Developing a Social Business approach at Standard LifePresentation Transcript
Developing a Social Business approachat Standard LifeKevin O’ShaughnessyGroup Digital Director
What we are going to cover• Some context – who we are, what we do and how the world around us is changing• How does social affect the way we engage with our audiences (internal and external)• Examples of what we are doing, internally and externally• What does the future hold for us• Questions
We are an established provider of longterm savings & investmentsAll figure correct at 30 June 2011
Our industry is being shaped by anumber of significant market forces • Economic conditions • Changing regulation and legislation • Changing customer needs • Technology advances • Competitive pressures
The linear approach is gone, replacedby a complex ecosystem The Old Way… The New Way... entertain connect inform assist convert Brand Banner
But…it currently feels like the ‘Wild West’Even when categorised, the options arenumerousImage credit: Brian Solis, http://www.briansolis.com/2008/08/introducing-conversation-prism/
Making sense of these opportunities is goingto be vital to how successful we become “Companies of all sizes will need to transform their business and existing infrastructure, and reverse engineer the impact of business objectives and metrics. Businesses will have to embrace all of the disruptive elements, such as mobile and social technology, in a new, cohesive organization that is focused outward and inward.” - Brian Solis, Digital Analyst The Altimeter Group 2012
So what does this mean for Standard Life?
Insight into our end consumer social traits has helpedus engage around our propositions in different waysThe Audience Social Media Traits The Audience Social Media Traits• Emerging Affluent • Creators and Critics • Established Affluent • Spectators and Critics• Mix of young, mature and • Publish blogs and post • Mainly older families and • Read blogs, forums, single home-sharers and updates on Facebook singles reviews and tweets families and Twitter • 12% of UK Population• 13% of UK Population We are reaching out to this audience through Social Media by ‘unboxing’ products and explaining complex changes to the financial landscape, helping us to engage more effectively.
Social media is enabling us to augmentour offering to financial Advisers The Audience Key Needs Social Media Traits • Holistic and Traditional • Quick & Effective Access • Traditional channels Advisers • Client engagement • Use Social Media for • Supported by Business information and peer- Writers, Paraplanners, • Regulatory requirements to-peer conversations Admin Assistants Social Media allows us to augment traditional product offerings with thought leadership and opinions while helping advisers communicate more effectively with their clients
Employers & Employees will look to social forguidance on changing pension rulesThe Audience Social Media Traits The Audience Social Media Traits• Mid-to-large companies • Use traditional • Employees • Individuals who use all• Wide variety of industries channels • Wide range of customer forms of Social Media types in multiple ways• Cost effectiveness • Twitter and blogs to• Employee engagement • Access to benefits source information• Regulatory requirements • Easy-to-maintain benefitsDue to the nature of the audience a wide variety of social media networks will be used to support the delivery of a workplace benefits proposition
Standard Life has a diverse workforce withdemand for better collaboration & communication The Audience Key Needs Social Media Traits • Increase productivity • Individuals use all forms • Europe - 78% of Social Media • Knowledge sharing • Growing desire to access • North America - 21% these networks while at • Improved communication work • Asia - 1% and collaboration • Use of personal mobiles for work purposes While it is still in its infancy, the provision of a Social platform has proved quite valuable; creating new ways for staff to engage and work together across business units – and borders.
We see Social Business as a mix of engagement, collaboration and co-creation Business Partner Engagement Customer Participation Employee Collaboration 13Image credit: David Armano, http://www.flickr.com/photos/7855449@N02/3865081030/in/set-72157606844282993
Our approach is to think long term,start small and scale fast… External Internal • Educate widely • Focus on key problem • Create a social framework • Define outcomes • Focus on where the • Create sharing environment traffic is • Measure • Measure and Monitor Top down buy-in and advocacy
Our external activity is led by clearbusiness goals • Our Social Media strategy has continually evolved over the past 18 months as the media matures. • Over this period education and gaining buy in across the business from executive level down was vital. • Prior to entering this space an extensive listening program was initiated to monitor mentions, conversations, etc. • To ensure Standard Life derives maximum value from any social activity a framework has been introduced:
With measurement & monitoring in placewhich tracks conversations & resulting traffic 16
The current test and learn initiatives are providingvaluable insight across multiple audiences
Our internal activity is led by connecting peoplewithin our traditional organisational structure Recognising the need to enable employees, worldwide to communicate and collaborate more efficiently, the choice was made to pursue the development of an internal Social Business network.
After 4 months we’re seeing good levels ofengagement and changes in working practices
Like other companies, we are on a journey to increase our maturity in the social space Social represents a fundamental part of the business model Social represents significant contribution towards business plan Customer Social media Impact presence established across multiple platforms. Developing social assets and earned media Developing a strategic framework Monitoring, Listening, Evaluation & Reporting Capability evolutionSL Current State @ Jan 2012Source: collectiveintellect.com
The future is about going broader and deeperand fully integrating into the way we do business Global, Digital Audience Standard Life Collaborate Intranet with Internal, integration & customers Social Social Business and Business network partners Network