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How New York Life is Driving Interactin, Engagement, and Relevance Using Social Media - BDI 11/16/11 Financial Services Social Communications: Case Studies and Roundtables
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How New York Life is Driving Interactin, Engagement, and Relevance Using Social Media - BDI 11/16/11 Financial Services Social Communications: Case Studies and Roundtables

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Case Study: How New York Life Is Driving Interaction, Engagement, and Relevance Using Social Media ...

Case Study: How New York Life Is Driving Interaction, Engagement, and Relevance Using Social Media
Presented by: Gregory Weiss, Assistant Vice President of Social Media, New York Life Insurance Company
New York Life takes an innovative approach to its social media efforts, and has emerged as a leader in the space amongst its peers. Find out how New York Life leverages its brand heritage, employees, and agents to achieve short-term wins with long-term benefits, as Gregg highlights several key initiatives while infusing some of his own tips on how you/your company can be successful driving new opportunities

www.bdionline.com

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  • 1. How New York Life is Driving Interaction, Engagement, and Relevance via Social Media Gregg Weiss, AVP Social Media @greggweiss | gregory.weiss@newyorklife.com November 16, 2011
  • 2. Why I am happy to share information & tips with my colleagues at other firms @greggweiss #BDI1
  • 3. Chapter 1: A Short History Lesson @greggweiss #BDI1
  • 4. Social Media has been around for a while. @greggweiss #BDI1
  • 5. What’s changed is the medium… @greggweiss #BDI1
  • 6. …& the expanded connections this “new” medium enables. @greggweiss #BDI1
  • 7. Anyone has the power to share an opinion. @greggweiss #BDI1
  • 8. Anyone has the power to Everyone is sharing opinions. @greggweiss #BDI1
  • 9. Good luck, consumer. How peopleinteracted with brands before: 1 to 1 @greggweiss #BDI1
  • 10. Good luck, company.How people interact with brand now: 1 to many @greggweiss #BDI1
  • 11. Power To The People Then: 1 to 1 vsNow: 1 to many @greggweiss #BDI1
  • 12. Chapter 2: The New Normal @greggweiss #BDI1
  • 13. What does this mean for you/your company? @greggweiss #BDI1
  • 14. @greggweiss #BDI1
  • 15. Hopefully one day we will no longer need to share these types of statistics. Social Media is the new normal, not a passing fadSource: Nielsen, Sept 2011 @greggweiss #BDI1
  • 16. Chapter 3: Why It Matters @greggweiss #BDI1
  • 17. @greggweiss #BDI1
  • 18. @greggweiss #BDI1
  • 19. The value of “brand ambassadors”People trust their friends! @greggweiss #BDI1
  • 20. The slide that gets the attention of CEOs, CFOs, & CMOs 81%* 47%* People who say they’ve received recommendations on People who say that this info (received via social networks) companies, products, & services via social networks directly influenced their decision to purchase – or not purchase -- that product or service Facebook alone, will directly influence 464MM purchasing decisions this year.(Source: ClickZ, 2010) @greggweiss #BDI1
  • 21. Why do I love what I do…“I run social media for New York Life…” (so-so statement)“I drive word-of-mouth marketing about New YorkLife online…” (good statement) >1B positive brand impressions per year. @greggweiss #BDI1
  • 22. While our “social footprint” has grown… Facebook Twitter120,000 7,000100,000 6,000 80,000 5,000 60,000 4,000 40,000 3,000 20,000 2,000 0 1,000 Feb- Mar- May- Aug- Sep- Mar- May- Jan-11 Apr-11 Jun-11 Jul-11 Jan-11 Feb-11 Apr-11 Jun-11 Jul-11 Aug-11 Sep-11 11 11 11 11 11 11 11Facebook 6,536 10,104 11,789 53,700 70,105 79,524 91,367 107,30 114,06 Twitter 1,380 1,481 1,593 1,726 1,826 2,066 2,411 4,062 5,813 Source: Facebook, Twitter monthly reporting as of 1st of each month @greggweiss #BDI1
  • 23. That isn’t necessarily what is most important. @greggweiss #BDI1
  • 24. Facebook’s New “People Talking About This” Metric Facebook Page Fans Conversations Conversations/Fans New York Life 116,235 2,810 2.42% Facebook 53,586,662 1,066,390 1.99% Apple 1,564,534 28,851 1.84% Walmart 9,378,688 166,085 1.77% Starbucks 25,428,655 336,242 1.32% The Beatles 22,163,901 274,745 1.24% Lady Gaga 44,066,561 430,809 0.98% Nike 5,150,281 41,282 0.80% Coca Cola 34,496,017 159,576 0.46% Next Step: Scale! @greggweiss #BDI1
  • 25. People who say you can’t measure social media should consider changing their profession @greggweiss #BDI1
  • 26. …And perhaps what’s really important is much bigger: @greggweiss #BDI1
  • 27. Chapter 4: Creating Internal Buy-In @greggweiss #BDI1
  • 28. @greggweiss #BDI1
  • 29. @greggweiss #BDI1
  • 30. @greggweiss #BDI1
  • 31. @greggweiss #BDI1
  • 32. @greggweiss #BDI1
  • 33. If you don’t trust youremployees, then you may not be hiring the right people. @greggweiss #BDI1
  • 34. Chapter 5: Foundational Elements of NYL’s Social Media Program @greggweiss #BDI1
  • 35. 1) Employee Social Media Policy •The FTC has given you a gift •Define what employees can/can’t do •Promote the concept of “brand ambassadorship” (while following the rules) •“Don’t do anything stupid.” – Tony Hsieh, CEO Zappos @greggweiss #BDI1
  • 36. 2) Online “Listening” @greggweiss #BDI1 36
  • 37. 3) Campaigns Content Community @greggweiss #BDI1 37
  • 38. New York Life Protection Index
  • 39. New York Life Game of Life 39
  • 40. 4) Agent Presence 11,000 x 130 x 130 x 52 = Potential annual audience of 9.7B.Connections Conversations Conversions “A decent opportunity to make a positive difference in peoples’ lives.” @greggweiss #BDI1
  • 41. Questions? 41 @greggweiss #BDI1