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SCOTT GALLOWAY

NYU Stern

Financial Services
JUNE 8, 2011

A ThiNk TANk for DiGiTAL iNNOVATiON

L2 2011 L2ThinkTank.com

Mobile & Geolocal


Agenda
8:15 9:00 Registration & Breakfast 11:30
http://L2MobileandGeolocal.eventbrite.com/

CLiNiC

06. 24.11 | NYU Stern

Module 2: Mobile & Prestige


Paid, Earned, & Owned Tactics for Creating & Marketing Mobile Apps
Rachel Pasqua VP of Mobile, iCrossing

Module 1: The Big Picture


Welcome
Scott Galloway Founder, L2

Top Trends in Mobile Luxury Brands Need to know


Brian Jurutka SVP Mobile & Telecommunications, comScore, Inc. ,

innovative Mobile Advertising Strategies for Prestige Brands


Anne Frisbie VP & Managing Director, North America, inMobi

Mobile/Social Engagement for Prestige Brands


Jake Furst Business Development Manager, Foursquare

Best Practices in Prestige Mobile Campaigns


Aaron Sedlak Creative Director, Sarkissian Mason Patrick Sarkissian CEO & Founder, Sarkissian Mason

Understanding Todays Mobile Ecosystem


Suzanne Mumford Product Manager Mobile Ads, Google

Prestige Case Studies


Maureen Mullen Lead Researcher, L2

11:00

Break

1:30

Conclusion

Scott Galloway L2

Brian Jurutka comScore, Inc.

Jake Furst Foursquare

Suzanne Mumford Google

Rachel Pasqua iCrossing

Anne Frisbie inMobi

Aaron Sedlak Sarkissian Mason

Patrick Sarkissian Sarkissian Mason

Maureen Mullen L2

DiGiTAL iQ Index :

Financial Services
iNTRODUCTiON

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Killer App: The internet


Each day the financial services industry delivers tens of billions in product, all in zeros and ones. In a study by the American Bankers Association, 44 percent of consumers between the ages of 18 and 54 indicated that online banking was their preferred channel.1 Among households with income greater than $75,000, Pew estimates that the number increases to 71 percent.2 The sibling credit card industry also finds the future of customer acquisition, retention and loyalty to be in online channels. however, while financial services consumers have voted with their browsers, the industry allocates only 12 percent of its marketing budgets to online channels.3

The New Land Grab


The primary levers in the retail banking industry over the past 20 years have been massive broadcast media spend and a land grab for real estate to increase convenience and drive brand awareness in local markets. However, a focus on costcutting driven by the financial crisis, coupled with an increasingly digital consumer, is reshaping the landscape. At an investor conference in March 2011, Bank of America announced it planned to cut its retail presence by 10 percent as consumers increasingly shift to online and mobile channels.4 Cutbacks in brick and mortar are reflected industry wide. In June 2009, FDIC-insured financial institutions had 99,550 retail branches but that number declined to 98,517 in 2010. Innova5

Smart, but Shy


Some brands get it and are allocating substantial resources to digital. American Express, top ranked in our study, is firing on multiple fronts, collaborating with companies, including Foursquare, Zynga, and Apples iTunes, to signal innovation and redefine traditional notions of customer service and loyalty rewards. Retail banks JPMorgan Chase and Bank of America are at the forefront of mobile innovation with mobile banking initiatives, SMS alerts, and QR code campaigns. However, even among the digital leaders there is significant low-hanging fruit. For an industry built on relationships and community, few brands have been able to translate their offline tactics to the new social ecosystem; many are still trying to determine how to incorporate Facebook, YouTube, and Twitter into their marketing mix.

tion in digital and mobile is the new battlefield where share will be won or lost.
1. ABA Survey Shows More Consumers Prefer Online Banking, American Bankers Association, September 30, 2010. 2. Use of the internet in higher-income households, Pew Internet & American Life Project, November 24, 2010. 3. eMarketer, April 2011. L2 2011 L2ThinkTank.com

4. BofA begins to cut back on branches, Rick Rothacker, McClatchy Newspapers, April 11, 2011. 5. Ibid.

DiGiTAL iQ Index :

Financial Services
iNTRODUCTiON
Digital iQ = Shareholder Value
Our thesis is that digital competence is inextricably linked to shareholder value in the financial services industry. Key to managing and developing a competence is an actionable metric. This study attempts to quantify the digital competence of 27 retail banks and credit card issuers. Our aim is to provide a robust tool to diagnose digital strengths and weaknesses and help managers at financial services brands achieve greater return on incremental investment. Like the medium we are assessing, our methodology is dynamic, and we hope you will reach out to us with comments that improve our approach, investigation, and findings. You can contact me at scott@stern.nyu.edu. Sincerely,
Credit Card Brand Site Search Engines Local Bank Branch Recommendations from Family & Friends Product Comparison Sites Direct Mail Third-Party Reviews/Consumer Phone with Representative Mail with Representative Online Message Boards & Blogs Online Newspapers Online Consumer-Generated Print Newspapers/Magazines 5% 9% 8% 8% 12% 12% 10% 19%

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ONLiNE VS. OFFLiNE SOURCES: h o w Consumers Select a Credit Card (December 2009)
42% 26% 26% 25% 22%
= ONLINe SOUrCeS = OFFLINe SOUrCeS

Source: Credit Card Consumer Trends, Compete, April 1, 2010.

0%

10%

20%

30%

40%

50%

SCOTT GALLOWAY
Founder, L2 Clinical Professor of Marketing, NYU Stern

GROWTh OF ONLiNE BANkiNG As a Percentage of internet Usage by U.S. households (July 2010)

PREFERRED BANkiNG METhODS OF U.S. CONSUMERS (august 2010)


Unknown: 7% MILLIONS

100

Mobile: 3% telephone: 6%

75
Online: 36%

33% 43% 27%

54% 61%

77% 80% 62% 76%


59 63 67

80% 80%
70 73

= INterNet USage = ONLINe BaNkINg

Mail: 8%
Source: American Bankers Association (ABA) Survey Shows More Consumers Prefer Online Banking, ABA Press Release, Sept. 30, 2010.

50

37 25 20 12 0 2000 2001 2002 2003 27

41

47

atM: 15%

Source: 2010 Consumer Billing and Payment Trends Survey, Fiserv, July 14, 2010.

Branches: 25%

2004

2005

2006

2007

2008

2009

2010

L2 2011 L2ThinkTank.com

DiGiTAL iQ Index :

Financial Services
ABOUT ThE RANkiNGS
C AT E G O R i E S

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M E T h O D O LO G Y

140+

Genius
Digital competence is a point of competitive differentiation for these brands. Interactive sites enable custom product selection and selfservice support. These brands have creatively engineered their messaging to reach consumers on a variety of devices and online environments.

Site - 25%:
Effectiveness of brand site.
Technology: Load Time, Video, Integration Navigation: User Interface, Site Search Products: Information Availability, Social Sharing, Reviews, Comparison Tools Account: Product Sign-Up, Transaction Functionality, Cross-Sell Customer Service: Availability, Options, FAQs Site innovation: Interactivity, Content

110-139

Gifted
These brands typically are active in mobile and social media, visible on search engines, and are implementing strong digital marketing campaigns.

Digital Marketing - 25%:


Marketing efforts, off-site brand presence, and visibility on search engines.
Search: Traffic, SEM, SEO, Web Authority, Mobile Search Email: Frequency, Content, Social Media Integration, Promotion Digital Marketing: Presence, Innovation, Web Advertising Blog Presence: Mentions, Sentiment

90-109

Average
Digital presence is functional yet predictable, and innovation efforts are uninspired and lack ambition. Boilerplate marketing.

Social Media - 25%:


Brand presence, community size, content, and influence on major social media platforms.
Facebook: Likes, Growth, Post Frequency, Engagement Twitter: Followers, Growth, Tweet Frequency, Online Voice YouTube: Views, Number of Uploads, View Growth, Content

70-89

Challenged
These brands bare-bones sites provide only basic functionality. Digital campaigns are an afterthought. Demonstrate an inability to activate their social communities.

Mobile - 25%:
Compatibility and marketing on smartphones and other mobile devices.
Mobile Site: Compatibility, Functionality, Ability to Transact iPhone/iPad Applications: Availability, Popularity, Functionality, Promotion, Ability to Transact Android & Other Applications: Availability, Popularity, Functionality, Promotion, Ability to Transact innovation: Geolocal, Advertising, QR Codes, Commerce

<70

Feeble
Investment does not match the opportunity.

L2 2011 L2ThinkTank.com

DiGiTAL iQ Index :

Financial Services
D i G i TA L i Q R A N k i N G

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CreDIt CarDS

retaIL BaNkINg

Rank Brand 1 2 3 4 5 5 7 7 7 10 11 12 13 14
AMeRiCAN exPReSS BANK OF AMeRiCA

Category
Credit Cards Retail Banking

Digital iQ Class 167 Genius 153 Genius 134 Gifted 129 Gifted 123 Gifted 123 Gifted 122 Gifted 122 Gifted 122 Gifted 118 Gifted 114 Gifted 113 Gifted 110 Gifted 107 Average

Description
From best-in-class Daily Wish online marketplace to Foursquare check-in rewards, Amex manages to do more across nearly every digital platform Rolling out SMS notification for debit overdrafts in 2012 will enhance already impressive suite of mobile products iPhone mobile payments pilot in New York City in September was the first of its kind in U.S. market; followed up with BlackBerry trial in February Chase Sapphires New York Times Editors Choice iPad app sponsorship and Ultimate Rewards auction site are two recent digital touch points Final Four Facebook sweepstakes helped grow page to more than 150,000 fans CEO Vikram Pandits Facebook page boasts the highest engagement rate in the Index Chase Community Giving campaign on Facebook is the benchmark for social responsibility via social media Site CardBuilder tool and visualization of mobile message options allow consumers to discover the optimal card online Child of the medium provides consumer microsites to educate and inform Times Square flash mob resonated with bloggers and logged more that 1.2 million YouTube views, but will it generate customers? Followed lead of Amex, fostering partnership with Zynga allowing cardholders to redeem rewards for virtual currency; recent iAd promotes Citi cards and iPhone apps Twitter and Super Bowl partnership gave NFL fans insider content; iPhone app is heavy on deals and location-based technology Presence on every social media platform, but limited product info on site hampers IQ Priceless Gift Finder on Facebook and Priceless Picks app signal innovation, but money cant buy MasterCard a Gifted ranking

BANK OF AMeRiCA CARDS ChASe CARDS CAPiTAL ONe CARDS CiTiBANK ChASe DiSCOVeR iNG DiReCT WeLLS FARGO CiTiBANK CARDS ViSA CAPiTAL ONe

Credit Cards Credit Cards Credit Cards Retail Banking Retail Banking Credit Cards Retail Banking Retail Banking Credit Cards Credit Cards Retail Banking

MASTeRCARD

Credit Cards

L2 2011 L2ThinkTank.com

DiGiTAL iQ Index :

Financial Services
D i G i TA L i Q R A N k i N G

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CreDIt CarDS

retaIL BaNkINg

Rank Brand
15 16 17 18 PNC BANK TD BANK SuNTRuST BANK BB&T

Category
Retail Banking Retail Banking Retail Banking Retail Banking

Digital iQ Class 95 Average 94 Average 93 Average 92 Average 88 Challenged 75 Challenged 74 Challenged 69 Feeble 66 Feeble 64 Feeble 63 Feeble 53 Feeble 17 Feeble

Description
Mobile money maven was the first to introduce mobile transfers in January 2010, but lackluster social media presence results in mediocre IQ Garnering 80 percent growth in followers, @TDBank_US extends the brands convenience to the Twittersphere SunTrust bank boasts solid mobile scores, but social media efforts are a bit light Renowned retirement tools on site score points, but no Facebook or Twitter brand presence

19 20 21

u.S. BANK uNiON BANK u.S. BANK CARDS

Retail Banking Retail Banking Credit Cards

Second after Chase to launch remote check cashing capabilities Strong site search does little to overcome other digital shortcomings Broken card comparison breaks U.S Banks promise of service

22 23 24 25 26 27

ReGiONS BANK hSBC BANK uSA KeYBANK FiFTh ThiRD BANK RBS CiTizeNS DiNeRS CLuB

Retail Banking Retail Banking Retail Banking Retail Banking Retail Banking Credit Cards

Save with Regions microsite is the only thing working in this digital branch The worlds local bank has struggled to find the right neighborhoods online; no mobile presence cripples IQ Poor technology incorporation on site and absence on Facebook and YouTube leave KeyBank grappling with how to unlock the power of digital QR code direct mailing allowed Fifth Third customers to register debit cards for incentives, but with no Facebook footprint its still Feeble No presence on social media leaves RBS Citizens on permanent bank holiday online Cant apply for a card online; old school, in a bad way

L2 2011 L2ThinkTank.com

DiGiTAL iQ Index :

Financial Services
kEY FiNDiNGS
Digitally Deft
More than two-thirds of the Financial Services brands ranked were classified as Average or above, and 48 percent registered a Genius or Gifted ranking. The IQ dispersion of the industry surpasses the digitally-sophisticated Automobile industry, where 39 percent of brands recorded Genius or Gifted IQs in L2s 2010 Digital IQ Index: Automobiles study. Financial Services also outpaces overall Digital IQ scores of the Beauty Industry (37 percent Genius or Gifted) and the Luxury Industry (36 percent Genius or Gifted). Much of the sectors strong scoring is the result of substantial investments in mobile innovation: average mobile scores were two to three times higher than those of most consumer industries. Buttressed by super-Genius brand American Express, the Credit Card category outpaced Retail Banking, registering an average IQ of 110 versus 94, respectively.
MasterCard PNC Bank tD Bank Suntrust Bank
DiGiTAL iQ

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D i G i TA L i Q D i S P E R S i O N % of Organizations per Digital iQ Class

GeNiuS: 7%
american express Bank of america
DiGiTAL iQ

>140

AVeRAGe DiGiTAL iQ SCORe BY CATeGORY

Bank of america Cards Chase Cards Capital One Cards Citibank Chase Discover INg Direct Wells Fargo Citibank Cards Visa Capital One
DiGiTAL iQ

GiFTeD: 41%

110
retaIL BaNkINg

CreDIt CarDS

110-139

94

AVeRAGe: 19%

90-109

Unlike many categories of business we look at,


online represents a business and transactional platform for the

BB&t

many, but not all, Financial Services companies are doing a good job in the digital space because

ChALLeNGeD: 11%
U.S. Bank Union Bank U.S. Bank Cards
DiGiTAL iQ

industry. In some respects, Financial Services offers an interesting forward view for other businesses.

Andrew McLean | U.S. CEO PHD Network

70-89

regions Bank HSBC Bank USa keyBank Fifth third Bank rBS Citizens Diners Club
DiGiTAL iQ

FeeBLe: 22%

<70

L2 2011 L2ThinkTank.com

DiGiTAL iQ Index :

Financial Services
kEY FiNDiNGS
AMeRiCAN exPReSS: head of the Class

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Card Recommendation Tools:


Multiple highly interactive and robust recommendation and comparison tools help consumers choose the perfect card.

L2 2011 L2ThinkTank.com

DiGiTAL iQ Index :

Financial Services
kEY FiNDiNGS
AMeRiCAN exPReSS: head of the Class

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YouTube:
With almost 7.5 million views, the channel is more than just a repository for commercialsit is a true branded entertainment portal bringing to life Amex membership privileges.

Members Project:
Uses social media to encourage people to vote, volunteer, and donate to worthy causes.

Daily Wish:
Online flash sales of curated products available in limited quantities at significant discounts to Amex cardholders only.

L2 2011 L2ThinkTank.com

10

DiGiTAL iQ Index :

Financial Services
kEY FiNDiNGS
AMeRiCAN exPReSS: head of the Class

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SCVNGR:
Amex powers paperless redemption of daily deals via LevelUp.

Funding Farmville:
American Express customers can use their Membership Rewards points to purchase Purple Cows and other limited edition virtual goods in popular Zynga social games such as FarmVille.

Social Currency:
Site designed to give young adults advice for managing their personal finances. Accompanying Foursquare-powered mobile app allows users to check-in, earn badges, and track and share their purchases with friends while shopping.

Geo-Local Loyalty:
Amex customers earned cash back by checking into specific locations in Austin on Foursquare during SXSW.
L2 2011 L2ThinkTank.com

11

DiGiTAL iQ Index :

Financial Services
kEY FiNDiNGS
Low-hanging Fruit
An analysis of brand sites across the Index suggests that many are still stuck in a 1.0 mentality. Although every site with the exception of Diners Club allows customers to sign up for an account or apply for a credit card, most fail to provide touch points associated with a more traditional retail environment. Nearly half of sites do not incorporate live chat or offer crosssell opportunities, both of which could garner additional share of wallet.
19% 11% Calculators 11% Retail Branch Locator

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SiTE CONTENT & TOOLS % of Brand Sites With & Without the Following:

4%
Online Sign Up

96%

= WItH tOOL = WItHOUt tOOL

89%

89%

81% Multiple Languages

The biggest missed opportunity in the industry is the use of social-sharing tools. Less than one third of sites offer any form of social sharing around financial products or site content, and only 22 percent incorporate Facebook open graph technology, a proven tactic for driving incremental traffic.
i M PA C T O F S i T E T O O L S & C O N T E N T O N T R A F F i C % Year-Over-Year Traffic Growth Brand Sites With & Without the Following:
10% 4.0% 4.3%
= WItH tOOL = WItHOUt tOOL 48% 30% 22% 19%

81% Online Tutorials/Demos 78% Videos

70% Dynamic Recommendations 52% Live Chat

5%

3.3%
52%

0%

48% Cross Selling

-5%

-4.5%

-4.8%

56% Product Comparisons

44%

-10% -11.5% -15%


78% 70%

30% Social Sharing

Dynamic Recommendations

Product Comparisons

Live Chat

22% Facebook Open Graph

L2 2011 L2ThinkTank.com

12

DiGiTAL iQ Index :

Financial Services
kEY FiNDiNGS
empty inbox
While 66 percent of consumers say email is their preferred channel for receiving financial information,6 only 27 percent of brands allow email opt-in through their customer acquisition site. While the majority followed up with marketing emails, none offered emails that linked to social media or were viewable on a mobile device. However, while email is underutilized, according to a study by Synovate Mail Monitor, U.S. households received 2.25 billion direct mail credit card offers in 2010, an increase of 62 percent over 2009.7 Although that growth reflects the economic recovery, there appears to be an opportunity to shift marketing dollars from mailbox to inbox.
Welcome Email Additional Marketing Emails Link to Social Media on Email Email Viewable on Mobile

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EMAiL MARkETiNG % of Brands With & Without the Following:

Email Opt-in

27% 19% 15% 0% 0%


0% 25% 50% 75%

73% 81% 85% 100% 100%


100%

= WItH tOOL = WItHOUt tOOL

Search Wars
Search ad spend by the financial services industry, was up 78 percent year over year in the first quarter of 2011, while click-through rates declined 35 percent and traffic to brand sites in the study remained virtually flat.8 Traffic in the credit card category was actually down 11 percent from March 2010 to March 2011. During April, half of the credit card brands and 41 percent of banks were purchasing competitor brand terms. For several brand searches, as many as four brands were bidding against each other and popular comparison portals and consumer finance sites for top terms.
25% 50% 75% PA i D S E A R C h TA C T i C S % of Brands Participating in the Following for Branded Search Terms (april 2011)

60% 41%

60% 50% 41% 41%


retaIL BaNkINg CreDIt CarDS

20% 12%

0%
6. Recharging Credit Card Marketing to Meet Evolving Consumer Expectations, Epsilon, July 20, 2010. 7. After the Crunch: How Credit Card Issuers Market to Consumers Online, eMarketer, January 2011. 8. Paid Search Quarterly Benchmarking Report, Marin Software, April 28, 2011. L2 2011 L2ThinkTank.com

Google

Bing

Google

Bing

Paid Search

Competitive Buying

13

DiGiTAL iQ Index :

Financial Services
kEY FiNDiNGS
Web Dying, Facebook Thriving
One of the reasons for diminishing traffic to brand sites is the maturation of the web and the rise of Facebook. In 2001, the ten most-visited sites on the web accounted for 31 percent of U.S. page views, in 2006 it was 40 percent, and in 2010 it was about 75 percent, suggesting the medium and long tail of the web are decreasing in importance.9 Facebook alone accounts for 12.3 percent of all consumer time on the Internet.10 Although only 59 percent of brands in the Index maintain some form of Facebook presence, 86 percent register Facebook as a top-eight source of traffic to their brand site and 95 percent register the social media giant as a top-8 destination site, suggesting the platform is well-integrated into the financial services ecosystem on the web. Disrupter PayPal is also well represented in traffic to and from brand sites with 64 percent of brands registering the online payment system as a top-eight source of traffic to their domains.
40% 60% 64% 64% 80% 73% 86% 100% 100%

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T O P 8 R E F E R R A L & D E S T i N AT i O N S i T E S : FiNANCiAL SERViCES SiTES Upstream and Downstream Traffic to and from Search Engines, Facebook, Competitor Sites, and PayPal

100% 95%
= SearCH = FaCeBOOk = COMPetItOr = PaYPaL

82%

59% 55%

20% 15% 10% 3% 0% 12% 16%

3%

% of Brands Upstream Traffic To Brand Site


9. The Web is Dead, Long Live the Internet, Chris Anderson and Michael Wolff, Wired Magazine, August 17, 2010.

% of Traffic

% of Brands

% of Traffic

Downstream Traffic From Brand Site

10. The 2010 Digital Year in Review, comScore, February 8, 2011. L2 2011 L2ThinkTank.com

14

DiGiTAL iQ Index :

Financial Services
kEY FiNDiNGS
Wallflowers
The Financial Services industry is a latecomer to social media, and adoption lags other industries. Twitter is the most popular platform for brands in the study and more than two-thirds manage at least one account on the platform. Brands have less footing on Facebook and YouTube with 59 percent maintaining some presence on the platforms. In a survey by ROI Research, 50 percent of customers indicated that the reason they follow a financial services company on Facebook or Twitter is that they consider themselves a loyal customer of the institution.11 However, with a few notable exceptionsAmerican Express (every platform) and Chase Community Giving (Facebook)most financial services companies have struggled and are still trying to find a voice on these platforms.
Facebook Twitter
0% 25% 50% 75% 100%

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S O C i A L M E D i A P E N E T R AT i O N % of Brands on the Following Platforms

68% 59% 59%

YouTube

introverts
Only 28 percent of companies in the Index maintain a brand Facebook page, the most common way brands in other industries utilize the platform. Instead, they mimic the strategy employed by broadcast media, creating separate pages around episodic marketing programs and sponsorships.
400,000 500,000 600,000

AVERAGE NUMBER OF LikES F O R B R A N D FA C E B O O k PA G E S BY i N D U S T R Y (May 14, 2011; N=# of Brand Pages) 552,969

373,639

Because their Facebook strategy, as an industry, has not been anchored around brand pages, likes trail those of other industries. For example, the Luxury and Beauty industries boast an average number of likes per brand page of 553,000 and 374,000, versus only 92,000 for Financial Services brands.
100,000 200,000

300,000

174,718 92,301

Luxury
11. S-net (The Impact of Social Media), ROI Research Sponsored by Performics, September 9, 2010. L2 2011 L2ThinkTank.com
(N-71)

Beauty
(N-41)

Travel
(N-69)

Financial Services
(N-10)

15

DiGiTAL iQ Index :

Financial Services
kEY FiNDiNGS
Finding a Place on Facebook
Instead of brand pages, many financial services organizations have opted to build Facebook communities to support a specific marketing program. Pages linked to sponsorship marketing are the most popular and are employed by 28 percent of brands in the Index. Visas Visa Go World page backing the brands sponsorship of the 2012 London Olympics and the Visa Fans for Life page supporting Visas NFL partnership have been some of the most successful sponsorship pages. The two largest Facebook pages in the industry, Chase Community Giving and American Express Members Project, both promote social responsibility initiatives.
30% 40% 50%

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FA C E B O O k A C C O U N T C AT E G O R i Z AT i O N % of Brands with the Following Types of Accounts:

= BraND = SPONSOrSHIP = PrODUCt = CaUSe = BraND PerSONaLItY = reCrUItMeNt

28%

28%

20%

In Financial Services, it is not enough to be liked or be Gifted; that is the cost of entry. These companies, especially after a difficult few years, need

14%
10%

14%

to be trusted advisors, best in class, and show love and be loved. Therefore, Genius is the bar that Financial Services companies need to rise to.

Andrew McLean | U.S. CEO PHD Network

8%

8%

0%
Brand Sponsorship Product Cause Brand Recruitment Personality

L2 2011 L2ThinkTank.com

16

DiGiTAL iQ Index :

Financial Services
kEY FiNDiNGS

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T O P 1 0 B R A N D S : FA C E B O O k L i k E S (March 2011)

T O P 1 0 FA S T E S T- G R O W i N G FA C E B O O k A C C O U N T S (JanuaryMay 2011)

Capital One Chase: Community Giving 2,583,130 Visa: Power to the Shopper Wells Fargo 196%

10,851%

2,490%

American Express: Members Project

799,735

American Express Capital One American Express: Zync Visa: Go World Visa: Signature Visa: Fans for Life Discover ING Direct 153,864 128,742 96,137 74,965

602,263

Discover

119%

American Express Discover: Peggy Chase: Chase Sapphire U.S. Bank

93%

84%

73%

42%

70,868 57,259 42,474 ING Direct 41%

KeyBank 0

36% 200% 400% 600% 800%

= 50,000 FaCeBOOk LIkeS

L2 2011 L2ThinkTank.com

17

DiGiTAL iQ Index :

Financial Services
kEY FiNDiNGS
Bigger isnt Always Better
A lot of lip service is paid to the size of a brands Facebook community, but equally important is the level of fan engagement. Across brand pages in the study, U.S. Bank, with about 7,000 likes, and KeyBank, with slightly more than 1,000 likes, boast the highest interaction per page measured by the percentage of the community that reacts by liking or commenting on brand posts. U.S. Bank engages customers through community news, links to partners, and a contest to celebrate the birthday of its mascot, Captain Shield. KeyBank brings a local feel to its page, targeting posts around education, social outreach, and branch events happening in the cities where it operates.

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T O P 1 0 FA C E B O O k i N T E R A C T i O N R AT E : B R A N D PA G E S Ratio of Average Likes on Brand Posts to Size of Community (May 2011)

#1

U.S. Bank
4.1%

#3

Citibank U.S.
1.0%

#4 #5

American Express
0.8%

ING Direct
0.5%

It is not surprising, given the business challenges and the service nature of this category, that social media represents probably the biggest challenge

#6 #7 #8 #9 #10

Sun Trust
0.5%

and opportunity. The uncontrolled editorial environment and usergenerated content world of social is challenging to all companies, but to these businesses it has unique issuessome structural, some regulatory, and some about permission to interact in their consumers media environment.

#2

KeyBank
3.8%

Visa: Power to the Shopper


0.4%

Discover
0.4%

Andrew McLean | U.S. CEO PHD Network

MasterCard
0.3%

Capital One
0.3%

L2 2011 L2ThinkTank.com

18

DiGiTAL iQ Index :

Financial Services
kEY FiNDiNGS
Searching for a Pulse
When looking across all Financial Services Facebook pages, the two that were most interactive belonged to two very different brand spokespeople. Citi CEO Vikram Pandits page registered the highest interaction rate in the study, with more than six percent of his 1,300+ Facebook community reacting to his posts from public speeches and other public relations announcements. Number Two? A surprising counterpart: Peggy, the quirky foreign customer service rep from Discovers TV commercials. Peggy posts Happy Birthday pictures to fans, discusses how he spends his free time (watching a baseballs game on the internets) and gives even more personality to the muchloved character.

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Peggy, Discovers fictitious customer service rep, wishes Facebook fans a happy birthday

The more successful companies are exploiting

digitals unique ability to be a knowledge resource, information-sharing mechanism, a two-way dia-

logue pipeline, and relationship-building tool. This is based on the critical business need to be an outstanding e-commerce/business platform on which they conduct business in addition to marketing.

Andrew McLean | U.S. CEO PHD Network

Citis CEO Vikram Pandit has the hightest interaction rate of any Facebook page in the Financial Services industry

L2 2011 L2ThinkTank.com

19

DiGiTAL iQ Index :

Financial Services
kEY FiNDiNGS

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= BraND

T O P 1 5 FA C E B O O k i N T E R A C T i O N R AT E : A L L PA G E S Ratio of Average Likes on Brand Posts to Size of Community (May 2011)

= SPONSOrSHIP = PrODUCt = CaUSe = BraND PerSONaLItY = reCrUItMeNt

#1

Citi: Vikram Pandit, CEO


6.5%

#4

keyBank
3.8%

#8

iNG: NYC Marathon


1.4%

#9

Chase Sapphire
1.4%

#5 #2
Discover: Peggy
4.8%

SunTrust: SunTrust Racing


3.3%

#10 #11

Visa: Fans for Life


1.4%

Discover: Careers
1.1%

#6

Wells Fargo: Wells Fargo Championship


2.7%

#12 #13

Citibank U.S.
1.0%

Citi: Citijobs
0.9%

#3

U.S. Bank
4.1%

#7

BB&T: Lighthouse Project


2.6%

#14 #15

American Express
0.8%

iNG Runners
0.8%

L2 2011 L2ThinkTank.com

20

DiGiTAL iQ Index :

Financial Services
kEY FiNDiNGS
The Twitter Teller
Of the 68 percent of brands using Twitter, two-thirds provide real-time customer service through the micro-blogging platform. Of those, 80 percent host a dedicated customer service account and 70 percent put a face to the team, personalizing the handle through names and photos of reps. American Express has pulled away from the industry with nearly 133,000 followers on its @AmericanExpress public relationsoriented Twitter account. As @AmericanExpress listens and responds to users, it frequently loops in dedicated customer service handle @AskAmex to deal with more complicated client concerns.

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American Express @AskAmex is dedicated to solving customer service issues

Twitter page @AmericanExpress, the brands public relationsoriented account

L2 2011 L2ThinkTank.com

21

DiGiTAL iQ Index :

Financial Services
kEY FiNDiNGS

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B E S T i N T W E E T: T O P 1 0 F O L LO W E R S (May 2011)

T O P 1 0 FA S T E S T- G R O W i N G T W i T T E R A C C O U N T S (May 2011)

@BofA_Community @AmericanExpress 132,678 @VisaNGL @Discover @INGDIRECT 17,255 16,901 14,654 11,603 10,492 8,743 @WellsFargo @BofA_Careers @WellsFargo @Ask_WellsFargo 8,242 @Citi 7,643 7,126 @PriorityClub 0
= 2,000 tWItter FOLLOWerS

662%

@FifthThird

359%

220%

@KeyBank_Help

92%

@BofA_Help @ChaseGiving @MasterCard @AskAmex

@TDBank_US

80%

@BofA_Tips

80%

@PNCNews

75%

56%

53%

51% 200% 400% 600%

L2 2011 L2ThinkTank.com

22

DiGiTAL iQ Index :

Financial Services
kEY FiNDiNGS
Mobile Mania
The Financial Services sector is one of the most sophisticated when it comes to providing mobile capabilities for its customers. Most brands are taking a multi-pronged approached to their mobile strategies, providing a buffet of options, including apps, dedicated mobile sites, and SMS alerts to buttress their offerings. More than two-thirds of the brands host a mobile site or app; HSBC Bank USA and Diners Club are the only two organizations failing to provide a dedicated mobile experience.
24% 22% 18% 13% ATM/Branch Locator 6% 11% View Account Activity

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MOBiLE SiTE & SMARTPhONE APP FUNCTiONALiTY % of Brands With & Without the Following:

94% 89%

MOBiLe SiTeS:
= WItH tOOL = WItHOUt tOOL

82% 87%

SMARTPhONe APPS:
= WItH tOOL = WItHOUt tOOL

76% 78% Intra-Account Transfers

MOBiLE PRESENCE % of Brands With the Following :


100% 82% 75% 74% 73%
76% 67% 35% 11%

65% 89% Bill Pay 24% 33% Rewards

50%

41%

76% 22% GPS 82%

24% 78%

25%

14%
78%

18% 22% Person-to-Person Payments n/a 11% Mobile Deposit n/a 89%

0% Smartphone Mobile App Websites SMS Alerts Text Banking iPad App

L2 2011 L2ThinkTank.com

23

DiGiTAL iQ Index :

Financial Services
FLASh OF GENiUS
Smart Money
BANk OF AMERiCA: Facts About Fees ChASE: Blueprint WELLS FARGO: My Money Map
For some people, being smart with money is easy. For the rest of us, there are online resources. Several brands have focused on interactive financial education. Bank of Americas new site is full of interactive resources that bring educational content to life. Videos and polls answer commonly asked questions and link to relevant BofA product and service pages. The Facts About Fees microsite features educational modules. Similarly, the BofA InfoCenter is a one-stop shop for FAQs, demos, step-by-step printable guides, and videos by topic. Videos are shareable via email, and users can vote them up or down, adding a layer of authenticity to the tutorials. These tools are only useful if found, however; BofAs navigation layout makes that difficult, requiring several clicks to access content. Chases Blueprint is a payment planning service that lets customers manage their spending and borrowing on their own terms by selecting various features such as full pay, split, finish it, or track it. On the services microsite, animated human avatars guide users through flipboard tutorials, explaining the differences between customizable features. Wells Fargo rolled out My Money Map in December 2010 in response to popular personal financial management providers like Mint.com, Buxfer, and moneyStrands. The service allows account holders to see their spending, budgeting, and savings in clean, simple charts with a single click. Users can also set short- and long-term goals and budgets.
Chases Blueprint payment planning service

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Bank of Americas interactive Facts About Fees

Wells Fargos My Money Map

L2 2011 L2ThinkTank.com

24

DiGiTAL iQ Index :

Financial Services
FLASh OF GENiUS
Stimulating Savings
iNG: We, the Savers SUNTRUST: Live Solid Network ViSA: @Practical Money
Several organizations have tapped into the new culture of savings, creating digital tools and content to educate consumers about money management. ING Banks We, the Savers blog proclaims itself the official blog of Savers and is full of informational posts about topics such as home buying, retirement, and changing government regulations. With socially shareable posts, community polls, an RSS feed, and an iGoogle Gadget, the blog successfully incorporates Web 2.0 tools to enhance spread. Similarly, SunTrust has developed the Live Solid Network, a highly interactive site organized around key life areas: wellbeing, money, relationships, retirement, future plans, and children. In each section, SunTrust has curated articles, videos, audio recordings, polls, quizzes, and more. Users can explore the site section by section, saving content as they go. On the social media front, Visas director of financial education, Jason Alderman, tweets from @PracticalMoney with tips on spending money wisely and links to Visa-authored articles on such topics as planning affordable summer getaways. The account also links to non-Visa articles and videos in the news relating to personal financial health.

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iNG Banks official blog of Savers

SunTrusts Live Solid Network

Visa tweets tips on how to spend money wisely L2 2011 L2ThinkTank.com

25

DiGiTAL iQ Index :

Financial Services
FLASh OF GENiUS
Taking the City by Storm
WELLS FARGO
To celebrate and highlight its recent return to the New York market, Wells Fargo filmed a flash mob of dance and musical performers at Times Square on April 7, 2011. Riding the wave of flash mob popularity and its placement as a YouTube sponsored ad, the seven-minute video garnered more than 187,000 views within one week. To date, the video has been viewed more than 1.2 million times, eclipsing any other upload on a brand channel.

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Wells Fargo celebrates their New York roots with a flash mob performance

L2 2011 L2ThinkTank.com

26

DiGiTAL iQ Index :

Financial Services
FLASh OF GENiUS

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W E L L S FA R G O : Y O U T U B E C h A N N E L V i E W S P E R D AY (april 12May 6, 2011) 100,000


91,860

80,000
74,653 71,345 65,208 61,121 66,770 61,834 58,247 55,505 55,550 48,044 58,675 57,552 56,881 55,367

60,000

Wells Fargo Flash Mob Times Square Video Posted

55,023

57,042

40,000

37,943 35,073 29,402

20,000

19,854

2,636

1,911

1,127

0 4/12 4/13 4/14 4/15 4/16 4/17 4/18 4/19 4/20 4/21 4/22 4/23 4/24 4/25 4/26 4/27 4/28 4/29 4/30 5/1 5/2 5/3 5/4 5/5 5/6

L2 2011 L2ThinkTank.com

27

DiGiTAL iQ Index :

Financial Services
FLASh OF GENiUS
March Madness on Facebook
CAPiTAL ONE
Capitalizing on the fervor surrounding the annual NCAA Mens Basketball Tournament, Capital One launched a Facebook sweepstakes in February for two tickets to the Final Four, requiring users to like the brands page to enter the contest. Three days after opening the sweeps, Capital Ones likes grew from just under 4,000 to more than 80,000. The brands page continued to grow as the campaign was advertised in an email to current Capital One customers and promoted through other marketing channels, including Facebook advertising. By the end of the month, the brand saw a 3,700 percent increase, growing to more than 150,000 likes.

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Capital Ones Facebook page

Capital Ones NCAA sweepstake campaign for likes

L2 2011 L2ThinkTank.com

28

DiGiTAL iQ Index :

Financial Services
FLASh OF GENiUS
C A P i TA L O N E : FA C E B O O k L i k E S P E R D AY (January 28February 28, 2011)
34,784

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25,372

25,000

24,634 Three days left call to action 22,697 Repair of technical difficulties with sweepstakes entry announced

20,000

15,000

Capital One NCAA Basketball Sweepstakes begins

10,000

8,935

Reminder posted for followers to enter sweepstakes

6,145

5,000
3,086

4,544

5,096

2,404 1,386 1,725 657 250 1,200 1,121 969 703 606 613 490 481

2,019

15

15

19

21

81

389

440

1/28 1/29 1/30 1/31 2/1

2/2

2/3

2/4

2/5

2/6

2/7

2/8

2/9 2/10 2/11 2/12 2/13 2/14 2/15 2/16 2/17 2/18 2/19 2/20 2/21 2/22 2/23 2/24 2/25 2/26 2/27 2/28

L2 2011 L2ThinkTank.com

29

DiGiTAL iQ Index :

Financial Services
FLASh OF GENiUS
The Mobile Bank
ChASE
In 2007, Chase introduced mobile banking via SMS (text messaging). Mobile users, even those without smartphones, can text simple shorthand commands to their accounts to perform functions like checking balances and viewing transaction history. For smartphone users, Chases highly rated Mobile app (available for both iPhone and Android) was the first to allow customers to deposit checks using their phones cameras and the first to support person-to-person transfers. A recent update to the iPad version of the app makes it the first tablet app to offer mobile check deposit.

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Chases mobile banking app

Chase educates users with mobile banking demos

L2 2011 L2ThinkTank.com

30

DiGiTAL iQ Index :

Financial Services
FLASh OF GENiUS
Priceless App
MASTERCARD
MasterCards Priceless Picks iPhone app is designed to allow users to explore the priceless things in life. The app hosts thousands of user-recommended experiences, shops and restaurants. Users can add reviews right from their phones. The app features a filter so that users can quickly find the priceless pick that is most relevant to them. With both 3D and 2D maps, the app is great for exploring new locations and discovering new things.

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MasterCards Priceless Picks app

L2 2011 L2ThinkTank.com

31

DiGiTAL iQ Index :

Financial Services
FLASh OF GENiUS
everywhere You Want to Be... Through Your Browser
ViSA
Visa has its sights set on owning the digital wallet. Instead of pulling out the plastic, soon purchases will be made with the wave of a mobile phone at the point of sale or with the press of a single button online. The company is launching a personal payments system to support social and e-commerce and investing in mobile payments startup Square, challenging PayPal. Visa is testing near field communication supported mobile payments, and last August launched Rightcliq, an online shopping assistant with social integration. Essentially a browser add-on, Rightcliq enhances the e-commerce shopping experience. Users can save items in a Wishspace, organize favorites into bundles, and compare items side-by-side. Rightcliq also enables users to incorporate friends and family into their purchasing journey and decisions via email and Facebook.
Visas RightCliq allows users to save items in a Wishspace

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Visa has its sights set on launching the digital wallet

L2 2011 L2ThinkTank.com

32

DiGiTAL iQ Index :

Financial Services
FLASh OF GENiUS
Your Card, Your Way
AMERiCAN EXPRESS ZYNC
Eighty percent of banking and financial institutions used crowdsourcing to develop and launch new products and programs.12 Targeted at young adults, ZYNC by American Express, whose mission is to help you enjoy more of the things youre into, has set the gold standard. Its self-expressive motif is overwhelmingly evident throughout the ZYNC product page, from the ability to flip or scroll through fun icons that lead to individual Pack pages featuring bold graphics down to such user-friendly copy, as Meet ZYNC or Create yours. Through the ZYNC Tank microsite, Amex solicits feedback and allows consumers to have direct conversations with members of the marketing and product teams. User reviews are featured prominently on the application page, openly inviting visitors to listen or contribute to the conversation around ZYNC.

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Users can customize their Zync card to fit their lifestyle

CREDiT CARD PRODUCT LikES (May 2011) the american express ZYNC card has more likes than these four cards combined.

Visa Signature: American express zYNC

74,965

Chase Freedom: 34,963 Chase Blueprint: 14,125 Chase Sapphire: 2,291

128,742

TOTAL: 126,344

12. The State of Online Branded Communities, ComBlu, November 9, 2010. L2 2011 L2ThinkTank.com

33

DiGiTAL iQ Index :

Financial Services
FLASh OF GENiUS
Banking on a Cause
FiNANCiAL SERViCES COMPANiES DO GOOD
Hostility toward large financial institutions is common. Many companies are turning to social media to amplify their corporate social responsibility efforts and generate goodwill. Chase Community Giving is the flagship example with nearly 2.6 million fans on Facebook. Chase keeps its community engaged by giving them true agency: their votes, through a Facebook app, determine which charities receive awards up to $500,000. The American Express Members Project offers its million strong Facebook community the ability to identify and enroll for volunteering opportunities, donate to a charity, and share their inspirational stories, all within custom tabs. Cause marketing on Facebook is not limited to the big name players: BB&Ts Lighthouse Project has a page that highlights its employees commitment to volunteering in their communities.
FiNANCiAL SERViCES C A U S E M A R k E T i N G O N FA C E B O O k Facebook Page Likes May 2011 2,436 4,364 15,595 799,735 2,583,140

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The BB&T Lighthouse Project

Chase Community Giving

BB&T: Lighthouse Project Capital One: Connect One SunTrust: Live Solid American Express: Members Project Chase: Community Giving

The American Express Members Project L2 2011 L2ThinkTank.com

34

DiGiTAL iQ Index :

Financial Services
TEAM
SCOTT GALLOWAY Professor of Marketing, NYU Stern Founder, L2 Scott is a Clinical Professor at the NYU Stern School of Business where he teaches brand strategy and luxury marketing and is the founder of L2, a think tank for digital innovation. Scott is also the founder of Firebrand Partners, an operational activist firm that has invested more than $1 billion in U.S. consumer and media companies. In 1997, he founded Red Envelope, an Internet-based branded consumer gift retailer (2007 revenues: $100 million). In 1992, Scott started Prophet, a brand strategy consultancy that employs more than 250 professionals in the United States, Europe, and Asia. Scott was elected to the World Economic Forums Global Leaders of Tomorrow, which recognizes 100 individuals under the age of 40 whose accomplishments have had impact on a global level. Scott has served on the boards of directors of Eddie Bauer (Nasdaq: EBHI), The New York Times Company (NYSE: NYT), Gateway Computer, eco-America, and UC Berkeleys Haas School of Business. He received a B.A. from UCLA and an M.B.A. from UC Berkeley. MAUREEN MULLEN L2 Maureen leads L2s research and advisory group and has benchmarked and/or developed digital and social media initiatives for more than 300 prestige brands. She began her career at Triage Consulting Group in San Francisco. At Triage, she led several managed care payment review and payment benchmarking projects for hospitals, including UCLA Medical Center, UCSF, and HCA. She has gone on to lead research and consulting efforts focused on digital media, private banking, M&A, insurance industry risk management, and renewable energy economics for professional firms and academics. Maureen has a B.A. in Human Biology from Stanford University and an M.B.A. from NYU Stern. R. DANiELLE BAiLEY L2 Danielle began her career at The Home Depot, Inc., where she led a variety of internal consulting engagements focused
L2 2011 L2ThinkTank.com

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on supply chain, merchandising, and in-store process improvement. She went on to manage the implementation of award-winning mobile initiatives for several large media clients, including The New York Times Co., NBC Universal, Disney/ABC, Maxim magazine, and Zagat. Danielle has a B.S. in systems engineering from the University of Virginia and an M.B.A. from NYU Stern. ChRiSTiNE PATTON Creative Director, L2 Christine is a brand and marketing consultant with more than 15 years of experience creating brand identities and marketing communications for aspirational and luxury brands. She began her career at Cos, where she developed the brand and oversaw its evolution from concept through growth to 100 restaurants. Since then she has provided creative direction for a wide array of clients, including the launch of Kidville and CosmoGIRL! magazine. Most recently, she led creative services at ELLE during the most successful years of the magazines history, developing innovative integrated marketing programs for advertisers. Christine received a B.A. in Economics and Journalism from the University of Connecticut and an M.B.A from NYU Stern. TANUJ PARikh L2 Tanuj began his career as a project manager at the Center for Economic Transformation at the New York City Economic Development Corporation, where he worked on a variety of initiatives designed to grow the citys innovation economy. Tanuj is also the co-founder and director of UniThrive.org, a peer-to-peer student lending social enterprise. In 2007, he was a Kenya-based Fellow for Kiva. org, the worlds first peer-to-peer lending marketplace for the poor. Tanuj received his A.B. in Government with a secondary in Economics from Harvard University. ANDREA DERRiCkS L2 Andrea began her career in the Next Generation Leaders Program (NGL), a unique one-year program run by the Direct Marketing Educational Foundation (DMEF) that

selects top college graduates to rotate through a range of companies, gaining a 360-degree education in direct/ interactive marketing. While in the program, Andrea worked at Wunderman NY, eScholastic, Goodman&Company, and Harte-Hanks, gaining experience in business development, analytics, strategy development, research, and project management. After graduating from NGL, Andrea joined Goodman&Company, a strategic marketing consultancy. At Goodman, she worked on innovative strategies for PayPal, SAP Microsoft, and Guthy-Renker. Andrea serves on the , board of directors for DMEF and received her B.A. in American studies from Columbia University. ANDREW McLEAN U.S. CEO, PHD Since joining as the US CEO of PHD, an Omnicom Media company, PHD has won the largest media account of 2010 (GSK), been named Ad Ages One To Watch in 2011 and voted by The Delaney Report as 2010s Media Agency of the Year. This fast start comes after Andrew spent 11 years at WPP , most recently as the most senior client leader in GroupM. Andrew began his media career in publishing before entering the agency business as a television buyer in the late 1980s. Quickly rising to a lead position at DMB&Bs UK operation, he oversaw top accounts including Burger King and Procter & Gamble. In the mid 1990s, an offer from Disney led to a five year tour of duty highlighted by successful campaigns for blockbusters like The Lion King, Toy Story, and Armageddon, and the lead role in consolidating their media business. Moving back to the agency world in 1999, McLean was asked by Young and Rubicam to join The Media Edge, their fledgling media operation in New York. He was a key player in the merger with CIA that led to the creation of Mediaedge:cia. For nearly a decade, Andrew was MECs most senior client leader, managing U.S. and Global client teams and leading a period of unprecedented growth. In January 2009, he was promoted to Chief Development Officer for GroupM and named a member of their Global Executive Committeea position he held until being asked by Omnicom to join their media operations in his current role.

35

u PCOM iNG eV eNTS

06 . 24 .11 L2 Clinic

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Every year has been touted the year of mobile. However, looking back at 2010, predictions and estimates on the explosive growth of mobile devices, smart phones, and the ubiquity of mobile web have all reigned true; we are now at

L2 is a think tank for digital innovation.


We are a membership organization that brings together thought leadership from academia and industry to drive digital marketing innovation.

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Called the TED for marketing, L2s third-annual Innovation Forum will bring together the highest density of scholars, business leaders, startups, and marketing executives in North America.

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Clinics: Executive education in a classroom setting with a balance of theory, tactics, and case studies.

60 120 attendees
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Advisory Services: L2 works with brands to garner greater return on investment in digital initiatives. Advisory work includes Brand Digital Roadmaps, Social Media Strategy, and Site Optimization engagements.
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L2 2011 L2ThinkTank.com

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