Social Media and its potential

[ignotus25]

Fairly recently, our agency began to embrace social media as a viable tool. We have coordinated FB, Twitter, LinkedIn, and a Youtube channel. While this endeavor is sure to be a challenging and continual one, we are convinced that it is worth while. As most of us agree, "word of mouth" has always been, and remains king among marketing tools. Generating it is the key. It is my opinion that social media is just the latest expression of WOM. The only thing that has changed, is the mouth itself. Of course people will tell friends and family about a product or service they like. But they are increasingly likely to tell several if not hundreds of people at once using an online platform. Thoughts on this are welcome. Visit us at www.jebrown.net

[d's insurance store]

I continue to feel that an effort for Social Media is justified in the insurance business if an agency is looking for search engine optimization or if an agency has a specific niche that can be exploited with targeted messages adding value.

For a General Purpose/All Lines retail agency I'm still not feeling the love of Social Media, unless that agency is truely plugged into the local community with sponsorships and involvements in projects that have nothing to do with insurance and everything to do with the community. To have a gang of followers interested in mundane messages about having just saved Mr. & Mrs. Smith so much money on a package deal, or that Ms. Jones was happy her windshield got replaced for the cost of the deductible or that the agency owner wishes everyone a Happy Valentine's Day or announces that they're on the way to the gym for a morning workout doesn't make any sense to me. And to post the common stuff about raising deductibles or dropping physical damage coverage on older vehicles to save money also speaks of a program gone bad.

Oh well...maybe it's just me.

[aahorncole]

I deem that the reason you don't feel the love is because that social media networking is not for everybody. I myself have not fully grown into it. Although that lately i find a lot of buddies from conferences on my insurance trips, and that's pretty awesome.

[d's insurance store]

OK, no sarcasm....but please tell me and anyone else interested in this topic...what good does it do for marketing and promotion and retention efforts to be sharing stories of award trips on a social network site designed for retail agencies? How does that move information and content that would be of value to a prospective client trying to figure out if what you have to offer is relevent to their needs? Candid photos from the golf course with fellow President's Conference Club winners? Brief little notations on the awards dinner?

This is an example of what I don't get, if Insurance Agency Social Networking is supposed to further the growth of an agency.

[JasonBHBCo]

Social media has a lot of potential. The trick is to not think of it as "social media". It is quite simple another networking channel. Most any producer has his/her own techniques (I am assuming!) to find prospects, establish and build a connection with those prospects, and then to close the sale and maintain that relationship. Social media is simply another medium in which producers - if he/she can grasp the appropriate nuances and parallels of traditional networking, and how to do the same in the chosen platform - can realize some great results (sometimes with less time and effort) in prospecting. It is by no means a panacea or a wonder solution that will double sales (for example), but when used effectively it can greatly increase your influence.
Additionally, it can be used as a very cost-effective way to increase brand awareness and agency exposure. Just as you would pay for a print ad, a radio spot or a direct mail campaign, you can get your (albeit brief) message out in front of the people whom you want to have exposure to your brand. This is not automatic and there will definitely be a lot of trial and effort involved, but the resulting cost, and return on investment, can be superior to sustained marketing efforts in traditional channels.
Of course none of this will work if your clients or prospects are not there to begin with or do not actively engage with you on social media channels. There are easy ways to check for that too before you start any efforts.
I do also have to throw out there that the ACT website has some great resources on this topic, including templates for agency social media policies and strategies.

[kiswest]

I would like to know what can be appropriately said that does not sound self-serving or boring. We have a number of followers on FB and I would like to maximize it for business. Just having some trouble with verbiage.

[QuoteClicker]

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[ignotus25]

In reply to d's insurance store's comment/question: Considering your audience is one of the most important considerations when using social media. To your point about mundane or boring content; nothing is worse. We, as a wholesaler, have the retailer as our audience. Therefore our messages are usually product updates, promotions, underwriting changes, etc. To the other point of how the retailer can use these tools, it is my view that education should play a role in the content. How many of your insureds know their coverage well? What to look for? This is especially important in a price-sensitive environment like the one in which we find ourselves. This is yet another way to emphasize coverage over price. Of course, these tools will not be adopted by all, and the process will take time. Thanks to everyone for the feedback!

[Steveinsure]

You need to ask, "What is my marketing territory?". If you develop a lead through social media - will that potential client be in your service territory? Attracting a potential client only to find they live on the opposite side of the country doesn't work. How do you "LOCALIZE" social media to attract individuals in your community.

National insurance companies and brokerage firms (as well as most retailers) have a national territory and they don't care where the business comes from. This is not the case for most retail agents. Solving this issue is key to internet based sales success, in my opinion... Your Ideas?

[ignotus25]

In reply to Steveinsure: I do agree that most retailers are not equipped to service nationwide accounts and the comment is much appreciated. However, I do not think that this should in any way inhibit the use of the social media tools. Having stated that, I do know of retailers that write in many states with no problem. But the larger question remains: can these tools be leveraged by retailers? I submit that they can. Even if a retailer chooses to decline long-distance business, at least they had the option...

[NYagent301]

Facebook sponsored ads can be targeted to a particular audience. If you want your ad to appear only to members who list their "current city" as XXXX then only your ad will show up on their page. I find this especially useful if you want to brand your agency to just residents of the town you do business in. You can further direct your audience by age, hobby etc.

[anitanevins]

Yes, I agree that the targeted ads work really well and Facebook is a great social media platform for a retail agency. If you write personal lines, you will find alot of your audience there. I recommend setting up a business page after you have established your personal profile, when doing so you have the option of choosing "local business" to format your page. While you may have views from people out of your area, I believe many people do like to have their insurance written locally so that probably would happen naturally. If you write more commercial lines, LinkedIn is a great platform as you will find alot of business owners and decision makers there. Whatever platform you choose, I would encourage you to learn to optimize your profiles and pages and really network as much as you can. 21st century marketing is different and we need not spend as much time looking for our customers; they are searching the internet for what they need. We just need to make sure we can be found!

[cheryzune]

Social media is a great way to gain branding and customers. You should start by creating a twiter and facebook account with your company name and use these to communicate updates on offers, news...anything that would show that your business is on the beat. Facebook fans page is a popular one and it's amazing how once someone popular "Likes" your page can replicate to all their friends and possibly their friends friends. The campagn can get wild if you get a PR or create a video that goes viral. It doesn't have to be related to auto insurance or any type of insurance. It can be contraversial, funny or just something out of the ordinary. The point is to generate attention of social media, then people will start to get interested in what MORE do you have to offer.

[chizcurlz]

Social Media has a big impact not only for people but also for businesses. By the use of many social networking sites like Twitter and Facebook to name a few, they can interact with other people especially their customers regarding their services, products and other stuffs. They can also monitor their competition, current trends and other information about their industry.

[sethm]

The merging of marketing and social media is STILL on the rise, and has lots of potential, take for instance the clout of Facebook these days. I think the ultimate rule of thumb when it comes social marketing is to know your target market, and identify their usage behavior when it comes to online networking tools.