Social Media & Mobile Marketing Conference
8th April 2014
Presentation by Hugh Terry – The Digital Insurer
Change Picture
Find the slides in the conferences section of The Digital Insurerhttp://www.the-digital-insurer.com/social-media-mobile-marketing-conference-8-9-april-2014-singapore/
5 Key Objectives today
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Make the case for smart content in insurance
Present a framework to help assess smart content
Take a look at some examples
how can you prepare for a content war in insurance?
Crystal ball - predicting the likely winners
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The Digital Insurer is in the content business
Reports on Digital InsuranceContent production
� Insurance library (9 articles reviewed each month) 2-3 new articles a quarter
� Thought leaders :2-4 articles a quarter
� Quarterly Digest
� insurance library (9 articles reviewed each month)
� Bespoke sponsored reports
Speaking Engagements
Digital Consulting & Digital Ventures
Join more than 2,500 other insurance professionals @ the-digital-insurer.com
Smart Content in Insurance
Social media and Mobile Marketing Conference 8th April 2014
1. Making the case for smart content in insurance
Best Actor & Actress in Oscars this year?
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Cate Blanchett Matthew McConaughey
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Do you recognise this picture?
5 facts you may not have known
750K retweets in 15 mins, >3 million within a week
Ellen Degeneres has >20 million twitter followers
It was ‘half planned’ – sponsored placement but not the selfie
They spent US$18 million dollars for 5 minutes ad at the Oscars + product placement
Samsung was so pleased it donated U$1 for each tweet to a charity of Degeneres’ choosing
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DeGeneres: “Meryl, here's my idea, ok, so you were nominated -- it's a record-breaking 18 times, right? So I thought we would try to break another record right now with the most re-tweets of a photo. So right now I'm going to take a picture of us, and we'll see if we can break the record for the most retweets –”Streep: “Get her in –” *points to Julia Roberts*And the rest followed….
Similar success in insurance
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� Digital to real world – win a free ride
� 2010/ 2011 – Guinness World Record with most likes in a 24 hour period
� Again: scale of success was not expected
� 2.2 Million Facebook likes
Farmers Insurance use Farmville
� Driven by desire to reduce click through costs –73% reduction in search costs
� Accidentally created a loveable cartoon character (Aleksandr Orlov) - >800K likes on Facebook
� No 1 for spontaneous recall
Comparethemarket.com
3 Strong reasons for investing in content in insurance
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1. Consumers like and use content
2. Insurers have a trust
challenge
3. New customers
Reason 1: consumers love content
10 http://www.bazaarvoice.com/ - the conscious consumer
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Consumer’s research on-line & purchase anywhere
Source : www.consumerbarometer2013.com .
Around the world 69% of the online population researches on-line before purchasing a product or service
46% research online /purchase offline23% research online / purchase online
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Is Financial Services different? Not really
For Finance and Real Estate it is 67% around the world
Source : www.consumerbarometer2013.com .
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Is Asia different? Not really
In India it is 65% and in China it is 74% for Finance and Real Estate.However, a higher % of purchases are currently made offline (reflecting
face-to-face channel dominance).
Source: www.consumerbarometer2013.com .
Multiple source of information – “mono” communication channels no longer exist
14 Extracted from Swiss Re Sigma 06/13
Reason 2: Trust is at the heart of financial services. But…
15Source : Edelman 2014 Trust barometer
WE HAVE A TRUSTCHALLENGE
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71% would rather go to the dentist than listen to what their banks are saying to themSource: survey by Viacom
Reason 3:Market Opportunity
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Extracted from Swiss Re Sigma 06/13
Smart content can change the paradigm that “life insurance is sold not bought”.
Economics of content distribution: inbound lower cost than outbound
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Websites are at the heart of a smart content strategy. Content is the driver for inbound marketing.
“What for”: Content goals
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2. Frameworks for assessing Smart content
Smart Content in Insurance
Social media and Mobile Marketing Conference 8th April 2014
Image from ; slideshare.net/tomdebaere/the-rise-of-smart-content-marketing
So what is smart content?
� What are the key criteria?
� How do we measure smart content?
� How do we move beyond being subjective?
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The AIDA model for Advertising
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A - attention (Awareness)- Attract the attention of the customer.
I - interest: - Raise customer interest by focusing on and demonstrating advantages and benefits (instead of focusing on features, as in traditional advertising).
D - desire:- Convince customers that they want and desire the product or service and that it will satisfy their needs.
A - action:- Lead customers towards taking action and/or purchasing.
AIDA is the traditional model – but ignores distribution and needs updating for digital channels
A work in progress- Share your viewsThe Digital Insurer’s
Smart Content Index (SCI)
The Smart Content
Index
from The Digital
Insurer
The content demands my attention – this increasingly involves multi-media
The content is engaging - it attracts my interest and it is thought provoking
The content Is searchable / findable –it can be discovered by target consumers
The content is memorable –and easy to quote
The content is reportable – which means its success can be
measured
The content is designed to encourage sharing – it can
be shared across multiple platforms
The content is easy to use – “fit” for purpose
and to the point
The content is actionable - it leads me to take a step that
the content producer wanted22
What is the SCI Rating?
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The Smart Content
Index
16/24
Good
Average
Poor
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2
1
20-24
8-12
13- 19
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3. Examples of Smart Content in Insurance
Smart Content in Insurance
Social media and Mobile Marketing Conference 8th April 2014
3 great examples of smart content in insurance
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USAA provides financial services to veterans and serving members of the armed forces
Alexa Ranking : 1,172 Global ; 288 US6.2 pages per visit – 6 mins average on site per visit27
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� >600K likes in Facebook
� Mobile service and content platform
� Member-to-member forum
� >60K Twitter followers
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Let the conversation flow
� The good
� … and the bad
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Did you know ?USAA is a mutual – owned by its policy owners
It’s content strategy is an extension from deep seated customer centricity
A customer centric business –Leading customer satisfaction scores
Leading Net Promoter Scoreboards
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Money Saving Expert Provides advice on how to save money in the UKAlexa Ranking : 1,780 Global , 55 UK
4.7 pages per visit – 5 mins average on site per visit31
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� Who doesn’t like to save money?
� Independent advice
� 39 million site visits in 2011
� Weekly email (5 million subscribers – 2011)
� Discussion Forum (28 million posts)
� Extensive Guides
� Money saving tools
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Did you know ?Money Savings Expert is owned by leading aggregator
moneysupermarket.com (Alexa : 207 UK)The site was sold for ~US$130 million in 2012 (it had <50 staff!)33
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Great Eastern is a leading regional life insurer – homegrown in SingaporeAlexa Ranking: 164,285 Global ; 1,638 Singapore
3.1 pages per visit, 4 mins average per visit34
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� Dedicated microsite
� >60,000 Facebook users
� Multi– year commitment – content is additive around broad theme “live great”
� Mobile enabled
� Engaging – Guides , health apps, tips , rewards
� Applied across the region35
Did you know ?Great Eastern started its content journey more than 2 years ago
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Asian Insurance Reviews Life insurance company of the year 2013“We are honoured to be named Life Insurance Company of the Year. At Great Eastern, we embrace a simple yet powerful corporate purpose - to not just be a life insurance company, but to be a LIFE company. We have made it our purpose to help our customers to live longer, healthier and better, and over the last two years we have been building our Live Great programme,…. This award is a strong affirmation and validation of our multi-faceted customer engagement strategy across the region.“Chris Wei , Group CEO (Source: Great Easter press release 6/11/2013)
4. Preparing for a content war in insurance
Smart Content in Insurance
Social media and Mobile Marketing Conference 8th April 2014
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“How”: Content Tactics
� B2C Content Marketers use an average of 12 tactics
Content distribution platforms
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Getting started: Top 3 recommendations
1. Create a modern content “factory” - agile with a dedicated leader, external recruits and third party support
2. Invest in content distribution in parallel with content production
3. Co-opt staff and salesforce to support both content production & distribution
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Stating the obviousA multi-year budget commitment is required
5. Predicting the content winners in insurance in Asia
Smart Content in Insurance
Social media and Mobile Marketing Conference 8th April 2014
Key Success Factors
Breadth of Product Range
Bra
nd
Aff
init
y
WINNERS
LOSERS
Brand AffinityOwned or borrowed.
Influenced by size of
customer base
Sustained
Commitment
Combination of
financial and cultural
commitment to
content production
Independence of
adviceAbility to offer advice
that is viewed as
authoritative and
sufficiently independent
by consumers
Breadth of product
rangeLife insurance only is a
difficult content
proposition (but could
be tackled by a digital
niche player)
Content Distribution
capabilitiesAccess to a combination
of in-house traditional
and digital marketing
assets as well as paid
distribution
11 22 33 44 55
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“DigitalMoney”
Small distributor centric life
co
1. A well funded start-up? A non financial
services company with a great brand and
fantastic digital assets
2. A division of a broking company? But where’s
the brand affinity? Could employer affinity be
sufficient?
3. An aspiring Independent financial Advisory
firm? Would they have the resources to
compete?
4. A Large incumbent insurance company?
Would it be prepared to expand its product
range into banking?
5. A bank? Are banks willing to adopt open
architecture models for non- banking products?
Candidates for “Digital Money” in Asia
visit the-digital-insurer.com
• Subscribe for free content• Provide content and ideas• Be an industry leader and help us to do more- Ask you company
to sponsor content development
Messages to take away
Support The Digital Insurer – and help us develop smarter insurance content for you!
Find this presentation in the conferences section of the-digital-insurer.com
References & recommended reading
� About Smart content marketing:http://www.slideshare.net/tomdebaere/the-rise-of-smart-content-marketing
http://contentmarketinginstitute.com/wp-content/uploads/2013/10/B2C_Research_2014-withlinks.pdf
� Other views on great content (website/blogs):http://blog.kissmetrics.com/ingredients-of-great-content/
http://www.wordstream.com/blog/ws/2013/07/29/great-content
� Hubspot - State of inbound marketing reports:http://cdn2.hubspot.net/hub/53/blog/docs/ebooks/the_2012_state_of_inbound_marketing.pdf
http://offers.hubspot.com/2013-state-of-inbound-marketing
� Trends in Trust in financial services:http://cdn2.hubspot.net/hub/53/blog/docs/ebooks/the_2012_st
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