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LIMRA/LOMA Conference Presentation: Rising above the Noise: Facebook’s EdgeRank and  Solving the Trust Gap
LIMRA/LOMA Conference Presentation: Rising above the Noise: Facebook’s EdgeRank and  Solving the Trust Gap
LIMRA/LOMA Conference Presentation: Rising above the Noise: Facebook’s EdgeRank and  Solving the Trust Gap
LIMRA/LOMA Conference Presentation: Rising above the Noise: Facebook’s EdgeRank and  Solving the Trust Gap
LIMRA/LOMA Conference Presentation: Rising above the Noise: Facebook’s EdgeRank and  Solving the Trust Gap
LIMRA/LOMA Conference Presentation: Rising above the Noise: Facebook’s EdgeRank and  Solving the Trust Gap
LIMRA/LOMA Conference Presentation: Rising above the Noise: Facebook’s EdgeRank and  Solving the Trust Gap
LIMRA/LOMA Conference Presentation: Rising above the Noise: Facebook’s EdgeRank and  Solving the Trust Gap
LIMRA/LOMA Conference Presentation: Rising above the Noise: Facebook’s EdgeRank and  Solving the Trust Gap
LIMRA/LOMA Conference Presentation: Rising above the Noise: Facebook’s EdgeRank and  Solving the Trust Gap
LIMRA/LOMA Conference Presentation: Rising above the Noise: Facebook’s EdgeRank and  Solving the Trust Gap
LIMRA/LOMA Conference Presentation: Rising above the Noise: Facebook’s EdgeRank and  Solving the Trust Gap
LIMRA/LOMA Conference Presentation: Rising above the Noise: Facebook’s EdgeRank and  Solving the Trust Gap
LIMRA/LOMA Conference Presentation: Rising above the Noise: Facebook’s EdgeRank and  Solving the Trust Gap
LIMRA/LOMA Conference Presentation: Rising above the Noise: Facebook’s EdgeRank and  Solving the Trust Gap
LIMRA/LOMA Conference Presentation: Rising above the Noise: Facebook’s EdgeRank and  Solving the Trust Gap
LIMRA/LOMA Conference Presentation: Rising above the Noise: Facebook’s EdgeRank and  Solving the Trust Gap
LIMRA/LOMA Conference Presentation: Rising above the Noise: Facebook’s EdgeRank and  Solving the Trust Gap
LIMRA/LOMA Conference Presentation: Rising above the Noise: Facebook’s EdgeRank and  Solving the Trust Gap
LIMRA/LOMA Conference Presentation: Rising above the Noise: Facebook’s EdgeRank and  Solving the Trust Gap
LIMRA/LOMA Conference Presentation: Rising above the Noise: Facebook’s EdgeRank and  Solving the Trust Gap
LIMRA/LOMA Conference Presentation: Rising above the Noise: Facebook’s EdgeRank and  Solving the Trust Gap
LIMRA/LOMA Conference Presentation: Rising above the Noise: Facebook’s EdgeRank and  Solving the Trust Gap
LIMRA/LOMA Conference Presentation: Rising above the Noise: Facebook’s EdgeRank and  Solving the Trust Gap
LIMRA/LOMA Conference Presentation: Rising above the Noise: Facebook’s EdgeRank and  Solving the Trust Gap
LIMRA/LOMA Conference Presentation: Rising above the Noise: Facebook’s EdgeRank and  Solving the Trust Gap
LIMRA/LOMA Conference Presentation: Rising above the Noise: Facebook’s EdgeRank and  Solving the Trust Gap
LIMRA/LOMA Conference Presentation: Rising above the Noise: Facebook’s EdgeRank and  Solving the Trust Gap
LIMRA/LOMA Conference Presentation: Rising above the Noise: Facebook’s EdgeRank and  Solving the Trust Gap
LIMRA/LOMA Conference Presentation: Rising above the Noise: Facebook’s EdgeRank and  Solving the Trust Gap
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LIMRA/LOMA Conference Presentation: Rising above the Noise: Facebook’s EdgeRank and Solving the Trust Gap

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Today, brands focus on likes and fans, but rising above the social media noise has never been more difficult. At the same time, financial services firms face a crisis of trust with consumers — a …

Today, brands focus on likes and fans, but rising above the social media noise has never been more difficult. At the same time, financial services firms face a crisis of trust with consumers — a problem social media is particularly well suited to help resolve. What is the trust gap and how can financial services companies leverage social media to close it? In this presentation, you'll find data from Forrester, Edelman and others that define the trust crisis in insurance, banking and financial services and also provide the basis for the solution--using social media to build trust.

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  • JD Power StudyBrand #2 has many times more conversations about using, choosing and recommending.Brand #2 and #3 have almost identical engagement, yet Brand #2 has twice as much discussion about not using, dropping and not wanting.
  • http://millionairecorner.com/article/investors-have-trust-issues-financial-advisorshttp://newsroom.accenture.com/news/millennial-investors-more-conservative-less-trusting-of-financial-advisors-than-b-by-boomers-and-gen-xers-according-to-accenture-survey.htm
  • http://fidelity.p.delivery.net/m/p/fdt/stk/0906_art1.asp?ver=
  • http://millionairecorner.com/article/five-factors-consider-when-selecting-financial-advisor
  • Content matters differently to different audiences and at different points in the purchase funnel.
  • Zurich had a goal of increasing connecting with Christopher Taylor, head of Financial Institutions, to gain high-level insights and receive relevant content from a key leader in the space. Posted content, ran banner ads, and sent a Sponsored InMail to VPs, Owners, Partners and C-Suites in the Banking, Insurance, and Financial Services industries. Impressions: 700KClicks: 850+1000 new connections/followers generated in less than 6 weeksInMail:InMails Sent: 2,400Opens: 330Open Rate: 14%Clicks: 50CTR: 15%
  • Transcript

    • 1. Rising Above the Noise Facebook’s EdgeRank and Solving the Trust Gap Augie Ray Director of Social Media Strategy @augieray
    • 2. More Facebook Fans Fewer Facebook Fans Quick Survey: Less Engagement More Engagement @augieray #LLSMC
    • 3. More Facebook Fans Fewer Facebook Fans Quick Survey: Fewer Facebook Fans More Facebook Fans @augieray #LLSMC
    • 4. Look! Lots of engagement! Company #4 Company #3 Company #2 Company #1 0% 50% 100% Use/Choose/ Recommend Switch Not use/ Drop/ Not Want Total Insurance Conversation Volume by Brand Percentage of Social Media Conversations by Topic @augieray #LLSMC
    • 5. Look! A fan surge! 10/22 66,353 11/19 159,577 BankTransferDay 10/20 10/23 10/26 10/29 11/1 11/4 11/7 11/10 11/13 11/16 11/19 170,000 160,000 150,000 140,000 130,000 120,000 110,000 100,000 90,000 80,000 70,000 @augieray #LLSMC
    • 6. All fans are not created equal High Value Fans Low Value Fans +$ -$ @augieray #LLSMC
    • 7. ∑ Ue We De = Success The simple Facebook equation FansA * @augieray #LLSMC
    • 8. The (slightly less) simple Facebook equation ∑ Ue We De = SuccessFansA * * b @augieray #LLSMC
    • 9. 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. @augieray #LLSMC
    • 10. Chicken or egg? 1. 2. 3. Follow/Like Engagement Trust @augieray #LLSMC
    • 11. • 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 @augieray #LLSMC
    • 12. The trust gap Source: Edelman 2013 Trust Barometer @augieray #LLSMC
    • 13. Trust is strongest person to person. Credit: http://www.flickr.com/photos/mikebaird/
    • 14. Data point: Consumers trust each other @augieray #LLSMC
    • 15. Data point: Consumers don’t trust us @augieray #LLSMC
    • 16. Ameriprise borrows the trust inherent in relationships @augieray #LLSMC
    • 17. 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 practices 45% of Fidelity's SPS client base registered to use the site @augieray #LLSMC
    • 18. Transparency Increases trust. Credit: http://www.flickr.com/photos/thebarrowboy/
    • 19. Data point: Consumers value transparency & honesty 0% 50% 100% 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 Choosing a new advisor: Households w/ $100k to $1mm Source: National Association of Personal Financial Advisors @augieray #LLSMC
    • 20. Vanguard lowers barriers in social media @augieray #LLSMC
    • 21. is built with interaction. Credit: http://www.flickr.com/photos/jorislouwes Trust
    • 22. Data point: Social interactions build FP business Source: July 2012 “Collaborative Advice,” Forrester Research by Bill Doyle @augieray #LLSMC
    • 23. Data Point: Mass affluent engage w/ FinServ content Source: Influencing the Mass Affluent, LinkedIn and Cogent Research, 2013 @augieray #LLSMC
    • 24. 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% Increase Intermediary Partners 161% Increase 1st-Degree Connections Prudential Retirement worked with PeopleLinx to assist FPs to grow their networks and engage in an appropriate, results-oriented manner. • 40% increase in advisor connections • 30% increase in alumni connections • 3 opportunities directly sourced @augieray #LLSMC
    • 25. USAA builds trust with social responsiveness 1 hour 1 hour 2 hours 2 hours • 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. @augieray #LLSMC
    • 26. 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 @augieray #LLSMC
    • 27. increases trust in products. Credit: http://www.flickr.com/photos/jdhancock/ Co-creation
    • 28. Data point: Consumers buy products they helped build Source: The Collaborative Marketing Future, Crowdtap, 2013 @augieray #LLSMC
    • 29. 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 @augieray #LLSMC
    • 30. Build trust: • Person to person • With transparency • With quality interactions • With co-creation Thank you! Augie Ray @augieray

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