Case Studies: Standard Life
Standard Life provides savings and insurance services and has been doing so for nearly 200 years – nothing so exciting to warrant a Case Studies, right?
Social media is everywhere. Whether you are a major cutting-edge tech firm or a staple of the insurance business, social media has a place in your industry. Despite the long standing of Standard Life, Craig Johnston, in an interview with econsultancy, explained how and why the insurance giant decided to dive into the world of social media marketing.
Though the company took a crack (with some success) on Facebook and YouTube, they have found their true social media calling on Twitter and LinkedIn. Why? The marketing team took the time to develop a strategy, target influencers and reach out to very specific audience. The results have been outstanding.
Standard Life wanted to use Twitter as a means of providing additional resources and to engage with influential advisors. Well, after creating a functional content strategy and targeting the 30 users they deemed most influential to their target audience, they managed to garner nearly 67% of them as followers, and are now sharing content with them (and their clients, future prospects) on a regular basis.
On LinkedIn, Standard Life also wanted to reach out to influencers, so they created a private group for advisors and reached out to several they found to be most influential. By speaking to these individuals on a personal level, they managed to persuade many of them to join the group, which prompted several others to join (without an invite) as well.
There are quite a few great points that marketers can learn from this program.
Find Out What Works
This goes for both your industry and your brand. Facebook has a billion users so it must be the best network for you, right? Not necessarily! Maybe you will find that YouTube is where you generate the most referrals and social media success.
What is important is testing each market (with a clearly defined strategy, of course) in order to determine which one is going to work best for your business.
No One Is Bigger than Social Media
This is not saying that social media should replace your other marketing efforts. However, as we pointed out in an article about Social Media Marketing Myopia, thinking your brand is above the consumers’ preferences will leave you clamouring for business you once took for granted.
Insurance may not be the most exciting field, but there is still room for a social media presence. Johnston and his team realized this, and it is important that other marketers realize it as well.
True Value Rests with Brand Loyalists
The longevity of a company rests with its brand advocates. When word-of-mouth spreads far beyond product evangelists, you can feel safe in the future success of your brand. As Johnston notes, “The funnel has now changed so we are always trying to drive advocacy. Companies have to offer customers free stuff, such as information and advice, to add value and help encourage a purchase.”
Showcase your expertise and keep them coming back and wanting more.
What other examples can you think of where companies in relatively unsocial industries found room for social media? Tell us in the comments below or on Twitter!
