How understanding the social era can help your business
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How understanding the social era can help your business
- 1. The Social Era and Your Business Bedford College and the British Computer Society 27 March, 2013 Eric Swain Client Services Director Equinet Media
- 4. Endow social with speed, scale & economicsWhatmakesitpowerful? Democratic content publishing, sharing and consuming Create a record of interactions/connections (social graph) Dis-intermediate commercial relationships and upend traditional biz models
- 5. The power lies in the creation of self-organised communities of like-minded people
- 8. Improve knowledge worker productivitySavvyCompanies Crowd-source new product ideas and co- create new features Discover rich new forms of customer insights Manage procurement and logistics
- 9. WHAT
- 10. Customer Service Marketing Sales Customer Retention Operations Lead Generation Recruitment Product Development Business Intelligence
- 11. Tell people so they can buy it and then tell everyone else! Stop shouting!
- 12. Culture eats strategy Culture Eats Strategy for Breakfast
- 14. CUSTOMER SERVICE
- 17. SALES
- 18. Built entire business using social media
- 19. Social media is about retention
- 20. 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 71%
- 21. “The Social Web is distributing influence beyond the customer landscape, allocating authority amongst stakeholders, prospects, and peers.” – Brian Solis Customer Lifetime Value Social Landscape Customer Referral Value Customer Social Customer
- 27. The most responsive company in the world Decisions are effortless Better decisions faster 1. 2. Democratic 3.
- 30. There’s no such thing as a “social media strategy”
- 31. HOW
- 32. End to End Pitch – short & sharp What you do Business What type of programme? Support biz goals
- 33. End to End What does audience know? Nothing | Aware, No Action | Single Action | Repeat/Enthusiasts | Advocates Research How do they use social media? Listen Buyer personae Map demographics, socialgraphics, usage Creators Critics Collectors Joiners Spectators Inactives
- 34. End to End Strategy Support the business goal, financials Plan Tactics How will you be human? Identify success KPIs, ground zero status
- 35. End to End Plug plan into the organisation Implement People, roles, communications, workflow Tools, integration, training & guidelines
- 36. End to End Day to day execution Manage Content, community engagement, cust support, brand mgmt, measurement/analytics
- 37. End to End Are objectives being met? Measure If yes, carry on If no, explore and make changes
- 38. Thank you! Eric Swain Client Services Director Equinet Media +44 1234 262262 eric@equinetmedia.com @ericswain www.equinetmedia.com
- 39. Credits – images, docs and stats McKinsey Report: http://www.mckinsey.com/insights/mgi/research/technology_and_innovation/the_social_economy Crowd Kiss: http://www.flickr.com/photos/acousticskyy/3651475141/ Everything is Marketing – Hugh McLeod: http://www.gapingvoidart.com/everything-marketing-p-1917.html Shouting boy by fotologic: http://www.flickr.com/photos/fotologic/242616844/ Big Sandwich: Unknown MediaLab study: http://www.buzzador.com/pressdocuments/Wheres_Debbie_MediaEdge.pdf “End to End” concepts were informed by Jay Baer and Olivier Blanchard For further reading for new business model discussions: The New Capitalist Manifesto by Umair Haque : http://www.amazon.co.uk/New-Capitalist-Manifesto-Building-Disruptively/dp/1422158586 No Straight Lines by Alan Moore : http://www.no-straight-lines.com/ Further reading for Social Media ROI: Social Media ROI by Olivier Blanchard: http://smroi.net/
- 40. EDITORS THE SOCIAL CREATIVE NEWSROOM CREATIVE PRODUCERS COMMUNITY MANAGERS Companies must build their own media empires Editorial sensibilities Cultural relevancy Brand and content strategy Content form production (visual, etc) Formatting (social, web, traditional) Content optimisation Engagement Media distribution (earned, paid & owned) Measurement and analytics The “newsroom” produces a continual stream of timely, relevant, content – optimised for sharing
- 41. There is both an opportunity for a great organization to communicate and to have their knowledge impact the world.
Hinweis der Redaktion
- Speed and scale of adoption exceeds that of previous technologies90% but only 3% fully networked – achieving substantial bennies across all parts and with externals
- Distinct properties of social tech make them powerful Endow social interactions with speed, scale and economics of the Internet Democratic content publishing, sharing and consuming Create a record of interactions/connections (social graph)Disintermediate commercial relationships and upend traditional biz models
- an organisation that is optimised to benefit its entire ecosystem (customers, employees, owners, and partners) by embedding collaboration, information sharing, and active engagement into its operations and culture. Capturing the full potential value from the use of social technologies will require transformational changes in organizational structures, processes, and practices, as well as a culture compatible with sharing and openness.The greatest benefits will be realized by organizations that have or can develop open, non-hierarchical, knowledge-sharing cultures.
- 2/3rds of value creation lies in improving comms and collaboration within and across enterprisesConsumer insightsUnfiltered feedback and behavioral dataCrowdsource product ideas & co-create new featuresManaging procurement and logisticsRaise knowledge worker productivity by 20-25%Up 1/3 of consumer spending could be influenced by social media interactions = $940B annual consumption US and Europe
- Marketing is Everything – Regis McKenna, HBS 1991TechnologyBut also all touchpoints – premises, customer services, reception, interaction with suppliers, productsThe company/customer relationship has flipped.The distance between the customer and the company has disappearedThe transparency stakes are raised
- Smart companies:Crowd source new product ideas and co-create new featuresRich new forms of consumer insightsManage procurement and logisticsImprove the productivity of knowledge workers streamlining comms and collaboration lowering barriers between functional silos
- In light of all that,
- Performance-oriented cultures possess statistically better financial growth, with high employee involvement, strong internal communication, and an acceptance of a healthy level of risk-taking in order to achieve new levels of innovation.Social Media is less about strategy, messaging, and marketing than about culture, conversations, change management
- Culture eats strategy for lunch“if we get the culture right, then everything else, including the customer service, will fall into place” – Tony Hsieh, CEO
- Customer service centric approachTwitter especially – story of woman sent flowersMD throws parties for local customers when visiting citiesBox of crackers to Pacific Islands – “FreshBooks, you've got a customer for a life and yet one more person to sing your praises to the masses.”
- SXSW panel – customers are your best marketingExecute Extraordinary Experiences Everyday
- Georgie Newbury – artisan flower farmer and floristsNever had a marketing budgetBuilt whole business using social media – no budgetIt’s an honour to have direct relationships with customers
- 10/90 rule“Thank you department” - New customer order – find them in social media – discover what makes them tick – leverage that.Call every single customer who orders - Social is a long play – worrying about ROI, whether it is worth it – same conversation we had about Internet/ecommerce/etcRetention, lifetime value is the gameTwitter-engaged customers out perform non-engaged customers by 60%
- WoM on SteriodsRemember the McKinsey report – social amplified by the speed, scale and economics of the Internet
- 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 brings. We need to understand customers’ social graphs (remember McKinsey advantages)Community Referral Value: We 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… all the stakeholders in the company’s particular ecosystem.
- Listen – unstructured conversations to glean insights Involve – generate, vet, analyseCo-create -
- Dropbox – Techcrunch and Techboards for pre-development guidance and then for Beta signups and feedbackStarbucks – My Starbucks IdeaDellIdeastorm – 500 new products, features and initiativesGatorade – for sick kidsNike – intersection of product dev and marketing = consumer good
- Patients Like MePatients Know Best
- All those examples – social was used to support/deliver on biz goalsWhat type of programme? Awareness, Sales, Loyalty, Retention, Insights
- What will you do?Who is responsible; who involved?Within what timeframe?What milestones?What framework?What tools?What KPIs?What will it cost?
- This is project management.Are you hiring new or reassigning existing?Establish roles, responsibilities and working practices.Cross departmental? Create comms channels and workflowsTrain staff and mgmt on “what” and “how” but also “why” – create guideline policy docSet up tools and integrate them into existing platforms/procedures
- content production and publishing, content distribution, reputation management,community engagement, customer support, business intelligence (competitor activity, customerinsights), brand management, market research, monitoring, measurement and analytics.
- Measure is the what and the howWhat = KPI’s and secondary measurements = sales, sentiment, share of voice, emails opened, visitors, comments, followers/friendsHow = social media monitoring tools, conversion metrics, web analytics, even surveys, feedback forms, customer service metrics
- Microsite yielded 25% increase in uniques month on month in first 8 months
- http://www.socialmediaexaminer.com/social-service-allows-startup-to-outpace-the-competition/No money spent on outside advertisingRelationships are his big marketing vehiclePersonal customer service via social media – Twitter convos and YouTube vids (personalised)
- Oreo Daily TwistCelebrate 100 year anniversary Riffs on current news or relevant social issuesDaily piece of clever, highly shareable visual content sent out into the digital ecosystem