Speaker Presentation - Social Intelligence: Acquire, grow and retain your customers


Published on

In recent years, Social Media has grown from a simple conversation platform to an essential business tool providing a rich repository of unbiased feedback for organizations throughout the world. It is imperative that insurance leaders tune in, listen and learn to profit from the insights social media can provide regarding their brand, products, customers, services, competitors, and ways to innovate to satisfy the market.In this presentation, you will learn how most successful executives are leveraging this unprecedented tool to acquire and retain new customers and drive growth even in these times

Published in: Economy & Finance, Business
  • Be the first to comment

  • Be the first to like this

No Downloads
Total views
On SlideShare
From Embeds
Number of Embeds
Embeds 0
No embeds

No notes for slide

Speaker Presentation - Social Intelligence: Acquire, grow and retain your customers

  1. 1. Social Intelligence:Acquire, grow and retainyour customersPresenter Name: Debjani Deb, Managing Partner (EmPower Research, a Genpact company)© 2012 Copyright Genpact. All Rights Reserved.
  2. 2. Social media: a rich repository of customer sentimentson category and brands 66% 14% 21% 31% Of those online now 14% either publish a blog/ 21% post ratings or 31% post updates use social media web page or upload video comments social sites HOW MANY INTERNET USERS TURN TO SOCIAL REGULARLY TURN TO SOCIAL MEDIA MEDIA WHEN MAKING PURCHASES SOMETIMES TURN TO SOCIAL MEDIA Travel Financial Eating Clothes or Mobile Groceries or Personal Services Services Out Fashion Phones Food Care 4% & 24% 4% & 10% 3% & 21% 4% & 23% 2% & 21% 2% & 15% 3% & 15% $$ Sources: www.sanfranciscosentinel.com, wwwblogs.forrester.com, Knowledge Networks© 2012 Copyright Genpact. All Rights Reserved. 2
  3. 3. Customers of financial institutions make choices basedon information they gather online Top Social Channels by Banking Consumers Overall, 70 percent of banking consumers are using Facebook, “Deciding whether to get and 27 percent are using YouTube 6% involved means deciding if you 6% LinkedIn 9% 11% 12% want to be part of the Other FIs 10% 19% conversation…There will be a Twitter 12% Community & Small Regional Banks 13% 17% Cr edit Unions conversation with or without you…If you don’t use social 29% 18% Banks 11 to 50 MySpace 18% 17% 20% Top 10 Banks media, then your business will 34% YouTube 23% 24% go elsewhere.” 26% 29% 74% Hadley Stern, Vice President at 67% Facebook 72% 69% Fidelity Labs, a division of Fidelity 70% InvestmentsSource: FIS Enterprise Strategy, “Consumer Mobile Banking Research,” February 2011, n=4,002.© 2012 Copyright Genpact. All Rights Reserved. 3
  4. 4. Many large organizations are acting on the endlesspossibilities already World Leader in One of the leading Financial Services Monitors daily buzz Engages with online insurance to respond to any influencers to drive companies negativity before advocacy on they become viral its behalf A leading A prominent Measures online publication social networking Tracks employee site sentiments to track perceptions to its reputation advise institutions on hiring strategies A leading A leading B2B Financial Services Measures impact of Identifies data storage company their media customer service devices company campaigns and alerts and responds advertisements© 2012 Copyright Genpact. All Rights Reserved. 4
  5. 5. Customer Service is one of the primary topics ofconversation Our preliminary research shows that poor customer service and billing issues are driving negative sentiments in social media for credit card providers Want Credit Score on Credit Perceptions associated with card providers Boards Want store cards on Complaining Poor Benefits 6% phone about Poor Customer Care Recovery Harassments 6% Address Transfer / 13% Resenting Verification Issues High Interest Communication Problems 19% Rates Re-Payment / Billing Issues 25% More and more consumers are being vocal Poor Customer Care 44% online about their providers and thus presenting us with a unique source for 0% 20% 40% 60% insights on their needs© 2012 Copyright Genpact. All Rights Reserved. 5
  6. 6. Companies are engaged at various parts of the socialmedia lifecycle MARKET: • How to know which channel is best for which marketing goals? Market • What are stakeholders searching for? LISTEN: • Who should you be listening to? • What are stakeholders talking about Listen competition? Engage LEARN: • What can you learn about impact of your messages? • What can you learn about your Learn reputation and voice of customers? ENGAGE: • Who are the influencers? • How can you engage them? Regulatory Bodies© 2012 Copyright Genpact. All Rights Reserved. 6
  7. 7. LISTEN (Consolidated monitoring of traditional andsocial media) 1 Latest industry news and developments Analyst commentary and views on your 2 services LATEST NEW S 3 Tracking of competition activity 4 Stakeholder awareness and sentiments 5 Emerging conversation themes and trends 6 Negativity or customer service alerts ONLINE 7 Sales and engagement alerts DISCUSSIONS© 2012 Copyright Genpact. All Rights Reserved. 7
  8. 8. LEARN about managing reputation across the messagejourney SEEDING Outreach witha strong message RESONANCE This message is liked by media/stakeholders and is transmitted far and wide IMPACT The strong message pull-through translates to a good media impact REPUTATION The result of this positive media impact is increased reputation© 2012 Copyright Genpact. All Rights Reserved. 8
  9. 9. ENGAGE to attract customers and drive advocacy Define your engagement Engage through key influential Identify key influencers objectives bloggers / sites Universe of influencers: A scan of secondary sources and aggregated datasets to arrive at the universe of Each sub-parameter is weighed and scored online opinion leaders depending on salience to arrive at an overall value for each parameter First level short listing: Shortlisted on the basis of the volumes around the subject of interest and relevancy Normalization through scaling is done & scores are given in the range of 1 –5 scale Top Influencers: Influencers are rated by using Awareness, Focus and Engagement Key Influencer List© 2012 Copyright Genpact. All Rights Reserved. 9
  10. 10. MARKET based on insights from listen to engage cycleM AT U R E M A R K E T S First Switchers Switchers Growth timers (Comp.) (CMC) Target first timers with Action on unmet needs of Act on underlying sentiments, the right messages different segments to stop revenue leakageN E W M A R K E T S First First First Growth timers timers timers Promoting insurance Understanding of target Develop brand associations concept to build awareness segment behavior that will create differentiation© 2012 Copyright Genpact. All Rights Reserved. 10
  11. 11. Another way to look at it is how it helps the customerlife cycles© 2012 Copyright Genpact. All Rights Reserved. 11
  12. 12. Each part of this cycle has a revenue or cost impact Monitor Influencer Chatter Barriers to Mapping Top line Adoptionenhancement Online campaigns Negativity Brand Best Tracking Sentiments Need Practices Social Analysis media E-Media Customer presence Strategy Service Segmentation CI Tracking Usage Cost Drivers reduction New Idea Compliance Generation Tracking Market Listen Learn Engage© 2012 Copyright Genpact. All Rights Reserved. 12
  13. 13. Some examples© 2012 Copyright Genpact. All Rights Reserved.
  14. 14. Brand tracking: Understand brand performance vis-à-viscompetition on social media Sentiment AwarenessSolution1. Identify Brand KPIs2. Track these KPIs vis-à-vis top competition over time Perception-Comparing with Consideration and act on weakness Themes 26% 23% 16% Company Competitor 1 Competitor 2 Witnessed 28% increase in brand stickiness and loyalty along with 12% increase in first timers© 2012 Copyright Genpact. All Rights Reserved. 14
  15. 15. Event analysis: Holistic view on impact of an event Sentiments – Time Line Pre-Event Event Post-Event Early: Sept 12 to Oct 11 Mid: Oct 12 to Nov 10 Final: Nov 11 to Nov 30 Solution 1. Pre-Event: Understand the event hype on social media 2. Event: Timely alerts on 9/13/10 9/20/10 9/27/10 10/4/10 10/11/10 10/18/10 10/25/10 11/1/10 11/8/10 11/15/10 11/22/10 11/29/10 important activities during Positive Negative Neutral event Key themes of discussion 3. Post-Event: Measure event Pre-Event Event Post-Event Early: Sept 12 to Oct 11 Mid: Oct 12 to Nov 10 Final: Nov 11 to Nov 30 impact on target customersHolistic tracking leading to better messagingduring event which led to 38% more positivity Campaign Brand A Brand B Campaign Brand A Brand B Campaign Brand A Brand B post event N = 85 N = 135 N = 753 © 2012 Copyright Genpact. All Rights Reserved. 15
  16. 16. A leading credit card provider: Integrating internal datawith community based listening Client Competitor Unhappy 33%Solution about Service 59% verification1. Competitive benchmark of charges advocacy in real-time Safe transactions 26% won2. Integrating multiple data Security forms for holistic insights on 58% customer confidence customer satisfaction premium cards 30% provided Respect 48% were admired Sentiments (%) Co-relate sentiment/advocacy/loyalty/consideration/influence in real-time to directional NPS© 2012 Copyright Genpact. All Rights Reserved. 16
  17. 17. A leading US bank: Learning about target segment (HNIs) Exclusive TOP INTEREST holiday AREAS packages 100%Solution1. Analyze behavior, interest Luxury Electronics Precious and attitudes of HNIs watches Stones 98% 89% 89%2. Understand their investment need drivers and any unmet needs High reliance on Wealth managers 55% wealth managers Self 49% and self for Friends / Family 42% investment decisions Media 21% 50% reduction in primary research costs by converting unstructured opinions to structured insights© 2012 Copyright Genpact. All Rights Reserved. 17
  18. 18. A case study on tacticalimplementationUnderstand how a leading insurance company successfullyleveraged media services for its business© 2012 Copyright Genpact. All Rights Reserved.
  19. 19. Setting the context: Client business goals OVERALL VISION To be the insurer of choice for its target segment (military personnel) LONG-TERM To fortify corporate reputation in theNEAR-TERM insurance categoryTo win overcustomersthroughbest-in-classservice© 2012 Copyright Genpact. All Rights Reserved. 19
  20. 20. How we went about it: Step 1 – Setting up a listening platformQuarterlymeasurementWeeklymeasurementDaily monitoring 2010 2012 Social media Traditional media A holistic view on issues, sentiments, perceptions, trends etc. which IMPACT require immediate management attention © 2012 Copyright Genpact. All Rights Reserved. 20
  21. 21. How we went about it: Step 2 – Improving customerservice through timely alerts Shabrekia Andrews, February 8, 2012: First charges are posted, then they disappear, then they reappear with added fees! Really?! It would mean a lot to me if you guys kept my account in order! I freaking love client_x but I dont mind switching banks!1. Crawling across social media channels to identify customer Ksmithlex (12 followers) Client_x why is it so frustrating to get a service opportunities mortgage with you!2. Rule based real-time alerts for KEY INFLUENCER early action Over 1.1 million unique visitors. 1000+ conversations on the client. Over 30 daily qualified alerts resulting in improved customer service and I M PA C T experience leading to enhanced customer retention© 2012 Copyright Genpact. All Rights Reserved. 21
  22. 22. How we went about it: Step 3 – Identifying & leveragingon key influencers Mike Campbell (from facebook) Patrick Danner (Houston Chronicle) Josh Bernoff Tinak (adage.com) Deborah L. Jacobs (Brand loyalist) ( Journalist) Shane Kite (Bank Technology News ) RICOLA (Bogleheads.Org) Hank Coleman Dan Kissinger (writer, entrepreneur & (militaryavenue.com) investor) Military Stars (from twitter) Paul Hagen Kimberly (Forrester Blog ) Blackmon Margarette Burnette (from facebook) Colonel K (Fox Business) (MilitaryAvenue.com) Colonel K Beth Wilson (MilitaryAvenue.com) (from twitter) Number of conversations on client (positive & neutral) has gone up to 2000 I M PA C T per week through influencer engagement© 2012 Copyright Genpact. All Rights Reserved. 22
  23. 23. How we went about it: Step 4 – Managing brandreputation through social engagement Competition COMPETITOR BRANDS CLIENT BRANDS Word Of Brand Awareness Image Advocacy Preference Mouth Share of Perception Loyalists1. Monitor reputation Voice Mentions in Preference detractors and enhancers Brand influential channels over advocates competition2. Enable faster response to Weight x % Topics of discussion Referrals Weight x % First timers issues that impact Weight x % reputation Weight x % Weight x % Sentiment Weight x % TIME Achieved 9% reduction in negative sentiment through continuous I M PA C T monitoring of reputation drivers and its impact© 2012 Copyright Genpact. All Rights Reserved. 23
  24. 24. Implied RoI as a result of this engagement Volumes Sentiments Technology Pioneer Client is perceived as Volumes have gone Sentiments towards a technology pioneer up by more than client have shown owing to its increased 200% since we consistent online started improvement presence/campaigns Spokesperson Coverage Military Media Pick-up Event Impact Spokesperson Military media pick-up Events are coverage has gone of client coverage has increasingly getting up by over 80% last gone up by over 70% more coverage quarter in last quarter across media types© 2012 Copyright Genpact. All Rights Reserved. 24
  25. 25. Thank Youddeb@empowerresearch.com© 2012 Copyright Genpact. All Rights Reserved.