Social Trends and Word of Mouth - PCEA 2013
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Rod Brooks is the Vice President and Chief Marketing Officer of PEMCO Insurance. He serves on the board of directors for WOMMA. Brooks advocates for word-of-mouth marketing and social engagement. He discusses challenges in the insurance industry and strategies for building brands through socially engaged conversations. Brooks emphasizes the importance of listening to customers, being transparent and trustworthy, and making it easy for positive recommendations to spread.
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Social Trends and Word of Mouth - PCEA 2013
- 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. Insurance For $1000 source | Nielsen study (August 2010)
- 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. Twitter: @NW_Mktg_Guy Twitter Hashtag: #PCEA13 source | Nielsen study (August 2010)
- 5. Know what’s important! • Customer centric • Relationship led • Values based • Challenger brand • Hyper-local • Integrity • Responsibility • Courage
- 6. Challenges: Both old and new 1 Industry • Highly regulated industry • Product perceived as a commodity • Insurance is an unsought product 2 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. 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. Social Social Social Media 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)
- 11. Social Media Socially Engaged Voice of the Company Voice of the Customer Top-Down Control Bottom-Up Messaging Company-Generated Consumer-Generated Messages Messages Infrequently Updated Continuously Updated source | Nielsen study (August 2010)
- 12. Social Media Socially Engaged Voice of the Company Voice of the Customer Top-Down Control Bottom-Up Messaging Company-Generated Consumer-Generated Messages Messages Infrequently Updated Continuously Updated
- 13. Social Media Socially Engaged Voice of the Company Voice of the Customer Top-Down Control Bottom-Up Messaging Company-Generated Consumer-Generated Messages Messages Infrequently Updated Continuously Updated
- 14. Social Media Socially Engaged Voice of the Company Voice of the Customer Top-Down Control Bottom-Up Messaging Company-Generated Consumer-Generated Messages Messages Infrequently Updated Continuously Updated
- 16. Word of mouth is the most powerful form of marketing there is!
- 17. Most Powerful • Builds brands • Drives Sales • Integrity • Sparks Conversations • Responsibility • Courage
- 18. Most Effective • More persuasive • More targeted • Integrity • More relevant • Responsibility • Courage
- 19. 54% of US adults identified old-fashioned Word of Mouth as most important influencer of purchase decisions. source | “Digital Marketer Report, Experian – 2011
- 20. What percentage of word of mouth happens online?
- 21. 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)
- 22. 23% of people’s time spent on the Internet is on Social Media websites source | Nielsen study (August 2010)
- 23. source | ComScore Data Gem - 2011)
- 24. • Integrity • Responsibility • Courage source | Keller Fay “The Face-to-Face Book”(2012)
- 26. Are your marketing pants on fire? ?% of consumers believe companies are untruthful in their advertising. • Integrity • Responsibility • Courage source | Bold Mouth’s “Perceptions, Practices, and Ethics” report (2006)
- 27. Are your marketing pants on fire? 76% of consumers believe companies are untruthful in their advertising. • Integrity • Responsibility • Courage source | Bold Mouth’s “Perceptions, Practices, and Ethics” report (2006)
- 28. Are your marketing pants on fire? • Integrity • Responsibility • Courage Advertised In Reality source | Bold Mouth’s “Perceptions, Practices, and Ethics” report (2006)
- 29. Are your marketing pants on fire? • Integrity • Responsibility • Courage Advertised In Reality source | Bold Mouth’s “Perceptions, Practices, and Ethics” report (2006)
- 30. Trust lives in the community. ?% of global consumers say they trust recommendations• Integrity • Responsibility from other consumers • Courage source | Nielsen’s “Trust in Advertising” Report (2007)
- 31. Trust lives in the community. 78% of global consumers say they trust recommendations• Integrity • Responsibility from other consumers • Courage source | Nielsen’s “Trust in Advertising” Report (2007)
- 32. Northwest values • Integrity • Responsibility • Courage
- 33. 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 • Courage source | PEMCO Mutual Insurance Co, “Market Metrics – 2010”
- 34. Northwest values • Integrity • Responsibility • Courage
- 35. The people who “link, like, and list” us are among a brands most valuable • Integrity • Responsibility • Courage marketing assets.
- 36. The people who “link, like, and list” us are among a brands most valuable • Integrity • Responsibility • Courage marketing assets.
- 37. 2010 – Fortune 100 Companies… 65% are on Twitter 54% are on Facebook 29% use YouTube 33% maintain a blog source | Burson-Marsteller & Digital Media Study (February 2010)
- 38. 2010 – Fortune 100 Companies… 77% are on Twitter 61% are on Facebook 57% use YouTube 36% maintain a blog source | Burson-Marsteller & Digital Media Study (February 2010)
- 39. 77% of YouTube videos have fewer than 500 views Only 1/3 of 1% get more than 1 million source | “Contagious – Why Things Catch On” by Jonah Berger, 2013)
- 40. 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)
- 41. Fortune 100 firms are tweeting, on average, 25 to 30 times per week source | Burson-Marsteller “Global Social Media Check-Up” report (February 2010)
- 42. “… companies that are both deeply and widely engaged in social media surpass their peers in terms of both revenue and profit performance by a significant difference.”
- 43. Word of mouth is the most powerful form of social media there is!
- 44. • Integrity • Responsibility • Courage Product – Service - Experience
- 45. Why Recs Matter • Integrity • Responsibility • Courage Awareness to Advocacy
- 46. Why Recs Matter • Integrity • Responsibility • Courage When “earned” they drive preference, purchase & referral.
- 47. • Integrity • Responsibility • Courage BIG HAIRY AUDACIOUS GOAL
- 48. • Integrity • Responsibility • Courage REFERRAL BASED GROWTH
- 49. Five Principals: Word of Mouth Marketing • Integrity • Responsibility • Courage
- 50. 1. Word of Mouth Marketing . . . Honest and authentic. Brands to consumers and consumers to consumers. . . . is Credible
- 51. 2. Word of Mouth Marketing . . . Listen, participate, respond and engage in conversations . . . is Social
- 52. 3. Word of Mouth Marketing . . . Transparent & trustworthy Protects privacy among all parties. . . . is Respectful
- 53. 4. Word of Mouth Marketing . . . Defined, monitored, & evaluated . . . is Measurable
- 54. 5. Word of Mouth Marketing . . . Easy to share. Over and over. . . . is Repeatable
- 55. Four decisions every marketer, every brand • Integrity • Responsibility . . . all of us, • Courage can make.
- 56. 1. Decide to listen 2. Decide to be affected 3. Decide to respond 4. Decide to be engaged
- 58. The typical American mentions specific brand names 60 times per week in offline & online conversations. source | Keller Fay “ Talk Track” report (2010)
- 59. XX% of WOM conversations are mostly positive XX% of WOM conversations are mostly negative source | Keller Fay “ Talk Track” report (2009)
- 60. 68% of WOM conversations are mostly positive 8% of WOM conversations are mostly negative source | Keller Fay “ Talk Track” report (2009)
- 62. • Integrity • Responsibility • Courage
- 63. Public Displays of Affection source | http://www.flickr.com/photos/boudster/3716337113/
- 64. Public Displays of Aggravation source | http://www.flickr.com/photos/
- 65. 22% of US consumers have at least one brand-related conversation online every day. Public Displays of Affection
- 66. 22% of US consumers have at least one brand-related conversation online every day. Public Displays of Aggravation
- 67. Customer reviews and stories affect operations. • Start every meeting with a customer story!
- 68. Create a place to welcome feedback
- 69. Create a place to welcome feedback
- 70. Respond with timely appreciation, empathy, sincerity and authenticity.
- 71. “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
- 72. Two great ways to respond to even the most challenging assertions.
- 73. Thank You and We’re Sorry
- 74. Engage your audience “Show me that you know me in ways that others don’t”
- 75. Sorry! 24 hours 47 minutes Feb 22nd - 3:18 to Feb 23rd - 4:05 p.m.
- 76. Use humor that gives, not takes!
- 77. Use humor that gives, not takes!
- 80. 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.”
- 81. Listen to your customers
- 82. Remember the basics… Know your talkers… Give them something to talk about… • Integrity • Responsibility • Courage Make it easy to share.
- 83. And remember… • Integrity • Responsibility • Courage
- 84. Thank You – Lets Connect Twitter: @NW_Mktg_Guy Facebook: Northwest Marketing Guy • Integrity Linked In: • Responsibility Rod Brooks • Courage Blog: www.rodbrooks.com