Developing a Social Business approach

at Standard Life

Kevin O’Shaughnessy

Group Digital Director

What we are going to cover

• Some context – who we are, what we do and how the

world around us is changing

• How does social affect the way we engage with our

audiences (internal and external)

• Examples of what we are doing, internally and externally

• What does the future hold for us

• Questions

We are an established provider of long

term savings & investments

All figure correct at 30 June 2011

Our industry is being shaped by a

number of significant market forces

• Economic conditions

• Changing regulation and legislation

• Changing customer needs

• Technology advances

• Competitive pressures

The Old Way…

Banner

convert assist entertain connect

The New Way...

The linear approach is gone, replaced by a complex ecosystem

inform Brand

But…it currently feels like the ‘Wild West’

Image credit: Brian Solis, http://www.briansolis.com/2008/08/introducing-conversation-prism/

Even when categorised, the options are numerous

Making sense of these opportunities is going

to be vital to how successful we become

“Companies of all sizes will need to transform their business and existing infrastructure, and reverse engineer the impact of business objectives and metrics. Businesses will have to embrace all of the disruptive elements, such as mobile and social technology, in a new, cohesive organization that is focused outward and inward.”

- Brian Solis, Digital Analyst The Altimeter Group

2012

So what does this mean for Standard Life?

The Audience

• Emerging Affluent

• Mix of young, mature and

single home-sharers and families

• 13% of UK Population

We are reaching out to this audience through Social Media by ‘unboxing’ products and explaining complex changes to the financial landscape, helping us to engage more effectively.

Social Media Traits

• Creators and Critics

• Publish blogs and post

updates on Facebook

and Twitter

The Audience

• Established Affluent

• Mainly older families and

singles

• 12% of UK Population

Social Media Traits

• Spectators and Critics

• Read blogs, forums,

reviews and tweets

Insight into our end consumer social traits has helped

us engage around our propositions in different ways

Social Media allows us to augment traditional product offerings with thought leadership and opinions while helping advisers communicate more effectively with their clients

Social Media Traits

• Traditional channels

• Use Social Media for

information and peer-

to-peer conversations

Key Needs

• Quick & Effective Access

• Client engagement

• Regulatory requirements

The Audience

• Holistic and Traditional

Advisers

• Supported by Business

Writers, Paraplanners,

Admin Assistants

Social media is enabling us to augment

our offering to financial Advisers

Employers & Employees will look to social for

guidance on changing pension rules

Due to the nature of the audience a wide variety of social media networks will be used to support the delivery of a workplace benefits proposition

The Audience

• Mid-to-large companies

• Wide variety of industries

• Cost effectiveness

• Employee engagement

• Regulatory requirements

Social Media Traits

• Use traditional

channels

• Twitter and blogs to

source information

Social Media Traits

• Individuals who use all

forms of Social Media

in multiple ways

The Audience

• Employees

• Wide range of customer

types

• Access to benefits

• Easy-to-maintain benefits

Standard Life has a diverse workforce with

demand for better collaboration & communication

While it is still in its infancy, the provision of a Social platform has proved quite valuable; creating new ways for staff to engage and work together across business units – and borders.

• Europe - 78%

• North America - 21%

• Asia - 1%

The Audience Key Needs

• Increase productivity

• Knowledge sharing

• Improved communication and collaboration

• Individuals use all forms of Social Media

• Growing desire to access these networks while at work

• Use of personal mobiles for work purposes

Social Media Traits

13

We see Social Business as a mix of engagement,

collaboration and co-creation

Customer

Participation Employee

Collaboration

Business Partner

Engagement

Image credit: David Armano, http://www.flickr.com/photos/7855449@N02/3865081030/in/set-72157606844282993

Our approach is to think long term,

start small and scale fast…

External • Educate widely

• Create a social

framework

• Focus on where the traffic is

• Measure and Monitor

• Focus on key problem

• Define outcomes

• Create sharing environment

• Measure

Top down buy-in and advocacy

Internal

Our external activity is led by clear

business goals

• Our Social Media strategy has continually evolved over the past 18 months as the

media matures.

• Over this period education and gaining buy in across the business from executive

level down was vital.

• Prior to entering this space an extensive listening program was initiated to monitor

mentions,

conversations, etc.

• To ensure Standard Life derives maximum value from any social activity a framework

has been introduced:

16

With measurement & monitoring in place

which tracks conversations & resulting traffic

The current test and learn initiatives are providing valuable insight across multiple audiences

Our internal activity is led by connecting people

within our traditional organisational structure

Recognising the need to enable employees, worldwide to communicate and collaborate more efficiently,

the choice was made to pursue the development of an internal Social Business network.

After 4 months we’re seeing good levels of engagement and changes in working practices

Like other companies, we are on a journey to increase our maturity in the social space

Source: collectiveintellect.com

Monitoring,

Listening,

Evaluation &

Reporting

Developing a

strategic framework

Social media

presence

established across

multiple platforms.

Developing social

assets and earned

media

Social represents

significant

contribution

towards business

plan

Social represents a

fundamental part of

the business model

Customer

Impact

Capability evolution

SL Current State @ Jan 2012

The future is about going broader and deeper

and fully integrating into the way we do business

Internal,

Social

Business

Network

Global, Digital Audience Standard Life

Intranet

integration &

Social Business

network

Collaborate

with

customers

and

partners

Thank you and any questions?