Social Trends and Word of Mouth - PCEA 2013

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Social Trends and Word of Mouth - PCEA 2013

  1. 1. Rod Brooks PEMCO Insurance: V.P. and CMO WOMMA: Board of Directors ----------- Follow Rod on Twitter: @NW_Mktg_Guy source | Nielsen study (August 2010)
  2. 2. Insurance For $1000 source | Nielsen study (August 2010)
  3. 3. Insurance For $1000 : In the 1969 movie starring Woody Allan which chain gang prisoner complained of being treated inhumanely? - source | Nielsen study (August 2010)
  4. 4. Twitter: @NW_Mktg_Guy Twitter Hashtag: #PCEA13 source | Nielsen study (August 2010)
  5. 5. Know what’s important! • Customer centric • Relationship led • Values based • Challenger brand • Hyper-local • Integrity • Responsibility • Courage
  6. 6. Challenges: Both old and new1 Industry • Highly regulated industry • Product perceived as a commodity • Insurance is an unsought product2 Environment • Integrity • Responsibility • Industry ad spending at astronomically • Courage high levels • Heavy influence by peers, friends, and strangers online • New & unfamiliar channels sustain brand conversations
  7. 7. Our Vision • Integrity Our customers say: “PEMCO gets • Responsibility it! They’re greatCourage business with, • to do they share my Northwest values, and I would definitely recommend them.”
  8. 8. Social Social SocialMedia Engagement Engagement Business Business What comes to mind? Hint: One is noun. Shows One is verb. Action One is an adjective. source | Nielsen study (August 2010)
  9. 9. Social Media Socially EngagedVoice of the Company Voice of the Customer Top-Down Control Bottom-Up MessagingCompany-Generated Consumer-Generated Messages MessagesInfrequently Updated Continuously Updated source | Nielsen study (August 2010)
  10. 10. Social Media Socially EngagedVoice of the Company Voice of the Customer Top-Down Control Bottom-Up MessagingCompany-Generated Consumer-Generated Messages MessagesInfrequently Updated Continuously Updated
  11. 11. Social Media Socially EngagedVoice of the Company Voice of the Customer Top-Down Control Bottom-Up MessagingCompany-Generated Consumer-Generated Messages MessagesInfrequently Updated Continuously Updated
  12. 12. Social Media Socially EngagedVoice of the Company Voice of the Customer Top-Down Control Bottom-Up MessagingCompany-Generated Consumer-Generated Messages MessagesInfrequently Updated Continuously Updated
  13. 13. Word of mouth is themost powerful form of marketing there is!
  14. 14. Most Powerful• Builds brands• Drives Sales • Integrity• Sparks Conversations • Responsibility • Courage
  15. 15. Most Effective• More persuasive• More targeted • Integrity• More relevant • Responsibility • Courage
  16. 16. 54% of US adults identified old-fashioned Word of Mouth as most important influencer of purchase decisions.source | “Digital Marketer Report, Experian – 2011
  17. 17. What percentage of word of mouth happens online?
  18. 18. US consumers have at least one daily brand-related discussion… face-to-face – 93% voice-to-voice – 45% Online – 22%source | Keller Fay & Yahoo! study (June 2010)
  19. 19. 23% of people’s time spent on the Internet is on Social Media websitessource | Nielsen study (August 2010)
  20. 20. source | ComScore Data Gem - 2011)
  21. 21. • Integrity • Responsibility • Couragesource | Keller Fay “The Face-to-Face Book”(2012)
  22. 22. Are your marketing pants on fire? ?% of consumers believe companies are untruthful in their advertising. • Integrity • Responsibility • Couragesource | Bold Mouth’s “Perceptions, Practices, and Ethics” report (2006)
  23. 23. Are your marketing pants on fire? 76% of consumers believe companies are untruthful in their advertising. • Integrity • Responsibility • Couragesource | Bold Mouth’s “Perceptions, Practices, and Ethics” report (2006)
  24. 24. Are your marketing pants on fire? • Integrity • Responsibility • Courage Advertised In Realitysource | Bold Mouth’s “Perceptions, Practices, and Ethics” report (2006)
  25. 25. Are your marketing pants on fire? • Integrity • Responsibility • Courage Advertised In Realitysource | Bold Mouth’s “Perceptions, Practices, and Ethics” report (2006)
  26. 26. Trust lives in the community. ?% of global consumers say they trust recommendations• Integrity • Responsibility from other consumers • Couragesource | Nielsen’s “Trust in Advertising” Report (2007)
  27. 27. Trust lives in the community. 78% of global consumers say they trust recommendations• Integrity • Responsibility from other consumers • Couragesource | Nielsen’s “Trust in Advertising” Report (2007)
  28. 28. Northwest values • Integrity • Responsibility • Courage
  29. 29. Moving from money to mouth Reason 2001 2002 2005 2007 2008 2009 2010 60% 62% 50% 50% 36% 40% 33% Price Referral and/or 10% 12% 17% 20% 22% 22% 32% Recommend Integrity • • Responsibility • Couragesource | PEMCO Mutual Insurance Co, “Market Metrics – 2010”
  30. 30. Northwest values • Integrity • Responsibility • Courage
  31. 31. The people who “link, like, and list” us are among abrands most valuable • Integrity • Responsibility • Courage marketing assets.
  32. 32. The people who “link, like, and list” us are among abrands most valuable • Integrity • Responsibility • Courage marketing assets.
  33. 33. 2010 – Fortune 100 Companies… 65% are on Twitter 54% are on Facebook 29% use YouTube 33% maintain a blogsource | Burson-Marsteller & Digital Media Study (February 2010)
  34. 34. 2010 – Fortune 100 Companies… 77% are on Twitter 61% are on Facebook 57% use YouTube 36% maintain a blogsource | Burson-Marsteller & Digital Media Study (February 2010)
  35. 35. 77% of YouTube videos have fewer than 500 views Only 1/3 of 1% get more than 1 millionsource | “Contagious – Why Things Catch On” by Jonah Berger, 2013)
  36. 36. 84% of Fortune 100 businesses with a Facebook page are actively using it (NOTE: Up from 59% in 2010)source | Burson-Marsteller “Global Social Media Check-Up” report (February 2011)
  37. 37. Fortune 100 firms are tweeting, on average, 25 to 30 times per weeksource | Burson-Marsteller “Global Social Media Check-Up” report (February 2010)
  38. 38. “… companies that are both deeply and widely engaged in social media surpass their peers interms of both revenue and profit performance by a significant difference.”
  39. 39. Word of mouth is themost powerful form ofsocial media there is!
  40. 40. • Integrity • Responsibility • CourageProduct – Service - Experience
  41. 41. Why Recs Matter • Integrity • Responsibility • CourageAwareness to Advocacy
  42. 42. Why Recs Matter • Integrity • Responsibility • Courage When “earned” they drivepreference, purchase & referral.
  43. 43. • Integrity • Responsibility • CourageBIG HAIRY AUDACIOUS GOAL
  44. 44. • Integrity • Responsibility • CourageREFERRAL BASED GROWTH
  45. 45. Five Principals: Word of Mouth Marketing • Integrity • Responsibility • Courage
  46. 46. 1. Word of Mouth Marketing . . . Honest and authentic. Brands to consumers and consumers to consumers. . . . is Credible
  47. 47. 2. Word of Mouth Marketing . . . Listen, participate, respond and engage in conversations . . . is Social
  48. 48. 3. Word of Mouth Marketing . . . Transparent & trustworthy Protects privacy among all parties. . . . is Respectful
  49. 49. 4. Word of Mouth Marketing . . . Defined, monitored, & evaluated . . . is Measurable
  50. 50. 5. Word of Mouth Marketing . . . Easy to share. Over and over. . . . is Repeatable
  51. 51. Four decisions every marketer, every brand• Integrity• Responsibility . . . all of us,• Courage can make.
  52. 52. 1. Decide to listen2. Decide to be affected3. Decide to respond4. Decide to be engaged
  53. 53. Listeningis a company’sgreatestopportunity.
  54. 54. The typical American mentions specific brand names 60 times per week in offline & online conversations.source | Keller Fay “ Talk Track” report (2010)
  55. 55. XX% of WOM conversations are mostly positive XX% of WOM conversations are mostly negativesource | Keller Fay “ Talk Track” report (2009)
  56. 56. 68% of WOM conversations are mostly positive 8% of WOM conversations are mostly negativesource | Keller Fay “ Talk Track” report (2009)
  57. 57. Use theavailable searchfunctions
  58. 58. • Integrity• Responsibility• Courage
  59. 59. Public Displays of Affectionsource | http://www.flickr.com/photos/boudster/3716337113/
  60. 60. Public Displays of Aggravationsource | http://www.flickr.com/photos/
  61. 61. 22% of US consumers have at least one brand-related conversation online every day.Public Displays of Affection
  62. 62. 22% of US consumers have at least one brand-related conversation online every day.Public Displays of Aggravation
  63. 63. Customerreviews andstories affect operations. • Start every meeting with a customer story!
  64. 64. Create a place towelcomefeedback
  65. 65. Create a place towelcomefeedback
  66. 66. Respond with timely appreciation, empathy,sincerity and authenticity.
  67. 67. “When you hit a wrong note, it’s the next note that makes it good or bad.”source | Slide used with permission of John Moore, BrandAutopsy
  68. 68. Two great ways to respondto even the most challenging assertions.
  69. 69. Thank You andWe’re Sorry
  70. 70. Engage your audience “Show me that you know me in ways that others don’t”
  71. 71. Sorry! 24 hours47 minutes Feb 22nd - 3:18 to Feb 23rd - 4:05 p.m.
  72. 72. Use humorthat gives, not takes!
  73. 73. Use humorthat gives, not takes!
  74. 74. Social engagement mantra “PEMCO’s success depends on the positive opinion of people like me. They listen, participate, • Integrity • Responsibility encourage and • Courage enable me to share with others.”
  75. 75. Listen to your customers
  76. 76. Remember the basics… Know your talkers… Give them something to talk about… • Integrity • Responsibility • Courage Make it easy to share.
  77. 77. And remember… • Integrity • Responsibility • Courage
  78. 78. Thank You – Lets Connect Twitter: @NW_Mktg_Guy Facebook: Northwest Marketing Guy • Integrity Linked In: • Responsibility Rod Brooks • Courage Blog: www.rodbrooks.com

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