You need to aim at delivering a clear message, so that people come away clearly understanding the purpose of your talk.
Here are the details on the old school system versus Ken’s system:
The old school system is to:
- Research
- List
- Organize in order
- Deliver
The SCORE method of presentation preparation is to:
- Research
- List possible slides
- Ask why / what do I want to accomplish?
- Eliminate absolutely anything that doesn’t support the key message
- Organize
- Practice
- Deliver
Great public speakers always have a purpose for their talks and cover these 3 essentials:
- Your first words must start to confidently engage them with clarity, then later you can let them know what the destination is.
- Your last words remind them of the logic of how you got to your conclusion and should include a call to action for them to go make a change in their lives.
- The guts of what you talk about in between numbers one and two
An example of a clear message can be, “Tour Europe on less than $1,500.” You can slowly unfold how this is possible and keep some suspense while eventually delivering a clear and powerful conclusion.
Being dynamic is good but being focused is better
Know your purpose and what you are going to say at the end, even if you lose your notes.
Ken says that being dynamic is good, but being focused is better. One way to stay focused is to brand the tagline of the talk several times.
My talk for example, on the authority marketing roadmap, repeats several times that authority marketing is a systematic and repeatable process that doesn’t have to be hard, and if you focus on what you are good at, you can let the others do the rest.
Conclusion
The goal is not solely to be liked, but to deliver a focused message. You want to be more like a bullet then buckshot. This may require narrowing your subject to a central theme while removing extraneous items that you might like but don’t fit a clear – more singular objective. Write down your talk’s objective in a one sentence statement to keep yourself on track.
And never forget that a boring reputation is the mother of skill. Being truly prepared, like a great athlete, such as Larry Bird or Tom Brady, means reminding yourself that it is more about helping the audience than pumping yourself up. When remembering this, your nerves will calm and allow you to deliver more clearly.
Audiences make contact and resonate when they know you care, and true communication is when you inspire your audience to take action in their lives.
How do you stay focused and calm your nerves before public speaking?
How Being An Author Can Get You Media Appearances
John McDougall: Welcome to the Authority Marketing Roadmap brought to you by workingdemosite.com/authority. Position yourself as an expert. I’m John McDougall, and I’m here to today with Dan Janal, who was one of the founding fathers of Internet marketing and publicity. He wrote one of the first books on Web marketing in 1993, back when Al Gore and Dan were one of the few people online. [laughs]
Dan Janal: It was early days. Early days. Good times. Good times. [laughs]
Authorship, Thought Leadership, & Media Appearances
John: Dan, how important is being an author to being a thought leader and getting media appearances?
Dan: It really is critical. Having a book immediately positions you as an expert. Reporters want to minimize their downside whenever they talk to an authority. Whenever they’re writing an article, they want to make sure they’re talking to the right person that has the credibility and won’t embarrass them, frankly.
If you say that you’ve written a book, then that helps to make the reporter very happy and decrease any fears that they might have that you might not be a true expert. Having the book really brands you in a way that very few other things can. It makes you an authority.
Tips for Writing Your First Book
John: What are some tips to getting your first book written?
Dan: Well, everyone has different modalities. Frankly, it’s never been easier to write a book these days so that’s the good news. First of all, you need content. A lot of people are comfortable writing, so I suggest you write a blog every day. Put another post for every day for — in 360 days, you’ll have a book.
Or, if you have longer pieces, then maybe after a couple of months, you’ll have a book. But the idea is that every Monday you have your newsletter go out or have your blog go out. That’s one way.
Number two, you can do what we’re doing here, doing podcasting. Interview guests, interview famous people, and then turn those interviews into podcasts or into transcripts and put those into your book.
You may even use them in a Q&A format. I wrote a book exactly like that, with strictly Q&A with a little bit of overview. Don’t make this hard on yourself. People want information. They want to be able to access it easily, so make it easy. Those are two quick ways.
John: I think you were telling me that you made an email program where people would get tips in email and you were able to repurpose that and do a book as well, or vice versa.
Dan: Yeah, my book called “Reporters Are Looking for You.” It’s really a collection of my training. As a service provider, we want our users to consume our products. Sometimes, we have to teach them how to use our product effectively. It’s like Word. There are 900 things you can do in Word and most people use eight things of them. They don’t even know that the other 800…well, they know the other 800 exists. They don’t know why they exist. For my PRLeads service, I had a 90‑day training program. Every day, I would email them another tip on how to talk to media or how to write for the media or how to position themselves, things that would make them better in a PR world.
It’s a lot to absorb. I didn’t want to give everyone all the information at once because it would just be information overload. Every day, I would send them another email. This was on an automated program. They’d get a tip on how to do publicity better. Well, I took those 90 tips and I turned them into an e‑book. I transcribed them. I put them in the right order. A little bit of organization here, here’s media training, here’s media outreach, here’s what to do with your publicity, here’s how to use your publicity in marketing, so it made nice little sections there. But it was really all my original lessons with slight rewriting for the format and the style, but it was great content.
It’s helped a lot of people. Now, I have an e‑book. Well, it is an e‑book, but it’s also a paperback book that I published with CreateSpace, which is another great way to publish a book for like two and half dollars. It’s available on Amazon. They took care of all the distribution, the ISBN numbers, and it’s easily found now on Amazon because it’s a book and it’s an e‑book. Publishing has never been easier.
Ghost Writing: Pros and Cons
John: Absolutely. What are some ways to utilize ghost writing, or some pros and cons of ghost writing?
Dan: Well, a lot of people don’t like to write. [laughs] It is a skill. I was a daily newspaper reporter and editor for many years. Then, I went into PR and I’ve written six books that have been translated into six languages. I think with my fingers. You put my fingers on a keyboard and I fly away. It’s direct from brain to fingertips. I can get the message out.
I know other people who they look at a blank page and they’re like, “Oh my gosh, what am I going to do?” But these people are great at what they do. They may be leading seminars on networking or referral marketing. They might be realtors who could earn a whole lot more doing a big deal than by sitting down writing a book.
For those kinds of people, it’s probably a better idea to work with a ghost writer so you can go off and make your big bucks doing what you’re doing and have someone else, who’s an expert in writing, take care of your thoughts and your ideas and put them on paper so you can use the book to build your authority even more.
John: What are some of the risks, if someone’s not committed? The ghost writer isn’t committed to your mission and your tone of voice. Is that a problem? Is there a way to correct that?
Dan: That would definitely be a problem [laughter].
You could send that off easily in the hiring process. Read works that they have done. Do you like their style? Do you like their tone when they write? Do they get your stuff? Do they understand your material? I mean, granted, they may not understand physics the way you do, in which case they should probably not be the right person to hire.
Also, do you get along with them personally? Is this someone that you can talk to, that you can bounce ideas off of, that you feel energized? Do you feel that they get it? Or, is there just a total disconnect? It’s like a pair of shoes. If they don’t fit in the store, it’s not going to get better a week later.
Does having a book help you get speaking engagements?
John: Nice. That’s a good tip. What about the idea of a book enabling you to get speaking engagements? Does it help? How much does it help to get speaking engagements?
Dan: A book definitely helps you get speaking engagements, because meeting planners want authorities and, by having a book, that means that you’re an authority. Also, let’s face it, there are a lot of people who do what you do, whether you’re a doctor or a lawyer or a chiropractor or a salesperson or whatever. You’ve done wonderful things — so have they.
What makes you stand out? The fact that you’ve written a book and they haven’t. That may be the one factor that means that you get the speaking engagement. When you’re in front of the audience, you’re building your credibility, you’re meeting more people, you’re adding more people to your mailing list, you’re making more contacts, you’re networking and all good things happen from that.
You do want to get those speaking engagements and the book can help you get that speaking engagement. Also, after it’s over, you have a book to sell or to use as a big business card and give it away to people who you think would be good prospects for you.
Speaking Engagements and Press Releases
John: Do you think, when you have speaking engagements, should you do a press release about the speaking engagement? Or, is that too little information for press release?
Dan: No, press releases are great because, frankly, people go to conventions based on the content and the people who are going to be speaking. If you know that President Clinton is going to be at a conference and you’re like, “Oh wow, that sounds pretty cool. I think I’ll go there,” it gives instant credibility to that conference as well. Well, President Clinton is not listening to this podcast, I don’t think, but you are.
You may be a bigger name in your field than you may think. You could be attracting people. I spoke at a conference recently and, as I was leaving, this woman ran up to me and said, “You don’t know me, but I’ve been on your mailing list for 12 years and when I saw that you were going to be speaking at this conference, I got really, really excited.”
So, we are celebrities in our own field. We’re not Madonna. We’re not Kim Kardashian. We never will be. But in our own niches, we are famous. By having the book out there, that makes you even more famous. People will want to come to see you speak, even though your next door neighbor doesn’t have the slightest idea what you do.
A press release could definitely help gets butts into seats. You’ll help the meeting planner, the convention planner. You’ll be a hero for them as well. Plus, it gives you another imprint on Google, so it expands your digital footprint on the Internet. You can’t go wrong with a press release. You can’t go wrong with a book.
John: Absolutely. Those are some great tips, Dan. Thanks for listening to Authority Marketing Roadmap. You can find us at workingdemosite.com/authority. Make sure you subscribe to our podcast on iTunes. Authority Marketing ‑‑ Position Yourself as an Expert. Have a great day.
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