My colleague Mike Moran over at Biznology is offering a complimentary 30-minute webinar, Organizational Social Media for Financial Services: How to Start from Within, on November 15 from 11:00 AM – 11:30 AM EST. Registration is freeand it promises to help the financial services industry make social work for their financial services business:

• How ready is your organization for social media?
• Do your employees know the rules of the road and how to comply with them?
• How do you turn the vast amount of data from social media into insights?
• How do you get the social expertise on board?
• How do you constantly measure and evaluate your efforts?

Registration is free and there promises to be a lot of great stuff in there. Folks in heavily-regulated industries such as finance and pharmaceuticals are afraid of their own social media shadow, rightfully so, and Mike’s the man to show them the way. Here’s some more information about the Organizational Social Media for Financial Services: How to Start from Withinwebinar:

Just because you know how to use social media doesn’t mean that you know how to make it work in an organization. Organizations must understand their social media goals and know how to encourage and measure them, and nowhere is that more true than for financial services companies. With the economic meltdown of recent years, mortgage crisis and uncertain outlook, banking on relationships and the business of social networking has never been more critical. But achieving this starts from within your organization. Financial services companies must decide what they want to improve using social media–brand reputation, customer acquisition, customer retention, customer service, or even new product development? While adoption has been slower, financial services companies that successfully listen to both their customers and the public can discover new measures of customer engagement. Mike Moran is the Founder of the Biznology blog, a well-known expert in all things digital marketing, and Chief Strategist at Converseon, a leading social consultancy. Mike is the co-author of Search Engine Marketing, Inc., and the sole author of Do It Wrong Quickly. Mike is a veteran of IBM, managing groups in IBM.com for eight years, retiring from IBM in 2008 as a Distinguished Engineer.

I just registered because I have yet to be able to convince the financial services industry to explore social media so I can’t wait to learn. And, to disclose my association, I blog weekly for the Mike Moran’s Biznology blog and my company, Abraham Harrison, is a sponsor along with American Banker, American Banker Magazine, Bank Technology News, and Marketing Pilgrim.

Related articles

• Voice of Russia Google+ Radio Interview with Mike Moran and Me (chrisabraham.com)
• How you can break into digital marketing (biznology.com)

BL and I adore eachother so I was very excited to receive an email from her last night with a link to her latest article on Business Week, Using social media to market your business is a good idea. Just don’t plan on getting your whiz-kid nephew to do it for free — check it out and check BL out over on her blog, What’s Next Blog. Oh, and when BL asks “how many of them have actually created a successful campaign for clients using social media tools? I bet you’d be hard-pressed to find half a dozen with real track records,” I can proudly state that Abraham Harrison LLC has the expertise, the experience, and the track record to boot!  Anyway, here’s the article:

Debunking Six Social Media Myths

For companies, resistance to social media is futile. Millions of people are creating content for the social Web. Your competitors are already there. Your customers have been there for a long time. If your business isn’t putting itself out there, it ought to be.

But before you take the plunge, bear in mind the many myths that surround social media.

1. Social media is cheap, if not free. Yes, many of the tools that can be employed in social media marketing are free to use. These include Google’s (GOOG) video-sharing site YouTube, Yahoo’s (YHOO) photo-sharing site Flickr, the social-network building tool Ning, and content aggregators such as Digg and eBay’s (EBAY) StumbleUpon. Free blogging tools abound too; among them are WordPress, Twitter, and FriendFeed.

However, integrating these tools into a corporate marketing program requires skill, time, and money. The budget for an effective social media marketing campaign begins at $50,000 for two to three months. I’m sure companies have spent less, and I know they’ve spent more.

Building a site that incorporates interactivity, allows user-generated content, and perhaps also includes e-commerce doesn’t come cheap from anyone who knows what they are doing. Even taking free software like WordPress and making it function as an effective interactive site, incorporating e-commerce, creating style sheets that integrate with the company’s branding, takes more than time. That takes skill, experience, and money.

As a rule, a $50,000 to $100,000 budget can cover the creation of a simple multimedia microsite that becomes the center of an online community. Add in some widgets to help distribute the content and form a credible group on Flickr, Twitter, or Facebook and other networking groups to enhance the community aspect of the campaign. Complex functions add to programming and design costs.

A high-yield, highly targeted blog advertising campaign to kick off and support the program will cost an additional $25,000 to $100,000 a month. Advertising through Google’s AdWords, e-mail support, co-registration, and other tools that drive traffic would be additional costs.

2. Anyone can do it. A surfeit of whiz kids and more experienced marketers are claiming to be social media experts and even social media gurus. Search the bios of Robert Scoble’s 56,838 Twitter followers using Tweepsearch (www.tweepsearch.com), an index of the bios of Twitter users, and you’ll find:

• 4,273 Internet marketers
• 1,652 social media marketers
• 513 social media consultants
• 272 social media strategists
• 180 social media experts
• 98 social media gurus
• 58 Internet marketing gurus

How many of them have actually created a successful campaign for clients using social media tools? I bet you’d be hard-pressed to find half a dozen with real track records.

A successful social media campaign integrates social media into the many elements of marketing, including advertising, digital, and PR. Opinion and theory are no match for experience, and the best social media marketers now have more than 10 years of experience incorporating interactivity, blogs, forums, user-generated content, and contests into online marketing.

Video contests by companies hoping for viral buzz and Google juice are as plentiful as mosquitoes on a humid summer night. But, like their insect counterparts, most video contests suck.

It’s the rare video contest that gets as many as 2,000 entries. Many, like Denny’s (DENM) recent disastrous effort, get fewer than 10 entries. Apparently, 48 Denny’s breakfasts over four years wasn’t a big motivator.

3. You can make a big splash in a short time. Sure, sometimes a social media campaign can produce substantial and measurable results quickly.

Social media is great if you’re already a star, but that doesn’t happen overnight. Amid the recent launch of my T-shirt design business, Pawfun.com, I have relied heavily on my 4,000-plus Twitter followers and 120,000 readers of my What’s Next Blog, which I’ve updated as often as five times a day since 2003. Because that network already exists, with not one dollar spent on advertising, we were able to generate more traffic in our first three days than some major companies get after years online.

ZapposChief Executive Tony Hsieh, whose company has millions of customers who are evangelists for the great service that built the brand, quickly became a Twitter star, with more than 32,000 followers. When Dell (DELL), JetBlue Airways (JBLU), the Chicago Bulls, and other love-’em-or-hate-’em brands joined Twitter, they immediately developed huge followings.

Tweets can be used to drive traffic to articles, Web sites, contests, videos, and so on—if people already care about your brand, or if you have a truly original idea that people will want to share with their followers.

One recent example of a Twitter-generated success is Savvy Auntie, a community for aunts, godmothers, and “other women who love kids” that was launched six months ago by Melanie Notkin. She has counted on Twitter to drive traffic, help her find suppliers, products, and even investors. She developed a Twitter following before launching her business, then tapped into it for help when she launched.

4. You can do it all in-house. Wrong! You need strategy, contacts, tools, and experience—a combination not generally found in in-house teams, who often reinvent the wheel or use the wrong tools.

It is rare indeed to find an in-house team that can not only conceive and execute a social media campaign but also drive traffic to it with effective e-mail segmentation, search optimization, blogger outreach, blog advertising, Google ads, and more.

5. If you do something great, people will find it. Quite simply, that never was true. Until you can drive traffic to your social media effort, you’ve got a tree falling in the forest, heard only by those standing nearby. A great number of tools can drive traffic, including StumbleUpon, Digg, and Twitter, but nothing works better than word of mouse—one friend telling another, “Hey look at this!”

6. You can’t measure social media marketing results. You can use a variety of methods, including mentions on blogs and in media; comments on the content; real-time blog advertising results, and click-throughs to your company Web site. You can get very precise statistics from a variety of sites, including Google Trends, Twitter search, Google Analytics, BackType, and Compete.

The tools are there. The gurus who know how to use and interpret them—not so much.

Ochman, president of Whatsnextonline.com, has been creating new media marketing and online brand strategy since 1995 for companies including IBM, Ford, McGraw-Hill, Budget Car Rental, Stacksandstacks.com, and American Greetings. She tracks online marketing trends and campaigns in What’s Next Blog.

I have known Beth Kanter for what seems like forever. We spent many many years online back in the 90s in Online Virtual Communities. Well, she is still at the bleeding edge of technology, strategy, social media, online communities, online education, and online fund-raising — but with a unique focus on nonprofits, not-for-profit organizations, and other charity organizations. Organizations are generally left in the wake of the world of social media coaching and consulting for budgetary reasons so Beth is a godsend. Please check out Beth’s Blog over at Beth’s Blog: How Nonprofits Can Use Social Media.