SOCIAL MEDIA - YOUR NEW MARKETING TOOL & THE FUTURE!

Last week we, Vesta p&c,  had a meeting focused on "Marketing for 2010 and Beyond".  Attending were: BenefitPlace - that acts as a permanent trade show for the Insurance & Benefits Industry), Vesta Worksite - that focuses on the Worksite/Voluntary Benefit Markets; and other Affiliates.

The discussion quickly centered on questions about Social Media - its Implications and Applications.  The specific questions included:  

1. What is Social Media?
2. Social Media for Insurance Relationships and Marketing? - Is it viable?
3. Social Media Outlets? - Which of the 50, or more, are most appropriate for Agencies and Brokers?  
4. Social Media vs Traditional Insurance Marketing?  - What differentiates Social Media?
5. Strategies for Using Social Media? - What are they and which ones are best?   
6. Rules Surrounding Social Media? - What are they?
7. Start-up Cost For Creating a  "Social Media" Initiative?
8. Getting Started?
9. Getting Information & Help? - What and who are the resources?

Let's start with the 1st question - What is Social Media?


 According to http://blog.socialmedia.com : "Social media are primarily Internet-and mobile-based tools for sharing and discussing information among human beings."  Participants from BenefitPlace, who were already involved in developing a Social Media strategy, mentioned that Blogs and Media Websites - like Linkedin and Twitter - provide a number of cost-effective opportunities.  These, and other forms of Social Media, embrace a number of accessible and affordabe tools that include:

• Providing quality content and information to clients and potential clients
• Answering questions with speed, accuracy and efficiency
• Forming interest groups with common interests 
• Creating and participating in conversations
• Disseminating industry related news to interested parties
• Providing access to products and services for current and potential clients.

In future postings we will pass along additional answers we have generated to the above questions.  We would  appreciate your input to assist our community in better understanding the use of Social Media in the Insurance and Benefits Sectors!  Please share your input!