Delta Generali social media - opportunity & challenge

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7. Jun 2011

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Delta Generali social media - opportunity & challenge

  1. SOCIAL MEDIA Opportunity & Challenge Presentation for the 6th CEE Communication Meeting Generali PPF powered by: &
  2. Contents − Change is the new normal – different quality − The brave new world or how internet changed everything and everyone − A bit of theory for start, graphical views and research − Corporate fear of reputation risk − When world of insurance meets social media − Best practice
  3. “Suffer a sea of change, into something rich and strange”
  4. What has changed in your world? - New trends in corporate communication - Status of CSR - Specifics of the financial industry, fin. institutions and fin. PR - Credibility shift - Huge media changes – traditional and online
  5. How credible is the story you hear? Communication Directory May 2011
  6. Bottom Line Fiercer market conditions seek more effort to make success, wide intelligence, targeted approach, precise answer to your target groups` needs and empowerment through embracing changes that have taken place.
  7. Welcome to the brave new world! A world in which word ―social‖ became equaly imporant as the world ―media‖ and information monopoly is gone!
  8. Internet has changed everything Especially since social media appeared, and social networks as a part of them
  9. What is changed? It`s still only a TV commercial, played through a different channel. Yes, but it can be seen (or not) as many times as we want! It can be shared with friends It can be commented on It can be connected with other similar clips
  10. All of it will happen... ...only if it is good! (fun, viral, sticky...)
  11. By now we should know what`s going on His Highness the Client is choosing! (and is aware of that)
  12. What is our situation? Competitive advantage is as light as a butterfly's dream! To be competitive in your niche, you have to be different!
  13. What we all have been told 1. about internet publicity and online reputation 2. about two-way communication 3. about user generated content 4. about attention economy... • You are in the business of selling insurance. • Social networks and media can help you. • If you use them in a right way, points 1-4 are implied.
  14. What does a guru say? Social media is a crucial tool for business sucess today By becoming part of conversation in a more meaningful way, you can start connecting directly to your customers and clients and finding new ones rigft away... easily and inexpensively!
  15. A bit of theory for starters Social media are media for social interaction, using highly accessible publishing techniques. Social media use web-based technologies to turn communication into interactive dialogues. • In plain words: they are online communities that gather people of similar interests and activities
  16. Graphical view Social media tipology
  17. Keywords & Essence Social media is a group of Internet based applications that build on the ideological and technological foundations of Web 2.0, which allows the creation and exchange of user-generated content (Andreas Kaplan and Michael Haenlein)
  18. And a last bit of theory • Social networks A social network service is an online service, platform, or site that focuses on building and reflecting of social networks or social relations among people, e.g., who share interests and/or activities. • In plain words: online communities where internet users meet and socialize while sharing messages and contents
  19. Are social networks a 21st century invention? Of course not, they are only a technological solution that enables different and spatially unlimited communication
  20. I want to share with you... ... the Force is with you! It is only a mouse click away.
  21. How to achieve sparkles? The traditional marketing rules cannot be applied to social media because social media is not a marketer‟s platform. It belongs to consumers. Social media marketing is the process of promoting your site or business through social media channels, and it is a powerful strategy that will get you links, attention, and massive amount in traffic. Your activities in social media should focus on and support your communication and business goals.
  22. What„s your biggest fear? − Economist study from 2011 shows the biggest corporate fear and #1 concern across the globe is the reputation risk. − Like with competition, the fears too we need to get to know in order to overcome and fight efficiently. − Remember: minimal risks bring minimal ROI. We should try and manage reputation to both build differentiation against peers and competitors and also to manage the company with an informed view of the risks of our actions that might start to create weakness or collapse of our ―Roman Arch‖ (Nir Kossovsky, Mission Intangible)
  23. When a good idea goes bad − Criticism and bad comments from the clients − Competition generated harm or collateral damage − Misuse of the channels − Your examples? The key challenge is not to decide whether or not your company should go online and public, but which combination of channels and tools is most adequate to provide forceful support to communication strategy / business objectives.
  24. Ignoring social media does not secure calm waters, but rather makes you lag behind competition and even be more prone to crisis and danger because of unpreparedness.
  25. How to choose the right path? − Learn all about the media you are to use: have organized presence, train your team, and be proactive. − Be honest and try not to be boring. − Get to know the ―online community‖ and bring them ―off line‖. − Monitor your online reputation. − Think before you react and when you do, that should be adapted to the cause and source. − Be open for communication, innovative and get as close to your clients´ thinking as possible. − And once again: learn and develop with the online world.
  26. What is current situation in the world of insurance? Only 20% of insurers use social media today and more than 50% of life carriers do not have policies and procedures established for social media (Source Limra ) Why should this number be higher? 1. People trust their friends for advice – 60% of Facebook fans and 7% of Twitter followers say they are more likely to buy and recommend a brand than before they were a fan or follower. 2. The share of people who they trust, more than they trust brands or organizations, is increasing globally each year. 3. The things that your customer support agents, marketers, PR staff and recruiters say about you matter less than the things that your customers and employees say about you. (Source: “Why Social Media Matters to Your Business”, Chadwick Martin Bailey)
  27. What can an insurance company do on SM? Social media create significant opportunities, threats & risks for insurers • Dramatically decreasing costs of establishing a new brand; • Major evolution of Customer Experience Management – a greater integration of sales, marketing and service; • Innovative product development applications that affect product launch, customer education & feedback from customers on new offers; • Increasing precision and improved economics in recruiting, on- boarding, training and development; • Operating model enhancements based on improved internal communication and collaboration. (Source: "Accenture Blog on Insurance" [.pdf]
  28. What can an insurance company do on SM? The key elements that insurers need to address include in online strategy: 1. Creating an overall social media policy, with written procedures and processes to show evidence of compliance, that can be rolled out to all distribution and service people; 2. Designing processes and procedures for producers from registration, training, ongoing monitoring and approval; 3. Designing content templates including risk profile capture, product overview, and prospectuses, possibly with a real-time approval flow; 4. Creating an ongoing monitoring capability—to be used by the company’s registered principals or its compliance department—to track producers’ social content information for non-compliant sales practices. (Source: "Accenture Blog on Insurance" [.pdf]
  29. What can an insurance company do on SM? Fragmented approaches to social media create significant additional risks for insurers, including: • Inability to ensure regulatory compliance across business units and regulatory jurisdictions • Inconsistent customer experiences across products • Redundant investments in technologies and human resources • Inability to consolidate the voice of the customer across channels, products and segments • Fragmented or missing customer data (Source: "Accenture Blog on Insurance" [.pdf]
  30. Best practice: State Farm Insurance, website Besides standard insurance and banking services information, website offers: • Educational center for young drivers • ―Be safe‖ section about home protection • Be safe at work, etc. • On the home page there are links to all networks where people can follow their activities.
  31. Best practice example: State Farm Insurance, Facebook Facebook presence is divided into two profiles: • Corporate StateFarm Incurance arm (about 97k followers) i brand Statefarm Nation armNation (over 950k) • The first is about insurance information, while the other containts entertaining and educative contents, and promotional campaigns • "TopCar" poromotional cartoon was created with cars as characters, that have an accident and Statefarm safety car comes to repair them.
  32. Good practice example: State Farm Insurance, Twitter Twitter accounts • Divided like Facebook accounts • One is more serious!/StateF arm and the other a bit less!/StateF armNation • They respond to tweets, but if someone has a problem or a question, they refer them to the call center
  33. Good practice example: State Farm Insurance, Youtube Youtube accounts • Youtube video channel with commercials primarily aimed at younger population • Video blog #FailFriday (clips that compare two fails; Statefarm is sponsoring them) - each clip has around one million views • #FailFriday is becoming big on Twitter, and a couple of days ago people sharing their accident stories where the company helped them.
  34. Good practice example: State Farm Insurance, CSR Facebook activitites that promote Educational microsite connected to safe teenage driving, because it is social media the most imporant death cause at that age because every 26 seconds one of USA high school students drop out
  35. 10 things your grandmother can teach you about social media The same personal qualities and social skills that you learned growing up are what will make you successful at social media. Here are 10 things an older relative probably taught you that you can apply to social media, too. 1. Mind your manners. Social media is social. Even though it is virtual space, the same traditional social rules, laws, still apply. If you act like a jerk, don't expect many friends. 2. Tuck in your shirt. How you present yourself is just as important in the virtual world as it is in the real world. Make sure you are always aware of how you appear to others. 3. Send a thank you card. People still appreciate being appreciated and when you turn acquaintance to a friend, it brings more value, so show human interaction and gratitude. 4. Keep your elbows off the table. Acting respectfully in front of others proves that you value them, which will usually make them value you more. And here, it's all about value. 5. Turn your music down. Don't contribute to the noise and do`nt be distraction to others. 6. Finish what you started. Engagement is a commitment. If you put yourself out there as a friend, be prepared to be there when people reach out to you. 7. Finish your vegetables. There are some aspects of social media that aren't sexy. But that doesn't mean they aren't important to your growth and health. Make sure you are not just chasing that buzz. 8. Whatever happened to a good old fashioned…? Sometimes all these new gadgets are not enough and a good old fashioned email, call, or live contact can accomplish things that social media can't. 9. A man is only as good as his word. The currency of social media is trust (or social capital). And if people can't trust you, you have no value to them. 10. Think twice before you speak. Everything you say can be heard by anyone, forever, there are just too many ―finites‖ to not reconsider everything you say before you say it.
  36. Thank you for your attention questions, suggestions, impressions? For further info