In 2010, the insurance industry collectively checked out the waterfront along the ocean of social media.
Some wouldn't go near the beach. Others played in the sand and built a castle. Many stayed on shore sitting in a chair watching others swim. A few brave souls waded out into deep waters and rode the waves. Those who stuck to shore for fear of being swept out to sea and drowning—not their fault, naturally—probably just hadn't received swim lessons.
Related: Read “Diving Into Internet Marketing.”
Because there are so many opportunities (based on popular social sites such as LinkedIn, Twitter, Facebook, Google Local, YouTube and Foursquare) to communicate, market and grow a business on the social Web, it is easy to feel overwhelmed by the vastness of the social ocean.
It is now time for many in the insurance industry to conquer the fear of the social Web.
Advancements in technology have led to transformations in the way consumers learn about and buy insurance products and services. This is no different from many other aspects of American life. Established mass-marketing techniques of outbound and interruption marketing are less effective because they now have competition from interactive, consumer-driven tools. What's more, consumers now have unprecedented means to block advertising messages (do-not-call lists, spam filters, digital video recorders for blocking commercials).
Branding in an interactive, social Web world requires insurance firms to position themselves to be found; create interesting content that is relevant to their prospects and customers; and secure the permission of the consumer to reach out to them. Plus, there is the additional challenge of multi-state insurance regulation as well as the need for strong data privacy practices.
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