Posts Tagged ‘social media’

FPS’ Friday Fiver

Another week, another Friday and that means another edition of our team’s Friday Fiver. This week, we have money-printing banks, Twitter-banning broadcasters, Newsnight-debriefing and Good week/Bad week. Thanks to our contributors DC, EJ, Hendog, and Josh-ua. Enjoy!

RUNNING OUT OF PAPER… It’s becoming increasingly hard for the Bank of England to convince people of the value of QE. As Fraser Nelson argued in the Telegraph, the Bank has gone a little quiet on their original reasons for launching QE which isn’t helping – nor is the fact that the links between QE and growth aren’t being articulated clearly, if it all. Yet at the same time, IHS’ Howard Archer is already predicting QE4 for May.

There's more of this in the games room

Source: Creative Commons/mtsofan

What the bank faces then is a PR challenge (as well as the frankly odd problem that they may run out of govt bonds to buy). If they believe QE4 is needed, then they’ve got 3 months to convince a sceptical media and public why it’s needed – expect Mervyn King’s quarterly inflation report next week to begin that process.

In the meantime, hats off to Stephanie Flanders last night for managing to explain what QE actually is and does – that may well be a first

SKY’S SOCIAL MEDIA COMMANDMENTS…

Source: theindiepedant

Thou shalt not repost non-company tweets

Thou shalt not re-tweet rival journalist or people on Twitter

Thou shalt not tweet someone else’ beat other than your own

Thou shalt pass breaking news lines to the news desk before posting them on social media networks…

The Guardian reported that the greater powers at the broadcast station stamped down their feet, and banned journalists from reposting tweets not relating to the company. Contentious guidelines even include the warning to Sky News employees not to retweet rival reporters.

The latest development raises once again, the debate on ownership of Twitter accounts, corporate or otherwise and how a brand can be represented and equally, mis-represented on social media through its employees.

The interesting question here is whether the guidelines will be applied to other parts of News Corp’s network, and more importantly Murdoch’s own account.

NEWSNIGHT DE-BRIEF…On Wednesday, members of the FPS team attended a Gorkana event with Newsnight’s deputy editor Shaminder Nahal and planning producer Samantha McAlister to hear how the show is put together and what the team are looking for when it comes to content and guests.

For those of you with a Gorkana PR log-in, there’s a detailed summary of the event here.

Looking through our notes from the event, a number of points jump out:

  • The show has an average audience of 800,000 but this can jump significantly in a big news week. For example, at the height of the phone hacking scandal, 1.7 million people were tuning in
  • Those involved in the production of the show, are incredibly passionate about their work
  • Jeremy Paxman is apparently a joy to work with, although perhaps unsurprisingly, he is very challenging and demands a lot from those he works with

Source: Creative Commons/Ric_James

It’s a trend we have noted before, but was one that was reiterated at the event – business and economics news has become “sexy”. Newsnight’s producers are always on the lookout for people from the City who can explain the world of finance and its wider importance to the viewer.

The show’s producers left us with the thought that Newsnight is an opportunity to set the record straight or to put across a new or important view to the nation’s opinion formers. It’s not for everyone, but for those willing to take on a challenge, there are a few more prominent slots.

On the subject of setting the record straight and BBC flagships… The embattled chief executive of RBS, Stephen Hester, addressed his critics this week and the interview is a must listen.

GOOD WEEK/BAD WEEK…Credit where credit’s due, Ed Miliband has had a very good week. To be precise, Ed Miliband had an excellent PMQs. Yes, David Cameron had a very bad PMQs. His aggressive, impatient responses to Miliband’s patient line of questioning confirmed the accuracy of his likeness to Flashman ‘literature’s most famous bully’. Public bullies don’t tend to make popular Prime Minister’s. Just look at what happened to Gordon Brown:

Brown the Bully

Miliband on the other had a bit of an open goal when it came to the NHS. Even the influential ConHome has urged Cameron to #dropthebill, so to speak. The softly, softly approach worked well for Miliband though and importantly, his line of inquiry on the NHS was consistent. Cameron’s increasing frustration at having to give the same weak lines and limp backing to his struggling Health Secretary, amplified Miliband’s taunt of ‘calm down dear.’ It was typical of the bad luck Mili E has suffered with broadcasters that the news of Harry Redknapp’s court case emerged at the same time as PMQs, therefore minimising the impact of this little victory. Cameron’s an incredibly savvy dispatch box performer and will be increasingly wise to it, but if Miliband can continue to draw out Flashman Cameron he may enjoy more success in the opinion polls.

MORE BAD NEWS…Headlines have been dominated by the arrest and trial of ‘rogue’ trader Kweku Adoboli who is accused of unauthorised trading which cost his employer – Swiss bank UBS – about £1.5bn. However, a potentially more interesting story that has come to light in recent days is the sheer scale international investigation into manipulation of Libor – the interest rate used for inter-bank lending. Regulators in Japan, the UK, the US and Europe have been investigating the scheme since at least March 2011, and have now implicated employees at a number of major financial institutions. Analysts had long been suspicious that financial institutions were covering up the size of their borrowing costs during the depths of the financial crisis in 2008.

The American Securities and Exchange Commission has fined British medical equipment Smith & Nephew $22m for bribing Greek doctors to use its products over the course of a decade. The case follows a similar investigation into Johnson & Johnson last year which led to the company agreeing to pay $77m for bribes it had paid in Greece, Poland, and Romania.

The increase in intranational prosecutions and international regulatory collaboration has also highlighted differing standards about what constitutes corporate crime. Many American investors were surprised at the British Financial Service’s Authority decision to fine hedge fund manager David Einhorn for insider trading because his actions would not have been considered unlawful in the US. British authorities generally cast a much wider net when investigating white-collar crime but are perceived to have a miserable record when it comes to prosecutions. By contrast, their American counterparts have a narrower definition but pursue cases with vigour, even if that means crossing international boundaries to do so.

It seems likely that more cases of this nature will emerge in the coming months, especially if Eurozone crisis continues to destabilise international markets.

Digital Customer Service – 5 brands getting it right

This post is by Sallie Bale, who is in the process of setting up her own account, but was desperate to just get blogging!

Spurred on by a recent article, ‘Why social customer service will come of age in 2012′, below is my work-in-progress Top 5 social media customer service channels. As that Econsultancy article points out, social media and customer service should be a match made in heaven. But so often due to a lack of knowledge, money or attention, some brands can get it pretty wrongg as we have seen over and over again.

As with many new issues, organisations often have a tough time understanding how digital customer service will work with their current offerings or processes. Mashable reports that many organisations are battling the same issues, which they distilled down to: Integration, Scaling and Crisis management.

I expect that many brands think they’re “opting out” of using social media channels in this way, but in some cases this simply is not an option; the customer is likely to use it any way. Referring to a study on WARC, Lawrence Fenley, MD, Sitel, said: ” With easy access to real-time information, a new generation of ‘always-on’ consumers is more empowered and demanding than ever.”

These sentiments are echoed by Mark Hillary in his insightful thought piece in the HuffPo. He asserts that the way corporate customer service is run hasn’t fundamentally changed in a very, very long time. He points out that the crucial difference between traditional customer service and social is that it is so easily amplified within the target market. To sum up, he argues:

“Consumers will complain using their own channels whatever you as a company ask them to do, so social media for customer service can no longer be ignored. It’s no longer a cool, trend-setting, inclusive, and awesome area to explore. If you are not answering your consumers within the social web then they will just assume that you are ignoring them.”

And so, with that in mind, here is my Top 5 list of great customer services channels:

1. First Direct

Witty, unafraid and funny. First Direct’s Twitter team are friendly, well trained, informative and engaging. But they also use humour to diffuse tension:

@uwitness: Dear First Direct – one quick way to put me off you as a bank is to send me an offer related to Jamie Oliver. Just saying.

@first_direct: @uwitness Sorry – are you more of a Nigella fan?

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FPS’ Friday Fiver

posted by Edward Jones

Known unknowns…

Frank Portnoy, Professor of Law at the University of San Diego has written a fantastic article in today’s FT on market uncertainty, rogues, risk taking and trust in banks. The best we’ve seen and rather frightening, Dr Doom would be proud, because ultimately, however much we regulate, we are only basing decisions on what has happened in the past, rather than what could happen in the future – i.e, Greece defaulting.

Every picture tells a story…

Photograph: Dan Kitwood/Getty

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FPS’ Friday Fiver

posted by Edward Jones

Welcome to our Friday Fiver. This week we look at Nick Clegg’s proposals for public ownership of bailed out banks, the ever growing tech bubble and cybercrime, whilst we shift effortlessly from speaking to ourselves in the first person to a collective, as our minds wonder what the weekend might hold. With a few nuggets of information at the very end – so worth reading all the way through!

Thanks to Ben, Dave and Jo for contributions.

The People’s Bank…

It’s not often that ‘I agree with Nick’. But despite the naysayers who say that it’s pie in the sky, the administration of such a project would be impossible, or that Nick Clegg is only mentioning it now to get himself some press attention while he travels in Brazil, I have to say I like the idea of those who bailed out the banks getting something back. I also like the idea of reintroducing share ownership to the public at large because it goes some way to bridging the gap between what people perceive of financial services and equity ownership and reality.

It also helps with the financial education theme which is so popular amongst politicians and financial services companies, but rarely actually really delivers change because at the end of the day it is a one way message. Repeated surveys show the public never really engage or feel comfortable with finance, however well intentioned the various programmes are that exist. If they owned shares, they would pay attention, they would engage, they would also probably make some money in this instance, and get something back for the tax revenue they provided to the banks.

Surely that is worth further investigation?

The bubble keeps growing…

We’ve written before about the soaring valuations of tech companies, and in particular, social media companies. The likes of Facebook, Twitter, Groupon and Foursquare have seen their potential values skyrocket as investors queue up to get a piece of any potential IPO. We (or to be blunt, Dave) have been somewhat sceptical about the value being placed on these businesses, chiefly because the profits most of them are making are barely correlated to the huge valuations put on them.

Over the past week, we’ve had two more cases in point. The first is Pandora, an online music and radio service based in the USA. It floated for $2.6bn mid last week, and its value briefly soared above $4bn according to an in-depth article about this issue in Tuesday’s FT. The second is Shazam, which secured $32m in new funding from venture capitalists on Wednesday. This means a float is unlikely for a while, but it didn’t stop ‘sources’ claiming the company “was now worth hundreds of millions of dollars” according to an FT blog.

The missing element here? Profits. Shazam is making them, but only just, whilst Pandora hasn’t made one yet, and its current revenues of $110m are a tiny fraction of its valuation.

This sceptic remains unconvinced I’m afraid….

Cyber crime

The threat of ‘cybercrime’ loomed large this week after news of the arrest of a 19 year-old hacker suspected of carrying out attacks on the C.I.A and the UK’s serious organised crime agency. After the WikiLeaks saga and arrest of NASA hacker Gary McKinnon it would seem that security agencies are struggling to keep a handle on…well, security. But this isn’t just any security, the issue of ‘cyberspace’ is a particularly tricky one as currently there is no transnational law to define what happens next.

This is an issue policy makers have been keen to address since the National Security Strategy identified cybercrime as a tier one priority risk.

But the question remains, how do we control this vast and intangible area? In the FT this week former British cabinet minister John Reid says innovation is the key to cracking the cyber crisis. What is needed, says Reid, is an ‘elite cadre of innovators able to lead a workforce with a different, entrepreneurial ethos’. We’d like to think they might look like this.

Anyone up for the job..?

Summer Solstice

June 21 saw the longest day and shortest night of the year and despite this marking the official beginning of the summer season it also means that from now on our days will be getting shorter and our nights longer and we might as well all be starting to get ready for Christmas.

But for those of us who haven’t yet embraced the summer months you might want to have a look at Visa Europe’s (client) Third Annual Travel Report which revealed that holidaymaking Britons are increasingly venturing out of the eurozone. Visa Europe analysed international spend trends of 105 million UK cardholders to reveal the countries with the highest annual increase in consumer spend in 2010. While Zimbabwe tops the list, fellow African countries, Gambia (4th), Nigeria (5th) and Morocco (10th) all featured in the top ten.

Definitely food for thought if you haven’t yet planned your summer getaway, but if you would like to keep your feet on home turf, you might want to try and find some at Glastonbury this weekend, which despite its muddy start, festival goers are expected to enjoy the hottest day of the year on Sunday! Excellent.

On the theme of live music…

And fitting for a Friday afternoon, we’ve noticed recently an upward trend in people singing out loud on trains along to their ipods, regardless of the fact that their fellow commuters are either staring at them and tutting, or sniggering quietly behind their copy of the Evening Standard. It’s not surprising given the tendency of City workers to drown their sorrows before boarding the train back to the home counties and with more mobile music, it was bound to happen.

Last night’s performance was a classic though, not only the odd word being sung, but the full nine yards. Eyes shut, belting out a rambling drunken version of what sounds something like a combination between Blur, The Streets and Bob Dylan but with one of the most awful voices ever heard. The whole carriage falling about laughing, the commuter/singer totally oblivious, eyes still shut, finger pointing in the air and occasionally tapping on the table in front of him. Never mind karaoke, this is surely a new national sport. Is this is continuing influence of reality TV? Dave, we think you might know the answer, but can anyone think of a name for it?

The best of the rest…

If you haven’t read a transcript of this week’s treasury questions, never mind, but for *the record* this summary from Paul Waugh comes highly recommended.

H&K’s very own Candace Kuss has written an excellent article for CNN on her experience at this year’s Cannes Lions advertising festival.

And BIS published a consultation on consumer empowerment this week, which we think you might like to know about.

Have a good weekend.

Blog safari – hunt for the best financial service bloggers

I have recently been on a blog safari. I hoped to track down the best blogging talent the financial services industry had to offer and bag them for our blogroll.

[Cameras at the ready]

I envisaged the web as a Serengeti, a vibrant ecosystem, full of talented and insightful bloggers from across the spectrum of financial services all offering their thoughts on the latest developments from within the industry.

The big beasts of the plain were immediately obvious. Established journalists such as Mark Kleinman and Robert Peston break big industry stories via their blogs on a regular basis but these sit on traditional news sites.

I was searching for lesser known talent but it proved elusive. There were a few notable exceptions although these came from individuals with a background in journalism or from corporate entities. Dominic Frisby, a regular contributor to Money Week, runs Frisby’s Bulls and Bears. The site is aimed at private investors and provides insight into the latest economic and market developments and is full of interesting audio interviews, particularly for those with an interest in commodities investment. Likewise, for those with an interest in fixed income, M&G’s Bond Vigilantes provides regular and accessible comment on debt markets.

I’m at a bit of a loss as to why there are so few blogs from individuals within the industry worth reading. It is possible that the industry is so well served by traditional media that there’s little demand for blogs.

Compliance and regulation also make it difficult for bloggers to write about the companies they are working for.

[Financial services bloggers are harder to spot]

In true David Attenborough style, I had hoped to unearth new, undiscovered blogging talent but what I found was that it is either hidden in amongst the undergrowth or still in the evolution process. If you have discovered a financial services blogger with something to say, then do let us know.