Upload
amanpreet-singh-thind
View
85
Download
4
Tags:
Embed Size (px)
Citation preview
Social Media Penetration in India (June 2014)
1.2 bn – Total Poulation
243 mn – Active Internet Users
106 mn – Active Social Media Users
160 mn
TwitterUsers
65 mn Active Users
110 mn
LinkedInUsers
50 mn Active
200 mn
FacebookUsers
100 mn Active
180 mn
YouTube Users
80 mn Active
Source: WeAreSocial.Net Report 2014
Need of being on Social Media
• High number of potential customers on Social Media and Internet• Average time spent by an active Internet User in India on Social Media is 2 hr/day*
• E-Commerce Capabilities on Social Media Platforms such as Facebook• Call to Action Buttons ( Many Indian Life Insurance Companies have used it such as HDFC Life, ICICI Pru )
• Online Stores on FB ( ecwid website which provides platform to make online Facebook store )
• Quick Customer Service Channel • Dedicated Twitter Handles and Facebook Apps for customer queries and redressal of
grievances
*WeAreSocial.Net Report 2014
Pre-Purchase Purchase Post Purchase
Brand Awareness
BSLI -#KhudKoKarBuland
Generate Quote
Bharti AXA – Quote Generation
Customer Service
Bajaj Allianz & LIC –Customer Service
NYLI-#KeepGoodGoing
Liberty Mutual – Quote Generation
Product Assistance
Bharti Axa and Future Generali Facebook Apps
Payment* Ecwid website used to make online S.M. Stores
GrievanceRedressal
Twitter Handle -@AskLiberty
Find an Agent Liberty Mutual – Agent Locator
Reviews and Ratings
Gerber Life – Customer Reviews & Ratings
Social Media Customer Lifecycle in Life Insurance
*Payment is exclusive of Insurance Companies
Observations – Global Insurance Companies
• Use of Social Media as a Customer engagement(Pre-Purchase) and Customer Servicechannel(Post Purchase) is very high
• For the purchase part, very minor initiatives from the company such as• Call to Action Button (Contact Us, Shop Online etc.)• Buy Online Tab (Redirects to Landing Page on the website)
• Integration of Local Agents Data into the social media platforms (Liberty Mutual)
• Customer Review and Rating is done in an imperative manner so as to assist prospectivecustomers who are researchers, in their ability to judge the service provided by the company
• Adoption of various Logo/Mascot across Social Media Platforms which results in high brandrecall and customers can relate to the brand• Aflac Duck• Flo –Progressive Girl
• Frequency of Social Media Campaigns is lower than their Indian counterparts, but their focus ison sustained communication
Observations – Indian Insurance Companies
• Comparing Life and Non-Life Insurance Companies, use of social media by Life Insurance Companies ismuch more high (in terms of frequency of content & engagement levels)
• Use of Social Media as a Customer engagement(Pre-Purchase) and Customer Service channel(PostPurchase) is very high
• For the purchase part, very minor initiatives from the company such as• Facebook Feature of Call to Action Button (Contact Us, Shop Online etc.)• Launch of new products online (with exclusive video and photos)
• Use of Contests, Calculators, Gamification Apps by insurance companies. Some examples include:
Calculators Contests Games
ICICI Life Insurance Planner App
#PikuContest – TATA AIA Life Defeat the Tax Monster –Bajaj Allianz
Bajaj Allianz RightInvestCalculator
#SummerChamp – HDFC StdLife
#StaySecureMom – HDFC Std Life
Note - Sometimes campaigns have a fad effect on the engagement levels but it is lost when the campaigns are discontinuedsignifying low level of interest in the company’s brand (DaddyAurZooey Campaign)
Facebook Feature - Call to Action Button
• Facebook provides with 7 button which can be added to any page on Facebook• Book Now
• Contact Us – HDFC Ergo, ICICI Lombard, Tata AIA
• Use App
• Play Game
• Shop Now – Reliance Life, HDFC Life, ICICI Pru Life, Apollo Munich Health
• Sign Up
• Watch Video – Bajaj Allianz
• Call to Action Buttons acts as a redirect to any landing page
Learnings & Inferences
• At present, none of the life insurers are using Social Media platform in thepurchase phase of the customer life cycle
• Social Media is primarily being used for customer engagement and brandawareness
• Companies increase their visibility on Social Media by highlightingemotional/family/social content in their videos, apps and contests.
• Moderation activities are not comprehensive enough resulting in low customerservice which leads to dissatisfaction among existing customers
Recommendations based on our existing social media activity
• Short Term• Addition of Call to Action Button
• Addition of Dedicated Customer Service Channel on Social Media
• Mid Term• Product & Service Review - Highlighting of positive tone testimonials
• Sustained Video Campaigns
• Long Term • Incorporation of Agent Data into the social media platform resulting in increased
visibility for company’s agents
• Rating and Review of various agents
• Prospects of Online Store on Social Media (using ecwid etc)
Categorization of tools on various parameters
Vendor/Tool PublishMulti Channel
Attribution Support Sentiment InfluenceCustomer Profiling Major Clients
Crimson hexagon
Y Y
Hubspot Y Y Y NIA
IDInteract Y Y Y
Infegy Y Y
Shoutlet Y Y Y Y Y
Social Bakers Y Y Y
HootSuite Y Y Y NIA
Recommendation – Shoutlet, because it is comprehensive across parameters identified
Unique Attribution Challenges
• MCA-O2S (Multi-Channel Attribution – Online to Store)• Covers the challenge of attributing offline impact driven by online marketing and
advertising
• MCA –AMS (Multi-Channel Attribution – Across Multiple Screens)• Covers the challenge of attributing accurate impact of our marketing and advertising
efforts across multiple devices i.e. mobile phone, laptops, tablets etc.
• MCA – ADC (Multi-Channel Attribution – Across Digital Channels)• Covers the challenge of attributing credit to all digital marketing channels (Social Media,
Display Ads, Email, Search etc.) that contributed to a particular conversion
Deciphering Digital PathSocial
Network
Visit to Website
Organic Search
Display Ad
Visit to Website
Conversion
• A typical digital path of a conversion may look like this
First Interaction
Last Interaction
Assist Conversion
Multi Channel Funnels Reports*
MCF Reports consist of:• The Assisted Conversions report shows how many sales and conversions each channel
initiated, assisted, and completed, along with the value of those conversions and sales
• The Top Conversion Paths report shows the conversion paths that your customers tookon their way to purchase
• TheTime Lag and Path Length reports show how long (in days and in interactions) it tookfor users to ultimately become customers
*Considering Google Analytics
Different Attribution Models
Last Click/InteractionAttribution
Last Non-Direct ClickAttribution
Last Adwords ClickAttribution
First Interaction/ClickAttribution
Linear Attribution Time Decay Position BasedAttribution
Social Network
Direct
Organic Search
Referral
Direct2
Examples of models being used
Company Name Tool/Model used Approach Results Measured
Amari Hotels Google Analytics/ Multi Channel Funnel Reports
Used Path Length and Top Path reports to understand how visitors interacted with the site before booking
Change to more informative landing pages saw a 44% increase in bookings
Used the Assisted Conversions report to understand the relationship between generic and non-brand keywords
Increasing investment in the Google Display Network saw a 11% increase in bookings for Amari
TD Bank Time Decay Model
Used Multiple Attribution Models and compared them on CPA and revenue from the channel
Centralized CRM, wthereby tracking offline purchase of people who created an account online
Assessment of the customer paths that lead to conversion, as well as the paths that don't convert
60 percent of last-click attributions applications were assisted by another channel.
Looked for audience intent at the start of the interaction, as well as conversion to an application
Bank found that when social media was part of the conversion path, completion rates soared to 33 percent.
Recommendation
• Use of Google Analytics• Easy to Use
• Ability to compare ROI of different channels across different models
• Largest set of Channel Attribution across different players
• Integration of Google Adwords, Doubleclick data
• Use of Time Decay Model• Ability to set the half life of decay depending on the average length of purchase cycle
• Model best applied to products with long purchase cycle
• Use of Position Based Model• Use only if we are confident that social media or display ads are beneficial in customer
acquisition