Listen to customer conversations

According to ‘2012 Insurance Voice of Customer Survey’ report, customers preferred online media to compare policies and services, gathering information and comparing price/rate more often than physical networks. Here is the list of activities insurance customers would prefer to do with social and physical networks.

Note: Question asked was “Based on your past experience when purchasing life (and non-life) insurance, which of the following two, a physical network (agents/brokers/ banks) or online network (internet/Mobile), is more effective at providing the following benefits”.Source: 2012 Insurance Voice of the Customer Survey, Capgemini, 2012

Before making a buying decision, buyers are interested to know what the existing consumers have to say about the brands and the products. This interaction between existing customers and potential buyers has added a new dimension to how marketers interact with their target audience. Social listening is a powerful research tool for generating actionable insights, because of its proximity and global audience coverage.

 

Tracking the number of likes on Facebook, followers on Twitter, views and subscribers on YouTube will not indicate what our customers like or dislikes about the product or will not signal their purchasing behavior. An active listening program is required to interpret customer voices, allowing brands to engage when conversations take a negative tone. Global brands like Dell, Cisco, Starbucks, and Coca-Cola leveraged social media to get closer to both employee and customer. Forrester Research estimates that companies will spend $1.6 billion on social by 2014 to track brand health, helping to ascertaining the tone of what is being said about the brand, how much interest is being generated about the company and products and how such conversation is influencing potential customers.

 

With 75% of U.S households participating in social media, it’s time for us to start listening with right set of listening tools partnered with human-enabled filtering and processing.

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