"Navigating Regulated Industries - A Cautionary Tale"
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Thomas H. Wetzel & Associates, Inc. BSWB ATTORNEYS AT LAW Industries: A Cautionary Tale 1
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Social Media Presentation at Word of Mouth Marketing Association, Chicago, May, 2010
Transcript of "Navigating Regulated Industries - A Cautionary Tale"
Thomas H. Wetzel & Associates, Inc.
BSWBATTORNEYS AT LAW
Navigating Regulated Industries: A Cautionary Tale
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Thomas H. Wetzel & Associates, Inc.
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Navigating Regulated Industries
• Productive
• Cost-Efficient
• Risk-Averse
Thomas H. Wetzel & Associates, Inc.
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Navigating Regulated Industries
Thomas H. Wetzel & Associates, Inc.
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Navigating Regulated Industries
Playing Offense AND Defense
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Navigating Regulated Industries
On Offense…
• Promoting the brand• Generating leads• Strengthening customer relationships • Building a community around customer
needs• Telling the insurance story
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Navigating Regulated Industries
On Defense…
• Defending the brand
• Building legal protections
• Creating risk management plan
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Navigating Regulated Industries
Thomas H. Wetzel & Associates, Inc.
BSWBATTORNEYS AT LAW
Navigating Regulated Industries
• Don’t experiment, construct a roadmap
• Engage legal counsel
• Revise existing guidelines
• Train, train, train
• Monitor and measure
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Thomas H. Wetzel & Associates, Inc.
BSWBATTORNEYS AT LAW
Navigating Regulated Industries
ASSESSING SOCIAL MEDIA COSTS
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Thomas H. Wetzel & Associates, Inc.
BSWBATTORNEYS AT LAW
Navigating Regulated Industries
• Staff costs
• Protecting the brand
• Changes in the marketing mix
• Controlling liability costs
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The Value of Social Media
TWO CRITICAL TAKEAWAYS
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Navigating Regulated Industries
TAKEAWAY #1
The risks of not participating or participating ineffectively increase every day.
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Navigating Regulated Industries
TAKEAWAY #2
Experimenting slowly is not the same as being cautious with a plan.
Thomas H. Wetzel & Associates, Inc.
BSWBATTORNEYS AT LAW
Integrating Social Media into Marketing Mix
Navigating Regulated Industries
Thomas H. Wetzel & Associates, Inc.
BSWBATTORNEYS AT LAW
Web siteBlog
Microblog (twitter)Social networking (Facebook, MySpace)
Social Media Management
TraditionalMedia
(Print, Radio, TV)
SocialMedia
Message
Message
Stakeholders
Stakeholders
StakeholdersDirect Marketing(Phone, mail, news,
trade shows
StakeholderCommunications
Who are the key Who are the key stakeholders?stakeholders?
Legal filter
Thomas H. Wetzel & Associates, Inc.
BSWBATTORNEYS AT LAW
Web siteBlog
Microblog (twitter)Social networking (Facebook, MySpace)
Social Media Management
TraditionalMedia
(Print, Radio, TV)
SocialMedia
Message
Message
Stakeholders
Stakeholders
StakeholdersDirect Marketing(Phone, mail, news,
trade shows
StakeholderCommunications
What are the key What are the key messages?messages?
Legal filter
Thomas H. Wetzel & Associates, Inc.
BSWBATTORNEYS AT LAW
Web siteBlog
Microblog (twitter)Social networking (Facebook, MySpace)
Social Media Management
TraditionalMedia
(Print, Radio, TV)
SocialMedia
Message
Message
Stakeholders
Stakeholders
StakeholdersDirect Marketing(Phone, mail, news,
trade shows
StakeholderCommunications
What are the What are the right media?right media?
Legal filter
Thomas H. Wetzel & Associates, Inc.
BSWBATTORNEYS AT LAW
Web siteBlog
Microblog (twitter)Social networking (Facebook, MySpace)
Social Media Management
TraditionalMedia
(Print, Radio, TV)
SocialMedia
Message
Message
Stakeholders
Stakeholders
StakeholdersDirect Marketing(Phone, mail, news,
trade shows
StakeholderCommunications
What are your What are your liabilities?liabilities?
Legal filter
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Where to Start?
• Join our Facebook discussion at Social-Media-Management-for-Insurance-Industry
• Jumpstart your participation with our Social Media Management Program
• Contact [email protected]
•
Thomas H. Wetzel & Associates, Inc.
BSWBATTORNEYS AT LAW
Navigating Regulated Industries
THANK YOU
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