Other parts of this series:
- Social has come of age for business—and five keys bring success
- To truly capture the value of social, insurers must design initiatives with ROI in mind
- Data and analytics are key to insurers’ ability to capitalize on social opportunities
- Making room for social: The importance of effective governance
Social media metrics must go beyond mere numbers. Savvy insurers will tie social to tangible ROI, such as increased sales, higher customer retention rates or improved brand perception.
Social holds the promise of enabling insurers to better understand their customers—and consequently, how to better serve those customers and strengthen the relationship with them. However, doing so is not simply a matter of joining a social network. In a recent report, Accenture Digital outlines five tenets of a social enterprise. This week, we’ll discuss the second tenet: ROI.
Require tangible ROI
To truly capture the value that social media can offer, insurers must go beyond mere numbers of followers, retweets or likes. Social media initiatives must be tied to business impact, such as increased sales, higher retention rates or improved brand perception.
Socially savvy organizations define business objectives and then design social programs to drive the desired benefit, not the other way around. They launch programs that align strategic business impact with tangible measurements.
Another caveat: It may seem obvious, but insurers should focus their efforts on channels that produce tangible results. Crucially, this may mean not being present on certain channels if those channels don’t contribute meaningfully to business objectives.
Example: AAMI uses customer segmentation and Facebook to boost brand awareness
Consider AAMI, an Australian insurer that targeted three specific demographics through mobile channels—and specifically, through Facebook. By using customer segmentation, data and analytics, and targeted messaging, AAMI saw an increase across its brand metrics, and notably, a double-digit boost in brand favorability.
Join me next week as I look at another tenet of a social insurer: being exceptionally analytic.
- Email me to discuss how Accenture can help insurers design social media efforts that achieve tangible ROI.