Post on 21-Jan-2015
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Thomas H. Wetzel & Associates, Inc.
BSWBATTORNEYS AT LAW
Social Media Strategy: What’s Next ?
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Presented for the Society of Insurance Research
Thomas Wetzel
November 16, 2010
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Social Media: What’s Next
• Productive
• Cost-Efficient
• Risk-Averse
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Social Media: What’s Next
Provided
THAT IT IS DONE RIGHT!
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Social Media: You Can’t Wait Any Longer
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Social Media: You Can’t Wait Any Longer
Playing Offense AND Defense
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Social Media: What’s Next
On Offense…• Promoting your brand• Generating leads• Strengthening customer relationships • Building a community around customer
needs• Developing advocates• Telling the insurance story• Listening and learning
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Social Media: What’s Next
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It Does Not Mean:
• Just setting up a Facebook page• Treating asocial media as just another
corporate mouthpiece• Buttonholing social media in the marketing
department
Thomas H. Wetzel & Associates, Inc.
BSWBATTORNEYS AT LAW
Social Media: What’s Next
It Does Mean:
• Listening, not preaching• Educating, not lecturing• Building a community around your assets • Facilitating conversation• Encouraging “social sharing”• Using the data wisely
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Social Media: What’s Next
On Defense…
• Defending your brand• Knowing how to respond to criticism and
turn it your advantage • Building legal protections• Creating risk management plan
Thomas H. Wetzel & Associates, Inc.
BSWBATTORNEYS AT LAW
Social Media: What’s Next
It Does Not Mean:
• Blocking all employee access• Tuning out the complainers • Waiting for the first compliance violation to
take action
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Thomas H. Wetzel & Associates, Inc.
BSWBATTORNEYS AT LAW
Social Media: What’s Next
It Does Mean:
• Creating a strategy and plan for formal participation
• Educating and guiding employees and producers
• Establishing usage guidelines and enforcing them
• Managing your social media profile
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Thomas H. Wetzel & Associates, Inc.
BSWBATTORNEYS AT LAW
Social Media: What’s Next
TACTICS• Blogging
• Microblogging• Social Network Participation
• Monitoring• Video Marketing
• Blogger Relations • Influencer Engagement
• Community Creation & Engagement• Word-of-Mouth Marketing
• Training
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Social Media: What’s Next
Monitoring
• Consistency • Comprehensive• Mandatory eyeballing
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Social Media: What’s Next
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How Much Will It Cost?
• May use existing staff to start• Cost vs. value• Protecting the investment in your brand• Recalibrate marketing expenses• Minimize compliance, litigation costs
Thomas H. Wetzel & Associates, Inc.
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Social Media: What’s Next
• Pressure to demonstrate ROI• Increasing regulatory scrutiny • Litigation challenges• Greater carrier-agent cooperation• Corporate-based communities
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Social Media: What’s Next
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• USAA New York Life• Alfa Insurance State Farm• Westfield Insurance Farmers • PEMCO VPI Pet Insurance • Allstate Erie Insurance• American Family Insurance Shelter Insurance • GEICO Florida Association • Progressive of Insurance Agents
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Social Media: What’s Next
Thomas H. Wetzel & Associates, Inc.
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Social Media: What’s Next
• Don’t experiment, construct a roadmap• Every department plays a role• Engage legal counsel • Revise existing guidelines• Train, train, train • Monitor and measure
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SIX CRITICAL TAKEAWAYS
Social Media: What’s Next
Thomas H. Wetzel & Associates, Inc.
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Social Media: What’s Next
TAKEAWAY #1
Social Media is mainstream communications
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Social Media: What’s Next
TAKEAWAY #2
Avoiding corporate-sanctioned and managed participation is no longer a viable option. Neither is ineffective participation.
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Social Media: What’s Next
TAKEAWAY #3
Social Media affects every insurance function and every function needs to play a role.
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Social Media: What’s Next
TAKEAWAY #4
Hit or miss experimentation is no substitute for a carefully-designed plan.
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Thomas H. Wetzel & Associates, Inc.
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Social Media: What’s Next
TAKEAWAY #5
Social Media is not to be feared or shunned. It is not a magic bullet, however it is an indispensable one.
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Thomas H. Wetzel & Associates, Inc.
BSWBATTORNEYS AT LAW
Social Media: What’s Next
TAKEAWAY #6
The time is start is now.
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Where to Start?
• Join our Facebook discussion at Social-Media-Management-for-Insurance-Industry
• Follow our blog at www.thegoodrisk.com• For information on our services, see
wetzelandassociates.com• Email us at twetzel@wetzelandassociates.com• Phone: 708-524-4944 Cell: 708-577-8658