Branding in the Digital Age: The Actuarial Profession

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This is the presentation we gave at a PARN (http://www.parnglobal.com/) Conference on (Re)defining Your Professional Brand. We discussed the development of the brand value proposition and how we …

This is the presentation we gave at a PARN (http://www.parnglobal.com/) Conference on (Re)defining Your Professional Brand. We discussed the development of the brand value proposition and how we delivered it through an integrated graduate campaign with the objective of building an engaged community. The second part of the presentation talks about brand-led content on a strategic level, and how to engage and influence key stakeholders with content and communications to build a valuable brand, and in turn - a powerful professional body.

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  • 1. Using brand to unify content & engage your audiencesPAGE: 1 of 31Branding in theDigital AgePARN Conference, April 2013
  • 2. PAGE: 3 of 31Unify your brandPARN Conference, April 2013The Institute of ActuariesRe-defining a professionThe Institute and Faculty of ActuariesMember organisations tend to operate along more democraticlines than companies in the commercial sector, depending often onvolunteer staff and changing personnel in governance committees.This can lead to slower and more cautious decision making withinitiatives not always carried through to conclusion.In a profession already undergoing significant structural changesand operating in the front line of a financial world at a time ofglobal financial melt-down, repositioning the Actuarial Professionwas not going happen in a flash.
  • 3. PAGE: 2 of 31Unify your brandPARN Conference, April 2013The Institute of ActuariesA new vision with new opportunitiesA changing profession in a changing world2007 2008 20132009 20122010 2011OurVisionSetting out a newvision – bringingconsistency indirectionMerger –Institute withScottish FacultyOrganisationalchangeTheCrash!A global call forlegislation andnew processesSolvency IINew roles anddemand foractuariesERM& CERANewopportunities andchallenges foractuariesRiskStrategyA roadmap forrisk positioningSlam has worked for more than five years with the Actuarial Profession on brand research, strategy and contentagainst a background of significant change in the Actuarial world.New BrandIdentity
  • 4. PAGE: 4 of 31 PARN Conference, April 2013Objectives for growth and consolidationUnify your brandThe Institute of ActuariesATTRACT TOPGRADUATESVisionEXPANDOPPORTUNITIESFOR ACTUARIESMARKET AQUALIFICATIONWITH BROADAPPEALIn 2007, as now, the profession’s business strategy outlined a number of key objectives to support the the vision.
  • 5. PAGE: 5 of 31 PARN Conference, April 2013Objectives for growth and consolidationUnify your brandThe Institute of ActuariesATTRACT TOPGRADUATESVisionEXPANDOPPORTUNITIESFOR ACTUARIESMARKET AQUALIFICATIONWITH BROADAPPEALBUT ...Would graduates working innew areas see the relevanceof an actuarial qualification?BUT ...is the actuary brand imagean attractive proposition tohigh flying graduatesBUT ...are actuarial skillssuitable for rolesbeyond their traditionalroles and sectors
  • 6. PAGE: 6 of 31 PARN Conference, April 2013Unify your brandThe Institute of ActuariesSlam developed a project plan to test the objectives
  • 7. PAGE: 7 of 31 PARN Conference, April 2013Unify your brandThe Institute of ActuariesRecruitmentconsultantsCareeradvisorsGeneral publicNon-traditionalemployersGraduatesInternal ExternalStaffMembersLeadershipWe identified key stakeholders & conducted extensive researchStakeholderInfluencer
  • 8. PAGE: 3 of 31Unify your brandPARN Conference, April 2013The Institute of ActuariesLow awareness, competingqualifications and a massive gapbetween the image and the reality ofwhat actuaries are and do.We recommended repositioningaround a new value proposition.What we discovered
  • 9. PAGE: 9 of 31 PARN Conference, April 2013Unify your brandThe Institute of ActuariesActuaries work in insuranceWhat we discovered – the image
  • 10. PAGE: 10 of 31 PARN Conference, April 2013Unify your brandThe Institute of ActuariesActuaries work in riskWhat we discovered – the Reality …
  • 11. PAGE: 15 of 31Here the titleSome subtitle or description goes hereCAPABILITY FOCUSEDA complete and universalunderstanding of riskSTRATEGICInfluencing and makingleadership decisionsBROAD, DYNAMIC AND EXCITINGFlexible, global opportunitiesEXTRAVERTEDSharing thoughts and workingwith others to solve problemsPRACTICAL PROBLEM SOLVERA unique way of thinkingabout riskActuaries are experts in riskPARN Conference, April 2013
  • 12. PAGE: 11 of 31Here the titleTo align your people to the purpose and to deliver your promiseSome subtitle or description goes hereThe Power of a Unified Value PropositionMan is the creatorof change in thisworld and shouldnot be subordinateto mundanesystemsTo help people andbusinessesthroughout theworld realise theirfull potentialPARN Conference, April 2013
  • 13. PAGE: 12 of 31Here the titleSome subtitle or description goes hereThe Power of a Unified Value PropositionPARN Conference, April 2013
  • 14. PAGE: 13 of 31Here the titleSome subtitle or description goes herePARN Conference, April 2013Powerful value proposition – unified purpose
  • 15. PAGE: 14 of 31Some subtitle or description goes herePARN Conference, April 2013Generic value proposition – fragmented purpose
  • 16. PAGE: 15 of 31Here the titleSome subtitle or description goes hereCAPABILITY FOCUSEDA complete and universalunderstanding of riskSTRATEGICInfluencing and makingleadership decisionsBROAD, DYNAMIC AND EXCITINGFlexible, global opportunitiesEXTRAVERTEDSharing thoughts and workingwith others to solve problemsPRACTICAL PROBLEM SOLVERA unique way of thinkingabout riskActuaries are experts in riskPARN Conference, April 2013
  • 17. PAGE: 16 of 31 PARN Conference, April 2013Unify your brandThe Institute of ActuariesEXPANDOPPORTUNITIESFOR ACTUARIESMARKET AQUALIFICATIONWITH BROADAPPEALVisionATTRACT TOPGRADUATESOur first task was to engage graduates
  • 18. Unify your brandThe Institute of ActuariesLevel of ControlHigh LowPARN Conference, April 2013Promotion“About Me”Participation“About Us”Engagement“About You”One way communication, high-impact/creativeObjectives are typically to drive traffic to theowned/paid platforms & build awarenessSocial interaction is dependent on campaignmechanics, such as using Twitter.Audience relevance may be based oninsights gained from research, listening andmonitoringFacilitated conversation, controlledcommunityObjectives to deliver online experience, buildcloser relationships, enhance offer, crowdsource ideas – Build and grow thecommunitySocial interaction on brand „owned/paid‟platformAudience relevance is dependent on brandis offer, how the community reacts to brandbehaviorGroup conversation, external communityObjectives are to gain insights, build trustand grow the community through EarnedTrustInteraction within external community, brandenters communityAlways relevant as information iscentered around audience interestsPAGE: 17 of 31
  • 19. EXPLORE CONSIDER VALIDATE SELECT APPLYOnline skillInfluenceONLINEOFFLINECONTENT FOCUSONLINE BEHAVIOUR• Visits every possible graduatesite/forum there is• Actively engages forummembers (strangers) asking andanswering questions• E-mails different firms with keyquestionsEarnings EnjoymentEmploymentDESIRED INFORMATION• International opportunities andexperience• Employment opportunity, todayand tomorrow• Big deals, big clients• Earning potentialKey influencerUnify your brandThe Institute of Actuaries• Visits different employersites – visits their jobsboard• Visits graduatesrecruitment/job sites(Prospects, Milkround)• Looks at graduaterecruitments sites at jobsadvertised• E-mails graduaterecruitment staff• Gets involved in graduatecareer forums• E-mails those working inher chosen field to ask„questions‟• Talks to peers on socialmedia• Visits employer socialmedia sites, ie. Facebook• Applies throughcompany‟s website• Speaks to employers atcareers fairs• Speaks to careeradvisors• Reads employermarketing material• Receives updates• Talks to peers*• Speaks to parents /family friend*• Speaks to recruiters*• Speaks to graduateemployment team• Reads employerbrochure• Applies through graduaterecruitment team• Applies at eventsEmployersPARN Conference, April 2013Avery Jones24Oxford graduateEngineering degreePAGE: 18 of 31
  • 20. Unify your brandThe Institute of ActuariesUnderstand how they interactPARN Conference, April 2013PAGE: 19 of 31
  • 21. PAGE: 20 of 31 PARN Conference, April 2013Unify your brandThe Institute of ActuariesLEARNContent that engages throughproviding new information thatteaches your audiencesomething new and usefulWhitepapers, Articles, News, Webinars, SurveysUTILITYContent that engages throughbeing useful, by solving aproblem or by improvingdecision-making / making thingseasierCalculators, Maps, Trackers,AggregatorsPLAYContent that engages throughrewarding the audience forcompleting enjoyable tasksGames, Gamification, Check-ins,Reward Programs, PuzzlesENTERTAINContent that engages theaudience through amusement orenjoymentStories, Songs, Jokes, Performances,PoemsUsefulEnjoymentActivePassiveAnd what they are interested in
  • 22. Facebook pageYoutubeChannelWWW.Graduatecareers pageGraduaterecruitmentsitesOnlineAdvertsEDMDirect MailPrintedBrochuresStaffPromotion EngagementSchoolleaverFacebookProfileActuariesFacebookProfileActuaryvideo“DITLOs”OnlineProfilesSchoolsbrochureGraduatebrochureGraduateFacebookProfileProbabilityQuiz“World ofRisk”Posts:Curated, Events, NewsRecruiterFacebookprofilePrintAdvertsPersonalblog,publicationsGraduateMailerSocialMedia guideforActuariesOffline OnlinePosts:Sharing,Job oppsJob site,listingsPosts:Sharing,Comment,questionsPosts:Sharing,answeringquestionsParticipationIntegrated, connected by content, unified by the ideaover12,000PARN Conference, April 2013PAGE: 21 of 31
  • 23. ….Meanwhile risk grew in RelevancePARN Conference, April 2013PAGE: 22 of 31
  • 24. So we researched opportunities in Risk Management A study of the emerging field of riskmanagement included interviews with CROsand risk professionals in both traditional andnon-traditional areas of financial services tounderstand how RM was reshapingbusinesses.Key Findings RM has significant impact on actuarial rolesin traditional employment areas – “We‟re allrisk managers now!” Opportunities in both traditional and non-traditional areas, but a lack of awarenessand understanding of actuarial fit. Requirements for additional skills intraditional roles. Lack of awareness of the world evolving intraditional areas.PARN Conference, April 2013PAGE: 23 of 31
  • 25. PAGE: 24 of 31 PARN Conference, April 2013Unify your brandThe Institute of ActuariesExpertsin RiskA new strategy placing Experts in Risk at the heartSponsorship
  • 26. PAGE: 25 of 31 PARN Conference, April 2013Unify your brandThe Institute of ActuariesInternal ExternalMembersLeadershipChange begins with understanding the audienceExecutiveStaffObjectiveOwn promote, inspire & engage atglobal, national, sector and individuallevelObjectiveUnderstanding of how risk is re-shaping actuarial work, broadeningopportunities and redefining theapplication of core actuarial skillsObjectiveCreation, management and co-ordination of “Experts in Risk” brandpositioning within core activities
  • 27. PAGE: 26 of 31 PARN Conference, April 2013Unify your brandThe Institute of ActuariesInsuranceSectorInternal ExternalInternal primary segmentsInternal Sub-segmentsMembersLeadershipExecutiveStaffSeniors Mid-tierJunior &StudentsPensionsSectorInvestmentsSectorWhat would we like them to know,believe and do?What do they currently know, believeand do?What knowledge, ideas andinformation can bridge the gap, bothfunctionally and emotionally?Change begins with understanding the audienceExecutiveStaff
  • 28. PAGE: 27 of 31 PARN Conference, April 2013Unify your brandThe Institute of ActuariesSeniorsInsuranceSectorInternal ExternalMembersLeadership…On a deeper levelInternal primary segmentsInternal Sub-segmentsMid-tierJunior &StudentsPensionsSectorInvestmentsSectorTechnical andinspirationalcontent tosupportachieving toppositions, participation inindustry eventsand inspiringstaffBuildenthusiasm,energy, skillsand careersupportFrom highlytechnical toinspirationalcontent to buildcapabilities andshow the wayBuildawareness,inspire, advise.Messagesintegrated attouch pointsfrom educationto social media.ExecutiveStaff
  • 29. PAGE: 28 of 31 PARN Conference, April 2013Unify your brandThe Institute of ActuariesInternal ExternalInternal primary segmentsExternal segmentsMembersLeadershipRecruitmentconsultantsRelatedProfessionalsGeneral publicEmployersGraduates PressEducatorsCareersAdvisorsto get them to get the message across with relevant contentExecutiveStaff
  • 30. PAGE: 29 of 31 PARN Conference, April 2013Unify your brandThe Institute of ActuariesGearing the organisation to deliver the content
  • 31. PAGE: 30 of 31 PARN Conference, April 2013Unify your brandThe Institute of ActuariesSo What! Ensure you have a unifying value proposition at the heart of your brand –a promise that is true, relevant, differentiating and enduring Place content at the centre of your marketing and make sure it works hardby developing a content strategy centred around achieving audiencegoals - by understanding your audiences online Create great content that meets your strategic objectives, unifies yourbrand while educating, entertaining, influencing and informing Enable your people to create and develop content which is supported byorganisational processes and systems
  • 32. That‟s all for todayAuthor: Shiela LumsdenDate: April 2013PAGE: 31 of 31Thanks!PARN Conference, April 2013