Power of social media

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The power of social media. How it impacts insurance companies.

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Power of social media

  1. 1. The power of social media May 26, 2011
  2. 2. Questions that may be answered today: <ul><li>What is social media? </li></ul><ul><li>How are companies using social media? </li></ul><ul><li>What can you do? </li></ul>
  3. 4. The Internet circa 1993
  4. 5. Internet in 2011
  5. 6. *Mobile penetration: 121% Internet penetration: 64.6% Force 1: Rise of access *Source: Malaysia, Q1, 2011, MCMC forecast, Internetworldstats.com June ‘09
  6. 9. Force 2: Media fragmentation <ul><li>Opinion forming elite </li></ul><ul><li>One-way, one-to-many </li></ul><ul><li>Sole or few sources dictating schedules and headlines from top-down. </li></ul><ul><li>Very little engagement or feedback encouraged and even these are edited. </li></ul><ul><li>Here it is, you decide </li></ul><ul><li>Many-to-many </li></ul><ul><li>Bloggers, tweeters, podcasters, aggregators, producers, commenters post in their own time </li></ul><ul><li>Many sources engage in the conversation from grassroots-level, build their own audience. </li></ul>Mass media >>> Masses of niche media
  7. 11. Force 3: Diverse media options <ul><li>Then </li></ul><ul><li>Word-of-Mouth </li></ul><ul><li>Print: eg. news, direct mail, </li></ul><ul><li>ads, newsletters, magazines </li></ul><ul><li>Public relations </li></ul><ul><li>Broadcast: TV, radio </li></ul><ul><li>Telephone </li></ul><ul><li>Direct Mail </li></ul><ul><li>Contests </li></ul><ul><li>Research reports </li></ul><ul><li>Face-to-face </li></ul><ul><li>Now </li></ul><ul><li>Word-of-mouse </li></ul><ul><li>Email </li></ul><ul><li>Websites </li></ul><ul><li>Blogs eg.Wordpress, Blogger </li></ul><ul><li>Social networks </li></ul><ul><li>eg. Facebook, LinkedIn </li></ul><ul><li>Microblogging eg. Twitter </li></ul><ul><li>Video-sharing eg. YouTube </li></ul><ul><li>Podcasts </li></ul><ul><li>Mobile apps eg. iPhone, Android </li></ul><ul><li>Video chat eg. Skype, Facetime </li></ul><ul><li>Forums, Chat Rooms </li></ul><ul><li>Search Engine Marketing </li></ul><ul><li>Viral marketing </li></ul>
  8. 12. Tomorrow’s customers are today’s “digital natives.”
  9. 13. The old communication model was a monologue.
  10. 14. The new communication model is a dialogue.
  11. 15. Where Is Everyone? F. L. Y. T. B.
  12. 16. By the numbers… <ul><li>675m users </li></ul><ul><li>Malaysia: >10 million </li></ul><ul><li>100m users </li></ul><ul><li>Malaysia: 462,000 </li></ul><ul><li>3 billion views daily </li></ul><ul><li>48hrs of video uploaded/1 min </li></ul><ul><li>200m users </li></ul><ul><li>Malaysia: >1 million </li></ul><ul><li>> 200m bloggers </li></ul>
  13. 17. In 2011, if you’re not on a social networking site, you’re not on the Internet. “ Fish where the fish are!”
  14. 18. Twitter in action: Plane crash! http://www.youtube.com/watch?v=imDFSnklB0k
  15. 20. From Twitter to Front page
  16. 21. Lessons <ul><li>A single person with a smartphone can make a huge impact globally </li></ul><ul><li>Some characteristics of social media: immediacy, velocity, amplification, archival. </li></ul><ul><li>People care more: appear more human , more real, more visual , offers more engagement and instant feedback , more believable, more authentic. </li></ul>
  17. 22. Eg: Tornado hits Joplin, Missouri, worst since 1953, over 120 dead
  18. 26. Starting with a digital newsroom
  19. 27. Using Twitter for media relations
  20. 28. Spreading info via Twittersphere
  21. 29. How are companies using Twitter <ul><li>EXTERNAL </li></ul><ul><li>Customer service </li></ul><ul><li>News, blog updates </li></ul><ul><li>Branding, promotion, marketing </li></ul><ul><li>PR, media relations </li></ul><ul><li>Finding leads, prospects </li></ul><ul><li>Extending touchpoints </li></ul><ul><li>Community building </li></ul><ul><li>Networking, tweetups </li></ul><ul><li>Direct sales </li></ul><ul><li>Recruitment </li></ul><ul><li>Driving traffic to website </li></ul><ul><li>INTERNAL </li></ul><ul><li>Connecting sales teams </li></ul><ul><li>Coordinating decentralized teams </li></ul><ul><li>Event planning </li></ul><ul><li>Project status and updating staff, teams </li></ul><ul><li>Employee support </li></ul><ul><li>Mentoring </li></ul><ul><li>Problem-solving </li></ul><ul><li>Purely social </li></ul>
  22. 30. CIMB on Twitter: Customer service twitter.com/cimb_assists
  23. 31. Expect to be attacked
  24. 32. People are already talking about you…
  25. 33. <ul><li>675m active users as of May 1, 2011* </li></ul><ul><li>50% log in everyday, Avg: 41 minutes/day </li></ul><ul><li>Average user has 130 friends </li></ul><ul><li>Average user is connected to 60 pages, groups and events </li></ul><ul><li>Average user creates 70 pieces of content each month </li></ul><ul><li>About 70% of users are outside USA </li></ul><ul><li>Over 100m access it using mobile devices. </li></ul>Source: *InsideFacebook.com, May 2011, rest of stats from http://www.facebook.com/press/info.php?statistics , as of July 2010
  26. 34. Facebook users in Southeast Asia Source: Facebook, GreyReview.com, as of Apr 5, 2011
  27. 35. Study: Malaysia is No 1 <ul><li>Malaysia is No 1 in online social network friends, avg friends is 233, after Brazil (231), Norway (217) </li></ul><ul><li>Avg timespent on social networks: 9hrs/wk, Russia (8.1hrs), Turkey (7.7hrs) </li></ul>Source: TNS’ Digital Life survey of 50,000 respondents in 46 countries covering nearly 90 per cent of the world’s online population, Oct 10, 2010.
  28. 36. CIMB on Facebook http://www.facebook.com/CIMBMalaysia One-to-one customer complaint resolution
  29. 37. News updates
  30. 38. Recruitment
  31. 39. Marketing
  32. 40. Can we ignore social media?
  33. 41. There will be consequences…
  34. 42. 1. You won't know what people are saying about you <ul><li>The conversation is taking place anyway. You can choose to participate or you can ignore it, but people are talking -- even when you're not listening. </li></ul>
  35. 43. 2. You won't know what's going on in your marketplace <ul><li>Listening in to conversations on Facebook, Twitter and the blogosphere is like having a free focus group going 24/7. </li></ul><ul><li>If you listen to your market, you'll be able to anticipate customer needs, make better products, and hear what's wrong with what you are currently delivering. </li></ul>
  36. 44. 3. No one knows the real you <ul><li>Someone may already be squatting on your brand and spewing false corporate messages </li></ul><ul><li>If you don't secure your brand accounts on Twitter, Facebook, no one will know if it's real or fake. </li></ul><ul><li>Get out there with your own voice and establish a reputation for authenticity and truth - it's a lot harder for someone else to hijack your brand. </li></ul>
  37. 45. 4. When you need a voice, you won't have any credibility <ul><li>Typically, organizations only think of a blog or a Twitter account, after a crisis hits. </li></ul><ul><li>Whether you're talking online or off, it takes months – even years – to establish trust in a relationship. </li></ul><ul><li>You need to start the conversation in order to start making deposits in the bank of trust. Then when you need it, the credibility will be there. </li></ul>
  38. 46. 5. You're giving away a competitive advantage <ul><li>Whether you are listening or not, chances are your competition is monitoring what your stakeholders are saying about you. </li></ul><ul><li>They may get feedback you don’t and be able to bring a new product to market faster, and meet the needs of the marketplace better than you can. </li></ul>
  39. 47. 2.Connect 1.Listen 3.Add Value 4.Measure
  40. 48. 4-step social media guidance Step 1: Listen Who’s saying what? Who comments and responds? What they say and how they say it.
  41. 49. 4-step social media guidance <ul><li>Step 2: Connect! </li></ul><ul><li>Find your voice by </li></ul><ul><li>participating in the </li></ul><ul><li>conversations. </li></ul><ul><li>Observe responses, </li></ul><ul><li>if any </li></ul>
  42. 50. 2/3 of the economy now influenced by personal recommendations – McKinsey&Co
  43. 51. 4-step social media guidance <ul><li>Step 3: Add value </li></ul><ul><li>Genuinely reach out </li></ul><ul><li>to help. </li></ul><ul><li>Bring authority and </li></ul><ul><li>credibility to the </li></ul><ul><li>conversation. </li></ul>
  44. 52. 4-step social media guidance <ul><li>Step 4: Measure </li></ul><ul><li>Track pageviews, </li></ul><ul><li>downloads, embeds, </li></ul><ul><li>visitors, followers, fans </li></ul><ul><li>Evaluate cost savings </li></ul><ul><li>Weigh positive vs </li></ul><ul><li>negative comments </li></ul>
  45. 53. “ The future is here. It’s just not widely distributed yet,” William Gibson, author of Neuromancer; coined term “cyberspace” in 1984

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