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Four Timeless Business Lessons Revived in the Social Era 8.23.2013 @clarashih #SocialElite

4 Timeless Business Lessons Revived in the Social Media Era (Clara Shih, LIMRA Social Media Conference for Financial Services)

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LIMRA August 2013 Social Media Conference for Financial Services keynote presentation from Clara Shih, CEO, Co-Founder, Hearsay Social, titled "4 Timeless Business Lessons Revived in the Social Era." Covers social sales best practices for the financial services and insurance industries. The value of advisor relationships hasn't changed. Producer's connection with their customers and the community are the key to growing business. However, the way that advisors connect with and relate to customers has changed. This session will cover four timeless business practices that should be engrained in your field force, and how the practices have been 're-birthed' in the social era. Originally presented August 23, 2013

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Page 1: 4 Timeless Business Lessons Revived in the Social Media Era  (Clara Shih, LIMRA Social Media Conference for Financial Services)

Four Timeless Business Lessons Revived in the Social Era

8.23.2013

@clarashih

#SocialElite

Page 2: 4 Timeless Business Lessons Revived in the Social Media Era  (Clara Shih, LIMRA Social Media Conference for Financial Services)

@clarashih #LLSMC #SocialElite

Our Journey

• CLIENT-SERVER

• WEB 1.0

• NY TIMES-FEATURED BESTSELLER

Page 3: 4 Timeless Business Lessons Revived in the Social Media Era  (Clara Shih, LIMRA Social Media Conference for Financial Services)

@clarashih #LLSMC #SocialElite

>>LEARN MORE

Page 4: 4 Timeless Business Lessons Revived in the Social Media Era  (Clara Shih, LIMRA Social Media Conference for Financial Services)

@clarashih #LLSMC #SocialElite

Overview

“Hearsay Social Takes Out Insurance”

November 2012

100% Proven Success and Scale

KEY INGREDIENTS FOR SUCCESS

Measurable business results

Compliance

Enterprise-ready

The Complete Social Selling Platform for Financial Services

55,000+ Reps | 10M+ Relationships | 8 Countries | 100% Success

Page 5: 4 Timeless Business Lessons Revived in the Social Media Era  (Clara Shih, LIMRA Social Media Conference for Financial Services)

@clarashih #LLSMC #SocialElite

KEY TRENDS AND OPPORTUNITIES

Page 6: 4 Timeless Business Lessons Revived in the Social Media Era  (Clara Shih, LIMRA Social Media Conference for Financial Services)

@clarashih #LLSMC #SocialElite

1B+

555M+

200M+

25M+

100M+

The World Has Gone Social and Mobile

-

500,000,000

1,000,000,000

1,500,000,000

2,000,000,000

2005 2006 2007 2008 2009 2010 2011 Today

>1.7B people

98%of U.S. online population

7Bworldwide hours per month on online social networks

Page 7: 4 Timeless Business Lessons Revived in the Social Media Era  (Clara Shih, LIMRA Social Media Conference for Financial Services)

@clarashih #LLSMC #SocialElite

1980 1994

Up to the 1970s

Page 8: 4 Timeless Business Lessons Revived in the Social Media Era  (Clara Shih, LIMRA Social Media Conference for Financial Services)

@clarashih #LLSMC #SocialElite

The Opportunity: Customers Broadcasting Buying Signs

Page 9: 4 Timeless Business Lessons Revived in the Social Media Era  (Clara Shih, LIMRA Social Media Conference for Financial Services)

@clarashih #LLSMC #SocialElite

Social Media Has Also Changed What Buyers Expect from Business

• Online sources influence offline purchases

• Transparent and public conversation

• Instant response

Page 10: 4 Timeless Business Lessons Revived in the Social Media Era  (Clara Shih, LIMRA Social Media Conference for Financial Services)

@clarashih #LLSMC #SocialElite

At the Same Time, Trust Has Shifted from Institutions to Individuals

Page 11: 4 Timeless Business Lessons Revived in the Social Media Era  (Clara Shih, LIMRA Social Media Conference for Financial Services)

@clarashih #LLSMC #SocialElite

This is Good News for Businesses Who Have Reps

Page 12: 4 Timeless Business Lessons Revived in the Social Media Era  (Clara Shih, LIMRA Social Media Conference for Financial Services)

@clarashih #LLSMC #SocialElite

Internet 1.0 was About Replacing Human Capital

Page 13: 4 Timeless Business Lessons Revived in the Social Media Era  (Clara Shih, LIMRA Social Media Conference for Financial Services)

@clarashih #LLSMC #SocialElite

Social Media is About Enhancing Human Capital

Page 14: 4 Timeless Business Lessons Revived in the Social Media Era  (Clara Shih, LIMRA Social Media Conference for Financial Services)

@clarashih #LLSMC #SocialElite

Source: FTI Consulting and LinkedIn Study, Financial Advisors’ Use of Social Media Moves from Early Adoption to Mainstream (May 2012)

Advisors Want to Be Social

Page 15: 4 Timeless Business Lessons Revived in the Social Media Era  (Clara Shih, LIMRA Social Media Conference for Financial Services)

@clarashih #LLSMC #SocialElite

FOUR TIMELESS LESSONS REVIVED

Page 16: 4 Timeless Business Lessons Revived in the Social Media Era  (Clara Shih, LIMRA Social Media Conference for Financial Services)

@clarashih #LLSMC #SocialElite

BE FINDABLE1

Page 17: 4 Timeless Business Lessons Revived in the Social Media Era  (Clara Shih, LIMRA Social Media Conference for Financial Services)

@clarashih #LLSMC #SocialElite

BE FINDABLE1

Page 18: 4 Timeless Business Lessons Revived in the Social Media Era  (Clara Shih, LIMRA Social Media Conference for Financial Services)

@clarashih #LLSMC #SocialElite

2 GROW YOUR NETWORK

Page 19: 4 Timeless Business Lessons Revived in the Social Media Era  (Clara Shih, LIMRA Social Media Conference for Financial Services)

@clarashih #LLSMC #SocialElite

2 GROW YOUR NETWORK

Page 20: 4 Timeless Business Lessons Revived in the Social Media Era  (Clara Shih, LIMRA Social Media Conference for Financial Services)

@clarashih #LLSMC #SocialElite

3 “HEAR” – DO YOUR RESEARCH

Page 21: 4 Timeless Business Lessons Revived in the Social Media Era  (Clara Shih, LIMRA Social Media Conference for Financial Services)

@clarashih #LLSMC #SocialElite

3 “HEAR” – DO YOUR RESEARCH

Page 22: 4 Timeless Business Lessons Revived in the Social Media Era  (Clara Shih, LIMRA Social Media Conference for Financial Services)

@clarashih #LLSMC #SocialElite

4 “SAY” – ESTABLISH CREDIBILITY

Page 23: 4 Timeless Business Lessons Revived in the Social Media Era  (Clara Shih, LIMRA Social Media Conference for Financial Services)

@clarashih #LLSMC #SocialElite

4 “SAY” – ESTABLISH CREDIBILITY

Page 24: 4 Timeless Business Lessons Revived in the Social Media Era  (Clara Shih, LIMRA Social Media Conference for Financial Services)

@clarashih #LLSMC #SocialElite

Social Business Success Requires “Hear” and “Say”

Page 25: 4 Timeless Business Lessons Revived in the Social Media Era  (Clara Shih, LIMRA Social Media Conference for Financial Services)

@clarashih #LLSMC #SocialElite

Using Hearsay Social has helped me turn every client relationship into 5-10 new potential client relationships

“”

Page 26: 4 Timeless Business Lessons Revived in the Social Media Era  (Clara Shih, LIMRA Social Media Conference for Financial Services)

@clarashih #LLSMC #SocialElite

22% increase in sales vs. prior results without social media

Knut OlsonSVP Distribution

“ ”

Page 27: 4 Timeless Business Lessons Revived in the Social Media Era  (Clara Shih, LIMRA Social Media Conference for Financial Services)

@clarashih #LLSMC #SocialElite

The Opportunity: Customers Broadcasting Buying Signs

1.7B+ people

7B+hours/month

200M+tweets/day

2.7B+likes/day

Capitalize on the opportunity with social sales.

Page 28: 4 Timeless Business Lessons Revived in the Social Media Era  (Clara Shih, LIMRA Social Media Conference for Financial Services)

@clarashih #LLSMC #SocialElite

61% of financial advisors surveyed said they had

landed a new client directly from

2011 HubSpot survey of 611 financial advisors in all specialties.

Page 29: 4 Timeless Business Lessons Revived in the Social Media Era  (Clara Shih, LIMRA Social Media Conference for Financial Services)

@clarashih #LLSMC #SocialElite Source: 2012 McKinsey LIMRA survey of financial advisors.

KNOWLEDGE OF

3MORE LIFE EVENTS

$7,333AVERAGE PRODUCTION

GAIN

FOR FINANCIAL ADVISORS:

Page 30: 4 Timeless Business Lessons Revived in the Social Media Era  (Clara Shih, LIMRA Social Media Conference for Financial Services)

@clarashih #LLSMC #SocialElite

We Know That it Sometimes Feels Like This

Page 31: 4 Timeless Business Lessons Revived in the Social Media Era  (Clara Shih, LIMRA Social Media Conference for Financial Services)

@clarashih #LLSMC #SocialElite

Our Goal is To Help You Get Here

Page 32: 4 Timeless Business Lessons Revived in the Social Media Era  (Clara Shih, LIMRA Social Media Conference for Financial Services)

@clarashih #LLSMC #SocialElite

One Platform to Rule Them All

From corporate to agents to recruiting, Hearsay Social powers social media ROI across the enterprise.

— VP Marketing Farmers Insurance

Brand Pages 6,000+ Rep Pages & ProfilesField

Management/Recruiting

Page 33: 4 Timeless Business Lessons Revived in the Social Media Era  (Clara Shih, LIMRA Social Media Conference for Financial Services)

@clarashih #LLSMC #SocialElite

It is a time of great opportunity –

you are the visionary.

I predict the Internet will soon

go spectacularly supernova and

in 1996 catastrophically collapse

−Robert Metcalfe, inventor of Ethernet

1995 InfoWorld column

I think there is a world

market for maybe five

computers

−Thomas Watson, chairman of

IBM 1943

This ‘telephone’ has too

many shortcomings to be

seriously considered as a

means of communication

−Western Union internal memo,

1976

Television won’t be able to hold on to

any market it captures after the first

six months. People will soon get tired

of staring at a plywood box every night

−Darryl Zanuck, 20th Century Fox, 1946

Everyone’s always asking me when

Apple will come out with a cell phone.

My answer is, ‘Probably never.’

−David Pogue, The New York Times, 2006

Page 34: 4 Timeless Business Lessons Revived in the Social Media Era  (Clara Shih, LIMRA Social Media Conference for Financial Services)

@clarashih #LLSMC #SocialElite

Thank you @clarashih @HearsaySocial

JIM KERLEY, CLARA SHIH, GREG BAILY, STEPHEN SELBY & MICHAEL LOCK AFTER THE LIMRA SOCIAL AWARDS

GARY LIU, PAUL DeSIMONE, & AUGIE RAY

HEARSAY SOCIAL DINNER GUESTS IN BOSTON

>>LEARN MORE

Page 35: 4 Timeless Business Lessons Revived in the Social Media Era  (Clara Shih, LIMRA Social Media Conference for Financial Services)

@clarashih #LLSMC #SocialElite

Learn more about social sales

The Social Era Demands Social Selling is a new ebook outlining how sales organizations can leverage social networks to grow business. Shifting the conversation from social marketing to social selling, the ebook explains how salespeople can attract prospects, retain customers, and grow business in the social era.

>> DOWNLOAD THE EBOOK