|By Jim Bruene on March 31, 2010 6:26 PM | Comments|
If a category existed for "corporate wins in social media" in the Guinness Book of World Records, Chase Bank would surely hold the top spot today. In its recently concluded effort, two million users became Facebook Fans of Chase Community Giving in order to direct $5 million in donations to their favorite charities.
In round one, Chase fans were given 20 votes to parcel out among 500,000 eligible 501(c)(3) charities. First-round voting ended Dec. 12. The 100 charities with the most votes were declared finalists and moved into round two. Round two voting ended Jan. 22, 2010.
The winner was awarded $1 million; five runner-ups received $100,000 each; and 100 finalists received $25,000 each. The winning charity, Invisible Children, received more than 100,000 votes as did second place Isha Foundation. But anyone looking to recreate Chase's success should think carefully about the official rules. With less than 1200 votes separating the two charities, and with $900,000 at stake, there were accusations of voter fraud in the Chase contest. Future contests will likely give the bank some leeway in declaring a tie and splitting the pot equitably.
Relevance for Netbankers: If you still have social media naysayers in your company, give them the link to Chase's recap page (screenshot below). That ought to get their attention.
Contest recap on Chase's Community Giving Facebook page (link, 31 March 2010)
Note: For more info on social media strategies for financial institutions, see our subscription site.
Most Recent Posts:
- Why (Most) Banks Need Not Worry About Apple Pay (Yet) - Sep 15, 2014
- FinDEVr 2014 Last Chance for Early-Bird Tickets! - Sep 11, 2014