Gravity Summit: How Social Media Will Transform The Fortune 500

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How social media will transform the Fortune 500.

How social media will transform the Fortune 500.

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  • 1. How Social Media Will Transform the Fortune 500 Gravity Summit – May 5, 2009 Bob Pearson
  • 2. #1) Customers are Changing Faster than Companies • Breadth – 500k new online customers each day • Location -- >40% of online in Asia • 1st Impressions -- YouTube Is 2nd largest search engine • Habits -- Brazil one of leading consumers of online info Are you a student or an observer?
  • 3. GROWTH EVERY SECOND 2.2 Million e-mails Sent 2 New Blogs Created 7 PCs Sold 31k text 520k links clicked per 1,157 Videos messages per seond Viewed on YouTube second
  • 4. Brazil – from 5MM to 67MM and a leading consumer of content
  • 5. #2) A Tectonic Shift is Occurring in Where Conversations Occur • Language – customers speak online in their first language (10 reach 95%) • Location – Facebook, Twitter, Forums • Time of Day – Ex/low volume during day, high volume in evenings Where do your customers like to hang-out, learn and share?
  • 6. 10 Languages Reach 95% Hindu & Russian are Next
  • 7. #3) E-Commerce Will Become E-Community • Reality -- <1% of time is spent buying online. 99% is spent browsing & socializing • Peer Influence – 3 of 4 customers look to their peers for advice on a purchase • Integration – why would we ask a customer to go to multiple sites? The value is…….? Convergence is led by convenience
  • 8. THE REAL WORLD OF OUR CUSTOMERS ONLINE Opinions are formed during the 99% of time outside of the purchase path Broadband users spend 1 hour, The Purchase 40 minutes (48% of their spare Experience time) online, and more than half of this is spent accessing <1% of a person’s time is entertainment and spent actually purchasing communication our products
  • 9. 78% rank consumer recommendations as most credible form of advertising (Nielsen)
  • 10. #4) The Media World isn’t Changing….. it Changed • Media Outlets – do the homework to see who is driving SOV for your company • Online Influence – bloggers respect other bloggers opinions the most • Conversations – are the driver of SOV, influence and recommendations What conversations are defining your brand in the marketplace? Is your media mix changing?
  • 11. The New Media 11
  • 12. Your broadcast station
  • 13. #5) Syndication of Content Matters More than Site Traffic • Micro-Communities – the social media world grows & fragments, simultaneously • Customer-Driven Preference – “I want what I want where I want it”. Stop “spamming me”. • Participation is a Choice – if companies don’t listen, customers vote via lack of traffic and participation. What is your content syndication plan?
  • 14. Q&As matter
  • 15. Communities Form that are the Size of Cities
  • 16. #6) Idea Management will Become a Core Skill of Leading Companies • The Idea Lifecycle – gather, integrate and report (do all three to succeed) • “Ideas Anywhere” – from your Facebook wall to new tools to reach any community • Real Wisdom of Crowds – software to reach crowds with right knowledge • Internal & External Ideas – employees to B2B How are you improving your company today?
  • 17. Why Would You Not Leverage “open source” Knowledge? • The web is the world’s greatest operating system. It’s all yours and ready to leverage. • Would you rather do a focus group with 10 people or listen to 100,000 people debate ideas for a few months and ask them questions throughout the process? • Remove the obstacles…..and open your new R&D center
  • 18. Receiving Ideas Should Be Boundaryless….
  • 19. Over 11,000 Ideas & 325+ implemented
  • 20. Crowds Really Do Increase a Company’s Intelligence • Will next quarter’s sales meet targets? Will the store in France open on time? Which product features should we include in the next version? How much should we charge for this new service? Which potential partner will help us achieve our business goals? Which investment opportunity deserves to be funded? Will the website launch on time?
  • 21. You Can Improve Internal Processes • New ways to improve workflows • New ways to interact with suppliers • New ways to interact with partners • New ways to aggregate customer data • New ways to personalize the customer experience • New ways to support the field • New ways to integrate innovation into the product development process • New ways to reduce OpEx • New ways to analyze unstructured data • Etc, Etc, Etc
  • 22. #7) The Barriers Between Work & Home will be Minimized • Access to the World’s Greatest Operating System at Work – the web • One Employee/One Computer – why two? • Enterprise Software will become more consumer-oriented – the value of complexity is?????? Are you embracing or resisting the change?
  • 23. #8) Shopping is Changing Permanently • Ratings & Reviews – your peers define the brand and experience for you • Co-Browsing – your peers help you shop • Contextual Content – info you want appears when you discuss it Individuals in companies can have the respect of peers. How many “company peers” do you have?
  • 24. #9) Understanding Market Dynamics is Key to Understanding Growth • New Countries – why do folks join Facebook? • New Ways to Communicate – why does Twitter work? • Regional Leaders – what are the trends for Toudou? • The Next Surprise -- Countries are being formed that are not being treated with the full respect that their nation’s population deserves…
  • 25. What is being said about your brand in each key language?
  • 26. #10) Your Customers are Ready to Meet You – Are You Ready? • Do you know where conversations are occurring that are relevant to your business? • What is the search experience like? • Which communities matter the most to your customer? • Where is the real volume of traffic that matters?
  • 27. Example using Keyword Results on Google • Allstate insurance – 3.99MM • Allstate insurance company – 943k • Geico.com – 1.83MM • Geico insurance – 1.77MM • State Farm insurance company – 4.9MM Or • Insurance quote – 31.99MM • Insurance group – 22.3MM • Home insurance – 75.8MM • Auto insurance – 64.8MM
  • 28. First Impressions Matter
  • 29. #11) Customers Like to do Three Things on a Regular Basis • Share ideas – let’s improve the next product or service together • Share product knowledge – here is what I know…hope it helps you. • Help peers with problems – I had the same problem, here is what I did.
  • 30. Accepted Solutions empowers our customers to share their knowledge to benefit the world Solved button Solved button added to added to Original Post; Original Post; clicking it will clicking it will take user to take user to AS AS AS Post Turns AS Post Turns Green and Green and logo added logo added
  • 31. #12) Create Communities that Customers Want, not your Boss • It’s time to meet your communities. They already exist. You share a common passion. • You just need to find each other. • Or create a place for them to gather.
  • 32. A community-driven site
  • 33. Whole Foods, JetBlue & Dell Lead the Way
  • 34. Customers Prefer Content that Helps their business
  • 35. Partnering with Customers Free Recycling add $0 Support Reforestation: “Plant A Tree for Me” [add $2] Recycling Kit and “Plant A Tree for Me” [add $2]
  • 36. Observations on the Old School • They are old school, but don’t realize it • They think tweaking the media mix will work • The y wear ties, sound smart and have an answer for everything and often represent yesterday’s thinking • They are planning to succeed in a world that won’t exist in a few years • They like to “content dump” to get rid of their messages in hopes someone will find it
  • 37. LEADERS WILL ENTER AND BECOME RELEVANT IN CONVERSATIONS THAT OCCUR EVERY DAY IN EVERY LANGUAGE ALL AROUND THE WORLD ABOUT THEIR COMPANY OR PRODUCT Companies that cling to the past may not realize it, but they will lose relevance.
  • 38. MESSAGE EXPERIENCE CONVERSATION RELATIONSHIPS AFFINITY & TRUST WE BECOME CONVERSATION ARCHITECTS
  • 39. Key Coordinates • The Blog Council -- www.blogcouncil.org • My personal blog -- www.csmg.us • Everything else -- www.twitter.com/bobpearson1845