using social media in business - iwin forum - scot mckee
TRANSCRIPT
Using Social In Business Worshipful Company of Insurers
Scot McKeeManaging Director, Birddog
www.birddog.co.uk @scotmckee
© Birddog Ltd. 2015
• Scot McKee• Managing Director, Birddog.• Author: ‘Creative B2B Branding (no, really).’• Author: ‘Business Marketing Face to Face.’
• Connect• @scotmckee• [email protected]• @birddogb2b• www.birddog.co.uk
Introduction
Presentation Context
TELL THEMEVERYTHING
• Social in Business – Really?
• The Speed of Change
• The Risk of Failure
• Doing Nothing
Today’s Presentation…
Social in B2B – Really?
We all have perceptions.
Perceptions of ‘The City’.
Social in B2B – Really?
Perceptions of financial markets.
Social in B2B – Really?
My perceptions of the insurance industry?
Social in B2B – Really?
Bunch of old guys snoring in the back row.
Social in B2B – Really?
Your perceptions of social in business?
Social in B2B – Really?
Bunch of clowns shouting about what they had for lunch.
Social in B2B – Really?
But only one perception counts.
Social in B2B – Really?
The perceptions of your social customer.
Social in B2B – Really?
“My customer isn’t social” is no longer an excuse.
Social in B2B – Really?
Social networks used by 1 in 4 people w.w.Source: http://bit.ly/1If5uxs
Social in B2B – Really?
But don’t just look at the numbers (1.5bn users).
Social in B2B – Really?
Look at the shape, trend, popularity…
Social in B2B – Really?
‘Yes’, social media for business. Really.
Social in B2B – Really?
The question is, “How should business respond to the growth in social media?”
Social in B2B – Really?
And the answer is -
Social in B2B – Really?
Faster than you’ve been doing so far.
Social in B2B – Really?
THE SPEED OFCHANGE
The Speed of Change
Traditionally brands communicated with, ‘stuff’.
The Speed of Change
But what happens when there is no stuff,only people?
The Speed of Change
People now connect to devices, networks, communities. Not ‘stuff’.
The Speed of Change
In 2010 Cisco released U.S. web traffic stats.
The Speed of Change
It demonstrated that, ‘the web is dead’.
The Speed of Change
Traditional website traffic is in decline.
The Speed of Change
Internet growth is being driven by social & video.
The Speed of Change
So, every business focussed on its website…
The Speed of Change
Oops.
The Speed of Change
Pushing out corporate comms isn’t working.
The Speed of Change
Audiences need to be pulled from social spaces.
The Speed of Change
That was 5 years ago. So what’s changed?
Not you.
The Speed of Change
But your customer continues to evolve.Whether you realise it yet or not.
The Speed of Change
The Speed of Change
Picking up where Cisco left off in 2010…
The Speed of Change
Growth of technology, data & devices continues.
The Speed of Change
Not using ‘traditional’ communications.
The Speed of Change
But driven by (customer) adoption.
The Speed of Change
But driven by (customer) adoption.
Smartphones
The Speed of Change
But driven by (customer) adoption.
TabletsSmartphones
The Speed of Change
But driven by (customer) adoption.
Tablets
I.o.T.
Smartphones
The Speed of Change
And how is that growth being driven?
The Speed of Change
Not by visits to your company website…
Ent. Data
The Speed of Change
Growth is being driven by social data…
Social Media
Ent. Data
The Speed of Change
And the Internet of Things.
Social Media
I.o.T.
Ent. Data
The Speed of Change
In 5 years customers will generate, share, analyse, and consume social data in entirely new ways.
Social Media
I.o.T.
Ent. Data
How’re you feeling now…?
The Speed of Change
THE RISK OFFAILURE
The Risk of Failure
No one says social is without risk.
The Risk of Failure
Ask Jimmy Lee, Vice Chairman of US investment bank JP Morgan.
The Risk of Failure
During deep public resentment towardsthe JP Morgan brand.
The Risk of Failure
JP Morgan announced a Twitter event in November 2014: #AskJPM .
The Risk of Failure
Jimmy was going to talk to the people…
The Risk of Failure
Which created a bit of a stir…
The Risk of Failure
The people decided to ask questions…
The Risk of Failure
Just not the ones Jimmy was expecting…
The Risk of Failure
Lots of good questions though.
The Risk of Failure
Lots of good questions though.
The Risk of Failure
So, the people decide social agendas…
The Risk of Failure
Not, the brand.
The Risk of Failure
The brand isn’t yours anymore. It lives,breathes and evolves online.
With you.
The Risk of Failure
Or without you.
The Risk of Failure
The Risk of Failure
It might be quite amusing.
The Risk of Failure
Until ‘one is not amused’.
The Risk of Failure
Denial, avoidance and ignorance are not acceptable risk mitigation strategies.
Complacency isn’t going to work either.
The Risk of Failure
DOINGNOTHING
Doing Nothing
The insurance industry has a ‘safe’ reputation.
Slow to change.
Doing Nothing
Slow to adopt new practices.
Doing Nothing
But speed of social change and scale of social growth,
Doing Nothing
means some businesses are being left behind.
Doing Nothing
So how safe are you and for how long…?
Doing Nothing
The largest property company in the world.
Doing Nothing
Airbnb is only 7 years old.
Doing Nothing
It’s valued at $25 billion.http://on.wsj.com/1Le0viR
Doing Nothing
And doesn’t own a single property.
Doing Nothing
The largest taxi company in the world.
Doing Nothing
Uber is only 6 years old.
Doing Nothing
It’s valued at $50 billion.http://on.wsj.com/1Le0BXD
Doing Nothing
And doesn’t own a single taxi.
Doing Nothing
These are almost entirely online business, driven almost entirely by social media.
Doing Nothing
Prudential, by comparison (just one example of many), is 167 years old.
Doing Nothing
And has a similar market cap. $65 billion.http://bit.ly/1US3UEE
Doing Nothing
It’s taken a top 10 insurance company 167 years to achieve that position.
Doing Nothing
The others are set to achieve the same position in less than a decade.
Doing Nothing
And what’s the difference?
Doing Nothing
The difference is my daughter.
Doing Nothing
“Send me an mail? You’re joking, right?”
“I’m connected Dad, the internet needs me.”
And her friends. And their friends.Millions of them.
Doing Nothing
“Send me an mail? You’re joking, right?”
“I’m connected Dad, the internet needs me.”
“Send me an mail? You’re joking, right?”
“I’m connected Dad, the internet needs me.”
Doing Nothing
My Daughter (Age 12¾). Doesn’t use email. Probably won’t. Ever.
“I’m connected Dad, the internet needs me.”
“Send me an mail? You’re joking, right?”
Social. Mobile. Connected.
Doing Nothing
“I’m connected Dad, the internet needs me.”
“Send me an mail? You’re joking, right?”
Doing Nothing
And it’s not just me dealing with the next generation.
Doing Nothing
We all have to deal with it.Including you.
The insurance business (and any business) is no longer about who’s been around for 100 years.
Doing Nothing
It’s about who will adapt in the next 10 years.
Doing Nothing
If you’re not already thinking about ‘Uber for Insurance’, you should be.
Doing Nothing
Because someone else is.
Doing Nothing
Doing Nothing
The productivity, the customer engagement, the sales all come from social interaction.
THE WRAP
Today’s Presentation…
• Social in Business – Really?
• The Speed of Change
• Risk of Failure
• Doing Nothing
Most companies that are great at something, do not become great at new things because they are afraid to hurt their initial business. Eventually these companies realize their error of not focusing enough on the new thing, and then the company fights desperately and hopelessly to recover.
Companies rarely die from moving too fast, but they frequently die from moving too slowly.
Reed HastingsCEONetflix
“”
Parting Wisdom
TAHDAHH!
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