The Incyte Group conducted a study to find out how consumers use the internet to make buying decisions and how they prefer to connect with brands online. The findings shed light on how companies can drive revenue and customer acquisition from social media. These are the slides from Get Satisfaction CEO, Wendy Lea's presentation of the findings.

1. 6
Consumer Buying Behaviors That Will
Change Your Social Strategy
Wendy Lea
CEO Get Satisfaction
#MonetizeSMM
#SMM

2. “…Event: #MonetizeSMM
2Incyte, “To Monetize Open Social Networks, Invite Customers to Be More Than Just “Friends”, 7/2012, http://www.incytegroup.com
@Getsatisfaction #MonetizeSMM 2

3. $17B Spend for 20121
1Gartner, “Gartner Says Worldwide Social Media Revenue Forecast to Reach $16.9 Billion in 2012”, 7/25/2012, www.gartner.com/it/page.jsp?id=2092217
@Getsatisfaction #MonetizeSMM 3

4. “…and the investment return has been
dismal.”2
2Incyte, “To Monetize Open Social Networks, Invite Customers to Be More Than Just “Friends”, 7/2012, http://www.incytegroup.com
@Getsatisfaction #MonetizeSMM 4

5. What is Customer Engagement?
@Getsatisfaction #MonetizeSMM 5

6. True Engagement Addresses Both Consumer
and Brand “Wants”
Brands want to: Consumers want to:
• Make their products known to • Learn about new products
consumers and services
Advertising
works here
• Educate consumers on how • Make good purchase
to buy decisions
• To influence consumers’ • Buy the right thing at the
evaluation criteria right price
• Help consumers use products • Get value
Engagement
scales here
• Build a strong and loyal • Build expertise
customer base • Share
• Tap advocates’ passion
@Getsatisfaction #MonetizeSMM 6

7. Engagement is About Every Stage of
Customer Lifecycle
Discover
Advocate Evaluate
Bond Buy
Experience
@Getsatisfaction #MonetizeSMM 7

8. Advocates Bring New Customers
Discover
Advocate Evaluate
Bond Buy
Experience
@Getsatisfaction #MonetizeSMM 8

9. The Missing Piece - What Engages You?
What drives you to engage with
brands in social media?
Games?
Contests?
Digital Ads?
Creative
Campaigns
@Getsatisfaction #MonetizeSMM 9

10. Why Incyte Research?
" Understand market landscape
" How consumers want to interact
with brands
" Build the right product
@Getsatisfaction #MonetizeSMM 10

11. @Getsatisfaction #MonetizeSMM

12. Social Networks Not the Primary Place
People Go to Research Products
Only 20% of consumers use social networks to research
products vs. 81% use company website
What
Consumers
do
to
Learn
about
a
Product
or
Service
@Getsatisfaction #MonetizeSMM 12

13. “Consumers want company websites to be
more like their experiences on social
networks.”3
3Incyte, “To Monetize Open Social Networks, Invite Customers to Be More Than Just “Friends”, 7/2012, http://www.incytegroup.com
@Getsatisfaction #MonetizeSMM 13

14. Company Websites are the Primary Place
for Information on Purchase Decisions
89% of consumers use company websites as primary
source to research products
@Getsatisfaction #MonetizeSMM 14

15. “What was interesting was consumers’
preference for branded customer
communities over open social networks
when seeking information to make a
purchase.” 4
4Incyte, “To Monetize Open Social Networks, Invite Customers to Be More Than Just “Friends”, 7/2012, http://www.incytegroup.com
@Getsatisfaction #MonetizeSMM 15

16. Consumers Show a Strong Preference for
Branded Customer Communities
" 85% preferred content vetted by consumers
" Only 15% preferred content vetted in some manner by
companies
Fit
in
my
car?
@Getsatisfaction #MonetizeSMM 16

17. “When making a purchase decision
consumers care about content that has
been vetted by other consumers.”5
5Incyte, “To Monetize Open Social Networks, Invite Customers to Be More Than Just “Friends”, 7/2012, http://www.incytegroup.com
@Getsatisfaction #MonetizeSMM 17

18. Social Media is the Door into Brand’s
Customer Community
58% of consumers have joined an internet community
based on a friend’s Facebook post
@Getsatisfaction #MonetizeSMM 18

19. “Consumers are clearly saying that
customer community allows them to quickly access
information that is relevant and accurate.”6
6Incyte, “To Monetize Open Social Networks, Invite Customers to Be More Than Just “Friends”, 7/2012, http://www.incytegroup.com
@Getsatisfaction #MonetizeSMM 19

20. Relevant Content is What Drives Consumers to
Prefer Branded Communities over Social
Networks
Top
Reasons
Consumers
Par9cipate
in
a
Branded
Customer
Community
@Getsatisfaction #MonetizeSMM 20

21. “Consumers prefer it when information is
provided by other people like them.”7
7Incyte, “To Monetize Open Social Networks, Invite Customers to Be More Than Just “Friends”, 7/2012, http://www.incytegroup.com
@Getsatisfaction #MonetizeSMM 21

22. 83% of Consumers are Very Willing to
Become Brand Advocates
" 83% of consumers are
very willing to become
on-line brand advocates
" 42% of consumers are
willing to be on-line
advocates without
incentive
@Getsatisfaction #MonetizeSMM 22

23. “Advocacy at scale is the “holy grail” for
marketers.”8
8Incyte, “To Monetize Open Social Networks, Invite Customers to Be More Than Just “Friends”, 7/2012, http://www.incytegroup.com
@Getsatisfaction #MonetizeSMM 23

24. The Key to Driving Revenue from Social
is a Branded Customer Community
@Getsatisfaction #MonetizeSMM 24

25. Take Action to Boost the Revenue Impact of
Your Social Media Investments
Ac-on
#1:
Ac-on
#2:
Ac-on
#3:
Look
at
social
Use
customer
communi9es
Leverage
customers
as
throughout
customer
to
make
your
website
more
brand
advocates
life
cycle
“Social”
@Getsatisfaction #MonetizeSMM 25

26. Panel of Marketing Experts
Wendy
Lea,
Ray
Wang,
Get
Sa-sfac-on,
CEO
Constella-on
Research
Group,
CEO
@WendySLea
@rwang0
Adam
Kleinberg
Amy
Love
Chris
Carfi,
Ant's
Evan
Grossman
Jascha
Kaykas
Trac-on,
CEO
NetApp,
CMO
Eye
View,
VP
athenahealth,
VP
Mindjet,
CMO
Social
Strategy
Product
Management
@adamkleinberg
@amydlove
@ccarfi
@evangrossman
@kaykas
@Getsatisfaction #MonetizeSMM
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27. Learn More
hDp://www.youtube.com/user/getsa9sfac9on/featured
@Getsatisfaction #MonetizeSMM 27