Social Media and Startups
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Presentation to Pitch & Mix at Idea Space on 23 September, 2010
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Social Media and Startups
- 1. Social media & startups Presented at Pitch & Mix at IdeaSpace Cambridge, 23 September 2010
- 2. Eric Swain Managing Director
- 3. if Businesses need an Internet presence and The Internet is increasingly social then Businesses must have a social element David Gillespie
- 4. What social networks social media social business
- 5. Don’t focus on the tools!
- 6. It’s about people having conversations, connecting and engaging online.
- 7. Unsocial /Social unsocial social advertise attention target televised one to many impressions campaigns control entertain participation content friended one to one, many to many expressions movements leverage
- 10. 90-9-1 Principle 10 “In social groups, some people actively participate more than others… Social participation tends to follow a 90-9-1 rule:”
- 12. Social media and startups challenges opportunities resources unknown noise not your customers no brand resources need speed access to passion idea reach networks fresh brand freedom build real relationships
- 13. Why social networks social media social business
- 14. Be found when and where your customers are looking This means on the Internet and the lips of friends The new marketing is about being found by customers when they are looking to buy what you are selling.
- 15. A recommendation from a friend would make 71% of people more comfortable with a product or service – more so than advertising (15%) or even personal experience (63%) MediaLab Startup Ideas
- 16. Vertical engagement Between the org and people Campaign-based, valuable but limited This is your engagement activity
- 17. lateral engagement Between people For startups, this starts with the Idea “We have to share this”
- 18. 2/3 Of the global Internet population visit social networks http://blog.nielsen.com/nielsenwire/nielsen-news/social-networking-new-global-footprint
- 19. The power of social media lies in people using these tools – the creation of self-organised communities of like-minded people– making it a good way for businesses to understand, inform and connect with the people who buy their products and services.
- 20. Re-thinking marketing old marketing new marketing telemarketing print ads direct mail trade shows tv/radio ads spam interruption! seo/search marketing blogging social media rss viral videos word of mouth permission Startup Ideas
- 21. “My customers don’t use social networks”
- 22. Why Relationship Authority Discovery
- 23. relationships
- 24. authority
- 25. Discovery - 75/25 Google Principle Search click rates SEO Google weighs external links over on-site keywords 75/25 25% 75%
- 26. Discovery – Social search
- 27. Why? - ROI Cost Reduction Ops efficiency Reduced marketing spend Shorten sales cycles Cheaper customer service Market research Business intelligence Revenue Increase More transactions Higher yield Net new customers Customer loyalty
- 28. ROI – f.r.y. Frequency Increase how often customers buy from us Reach Increase net number of transacting customers Increase net number of transactions per customer Yield Increase average spend per transaction FRY from Olivier Blanchard My illustration
- 29. Gary Vaynerchuk grew his family wine shop from $4 million to $50 million using social media.
- 30. $15k Direct Mail = 200 new customers $7.5k Billboards = 300 new customers $0 Twitter = 1,800 new customers $0 Twitter = 1,800 new customers
- 31. b2b Content Network Expert Connections Show (not) Tell Knowledge base Relationships Story Tools Trust Soften & Support Framework
- 32. What social networks social media social business
- 33. Use Cases of Social Social Business/Social CRM Marketing Sales Service & Support Innovation PR CustomerExperience Marketing Insights Social Sales Insights Support Insights Innovations Insights Reputation Management Seamless Customer Experience Brand Managment Rapid Social Marketing Response Rapid Social Sales Response Rapid Social Response Crowdsourced R&D VIP Experience Enterprise Collaboration Social Campaign Proactive Lead Generation Peer-to-Peer Unpaid Armies Social Event Management Altimeter Group
- 36. 1,461 Tweets to 1M+ followers
- 38. 50M impression, 10,000 videos created, 380,000 discussions
- 39. Dragon sales up 84%, PC sales up 10% (sustained)
- 41. Customer Experience Case Study - FreshBooks Customer-centric approach Twitter engagement key Userbase up 300% in 2 years
- 42. Consumer Insights Case Study - Kodak Dismay in the social networks at the name of the new Zi8 Kodak launched a contest to let users choose the next name. 1000s of suggestions via Twitter and blog Press coverage everywhere
- 43. PR Case Study – Nestlé Greenpeace “ad” on YouTube Facebook censorship Tidal wave of attacks Have a plan
- 44. Domino’s were slow to react initially, but came good.
- 45. How social networks social media social business
- 46. How
- 47. Listen & Learn Social technology adoption by consumers is no longer nascent – it’s nearly a mainstream activity. To be accurate in your social strategy, you must know the specific behaviors of your customer base. 43
- 48. Socialgraphics asks key questions Where are your customers online? What are your customers’ social behaviors online? What social information or people do your customers rely on? What is your customers’ social influence? Who trusts them? How do your customers use social technologies in the context of your products. 44
- 50. The social customer Social Landscape CLV CRV Customer Social Customer “The Social Web is distributing influence beyond the customer landscape, allocating authority amongst stakeholders, prospects, and peers.” – Brian Solis
- 51. Strategy Align social with strategic business goals Refer to what you learned monitoring Set measureable objectives (measure the right things) Create strategic plan and financial model Develop tactics to achieve strategy Who? What? When? Where?
- 52. Implement / Integrate Staffing Cross-departmental Tools, configurations, workflows Training Company guidelines, policies, procedures
- 53. Manage Customer support Community engagement Market research Business intelligence Day to day execution Monitoring Distribution Content production/publishing
- 54. Measure Are the objectives being met? Do we need to reassess or refine the strategy/tactics? Are we successful?
- 55. How
- 56. Take Away 52 Start small, start now Pick a goal Where to start? Align social with strategic goals Startup Ideas Examine your 2010 goals Pick one where social can have an impact
- 57. Thank you! Eric Swain +44 7773 798259 www.spice.co.uk eric@spice.co.uk @ericswain
Hinweis der Redaktion
- Transitive logic1. No disagreement – 10 years ago, but not now.2. Social technology adoption by consumers is no longer nascent – it’s nearly a mainstream activity. Big numbers, Facebook, Twitter, LinkedIn3. To ignore defies good biz practice and logic
- companies focus on the tools and technologies, yet fail to understand the behaviours of their own customers online. As a result, they miss the mark.
- Community building – Engagement, being part of the conversation around particular topics and industry communities builds a good network of potential referrals and gets notice. Being an active brand in the marketplace = good brand image. Customers want to deal with businesses they feel a connection with.
- http://www.90-9-1.com/
- The internet is the story of Google and search – Google is now the de facto first place that everyone looksLips of friends/colleagues is recommendation or WoMIt is at the intersection of the Internet and WoM where Social Media’s power lies.
- This makes intuitive sense – our experience is that in many instances we ask friends for recommendations.
- Facebook = 500M+ 3rd largest countryTwitter = 1500% growthYouTube is 2nd largest search engineBig numbers! It’s not the platforms themselves but the general trend – people are spending time in social networks, talking about things that are important to them – your brand? Your competitors? Your industry?
- Traditional marketing is becoming less and less effective
- Sometimes I hear that the 60 yo FD is not on
- Community building – Engagement, being part of the conversation around particular topics and industry communities builds a good network of potential referrals and gets notice. Being an active brand in the marketplace = good brand image. Customers want to deal with businesses they feel a connection with.
- Creating authority - by helping people, giving away info/expertise, answering questions, providing insight, etc in the social network arena a company establishes its credibility, its value, its quality. Customers look for the credible, quality brand.
- Facebook now tops Google for weekly traffic in the US.
- You are connecting with your customers – delivers ROI ROI = gain less cost/cost
- Content – Raise knowledge of customersDemonstrate expertiseNetworkWho you know / Who they knowKnowledge baseRelationshipsRelationships are Almighty in B2BEstablish Trust thru additional touch points – online not golf course or dinnerBridge gaps between and around salesSupporting stuff that helps the sale along, shortens the cycle, secures the dealStory – How tell our business storyLinkedIn, Blog, Step outside the tools –what do they help you DO not how they lookHelp create relationship framework
- Intrigue: No promotion on boxes, just inspirational message and URL – 95% clickedHigher purpose: not salesy, not a cheap ploy, - good message, little brandingExclusivity: those chosen to receive a box, felt honoured. At least 1 other person called to complain they didn’t get one.
- Customer service/support
- 3 days, 100 finalists got a Zi8, 2 winners selected; “Play” and “Sport”
- When Domino’s employees posted disgusting videos on YouTube, the ensuing negative storm caught Domino’s Corporate unaware and unprepared.
- Platforms that scan the social networks for mentions, conversations, keywordsRealtimeCRMSentiment taggingWorkflow
- Customer Lifetime Value (revenue from customer and immediate family over lifetime) now becomes Customer Referral Value = a measure of advocacy and positive business value that an influencer bringsWe are now in a world that not only is forcing businesses to engage customers but to consider the influences on their business that rests among their partners, suppliers, prospects…hell, all the stakeholders in the company’s particular ecosystem.
- Decide who will be responsible. Establish the timeframe within which we plan to achieve the (goals). Figure out what milestones should be targeted and what tools, platforms and programmes are required. And lastly, determine how we will measure the outcomes along the way.
- Plug the programme into the organisation. Staffing - internal or new? Working across departments. Tools, configuration, workflows. Train staff – marketing, customer services, HR, product development. Create guidelines, policies, procedures
- Day to day execution of the programme. Content production and publishing. DistributionCommunity engagement. Customer support. Business intelligence. Market research. Monitoring.
- The currency here is probably numbers or statistics: numbers of followers/friends, number of social mentions, click-throughs, comments, website visitors, discussions, emails delivered, and, ideally, sales. But the currency might also be less defined: positive or negative press, change in sentiment about your brand, company or product, tone of discussions, and positive or negative word of mouth.This means social media monitoring tools, conversion metrics, web analytics, RSS feed counters, even things like feedback forms, surveys, and customer recommendations.