nline reputation is becoming increasingly important in the social media age. With a good reputation, companies can gain new customers and retain regular customers. Greater credibility, transparency and proximity to stakeholders can thus be built up cost-effectively. But for this financial service providers have to invest in social media strategies.
Social media and online reputation
The reputation thus already begins with the perception of the company by the customer. Customers determine the reputation and not just the company. Marketers need to get used to the fact that a brand is not defined solely by how companies design the brand, but above all by how users on the net talk about the brand. The following TagCloud shows some keywords for online reputation management. Relevant associations include: Influencer, Agenda Setting and Issue Management. But critical issues such as trolls, crises and shitstorm are also included.
Reputation management in social media
TagCloud for online reputation management by Hilker Consulting
Experiences with insurance are mostly negative
Only one out of every three policyholders worldwide (30 percent) has a positive memory of the last contact with their insurance company, as the 2013 World Insurance Report by Capgemini and EFMA shows. The Edelman Trust Barometer also shows that the crisis of confidence for the insurance industry has not yet been overcome. In addition, the reputation of the insurance industry still suffers from PR crises of individual companies such as Ergo and Debeka.
Build credibility, transparency and proximity to stakeholders
Social media helps insurers build more credibility, transparency and proximity to stakeholders. In order to keep customers, insurers need to invest more in new distribution channels and better customer experiences. A continuous good customer experience is more important than punctual customer satisfaction. Only in this way can insurers use social media to break new ground, increasing their market penetration and increasing the effectiveness of their customer loyalty and acquisition strategies.
Digital transformation requires social CRM
According to the World Insurance Report, a majority of global insurers (59 percent) already use social media, but few have integrated it into their company-wide CRM strategy. But only with a “social CRM” can the potential for customer loyalty be fully exploited.
What insurers can learn
Like the Ergo crisis, the Debeka crisis has escalated online, as the study by AMC and Hilker Consulting shows. In the Longtail, the crisis story is written in digital memory and permanently archived online. Therefore, communicators are well advised to prepare for approaching crises through professional social media monitoring.
Online reputation in the insurance industry
The study by AMC and Hilker Consulting examines the social media engagement of insurers. Brandwatch supported the experts in the important topic of social media monitoring, which is an essential building block in reputation management. At the same time, online reputation management in the insurance industry was examined. The study “Social Media in Insurance” is available for 950, – € plus 19% VAT via email@example.com. More information about the study is available online.
Tips for Online Reputation Management of Insurance
Develop an individual social media strategy for your company.
Create a stakeholder analysis with needs and interests.
Build personal relationships with the media, journalists, bloggers and influencers.
Proactive crisis communication has a positive effect because credibility has been built up among journalists.
Use intensive media monitoring and social media monitoring to identify crisis issues early.
Adjust your media work continuously to online discussions through issue management.
Run active social media management, because only an active community with real fans promotes the involvement.