1. Eric Chen. Katie Li. Liaku Xiong. Shane Kavanagh.
Social Media
Eric Chen. Katie Li. Liaku Xiong. Shane Kavanagh.

2. Record Numbers…
It took the radio 38 years to have 50 million users, it took Facebook 3 years and 8 months.
2007 people were tweeting 5,000 times/day.
,000/tweets day
2009 – 2.5 million/day
2010, people were sending 50 million tweets per day – that equated to an impressive 600 tweets per second

3. 19% of people trust financial institutions right now compared to 93% in 1983

4. Customer Relationships
The Problem Pt. 1
Customer Relationships
In the 2011 MSN survey of customer service, a whopping 41.4% of respondents called Bank of America's service as a credit card company poor;
The entire reason to have social media outlets:
Stronger relationships with customers
Market more to younger generations!
more transparency
Sharing corporate updates more globally
Create trust with your customers - an estimated 20 million people that have accounts don't use them because of a lack of trust.

5. The Problem Pt 2. Uninspired Use of Media
Youtube channel barely active - 64 videos since you joined March 17, 2006
383 subscribers
Twitter accounts (5 total)
Too many to successfully manage
Are they all being used effectively?
9.7 to 9.7 million???? And who cares?

6. The Problem Pt. 3 Controlling Bad Press
Having more accounts to monitor means that you have more bad press to look out for. -retweeted by well over 100 people
Fee increase outrage
rumors
Privacy concerns (Help Twitter account)
Facebook
page has pictures that openly curse out the company.
How can we better utilize this forum?
People post unrelated content
Detracts from B of A
Do we need this medium?

7. Competition

8. Facebook October 17, 1904 March 18, 1852 Community Updates Active
Facebook is ranked the most popular social media network for 2012, followed by Twitter.
Compared to its competitors, BofA is actually doing pretty well in terms of Facebook. They have the most likes and talks and their account is active, with updates every few days. Wells Fargo has less than a tenth of what BofA has and the other two competitors do not even have a Facebook.
October 17, 1904
March 18, 1852
Community
Updates
Active
Active

9. Twitter
Moreover, with currently 5 different Twitter account, Bank of America takes the lead compared to its competitors. Their BofA_Community account catches the most tweets coming in at the top of their list with 65,000 followers. However, Wells Fargo has only three Twitter account. Their top one, WellsFargo, has 21,000 followers. The other two competitors both have only one Twitter account. Chase has 1,191 followers while Citigroup has 29,323 followers.

10. Youtube, on the other hand, is also the most popular social media network for streaming videos.
Lastly, Bank of America’s Youtube channel comes in relatively close to last place compared to its competitors. With only 64 videos uploaded to their official channel, they have only 383 subscribers. Nonetheless, Wells Fargo has 76 videos with a number almost 4 times higher than Bank of America’s, 1,360 subscribers. Note that Wells Fargo do have three channels where as Bank of America has only one channel. Citigroup has 238 videos and 845 subscribers with 5 channels. Chase comes in last place with 76 videos and 1,360 subscriptions with three channels.

11. Recommendations: Home Page
Add social media icons
Improve live chat help

12. Recommendations: Twitter and YouTube
Merge Twitter pages
Another YouTube channel

13. Helpful Tips Humor and entertainment Publicize philanthropic actions
Bank of America ranks 3rd of all US corporations, donating $209 million in 2009.

14. $
As Eric mentioned, it is best if Twitter accounts were merged. With the existing social media team, there is no actual cost with the changes in the channels.
The only costs will come from the new Youtube Channel. Because new videos need to be filmed and uploaded, we need to take into account production costs. Bank of America could hire film and marketing students as interns. These students may then work together to create these videos. The money will be spent on camera, editing software, and others equipment needed.
I also know Bank of America gets sponsored for the videos so this will also reduce costs.

15. RECAP: The problems: uninspired use of media, controlling bad press, and customer relations.
These can all be solved by the restructuring of the company's social media use. We include links on all the social media sites to Bank of America's "live chat" to improve customer relations ensuring security and accuracy, create a new Youtube channel with a different audience, and limit the accounts on Twitter so that it is easier to be managed.
Social media is the trend of the moment. According to a study by Cicero Group, 90% of consumers trust the recommendations from someone they know compared to only 33% who respond to online banner ads. It is obvious that social media, if used properly, can be a big impact in advertising for Bank of America while costing virtually nothing. By restructuring the social media use of the company, we can bring in a larger and more diverse customer base. Bank of America is the Bank of Opportunities, we can't let this opportunity slip away!