We’re glowing after a fantastic second day at LIMRA’s Social Media Conference for Financial Services. After our team closed out the day with a discussion on the path from compliance to ROI, we hosted all our customers and partners at a dinner over the Boston skyline. Thank you so much to everyone who attended!
Earlier in the day, Gary Vaynerchuk (@garyvee), co-founder and CEO of VaynerMedia and a well-respected social media thought leader, keynoted the conference with a presentation bullish on the power of social sales.
Obsessed with social selling, he said the only reason he believes in social media is because it helps sell.
Gary’s chief belief is that every person’s job is to be a storyteller. (Fittingly, much of his talk drew on his own personal experiences of growing up in the Soviet Union, emigrating to the U.S., and eventually establishing a presence in technology and social media.) Relationship managers like financial advisors and insurance agents are successful when they are telling stories, not just trying to sell directly. And they distinguish themselves from the rest of the pack by telling different stories and by telling them in different ways. That’s where social media comes in.
One of his friends, who tweeted “thinking about moving,” eventually bought a $4.1 million apartment after a progressive insurance agent reached out in response to the tweet. This is just one of many successful social sales examples, and it’s a sign of the times we live in.
“We are living through the biggest culture shift of all time,” said Gary, referring to the unstoppable proliferation of the consumer Internet over the past two decades and social technologies today.
Gary Liu (VP Marketing, Hearsay Social), Paul Desimone (VP, Compliance and Regulatory Services, LIMRA), Erik Qualman (author of Socialnomics), and Augie Ray (Director of Social Media, Prudential)
Gary Vaynerchuk’s keynote set the stage for several great presentations throughout the day by executives from John Hancock, Mass Mutual, Prudential Financial, Fidelity Investments, Northwestern Mutual, Google, LinkedIn, LIMRA, and more.
In his session, Augie Ray (@augieray), Director of Social Media Prudential, called attention to the fact that, though banks and insurance companies are in the “trust” business, they are at the bottom of the trust rankings, according to a study by Edelman. Fortunately, social networks provide a way for real advisors and agents to correct that gap.
Ameriprise, as an example, allows people to find advisors that they have shared connections with on LinkedIn.
In a later session, a representative from LinkedIn confirmed the power of your professional network. Ben Ortman (@ortman_social), Social Business Connector and Innovator, Global Accounts, LinkedIn, explained that the key is to find individuals with relevance in mind. Build trust and strengthen your relationships so you can reach out at just the right time.
All in all, a very informative day at #LLSMC! To read more, see our recap of day one or learn why LIMRA selected Hearsay Social as its Elite Strategic Partner for social media.