LIMRA/LOMA Conference Presentation: Rising above the Noise: Facebook’s EdgeRank and Solving the...
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Transcript of LIMRA/LOMA Conference Presentation: Rising above the Noise: Facebook’s EdgeRank and Solving the...
Rising Above the NoiseFacebook’s EdgeRank and Solving the Trust Gap
Augie RayDirector of Social Media Strategy@augieray
More Facebook FansFewer Facebook Fans
Quick Survey: Less Engagement More Engagement
@augieray #LLSMC
More Facebook FansFewer Facebook Fans
Quick Survey: Fewer Facebook Fans More Facebook Fans
@augieray #LLSMC
Look! Lots of engagement!
Company #4
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Use/Choose/Recommend
Switch
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Total Insurance Conversation Volume by Brand
Percentage of Social Media Conversations by Topic
@augieray #LLSMC
Look! A fan surge!
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11/19159,577
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@augieray #LLSMC
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All fans are not created equal
High Value Fans Low Value Fans
+$ -$@augieray #LLSMC
∑ Ue We De = Success
The simple Facebook equation
Fans to the power of Affinity
Affinity between user & edge creator
Weight for this edge
Time decay factor for edge
FansA *
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The (slightly less) simple Facebook equation
∑ Ue We De = SuccessFans to the power of Affinity
Affinity between user & edge creator
Weight for this edge
Time decay factor for edge
Brand vector
FansA * * b
@augieray #LLSMC
You’re followed, but are you on Twitter lists?
You’re followed on LinkedIn, but who cares?
It’s not just a Facebook issue
It’s easy to forget that the goal isn’t to be liked or followed, it’s to earn attention, consideration, intent, usage and advocacy.
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Chicken or egg?
1.2.3.
Follow/LikeEngagementTrust
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• Millennials are 4 times more likely than baby boomers (28 percent vs 7 percent, respectively) to say they are unwilling to act on the advice of a financial advisor without first consulting other sources.(Accenture)
• 55% say “It’s hard for me to know who to trust for financial advice.” (2012 Household Financial Planning Survey, Certified Financial Planner Board of Standards & Consumer Federation of America)
The trust gap
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The trust gap
Source: Edelman 2013 Trust Barometer
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Trustis strongestperson toperson.
Credit: http://www.flickr.com/photos/mikebaird/
Data point: Consumers trust each other
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Data point: Consumers don’t trust us
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Ameriprise borrows the trust inherent in relationships
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Fidelity furnishes community for trusted P2P dialog
Fidelity’s Stock Plan Services communities allow sponsors to discuss with peers:• New regulations and industry trends• Opinions of Fidelity’s products and services• Administrative best practices45% of Fidelity's SPS client base registered to use the site
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Transparency
Increasestrust.
Credit: http://www.flickr.com/photos/thebarrowboy/
Data point: Consumers value transparency & honesty
Individual is honest and trustworthy
Individual provides transparency & keeps me informed
Investment track record
Fees or commissions charged
Depth of products & services
Offers products from a variety of companies
0% 20% 40% 60% 80% 100%
Choosing a new advisor: Households w/ $100k to $1mm
Source: National Association of Personal Financial Advisors
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Vanguard lowers barriers in social media
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is built withinteraction.
Credit: http://www.flickr.com/photos/jorislouwes
Trust
Data point: Social interactions build FP business
Source: July 2012 “Collaborative Advice,” Forrester Research by Bill Doyle
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Data Point: Mass affluent engage w/ FinServ content
Source: Influencing the Mass Affluent, LinkedIn and Cogent Research, 2013
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Prudential builds relationships between FPs and Clients
• 190% increase in LinkedIn connections to intermediary partners, Prudential Retirement’s key sales channel.
• 161% increase in first-degree connections, extending reach and the strength of their LinkedIn network within target industries.
190% IncreaseIntermediary Partners
161% Increase1st-Degree Connections
Prudential Retirement worked with PeopleLinx to assist FPs to grow theirnetworks and engage in an appropriate, results-oriented manner.
• 40% increase in advisor connections• 30% increase in alumni connections• 3 opportunities directly sourced
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USAA builds trust with social responsiveness
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• USAA earns the most trust from its customers across 246 companies in 19 industries per the Temkin Trust Ratings.
• USAA was one of only 50 companies to earn the Customer Service Champion distinction from J.D. Power.
• USAA Bank's Net Promoter Score of 83% is the highest score among more than 200 brands across 22 sectors.
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Goal: Increase followers of Christopher Taylor, head of Financial Institutions.
• Posted content• Banner Ads• Targeted InMail to VPs,
Owners, Partners & C-level in FinServ
• 700,000 ad impressions• 850+ ad clicks• 1,000 new connections in six
weeks• Email had open rate of 14% &
CTR of 15%
Zurich creates interactions with content
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increases trust inproducts.
Credit: http://www.flickr.com/photos/jdhancock/
Co-creation
Data point: Consumers buy products they helped build
Source: The Collaborative Marketing Future, Crowdtap, 2013
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Barclaycard launched the world's first community-designed credit card.
• Transparent about financial performance and engages cardmember community to build a better credit card experience.
• More than 50 crowdsourced customer ideas and suggestions implemented
• Barclaycard’s cardmember community has helped drive customer retention up 25% versus typical programs, and decreased customer complaints by 50%
Barclaycard lets customers set product terms
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Build trust:• Person to person• With transparency• With quality interactions• With co-creation
Thank you!Augie Ray@augieray