3. 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?
4. 5 Predictions
•but more subtlely
•think “integrated”
Social Media will be
everywhere,
•and become merely a way of communicating for everyone
Social 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 mobile
Social Media will be a part of
your omni-channel relationship
with the end client.
5. 1. Scion, Harman, aha
5
http://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
8. 4. B2C IS THE NEW B2B
8
57 Companies Surveyed Said…
9. Companies are connecting with consumers
9
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,
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.
10. Objectives for social media with the public
10
All Objectives for Using Social Media with the Public
Source: Social Media Company Practices Study,
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
12. 12
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.
13. The Meaning of Bitcoin
13
• 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?
14. 5 Next Steps
•Adopt social media across your distribution channels
•Adopt social media in your service centers
Social 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 group
Social 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.
18. TY @HearsaySocial 4 being
LIMRA’s Elite Strategic Partner…
18
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
19. HOW CAN LIMRA HELP
YOU ARRIVE AT THE
SOCIAL FUTURE?
19
20. Social Media w/ LIMRA
20
Recruiting Goes Social - Virtual Classroom
2/26/2014 - 2/27/2014
Winning Clients via Social Media
LIMRA 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 Social
Visit the Hearsay Social booth while you are here at the
Distribution Conference!
22. Thank you!
22
Sean O’Donnell
AVP, Member Relations
LIMRA
300 Day Hill Road
Windsor CT 06095
860-298-3913 sodonnell@limra.com
http://www.linkedin.com/pub/sean-o-donnell/8/b38/496
Stephen Selby
AVP, Regulator Relations and Social Media
LIMRA
300 Day Hill Road
Windsor CT 06095
860-285-7858 sselby@limra.com
@LIMRA_CRS
http://www.linkedin.com/in/stephenselby/
Notas del editor
A few quick thoughts/predictions for 5 years from now:
Usage for companies will be near ubiquitous, although the degree of engagement will still vary considerably
Advisor use will be common increase as well – with support from companies
Companies will be actively engaging in social service (or trying to figure out how to do so) as part of their customer-centric perspective
Contact centers will begin to use social channels to interact with customers (from a currently fielding “contact center of the future study” – about 2/3 so far expect social channels to comprise a larger part of their service channels (still a small percent though – from 0% of cust. communication to maybe 5% for these centers)
Contact centers will be “a key source of information on customer experience and satisfaction to support customer centricity initiatives at the company” – same study, virtually all agree, most “completely agree”
http://www.scion.com/BeSpoke/
http://en.wikipedia.org/wiki/Digital_currencies
A few quick thoughts/predictions for 5 years from now:
Usage for companies will be near ubiquitous, although the degree of engagement will still vary considerably
Advisor use will be common increase as well – with support from companies
Companies will be actively engaging in social service (or trying to figure out how to do so) as part of their customer-centric perspective
Contact centers will begin to use social channels to interact with customers (from a currently fielding “contact center of the future study” – about 2/3 so far expect social channels to comprise a larger part of their service channels (still a small percent though – from 0% of cust. communication to maybe 5% for these centers)
Contact centers will be “a key source of information on customer experience and satisfaction to support customer centricity initiatives at the company” – same study, virtually all agree, most “completely agree”
Recruiting Goes Social: http://www.limra.com/Solutions/Development/Producers_and_Managers/Programs/2014/Recruiting_Goes_Social_(February).aspx
Social Media Conference Link:
http://www.limra.com/Events/Conferences/2014/2014_Social_Media_Conference_for_Financial_Services.aspx