Session # 276Tweet, Tweet, Ping, Ping: Social , , g, gMedia Strategies for Insurance
Monday, June 73:30 5:00 PM
HousekeepingItems Turnoffcellphones,pagers,etc.R b fill i Remembertofilloutyoursessionsurveys
June 7 June 7June7Agenda What is social
June7(continued) Where do I start?
media? Why is social
How do I manage and maintain it?
important to the insurance industry?
Can I measure it?
What are the Do I need it? How can I use
Wh t thdangers?
What is it?Whatisit?
What else is it?Whatelseisit? Itsavehicleforelectronic
Itsamarketresearchtool Itsacustomerfeedbackmechanism Itsanetworkingplatform Itsathoughtleadershipforum Itsawaytostayintouchwith
remote offices or workersremoteofficesorworkers
Some statistics to considerSomestatisticstoconsider Morethan77%ofallemployeestodayhaveaFacebook account.
Whetheryoubelievethisornot,donotgiveemployeescarte blanche with social mediacarteblanchewithsocialmedia.
Do I need it?DoIneedit? TheshortanswerisYES! Sheernumberstellusthatsocialmediaisnotafad,itsheretostay. LinkedInhasover60millionmembersinover200countries,plus
K i i dKeepinmind Itsthewaythenextgenerationofconsumersprefersto
Social media is like teen sexSocialmediaisliketeensex.Everyonewantstodoit.
b k hNobodyknowshow.Whenitsfinallydone,thereissurpriseitsnotbetter.bette
Avinash KaushikAvinashKaushik,AnalyticsEvangelist Google
OK OK social media is obviously the greatest thing sinceOK,OKsocialmediaisobviouslythegreatestthingsinceslicedbreadbuthowcan Iuseit?
Brandrecognition Techsupport User group/forum Usergroup/forum Customerfeedbackmechanism Thoughtleadership Reinforcemessaging Networkwithpeers
Different strokes for different folksDifferentstrokesfordifferentfolks Agents
Carriers More effective underwritingMoreeffectiveunderwriting Preemploymentscreening Frauddetection
V d /S i P id Vendors/ServiceProviders Newsportal Usergroups/forums Advertising/marketingchannel
Where do I start?WheredoIstart?
Set a policy in place.Setapolicyinplace.
2 I M k l S d d A i i IMSA2. InsuranceMarketplaceStandardsAssociationorIMSA(www.imsaethics.org)
3. (Insert shameless self promotion here.) St. Nick Media3. (Insertshamelessselfpromotionhere.)St.NickMediaServices
If l li i l i !Ifyoulegalizeityoucanregulateit!
Where do I start?WheredoIstart?
Taketimetogathercompetitiveintelligence Listen Lurk LearnListen.Lurk.Learn. Examineavailableoptions
DetermineyourcomfortlevelB f j i i h d d f h l l di Beforejumpingintothedeependofthepool,alwaysdipatoeintotestthewater.Ifweretalkingabouthavingchildren,thatmeansgetadog.Ifweretalkingaboutinvolvementinsocialmedia that means get a blog media,thatmeansgetablog.
Defineyourpurposeandgoals Whydoyouwanttoparticipateinsocialmedia? Arethereharddollartargetstiedtoyourgoals?
Where do I start? (continued)WheredoIstart?(continued) Identifyinternalresources
Employees/SMEs Partners IndustryAnalysts
Collaboratively set strategyCollaborativelysetstrategy Involvetherightinternalgroupsorindividuals Decidewhatvehicleswillyouuse D id hi h t l ill b t ff ti i h l i hi Decidewhichtoolswillbemosteffectiveinhelpingyouachieve
How do I manage/maintain it?HowdoImanage/maintainit? Reinforce/ReuseContent&Messaging
Makeitconsistent Takeanoutsideinapproach Deconstructlongcomplicated
Tie new social media efforts back to Tienewsocialmediaeffortsbacktoexistingtools
Pickasinglestartingplaceandownit B ild t t l d Buildacontentcalendar Recruitcontributors
How do I manage/maintain it?HowdoImanage/maintainit?
How do I manage/maintain it?HowdoImanage/maintainit?
Can I measure it?CanImeasureit? Commonmeasurements
Upsell opportunities #offriends #offans Positive feedback provided
ReferralsPositivefeedbackprovided Customerinteractions Conversions
Activity/engagementlevel Brand mentions Brandmentions Virality (retweets,sharing
Test new strategies Testnewstrategiesandideasagainstbenchmarks
Set new goals on a Setnewgoalsonaregularbasis
What is the downside? The Dangers of Social MediaWhatisthedownside? TheDangersofSocialMedia Thebiggestdangerisinactionorlackofparticipation. Social media can also result inSocialmediacanalsoresultin
U d f i d /f ll Unwantedfriends/followers Negativecomments/feedback
What is the downside?Whatisthedownside?
JenniferOverhulseKingPrincipalOwnerSt Nick Media ServicesSt.NickMediaServices15695GlencoeVeronaRoadVerona,KY41092
Most of the following content is basedon the research and findings fromg
The Customer Respect Group21 Market Street
Ipswich, MA 01938
Cant ignore itCan t ignore it OR
its the biggest load of hype since
Reasons to ignore social media
Reasons to ignore social mediag
How many of you have said this?
Social media is full of noise and confusionSocial media is full of noise and confusion
but the numbers are compelling
Facebook has in excess of 400 million active users on global basis. Twitter now has 75 million user accounts.
Li k dI h 60 illi b i f d 1 b th
LinkedIn has over 60 million members, an increase of around 1m members per month.
Facebook claims 200 million users log on every 24 hours The average Facebook user has 130 friends. 70% of bloggers are organically talking about brands. 38% of bloggers post brand or product reviews. 5 billion pieces of content (web links, news stories, blog posts, etc.) are shared each week on
Facebook. The average number of tweets per hour are 1.3m.
More than 700,000 local businesses have active pages on Facebook. Purpose-built business Facebook pages have created more than 5.3bn fans. More than 250 Facebook applications have over a million combined users each month.
..who are these people?
Have you been influenced by customer review of a product, a
movie, or a restaurant?
Who is using social media?Facebook Statistics
YouY f il Your family
Your friends Your employees
YB t th i t t d i Your target prospects Your customers
But are they interested in insurance?
..but are they interested in insurance, surely this is about sharing pictures?
Company FansUSAA 77,734
Low in comparison (but growing fast)
Verizon Wireless - 866,000 * Coca Cola - 5.7 million * Starbucks - 7.4 million
Isnt social media a minefield?
Well get sued Well lose control ofWe ll lose control of
the brand Employees will waste
time People will say bad
things about the brandthings about the brand Employees will give
away corporate y psecrets
The coordinated attackThe coordinated attack
Customers will say bad things about the brand
Losing control of the brand
Even if you understand social media,you need a complete strategyyou need a complete strategy
Even if you understand social media, you need a complete strategy again its not about technologystrategy, again its not about technology
Even the best can get it wrongEven the best can get it wrong
I i f i k b dIs it worse to forget to register a key brand on Twitter or leave a prototype iPhone in a bar?
Social media is a minefield none of these pages are official
Social media is a minefield
Allen Nelson, general counsel, chief administrative officer and executive vice president at Crawford & Co. (a $1.1 billion claims administrator in Atlanta Ga ) started taking a look at social media because he wasAtlanta, Ga.), started taking a look at social media because he was concerned that the company could be the subject of disparaging comments on the Internet. Once he began looking around, Nelson was surprised to find multiple Facebook pages with the company name on them, set up p p g p y , pby employees who were using them to communicate.
Jon Bidwell, chief innovation officer of Chubb. "Businesses are tapping that , pp gpower to enhance their brand awareness and deepen their engagement with customers and other constituents. This continuous dialogue also creates substantial risks, which companies are wrestling with throughout their organizations, from HR to IT to legal and marketing."
So what can/should you do?
Just 19 percent of insurance companies have an official Facebook page
Over 60 percent have some Facebook presence
So what can/should you do - DefenseSo what can/should you do - Defense
Build an Inter-departmental team Compliance, marketing, customer service, web-
development, sales, public relations, corporate affairs
Senior level appointment to lead the teamSenior level appointment to lead the team
Create social media guidelines and policy Cover all compliance considerations Internal and external (agent) training( g ) g
Listen and learn Dont jump in to respond too quickly
Take stock of existing assets and sitesTake stock of existing assets and sites
The Offense strategy firstgy
What are you trying to achieve? Build brand awareness and familiarity Brand reputation Enhanced trust Create and manage customer engagement it
is a dialogue Use greater personalization and develop a
customer recommendation and referral process
Create a goal Create a goal Understand progress measurement Do not focus on the technology (but
keep an eye on Facebook)keep an eye on Facebook)
The Offense distribution
The distribution model Carrier web strategies have
suffered for years trying to fit into existing agent and agency models
Agencies and agents have a big g g grole to play in social media but it needs to be complimentary
Both carrier and agents will: have a dialogue with customers have a dialogue with customers recruit fans and followers Own Facebook and other social
The Offense - tactics
Image, brand and content strategys a egy
Must accept the role of content creator
Fan and follower recruitmentWho do you want to recruit Who do you want to recruit
How many do you want to recruit Extend reach beyond traditional
E t d di l Engagement and dialog For what purpose Grow customer recommendations
Social Media Examples
Progressive engaging customersg g g g Reach out to customers on
Twitter Quick switch to more robustQuick switch to more robust
channels telephone, email TwitService is available in travel,
telecommunications, high tech, and other industries
Progressive has a conversation index (one to one messages) in the 70% 80% rangethe 70%-80% range.
Provides an alternative channel for mobile users in natural disasters
Effective use of Twitter Background
Liberty Mutual Brand Extension Be where the customer
Blogs containing extensive content
Create a dialog and beCreate a dialog and be associated with a subject area Responsibility
Provide interactive extension to commercials
Attracts high numbers of midAttracts high numbers of midage female consumers
GEICO enhancing a brand image
A range of video content Company commercialsp y Informative education content Customer service Careers Viral video Warren Buffett plays AxlViral video Warren Buffett plays Axl
New content developed specifically for online viral growthspecifically for online viral growth
GEICO channel has 3 million views of video contentviews of video content
Nationwide - extending reach
Interesting content can reach a much...