This document discusses Standard Life's efforts to develop a social business approach. It covers how Standard Life is an established provider of long-term savings and investments that is facing changing market forces like technology advances. The company recognizes that the linear approach is being replaced by a complex online ecosystem. Standard Life has been exploring social media to better engage different audiences like customers and financial advisors. Internally, the company set up a social business network to improve collaboration and knowledge sharing among its global workforce. Moving forward, Standard Life aims to more fully integrate social media into its business model and operations.

1. Developing a Social Business approach
at Standard Life
Kevin O’Shaughnessy
Group Digital Director

2. 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

3. We are an established provider of long
term savings & investments
All figure correct at 30 June 2011

4. Our industry is being shaped by a
number of significant market forces
• Economic conditions
• Changing regulation
and legislation
• Changing customer
needs
• Technology advances
• Competitive pressures

5. The linear approach is gone, replaced
by a complex ecosystem
The Old Way… The New Way...
entertain connect inform assist convert Brand
Banner

6. But…it currently feels like the ‘Wild West’
Even when categorised, the options are
numerous
Image credit: Brian Solis, http://www.briansolis.com/2008/08/introducing-conversation-prism/

7. Making sense of these opportunities is going
to 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

8. So what does this mean for Standard Life?

9. Insight into our end consumer social traits has helped
us engage around our propositions in different ways
The 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.

10. Social media is enabling us to augment
our 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

11. Employers & Employees will look to social for
guidance on changing pension rules
The 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 benefits
Due 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

12. Standard Life has a diverse workforce with
demand 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.

13. We see Social Business as a mix of engagement,
collaboration and co-creation
Business Partner
Engagement
Customer
Participation
Employee
Collaboration
13
Image credit: David Armano, http://www.flickr.com/photos/7855449@N02/3865081030/in/set-72157606844282993

14. 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

15. Our external activity is led by clear
business 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:

16. With measurement & monitoring in place
which tracks conversations & resulting traffic
16

17. The current test and learn initiatives are providing
valuable insight across multiple audiences

18. Our internal activity is led by connecting people
within 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.

19. After 4 months we’re seeing good levels of
engagement and changes in working practices

20. 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 evolution
SL Current State @ Jan 2012
Source: collectiveintellect.com

21. The future is about going broader and deeper
and 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

22. Thank you and any questions?