CME Group: “Finding Your Audience Online” — Live from BlogWell

2:10 — Bob Pearson introduces Allan Schoenberg, CME Group’s Director of Corporate Communications.

2:12 — Allan: I’ll talk about this concept I’ve dubbed Marketplace 4.0

2:12 — Allan: CME trades just about everything in terms of asset classes that you can imagine: wheat, grain, corn, real estate, energy, metal, etc. We also have partnerships with other exchanges around the world.

2:13 — Allan: Where do I get this 4.0 concept? 1.0 is the original “crowdsources”, the physical marketplace.

2:14 — Version 2.0 is went we went public.

2:15 — Version 3.0 is when electronic trading took over. In 2004 electronic trading was at 50%; today it is at 85%.

2:16 — Focus on LinkedIn, Twitter, and Facebook, although CME is trying to use social bookmarking like Delicious and StumbleUpon.

2:16 — Allan: If it’s news, it affects our customers. We’re doing exchange talk in Twitter where I interview someone from the marketplace every week, and it’s started gaining traction.

2:17 — Allan: We use social media as both strategy and tactic, to extend the benefits of our brands through new channels and to be a leader in financial services social media.

2:18 — Allan: We look at brand enthusiasm, loyalty, and advocacy.

2:19 — CME’s involvement in social media started in 2007. There was a page in Facebook for CME Group and Allan reached out to its maintainer.

2:19 — CME started using Twitter in 2008. They are looking for key partnerships in Twitter, such as @StockTwits.

2:21 — Traders are using Twitter to gain market intelligence as well.

2:22 — Allan uses the 70-30 rule on Twitter. 30% is about CME Group. 70% is indirectly about CME. It adds authenticity and credibility to their brand. He also tries to be responsive to everything about the marketplace and social media.

2:24 — CME is taking a long, hard look at LinkedIn, which has done wonders for groups. It is the one platform that is safe and transparent, since you cannot hide behind any username or a cartoon for an avatar.

2:25 — Lessons Learned: Know your limits, use the 70-30 rule, experiment a lot, and there are a ton of resources that can be used.

2:27 — What’s Next? Measurement and evaluation, employee education, integration with traditional communications, SEO development, and implementation of video and audio content.

Q&A

Q: What were the key obstacles you had to overcome?

A: Many questioned why it needed to be done, how CME had to respond, and who had to do it. The last one was easy because I enjoyed doing that. The why was the bigger factor. I used the audience segmentation chart to show how we could use the tools to reach the customers.

Q: I was looking up your Twitter and Facebook pages. There’s a really huge following in Twitter but not as much in Facebook.

A: The numbers are very different. They’re very skewed to Twitter. There are a number of reasons: Twitter is more real time and the marketplace is all about getting information now. It’s just a better model.

Q: You say you do a lot of measurement. What do your bosses want to know and what do you provide them?

A: I don’t have all the answers yet. I just started using Social Radar on an experimental basis. I’m pushing out clickthroughs using Bit.Ly. I’m trying to get our team to use metrics we’re already using. I use numbers and comments right now.

Q: As a trading company, what is the drop-off after 4pm?

A: That’s a good question, actually. I haven’t measured yet, but there is definitely a drop-off.

Q: You talked about the 70-30 rule. How did you determine that it’s the right breakout?

A: I did some of the math in my head in terms of looking at the things I pointed. It’s a loose rule but there’s so much external content to talk about that sometimes it goes up to 80% external news.

Q: You’re using a lot of video. Why is it starting to become the more dominant tool to tell your story?

A: There is a bit more authenticity to the visualization of video content. We have access to so many great people and we can capture that on video too.

Q: How do you allocate your human resources for social media?

A: You’re looking at him. I’m getting more behind-the-scenes help as it grows, however. Right now it’s just me doing it. The LinkedIn stuff is done by other people though.

Q: Do you have a plan or strategy to grow your social media presence or is it just something that’s just growing passively or evolving naturally?

A: All of the above.

Q: If you had to hire someone to do the job, what traits would you look for?

A: I think a passion for the stuff. There has to be a background in finance and economics, and familiarity with legal issues. You also have to be a conversationalist.

Q: What’s the goal? Brand recognition, driving revenue, customer retention?

A: We can look at it to save money. It is brand recognition and issue management.

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Comments

  1. STi_Facebook

    CME Group: “Finding Your Audience Online” — Live from BlogWell … http://bit.ly/HpA5v

    This comment was originally posted on Twitter

  2. STi_Bookmarking

    CME Group: “Finding Your Audience Online” — Live from BlogWell … http://bit.ly/HpA5v

    This comment was originally posted on Twitter

  3. Steven_ecf

    CME Group: “Finding Your Audience Online” — Live from BlogWell … http://bit.ly/HpA5v

    This comment was originally posted on Twitter

  4. EricBerryATL

    CME Group: “Finding Your Audience Online” — Live from BlogWell, http://is.gd/2jK24

    This comment was originally posted on Twitter

  5. halverk

    Good interview with @CMEGroup about their SM involvement RT @EricBerryATL: Finding Your Audience Online via: BlogWell, http://is.gd/2jK24

    This comment was originally posted on Twitter

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