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4 Timeless Business Lessons Revived in the Social Media Era  (Clara Shih, LIMRA Social Media Conference for Financial Services)
 

4 Timeless Business Lessons Revived in the Social Media Era (Clara Shih, LIMRA Social Media Conference for Financial Services)

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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." ...

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

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  • Oct 4, 2012 Facebook reached 1B active users Facebook reached 55%  of the world’s global audience accounting for roughly 75% of time spent on social networking sites and one in every seven minutes spent online globally The average Facebook user spends 700 mins per month on the site
  • Customers are broadcasting valueble buying signals on social media.for example they’re letting their network know when they get married, get a new job, have a baby, or buy a house.
  • 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.
  • 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.
  • It’s 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.
  • It’s 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.
  • 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.
  • 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.
  • 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.
  • 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.
  • 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,  they’re 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.
  • 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,  they’re 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.
  • what if you could empowers global sales forces to efficiently and successfully use Facebook, Twitter, and LinkedIn to attract prospects, retain customers, and grow business
  • And, they’re doing this at a rapid rate, billions of people with millions of posts a daySocial sales is the key to capitalizing on this opportunity.
  • “Ultra affluent” are:37% more likely to trust information on their LinkedIn network157% more likely to trust articles shared on LinkedIn

4 Timeless Business Lessons Revived in the Social Media Era  (Clara Shih, LIMRA Social Media Conference for Financial Services) 4 Timeless Business Lessons Revived in the Social Media Era (Clara Shih, LIMRA Social Media Conference for Financial Services) Presentation Transcript

  • Four Timeless Business Lessons Revived in the Social Era 8.23.2013 @clarashih #SocialElite
  • @clarashih #LLSMC #SocialElite Our Journey • CLIENT- SERVER • WEB 1.0 • NY TIMES- FEATURED BESTSELLER
  • @clarashih #LLSMC #SocialElite >>LEARN MORE
  • @clarashih #LLSMC #SocialElite Overview “Hearsay Social Takes Out Insurance” – November 2012 100% Proven Success and Scale KEY INGREDIENTS FOR SUCCESS  Measurable business results  Compliance  Enterprise-ready The Complete Social Selling Platform for Financial Services 55,000+ Reps | 10M+ Relationships | 8 Countries | 100% Success
  • @clarashih #LLSMC #SocialElite KEY TRENDS AND OPPORTUNITIES
  • @clarashih #LLSMC #SocialElite 1B+ 555M+ 200M+ 25M+ 100M+ The World Has Gone Social and Mobile - 500 1,000 1,500 2,000 MillionsofActiveUsers 2005 2006 2007 2008 2009 2010 2011 Today >1.7B people 98% of U.S. online population 7B worldwide hours per month on online social networks
  • @clarashih #LLSMC #SocialElite 1980 1994 Up to the 1970s
  • @clarashih #LLSMC #SocialElite The Opportunity: Customers Broadcasting Buying Signs
  • @clarashih #LLSMC #SocialElite Social Media Has Also Changed What Buyers Expect from Business • Online sources influence offline purchases • Transparent and public conversation • Instant 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 Social Media is About Enhancing Human Capital
  • @clarashih #LLSMC #SocialElite Source: 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 FINDABLE 1
  • @clarashih #LLSMC #SocialElite BE FINDABLE 1
  • @clarashih #LLSMC #SocialElite 2 GROW YOUR NETWORK
  • @clarashih #LLSMC #SocialElite 2 GROW YOUR NETWORK
  • @clarashih #LLSMC #SocialElite 3 “HEAR” – DO YOUR RESEARCH
  • @clarashih #LLSMC #SocialElite 3 “HEAR” – DO YOUR RESEARCH
  • @clarashih #LLSMC #SocialElite 4 “SAY” – ESTABLISH CREDIBILITY
  • @clarashih #LLSMC #SocialElite 4 “SAY” – ESTABLISH CREDIBILITY
  • @clarashih #LLSMC #SocialElite Social Business Success Requires “Hear” and “Say”
  • @clarashih #LLSMC #SocialElite Using Hearsay Social has helped me turn every client relationship into 5-10 new potential client relationships “ ”
  • @clarashih #LLSMC #SocialElite 22% increase in sales vs. prior results without social media Knut Olson SVP Distribution “ ”
  • @clarashih #LLSMC #SocialElite The Opportunity: Customers Broadcasting Buying Signs 1.7B+ people 7B+ hours/month 200M+ tweets/day 2.7B+ likes/day Capitalize on the opportunity with social sales.
  • @clarashih #LLSMC #SocialElite 61%of financial advisors surveyed said they had landed a new client directly from 2011 HubSpot survey of 611 financial advisors in all specialties.
  • @clarashih #LLSMC #SocialEliteSource: 2012 McKinsey LIMRA survey of financial advisors. KNOWLEDGE OF 3MORE LIFE EVENTS $7,333AVERAGE PRODUCTION GAIN FOR FINANCIAL ADVISORS:
  • @clarashih #LLSMC #SocialElite We Know That it Sometimes Feels Like This
  • @clarashih #LLSMC #SocialElite Our Goal is To Help You Get Here
  • @clarashih #LLSMC #SocialElite One Platform to Rule Them All From corporate to agents to recruiting, Hearsay Social powers social media ROI across the enterprise. — VP Marketing Farmers Insurance Brand Pages 6,000+ Rep Pages & Profiles Field Management/Recruiti ng
  • @clarashih #LLSMC #SocialElite It is a time of great opportunity – you are the visionary. I predict the Internet will soon go spectacularly supernova and in 1996 catastrophically collapse −Robert Metcalfe, inventor of Ethernet 1995 InfoWorld column I think there is a world market for maybe five computers −Thomas Watson, chairman of IBM 1943 This „telephone‟ has too many shortcomings to be seriously considered as a means of communication −Western Union internal memo, 1976 Television won’t be able to hold on to any market it captures after the first six months. People will soon get tired of staring at a plywood box every night −Darryl Zanuck, 20th Century Fox, 1946 Everyone’s always asking me when Apple will come out with a cell phone. My answer is, ‘Probably never.’ −David Pogue, The New York Times, 2006
  • @clarashih #LLSMC #SocialElite Thank you @clarashih @HearsaySocial JIM KERLEY, CLARA SHIH, GREG BAILY, STEPHEN SELBY & MICHAEL LOCK AFTER THE LIMRA SOCIAL AWARDS GARY LIU, PAUL DeSIMONE, & AUGIE RAY HEARSAY SOCIAL DINNER GUESTS IN BOSTON
  • @clarashih #LLSMC #SocialElite Learn more about social sales The Social Era Demands Social Selling is a new ebook outlining how sales organizations can leverage social networks to grow business. Shifting the conversation from social marketing to social selling, the ebook explains how salespeople can attract prospects, retain customers, and grow business in the social era. >> DOWNLOAD THE EBOOK