back from the social future
TRANSCRIPT
Sean F. O'DonnellAssistant Vice President, U.S. Client Services
Stephen Selby (@LIMRA_CRS)Assistant Vice President, Social Media Strategy
#hashtag
#distconf
Before we move on… do you know about “Cashtags” ?e.g. $TWTR
The Future of Social &
What We Need to do Now
Social media is currently thought of as a marketing and communications tool. What if the future of social media was not in marketing and communications alone?
What if “social” becomes a set of business methodologies that will fundamentally change the way products are designed and distributed?
How do we prepare today for the social tomorrow?
5 Predictions
•but more subtlely
•think “integrated”Social Media will be
everywhere,
•and become merely a way of communicating for everyoneSocial Media will move beyond
MarComm
•transactional
•regulated, like conventional e-commerce sites Social Media will become a
business platform
•B2C is the new B2B
•content to be provided from the whole supply chain
Social Media will force companies to pay more
attention to the end customer.
•face to face = high end
•same message in person, in social, on desktops, in mobileSocial Media will be a part of
your omni-channel relationship with the end client.
1. Scion, Harman, aha
5http://www.scion.com/BeSpoke/
• Entry level / inexpensive brand
• Social media is not the headline
• Fully integrated, but…
• Assumes a smart phone
• Not perfect, continuously improving
2. Bigger than Marketing
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3. Since 1971
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4. B2C IS THE NEW B2B
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57 Companies Surveyed Said…
Companies are connecting with consumers
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77%
15%8%
2012 Initiatives Planned for 2013 None planned
Companies with Social Media
Initiatives for the Public
Base: Companies using social media
Source: Social Media Company Practices Study, LIMRA, 2013
In 2011, 84% of companies using social media had initiatives currently in place or planned with the public; these were not asked as separate items.
Objectives for social media with the public
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All Objectives for Using Social Media with the Public
Source: Social Media Company Practices Study, LIMRA, 2013
87%
85%
82%
69%
59%
54%
54%
49%
46%
46%
46%
41%
36%
33%
26%
26%
Expand brand awareness
Build community
Communicate brand personality
Maintain relationships
Monitor brand online
Increase customer loyalty
Drive traffic to your website
Generate word of mouth
Enhance customer service
Provide thought leadership
Increase product awareness
Recruit staff
Retain customers
Generate leads
Learn customer preferences
Increase sales
Base: Companies with social media initiatives for the public
5. Social + n = Omni-channel
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Seeking the Ideal Experience: How Gen X and Y Want to Buy Life Insurance LIMRA 2013 ©
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The insurance industry will change in the next three to five years as consumers seek and find alternative ways to buy policies. What would make a consumer buy through non-traditional channels? Convenience and price for sure. But trust and personal experience is critical, and for that, social networking will play a huge role.
— Terry Golesworthy, Customer Respect Group
Cited in Golia, Nathan, “Distribution Disruption Defies Insurers, Agents,” Insurance & Technology, October 7, 2013.
The Meaning of Bitcoin
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• We don’t know if Bitcoin will be here in 5 years.
• It’s not the first private currency
• It’s not even the first digital currency
• Yet, it is still innovative
• Regulatory concerns aside – how would you use it?
5 Next Steps
•Adopt social media across your distribution channels
•Adopt social media in your service centersSocial Media will be
everywhere,
•Provide training so everyone in your company speaks with one (compliant) voice
Social Media will move beyond MarComm
•Hold a strategy meeting in 2Q2014 to envision how social media will augment your current B2B strategy
Social Media will become a business platform
•Treat social media as a new form of focus groupSocial Media will force
companies to pay more attention to the end customer.
•Gather success stories from your distribution and service centers or join the effort with your peers through LIMRA
Social Media will be a part of your omni-channel relationship
with the end client.
SILICON VALLEY…
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Silicon Valley Opportunities,
Silicon Valley Problems,
Silicon Valley Solutions
Monday, February 10
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Tuesday, Feb. 11
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TY @HearsaySocial 4 being
LIMRA’s Elite Strategic Partner…
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Hearsay Social
• Social Media Lounge• Professional Headshots• Tip and tricks to improve
LinkedIn Profiles
Clara Shih
• Hearsay Social CEO• Bestselling author “The Facebook Era”• $SBUX Board Director• Closing speaker for this conference
HOW CAN LIMRA HELP
YOU ARRIVE AT THE
SOCIAL FUTURE?
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Social Media w/ LIMRA
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Recruiting Goes Social - Virtual Classroom2/26/2014 - 2/27/2014
Winning Clients via Social MediaLIMRA with Erik Qualman
2014 Social Media Conference for Financial Services 8/20/2014 - 8/22/2014
Featured Keynote: Randi Zuckerberg
Social Media Awards for Financial Services,“The Silver Bowl Awards” at the Social Media Conference
(Judges Wanted!)
Elite Strategic Partnership with Hearsay SocialVisit the Hearsay Social booth while you are here at the
Distribution Conference!
LIMRA Research
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Go to http://www.limra.com
Thank you!
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Sean O’DonnellAVP, Member RelationsLIMRA 300 Day Hill RoadWindsor CT 06095 860-298-3913 [email protected]://www.linkedin.com/pub/sean-o-donnell/8/b38/496
Stephen SelbyAVP, Regulator Relations and Social MediaLIMRA 300 Day Hill RoadWindsor CT 06095 860-285-7858 [email protected]@LIMRA_CRShttp://www.linkedin.com/in/stephenselby/