"Navigating Regulated Industries - A Cautionary Tale"

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Social Media Presentation at Word of Mouth Marketing Association, Chicago, May, 2010

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"Navigating Regulated Industries - A Cautionary Tale"

  1. 1. Navigating Regulated Industries: A Cautionary Tale
  2. 2. Navigating Regulated Industries <ul><li>Productive </li></ul><ul><li>Cost-Efficient </li></ul><ul><li>Risk-Averse </li></ul>
  3. 3. Navigating Regulated Industries
  4. 4. Navigating Regulated Industries <ul><li>Playing Offense AND Defense </li></ul>
  5. 5. Navigating Regulated Industries <ul><li>On Offense… </li></ul><ul><li>Promoting the brand </li></ul><ul><li>Generating leads </li></ul><ul><li>Strengthening customer relationships </li></ul><ul><li>Building a community around customer needs </li></ul><ul><li>Telling the insurance story </li></ul>
  6. 6. Navigating Regulated Industries <ul><li>On Defense… </li></ul><ul><li>Defending the brand </li></ul><ul><li>Building legal protections </li></ul><ul><li>Creating risk management plan </li></ul>
  7. 7. Navigating Regulated Industries
  8. 8. Navigating Regulated Industries <ul><li>Don’t experiment, construct a roadmap </li></ul><ul><li>Engage legal counsel </li></ul><ul><li>Revise existing guidelines </li></ul><ul><li>Train, train, train </li></ul><ul><li>Monitor and measure </li></ul>
  9. 9. Navigating Regulated Industries <ul><li>ASSESSING SOCIAL MEDIA COSTS </li></ul>
  10. 10. Navigating Regulated Industries <ul><li>Staff costs </li></ul><ul><li>Protecting the brand </li></ul><ul><li>Changes in the marketing mix </li></ul><ul><li>Controlling liability costs </li></ul>
  11. 11. The Value of Social Media <ul><li>TWO CRITICAL TAKEAWAYS </li></ul>
  12. 12. Navigating Regulated Industries <ul><li>TAKEAWAY #1 </li></ul><ul><li>The risks of not participating or participating ineffectively increase every day. </li></ul>
  13. 13. Navigating Regulated Industries <ul><li>TAKEAWAY #2 </li></ul><ul><li>Experimenting slowly is not the same as being cautious with a plan. </li></ul>
  14. 14. Navigating Regulated Industries Integrating Social Media into Marketing Mix
  15. 15. Web site Blog Microblog (twitter) Social networking (Facebook, MySpace) Social Media Management Traditional Media (Print, Radio, TV) Social Media Message Message Stakeholders Stakeholders Stakeholders Direct Marketing (Phone, mail, news, trade shows Stakeholder Communications Who are the key stakeholders? Legal filter
  16. 16. Web site Blog Microblog (twitter) Social networking (Facebook, MySpace) Social Media Management Traditional Media (Print, Radio, TV) Social Media Message Message Stakeholders Stakeholders Stakeholders Direct Marketing (Phone, mail, news, trade shows Stakeholder Communications What are the key messages? Legal filter
  17. 17. Web site Blog Microblog (twitter) Social networking (Facebook, MySpace) Social Media Management Traditional Media (Print, Radio, TV) Social Media Message Message Stakeholders Stakeholders Stakeholders Direct Marketing (Phone, mail, news, trade shows Stakeholder Communications What are the right media? Legal filter
  18. 18. Web site Blog Microblog (twitter) Social networking (Facebook, MySpace) Social Media Management Traditional Media (Print, Radio, TV) Social Media Message Message Stakeholders Stakeholders Stakeholders Direct Marketing (Phone, mail, news, trade shows Stakeholder Communications What are your liabilities? Legal filter
  19. 19. Where to Start? <ul><li>Join our Facebook discussion at  Social-Media-Management-for-Insurance-Industry </li></ul><ul><li>  </li></ul><ul><li>Jumpstart your participation with our Social Media Management Program  </li></ul><ul><li>Contact [email_address] </li></ul>
  20. 20. Navigating Regulated Industries <ul><li>THANK YOU </li></ul>

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