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Thomas H. Wetzel & Associates, Inc.
Presented for the National Fraternal Congress of America
Thomas Wetzel
January 20, 2011
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Thomas H. Wetzel & Associates, Inc.
SOCIAL MEDIA IS:
Productive
Cost-Efficient
Risk-Averse
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Provided
THAT IT IS DONE RIGHT!
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Playing Offense AND Defense
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On Offense… Promote your brand Generate leads Strengthen customer relationships Build a community around customer
needs Develop advocates Tell the insurance story Listen, learn and engage
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It Does Not Mean:
Just setting up a Facebook page Treating social media as just another
corporate mouthpiece Buttonholing social media in the
marketing department
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It Does Mean:
Listening, not preaching Educating, not lecturing Building a community around your assets Facilitating conversation Encouraging “social sharing” Using data effectively
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On Defense…
Defend your brand Know how to respond to criticism and
turn it your advantage Build legal protections Create risk management plan
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It Does Not Mean:
Blocking all employee access Tuning out the complainers Waiting for the first compliance violation
to take action Putting it on the backburner when
business improves
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It Does Mean:
Creating a strategy and plan for formal participation
Educating and guiding employees and producers
Establishing usage guidelines and enforcing them
Managing your social media profile
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TACTICS• Microblogging
Social Network Participation Monitoring
Video Marketing Blogger Relations
Influencer Engagement Community Creation & Engagement
Word-of-Mouth Marketing Training Blogging
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Monitoring Mandatory Should be done daily More than checking your own sites Use two or more services Utilize variety of metrics
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How Much Will It Cost?
May use existing staff to start Cost vs. value How much is protecting your brand
worth? Recalibrate marketing expenses Minimize compliance, litigation costs
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What’s New in 2011
Pressure to demonstrate ROI Increasing regulatory scrutiny Litigation challenges Greater carrier-agent cooperation Corporate-based communities (Facebook is
not all there is)
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THE SOCIAL MEDIA STARS USAA Thrivent New York Life Alfa Insurance State Farm Westfield Insurance Farmers PEMCO VPI Pet Insurance Allstate Erie Insurance American Family Insurance Shelter Insurance GEICO Florida Association Progressive of Insurance
Agents
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BEST PRACTICES Strategy first, tactics second Don’t experiment, construct a roadmap Every department plays a role Engage legal counsel early Revise existing guidelines Train, train, train Monitor and measure
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SIX CRITICAL TAKEAWAYS
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TAKEAWAY #1
Social Media is mainstream communications
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TAKEAWAY #2
Avoiding corporate-sanctioned and managed participation is no longer a viable option. Neither is ineffective participation.
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TAKEAWAY #3
Social Media affects every insurance function and every function needs to play a role.
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TAKEAWAY #4
Hit or miss experimentation is no substitute for a carefully-designed plan.
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TAKEAWAY #5
Social Media is not to be feared or shunned. It is not a magic bullet, however it is an indispensable one.
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TAKEAWAY #6
The time to start is now.
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Join our Facebook discussion at Social-Media-Management-for-Insurance-Industry
Follow our blog at www.thegoodrisk.com For information on our services, see
wetzelandassociates.com Email us at
[email protected] Phone: 708-524-4944 Cell: 708-577-
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