Thomas H. Wetzel & Associates, Inc.

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Navigating Regulated Industries: A Cautionary Tale

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Thomas H. Wetzel & Associates, Inc.

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Navigating Regulated Industries

• Productive

• Cost-Efficient

• Risk-Averse

Thomas H. Wetzel & Associates, Inc.

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Navigating Regulated Industries

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Navigating Regulated Industries

Playing Offense AND Defense

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Navigating Regulated Industries

On Offense…

• Promoting the brand• Generating leads• Strengthening customer relationships • Building a community around customer

needs• Telling the insurance story

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Navigating Regulated Industries

On Defense…

• Defending the brand

• Building legal protections

• Creating risk management plan

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Navigating Regulated Industries

Thomas H. Wetzel & Associates, Inc.

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Navigating Regulated Industries

• Don’t experiment, construct a roadmap

• Engage legal counsel

• Revise existing guidelines

• Train, train, train

• Monitor and measure

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Navigating Regulated Industries

ASSESSING SOCIAL MEDIA COSTS

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Navigating Regulated Industries

• Staff costs

• Protecting the brand

• Changes in the marketing mix

• Controlling liability costs

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The Value of Social Media

TWO CRITICAL TAKEAWAYS

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Navigating Regulated Industries

TAKEAWAY #1

The risks of not participating or participating ineffectively increase every day.

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Navigating Regulated Industries

TAKEAWAY #2

Experimenting slowly is not the same as being cautious with a plan.

Thomas H. Wetzel & Associates, Inc.

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Integrating Social Media into Marketing Mix

Navigating Regulated Industries

Thomas H. Wetzel & Associates, Inc.

BSWBATTORNEYS AT LAW

Web siteBlog

Microblog (twitter)Social networking (Facebook, MySpace)

Social Media Management

TraditionalMedia

(Print, Radio, TV)

SocialMedia

Message

Message

Stakeholders

Stakeholders

StakeholdersDirect Marketing(Phone, mail, news,

trade shows

StakeholderCommunications

Who are the key Who are the key stakeholders?stakeholders?

Legal filter

Thomas H. Wetzel & Associates, Inc.

BSWBATTORNEYS AT LAW

Web siteBlog

Microblog (twitter)Social networking (Facebook, MySpace)

Social Media Management

TraditionalMedia

(Print, Radio, TV)

SocialMedia

Message

Message

Stakeholders

Stakeholders

StakeholdersDirect Marketing(Phone, mail, news,

trade shows

StakeholderCommunications

What are the key What are the key messages?messages?

Legal filter

Thomas H. Wetzel & Associates, Inc.

BSWBATTORNEYS AT LAW

Web siteBlog

Microblog (twitter)Social networking (Facebook, MySpace)

Social Media Management

TraditionalMedia

(Print, Radio, TV)

SocialMedia

Message

Message

Stakeholders

Stakeholders

StakeholdersDirect Marketing(Phone, mail, news,

trade shows

StakeholderCommunications

What are the What are the right media?right media?

Legal filter

Thomas H. Wetzel & Associates, Inc.

BSWBATTORNEYS AT LAW

Web siteBlog

Microblog (twitter)Social networking (Facebook, MySpace)

Social Media Management

TraditionalMedia

(Print, Radio, TV)

SocialMedia

Message

Message

Stakeholders

Stakeholders

StakeholdersDirect Marketing(Phone, mail, news,

trade shows

StakeholderCommunications

What are your What are your liabilities?liabilities?

Legal filter

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Where to Start?

• Join our Facebook discussion at Social-Media-Management-for-Insurance-Industry

 

• Jumpstart your participation with our Social Media Management Program 

• Contact twetzel@wetzelandassociates.com

•

Thomas H. Wetzel & Associates, Inc.

BSWBATTORNEYS AT LAW

Navigating Regulated Industries

THANK YOU

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