Make the numbers sing webinar


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From the popular workshop given to attendees at the 20112 IFCA Annual Conference in Nashville, TN on October 4, Donna Sullivan of LIMRA

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  • Introduce MeIntroduce LIMRA
  • Our product is researchTypes of researchWhat is MY JOB every dayHow my job helps industry: new direction product how we hire sales people how we distribute products help member company sell ethnic group influence legislationAt end: vast amounts of research – often dry – turn it into a good and compelling STORY
  • You are all financial communicatorsWorkshop about being good storytellerIFCA asked me to…. You MUST be able to make the data interesting!
  • It’s about finding the needle…Your job – comms that make a difference to your companyReach customersSell productMotivate sales forceStrengthen brandWherever you get data – make sure you learn to be good at using it.What do you create? Marketing materials, client facing, speeches, advertising, powerpoint, employee comm, articles inter or intranet
  • Credibility will define you, or your boss, or your company, as an expert.Facts bolster your argument – as long as you use a good source and use them responsibly – more on that in a minuteYou can build an entire news release, article, speech around one great stat.
  • People are desperate to establish credibility and to sway or sell their audience: Make you see things their way.Start story:How many have heard “We use only 10% of our brains?”
  • Assumed it was trueMaybe they roundedResearched itStarted 20 years ago – there areClick -- Books , cd’s coursesCover psychicsDebunkedThink about it = head trauma=severely impairedLuckily… bullet… 90% he didn’t usePoint is: stat included means rarely questionedWithin our industry there are voodoo stats too…
  • Recent example – last fall.Permanent insurance tax shelter for wealthyView could hurt industryWorked with them – cherry picked – clearly wealthy have more premiumMore interesting story this way
  • Result? Weaken that reporters cred.CLICKIssued, and they printed, L to Ed, stating factsCLICKThat refuted their storyExample of Voodoo stats.
  • Cover slide, thenWhether verbal or print comms, what can you do to attract attention of audience and keep them tuned it? There are things!Presentations now include speech and visuals. Before PPT, we had to be better ORAL storytellers.Old fashioned speeches
  • Given spread of PPT – presentations turned upside down“Speech” = mostly what’s on screenProper relation if illustration tool to the speech reversed.Many believe tragically damaged public speakingToday, many can’t imagine doing w/o ppt.
  • Rely heavily – mtgs big and smallNot just execs – everyone, 12 year oldsOften not used wellOutcome of poorly planned ppt presentation = SNOOZE, and worse with research findings.10, 20, 30 data pointsWhat can you do to PRESENT OR COMMUNICATE research better and more successfully?If you walk away with only 1 thing….
  • I have created many presentations, and written many speeches over the years. I currently fulfill this function for the president of LIMRA. There are certainly times we battle – he loves every last number in the research, and asking him to leave it off a slide is like asking him to choose between his children, but usually, we get to a good place.
  • Almost 2 in 3 American households would quickly be in financial trouble just to meet everyday living expenses if a primary wage earner dies. One third would immediately have troubleAnother 3 in 10 could only keep up with expenses for several months Without adequate life insurance, these households may not have enough time to financially recover (by cutting expenses or increasing income) from the death of a wage earner.
  • About 7.4M households have financial assets of $100,000 or more
  • A few more things about this market:Over 25% of pre-retirees are not employedPre-retiree net worth exceeds $16 trillionParticipation rates in retirement plans remain less than 50% for private-sector workersPre-retirees hold over $1 trillion in IRA accounts
  • Worker refers to all individuals who are not defined as retirees, regardless of employment status.29 Percent have less than $1,000
  • This is a great litmus test to go through as you prepare your material – no matter what forms they take. When I first started at LIMRA, I would go around and meet with the different researchers. They are ALL passionate about their subject matter. So many times, I would hear “I have a new report coming out, and I think we should do a news release, or a podcast on the findings.” When we went through the findings together, I’m pretty sure I offended a few of them early on, when I asked them “So what?” They would look at me with a blank stare, and I’m sure they were thinking bad things about me, but eventually they started understanding that within the pile of findings, 1-2 things are really captivating.
  • And it’s not just about technology and finding them, it’s about what we say when we talk with them. We have historically talked a lot about money, about risk and reward, and entrepreneurship. The themes don’t resonate with them. They want to be part of a group, they want to work collaboratively with others.  What worked with boomers won’t resonate as well with X and Y’ers… If you tell talk to them about the opportunities to network, you probably mention business lunches, social events, golf, and business dinners.  The younger generations just don’t respond the same way. Today’s relationships have a digital dimension. They want to hear that you’re offering them cutting edge technology so that their communications can be immediate and direct. The next generation wants to affiliate with organizations that are willing to invest in modern technology to streamline all of their business practices. Will you give them 24/7 connections?  They want to use social media to prospect, they have to, that’s where they live. If you are trying to recruit them and tell them they can’t interface that way with people your odds of getting them on the team are small.  They don’t go online…. They ARE online…
  • Is there a disconnect?We asked college graduates and job changers to describe what they envision for their sales careers. There were clear themes.Influence: “I’m making a difference!”Connection: “I don’t go online. I am online.” (want and need tools and technology to grow. Communication should be immediate and direct.)Stability: “I feel supported.”Variety: “I hate monotony.”BUT when we talked to recruiters from across THIS industry, they described their view of a sales career:Money: “You have the potential to make a lot!”Connection: They focus on face to face: build a network, meetings, golf, lunches, handshakes (Gen “Next” want to social media here)Entrepreneurship: “You can be your own boss.” (They don’t want this – they want a team)Risk and Reward: They talk about the passion of sales, fierceness, excitement, competition.
  • Our news release on this research was titled “Gen X & Y Job Seekers Have Values That Align With a Financial Services Profession — But They Don’t Know That”. They often don’t even get past the recruiter, or the “image” they have of our profession. We also extensively researched their online buying habits, and while the researcher could tell you how often a person who is 32 is likely to go to an insurers web site, and what time of day, and for how long, and what they thought of it, etc, etc.. The “SO WHAT” was this… If you build the capabilities, they will come use them.
  • This will tell you what style to use, how literal you need to be, etc. For example, even though I represent a research company, given who my audience is today, I’m not actually hoping any of you retain ANY LIMRA research. By understanding what job functions you all have, I’m able to focus on what you want to hear – how to use the data, not which data to use.Here is another way to think about using RESEARCH to understand your audience…. (click to collage..)
  • In addition to research, we conduct focus groups to discuss different topics. We did a series of them regarding how people feel when they think about life insurance and the process of purchasing it.This research really tells us how our audience is thinking, and how we, as FINANCIAL COMMUNICATORS have to approach them.This focus group was asked to do a collage as prework. This particular woman presented hers, and it really encapsulated what they were all saying. In the center is family, … then at bottom, how they would feel once
  • It can detract from your message. Sure it’s fun, and sometimes we think it might be impressive to our bosses, but at the end of the day, too much is unprofessional. I like to use the “Fade In” animation, and use it more than any other. And my slides transition is “Fade through black.” A bit on the conservative side, but polished and smooth.
  • The main message here is…The importance of the speech and the slides getting inverted – if you’re doing slides for someone that plans to actually “present” them, make sure they simply support the points the speaker is making -- even if it’s just an image to look at while they talk. As soon as you put too much data up on the slide… , attention moves away from the speaker, Keep the focus on the presenter, and make the slide something the audience can absorb very quickly.Many financial communicators have some ability to impact the “consumer facing” materials – such as advertising.
  • This is one big way we reach our consumer audiences. Your companies spend a lot of money …. How research connects with advertisingConsumer sentiment research surveys how consumers feel about the economy, what they want from an advisor or agent, Priorities, worries, how long people have to work in retirement. Let me demonstrate for you, how the use of solid research has impacted how we communicate with our consumers through advertising. Set up clips
  • So my company produces research, and most of your companies are consumers of this type of research. I wanted to share with you a couple of examples of how your firms have found that “needle in a haystack” and used the research to promote their products or services.
  • ING recently made a major commitment to expanding their multi-cultural sales efforts in the U.S. They have launched websites, redesigned products, and even looked at their distribution. During the planning of this effort, they partnered up with LIMRA to better understand these markets, and how to reach them. They were able to cite LIMRA research throughout, to give them credibility and help them build a story around the opportunity. My team worked directly with their marketing and PR teams.
  • NYL was entering a major push on expanding their agent base. They connected this with LIMRA research on low life insurance ownership levels and the widening gap in protection.
  • We frequently partner with our member firms on these types of things. Over the past year, my team has worked these firms among others to help them use our research to improve their financial communications of all types.
  • Make the numbers sing webinar

    1. 1. Make the Numbers Sing Donna G. Sullivan Director of Public Relations LIMRA, LOMA & LLGlobal
    2. 2. Your Host Donna SullivanDirector, Public Relations LIMRA © LL Global, Inc.SM
    3. 3. Research Learning & Development Human CapitalEnhanced Decisions Development © LL Global, Inc.SM
    4. 4. Wide Breadth of ResearchMarket Product Distribution Technology Retirement © LL Global, Inc.SM
    5. 5. We are storytellers
    6. 6. © LL Global, Inc.SM 6
    7. 7. Why use research at all? © LL Global, Inc.SM 7
    8. 8. To twiststatisticalInformation tomake bad data seem good © LL Global, Inc.SM 8
    9. 9. What about the other 90percent? © LL Global, Inc.SM 9
    10. 10. Selective use of data © LL Global, Inc.SM 10
    11. 11. Why use research at all? © LL Global, Inc.SM 11
    12. 12. Using research in yourcommunications © LL Global, Inc.SM 12
    13. 13. They managed without slides….“We shall “Ask not what “An ideal forfight on the your country which I ambeaches” can do for you” prepared to die” © LL Global, Inc.SM 13
    14. 14. … but slides are here to stay © LL Global, Inc.SM 14
    15. 15. Do it better!Less is More! 15 © LL Global, Inc.SM
    16. 16. Need More Life Insurance and Likelihood to Buy by HH Income Needs More Likely to Household Income Life Ins. Buy < $35,000 65% 26% $35 - $49.9k 57 25 $50 - $74.9k 51 25 $75 - $99.9k 41 28 $100 - $149.9k 35 24 $150k+ 29 21 All households 50% 25% © LL Global, Inc.SM 16Source: 2010 U.S. Life Ownership Study
    17. 17. Need is Higher Than Ever Need more Likely to buy in life insurance next 12 months 50% 42% 44% 39% 32% 27% 25% 23% 1992 1998 2004 2010 1992 1998 2004 2010Source: LIMRA’s U.S. Life Ownership Studies © LL Global, Inc.SM
    18. 18. American households that say they need more life insuranceSource: LIMRA Household Trends in U.S. Life InsuranceOwnership, 2010
    19. 19. # of U.S. households that believe they need more life insuranceSource: LIMRA Household Trends in U.S. Life InsuranceOwnership, 2010 19
    20. 20. Many Households Not Financially Prepared for Death Family’s Financial Situation if a Primary Wage Earner Died Percent Would immediately have trouble meeting 34% everyday living expenses Would be able to cover living expenses 29% for several months, but then would have difficulty keeping up with expenses Would be able to cover living expenses 37% well into the future © LL Global, Inc.SM 20Source: 2010 U.S. Life Ownership Study
    21. 21. 70% The number of American Households with children under 18 that would be in jeopardy if the primary bread winner died.Source: LIMRA Household Trends in U.S. Life InsuranceOwnership, 2010 21
    22. 22. Financial Assets of Pre-Retiree Households $500K to $1 Million+, 7% $999K, 8% $250K to $499K, 10% Under $100K, 55% $100K to $249K, 19%Source: LIMRA analysis of 2007 Survey of Consumer Finances, Federal Reserve Board, 2009.Analysis based on households where no members are retired and head of household is aged 55-70. © LL Global, Inc.SM 22
    23. 23. of all pre-retirees have less than $100,000 in financial assets © LL Global, Inc.SM 23Source: LIMRA analysis of 2007 Survey of Consumer Finances, Federal Reserve Board, 2009
    24. 24. Many have little or no savings Percent of workers who say they have less than $25,000 in savings and investments* 56% 54% 53% 52% 50% 29% of 49% workers say they have 48% less than $1,000 in savings 2002 2006 2007 2008 2009 2010 2011*not including primary residence or DB PlanSource: Employee Benefit Research Institute and Mathew Greenwald & Associates, Inc, Retirement Confidence Surveys © LL Global, Inc.SM 24
    25. 25. Americans have had an unfavorable opinion of the economy for some time Consumer Opinion of the Economy March 08 49% 33% 13% 4% 1%October 08 66% 24% 6% 2% 2%January 09 60% 28% 7% 3%1% 1% July 09 44% 33% 11% 8% 2% 2%January 10 38% 39% 15% 5% 2% 1% July 10 42% 34% 14% 8% 1% 1%January 11 34% 33% 18% 13% 1% 1% July 11 46% 29% 14% 5% 3% 3%Very unfavorable Somewhat unfavorable Neither Somewhat favorable Very favorable Unsure
    26. 26. Americans have had an unfavorable opinion of the economy for some time Percent “Unfavorable” 90% 88% 82% 77% 76% 76% 75% 67%March 08 October January July 09 January July 10 January July 11 08 09 10 11
    27. 27. Americans are still worried 27
    28. 28. Do it better!Less is More! The “So What” Factor 28 © LL Global, Inc.SM
    29. 29. Traditional recruiting doesn’t resonate with Gen X & Y Your income …security and potential is stability mean huge… more to me...Source: LIMRA Report Choosing Careers They Love, 2011 LL Global, Inc.SM © 29
    30. 30. Tr ad it io n al r ecr u it in g d o esn ’t reso n at e What do I value? InfluenceGen er at io n Connection – Networking 2.0 “ Next ” Stability Variety What am I offering? To d ay’s Money r ecr u it er Connection – Networking 1.0 Entrepreneurship Risk and RewardSource: LIMRA Report Choosing Careers They Love, 2011 30
    31. 31. Find the “So What” factor © LL Global, Inc.SM 31
    32. 32. Do it better!Less is More! The “So What” Factor Know Your Audience 32 © LL Global, Inc.SM
    33. 33. Present the research thatmatters © LL Global, Inc.SM
    34. 34. 34© LL Global, Inc.SM
    35. 35. Do it better!Less is More! The “So What” Factor Know Your Audience Avoid Death by Animation 35 © LL Global, Inc.SM
    36. 36. People are Less Secure More than 75 percent of Americans surveyed have less than one month in savings.Sources: Employee Benefit Research Institute calculations, 2008 Fidelity Investments and 2009 Metlife Survey © LL Global, Inc.SM 36
    37. 37. Research can (should)impact your advertising © LL Global, Inc.SM 37
    38. 38. © LL Global, Inc.SM 38
    39. 39. © LL Global, Inc.SM 39
    40. 40. Companies use research topromote their strategies LIMRA found Hispanic households much less likely to own individual life insurance compared to the general population (36% vs. 54%).... The LIMRA report also suggested that given the difficulty that many insured Hispanics have in determining how much life insurance they need, it is likely that many of these households are underinsured. © LL Global, Inc.SM 40
    41. 41. Companies use research topromote their strategies According to LIMRA, 35 million U.S. households today have no life insurance coverage whatsoever, a dramatic increase from 24 million in 2004 and an indication of the increasing need for knowledgeable, well- trained financial professionals. © LL Global, Inc.SM 41
    42. 42. We will partner with our members!Recent collaborations include: © LL Global, Inc.SM 42
    43. 43. © LL Global, Inc.SM 43
    44. 44. © LL Global, Inc.SM 44