4 Timeless Business Lessons Revived in the Social Media Era (Clara Shih, LIMRA Social Media...

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LIMRA August 2013 Social Media Conference for Financial Services keynote presentation from Clara Shih, CEO, Co-Founder, Hearsay Social, titled "4 Timeless Business Lessons Revived in the Social Era." Covers social sales best practices for the financial services and insurance industries. The value of advisor relationships hasn't changed. Producer's connection with their customers and the community are the key to growing business. However, the way that advisors connect with and relate to customers has changed. This session will cover four timeless business practices that should be engrained in your field force, and how the practices have been 're-birthed' in the social era. Originally presented August 23, 2013

Transcript of 4 Timeless Business Lessons Revived in the Social Media Era (Clara Shih, LIMRA Social Media...

Digital Distribution: Strategic Opportunities for Customer Engagement in the Social, Mobile Era

Four Timeless Business Lessons Revived in the Social Era

8.23.2013@clarashih#SocialElite

@clarashih #LLSMC #SocialElite

Our Journey

CLIENT-SERVERWEB 1.0NY TIMES-FEATURED BESTSELLER

@clarashih #LLSMC #SocialElite 2

>>LEARN MORE@clarashih #LLSMC #SocialElite OverviewHearsay Social Takes Out Insurance

November 2012100% Proven Success and ScaleKEY INGREDIENTS FOR SUCCESSMeasurable business resultsComplianceEnterprise-ready

The Complete Social Selling Platform for Financial Services

55,000+ Reps | 10M+ Relationships | 8 Countries | 100% Success@clarashih #LLSMC #SocialElite 4KEY TRENDS AND OPPORTUNITIES@clarashih #LLSMC #SocialElite

1B+

555M+

200M+

25M+100M+

The World Has Gone Social and Mobile2005 2006 2007 2008 2009 2010 2011 Today>1.7B people98%of U.S. online population7Bworldwide hours per month on online social networks@clarashih #LLSMC #SocialElite

19801994

Up to the 1970s@clarashih #LLSMC #SocialElite Oct 4, 2012 Facebook reached 1B active usersFacebook reached 55% of the worlds global audience accounting for roughly 75% of time spent on social networking sites and one in every seven minutes spent online globallyThe average Facebook user spends 700 mins per month on the site

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1.7B+ people7B+hours/month200M+tweets/day2.7B+likes/day

The Opportunity: Customers Broadcasting Buying Signs

@clarashih #LLSMC #SocialElite Customers are broadcasting valueble buying signals on social media.for example theyre letting their network know when they get married, get a new job, have a baby, or buy a house.

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Social Media Has Also Changed What Buyers Expect from BusinessOnline sources influence offline purchasesTransparent and public conversationInstant response

@clarashih #LLSMC #SocialElite

At the Same Time, Trust Has Shifted from Institutions to Individuals

@clarashih #LLSMC #SocialElite

This is Good News for Businesses Who Have Reps

@clarashih #LLSMC #SocialElite

Internet 1.0 was About Replacing Human Capital@clarashih #LLSMC #SocialElite Left hand side: Highly commoditized goods and services (buy on price) Right-hand side: Complex, high price point, actual human service, requires a trusted advisor to guide them through the process A lot of middlemen got disintermediated by the Internet. Mostly they were reps who sold commoditized products or people who missed out on getting a smartphone and email account and got outcompeted by peers.

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Social Media is About Enhancing Human Capital@clarashih #LLSMC #SocialElite Left hand side: Highly commoditized goods and services (buy on price) Right-hand side: Complex, high price point, actual human service, requires a trusted advisor to guide them through the process A lot of middlemen got disintermediated by the Internet. Mostly they were reps who sold commoditized products or people who missed out on getting a smartphone and email account and got outcompeted by peers.

13Source: FTI Consulting and LinkedIn Study, Financial Advisors Use of Social Media Moves from Early Adoption to Mainstream (May 2012)

Advisors Want to Be Social@clarashih #LLSMC #SocialElite FOUR TIMELESS LESSONS REVIVED@clarashih #LLSMC #SocialElite

BE FINDABLE1@clarashih #LLSMC #SocialElite Its clear that buyers and consumers are going online to research products or services before they are purchased. A recent study from CEB cited that, on average, buyers progress nearly 60% of the way through the purchase decision-making process before engaging with a sales representative. Today, social media is one of the most powerful ways to tip those scales in the sales rep's favor. Social media pages and profiles are typically at the top of search results, and without these online presences, a salesperson or organization is at risk for not turning up in the search results when an interested prospect goes looking. Furthermore, in a buying process where the decision-maker relies on expert advice to guide their decision, they are looking for people that their friends or colleagues have worked with. Where one might have previously asked friends and colleagues about where to take their business, people are increasingly turning to social networks as the easiest way to answer their questions. 16

BE FINDABLE1@clarashih #LLSMC #SocialElite Its clear that buyers and consumers are going online to research products or services before they are purchased. A recent study from CEB cited that, on average, buyers progress nearly 60% of the way through the purchase decision-making process before engaging with a sales representative. Today, social media is one of the most powerful ways to tip those scales in the sales rep's favor. Social media pages and profiles are typically at the top of search results, and without these online presences, a salesperson or organization is at risk for not turning up in the search results when an interested prospect goes looking. Furthermore, in a buying process where the decision-maker relies on expert advice to guide their decision, they are looking for people that their friends or colleagues have worked with. Where one might have previously asked friends and colleagues about where to take their business, people are increasingly turning to social networks as the easiest way to answer their questions. 17

2GROW YOUR NETWORK

@clarashih #LLSMC #SocialElite For decades sales managers have profiled individuals in with a good rolodex to maximize reach and have built countless training programs around effectively utilizing personal networks. Sales reps that understood how to effectively engage and expand their networks rose to the top and became consistent top performers.The same is true today, and the rise of social networks has made this entire process more efficient and powerful. This is true because social networks online act just like social networks in the physical world. Just like shared connections would in an offline world, online social networks provide the context, familiarity, and trust that allow good sales people to effectively establish a credible rapport to represent themselves and their brand.182GROW YOUR NETWORK

@clarashih #LLSMC #SocialElite For decades sales managers have profiled individuals in with a good rolodex to maximize reach and have built countless training programs around effectively utilizing personal networks. Sales reps that understood how to effectively engage and expand their networks rose to the top and became consistent top performers.The same is true today, and the rise of social networks has made this entire process more efficient and powerful. This is true because social networks online act just like social networks in the physical world. Just like shared connections would in an offline world, online social networks provide the context, familiarity, and trust that allow good sales people to effectively establish a credible rapport to represent themselves and their brand.19

3HEAR DO YOUR RESEARCH@clarashih #LLSMC #SocialElite Salespeople are always taught to research a prospect and thier history before walking into a meeting. In the social media Era, social signal via facebook, linkedIn and twitter all reps to better understand customer needs so that they can reach out to the right people, at the right time, and go in warm. 20

3HEAR DO YOUR RESEARCH

@clarashih #LLSMC #SocialElite Salespeople are always taught to research a prospect and thier history before walking into a meeting. In the social media Era, social signal via facebook, linkedIn and twitter all reps to better understand customer needs so that they can reach out to the right people, at the right time, and go in warm. 21

4SAY ESTABLISH CREDIBILITY@clarashih #LLSMC #SocialElite Credibility: Once we got to a place where we no longer neighbors with our local service providers, a listing in the Yellow Pages or a storefront used to be key indicators to credibility, and with the wave a of Web 1.0 having a webpage became a requirement for doing business. Similarly, we are now entering the world where social presence provides necessary credibility. Not only does a social page or profile indicate what you or your company does, it indicates who knows you, follows you, or has worked with you before. People are unlikely to walk blindly into their local bank in order to find a financial advisor, theyre doing their research and connections and referrals from their contacts provide the background they need to find people or businesses credible in the social era. 22

4SAY ESTABLISH CREDIBILITY@clarashih #LLSMC #SocialElite Credibility: Once we got to a place where we no longer neighbors with our local service providers, a listing in the Yellow Pages or a storefront used to be key indicators to credibility, and with the wave a of Web 1.0 having a webpage became a requirement for doing business. Similarly, we are now entering the world where social presence provides necessary credibility. Not only does a social page or profile indicate what you or your company does, it indicates who knows you, follows you, or has worked with you before. People are unlikely to walk blindly into their local bank in order to find a financial advisor, theyre doing their research and connections and referrals from their contacts provide the background they need to find people or businesses credible in the social era. 23

Social Business Success Requires Hear and Say@clarashih #LLSMC #SocialElite what if you could empowers global sales forces to efficiently and successfully use Facebook, Twitter,