• Share
  • Email
  • Embed
  • Like
  • Private Content
Harnessing the full power of social media to drive customer loyalty
 

Harnessing the full power of social media to drive customer loyalty

on

  • 1,350 views

An often overlooked tool when developing a customer loyalty strategy is social media. This presentation describes how you can develop your social media CRM strategy to enhance and maximize customer ...

An often overlooked tool when developing a customer loyalty strategy is social media. This presentation describes how you can develop your social media CRM strategy to enhance and maximize customer loyalty.

Statistics

Views

Total Views
1,350
Views on SlideShare
1,196
Embed Views
154

Actions

Likes
1
Downloads
18
Comments
0

6 Embeds 154

http://www.scoop.it 98
https://twitter.com 26
http://www.lenati.com 22
https://www.linkedin.com 5
http://www.linkedin.com 2
http://beyondthearcinc.tumblr.com 1

Accessibility

Upload Details

Uploaded via as Microsoft PowerPoint

Usage Rights

© All Rights Reserved

Report content

Flagged as inappropriate Flag as inappropriate
Flag as inappropriate

Select your reason for flagging this presentation as inappropriate.

Cancel
  • Full Name Full Name Comment goes here.
    Are you sure you want to
    Your message goes here
    Processing…
Post Comment
Edit your comment

    Harnessing the full power of social media to drive customer loyalty Harnessing the full power of social media to drive customer loyalty Presentation Transcript

    • Harnessing the Full Power of Social Media to Drive Customer Loyalty Marc Steiner, Principal Clay Walton-House, Senior Manager Antje Helfrich, Manager 1 Social CRM Strategy for Loyalty Marketers
    • Defining Social CRM Strategy Deliberate integration of social media into a comprehensive multi-channel CRM strategy, taking advantage of social media’s unique characteristics to maximize customer loyalty. 2
    • Social Media Requires Special Focus from Loyalty Marketing Social represents a large opportunity for driving loyalty, but… Is often underutilized by loyalty marketers: • Historically a channel focused on brand and acquisition • An organizational function often separate from Loyalty Marketing teams • Often integrated with loyalty strategies on ad hoc basis Converting on the opportunity presented by social media requires an intentional approach. 3
    • The Opportunity at Hand What Social Media Presents to Loyalty Marketers 4
    • 5 The Social Media Landscape Continues to Mature 65% of consumers use social to connect with brands and research products One in five customers engage with a brand on social media after a purchase to make sure they are getting as much value out of their purchase as possible Brand fans are 11% more likely to continue using the brand, and spend 43% more than non-fans!
    • 6 The Social Media Landscape Continues to Mature 65% of consumers use social to connect with brands and research products One in five customers engage with a brand on social media after a purchase to make sure they are getting as much value out of their purchase as possible Brand fans are 11% more likely to continue using the brand, and spend 43% more than non-fans! Social is the second fastest growing marketing channel (after Mobile) Social Media spend expected to double by 2016 40% of “leader” companies prioritize incorporating social media touch points into CRM (compared to 26% of “follower” companies)
    • 7 As a Channel, Social Media Presents Unique Advantages for Loyalty Marketers NEAR REAL TIME PROVIDES IMMEDIACY PEER TO PEER ENABLES TWO-WAY CONVERSATION CUSTOMERS OWN AND INFLUENCE THE EXPERIENCE
    • 8 As Functional Disciplines, Social Media & Loyalty Marketing Intersect in Three Key Areas ENGAGING & BUILDING RELATIONSHIPS WITH THE BASE Retention & loyalty optimized content Exclusive offers Loyalty program integration Peer to peer engagement: building a community around the brand INTERCEPTING DETRACTORS & MITIGATING CHURN Identify at-risk customers Mitigate low engagement / churn risk Mitigate detrimental brand impact LEVERAGING PROMOTERS Identify influential promoters Amplify promoters’ voices programmatically Leverage promoters for acquisition
    • 9 A Social CRM Strategy Framework Helps Define Key Activities for Leveraging Social in Loyalty Marketing DRIVE CUSTOMERS TO SOCIAL CHANNELS ENGAGE & SUPPORT BASE INTERCEPT DETRACTORS LEVERAGE PROMOTERS BUILD CAPABILITIES TO SUPPORT TRUE SOCIAL CRM 2 3 4 5 1 “Pillars” 2, 3, and 4 in the framework represent the primary focus of loyalty marketers in developing and executing a defined Social CRM strategy.
    • The Challenges What Prevents Loyalty Marketers from Harnessing the Full Power of Social Media 10
    • Many Companies Face Significant Challenges in Harnessing Social Media Only 52% of companies have executives that are informed, engaged, and aligned with social strategy Only 48% of companies state that they have a clear vision of how social media will improve customer relationships Only 34% of companies have clear metrics that associate social activities with business outcomes 11
    • Challenges Fall within Three Key Areas #1 – LACK OF ORGANIZATIONAL ALIGNMENT #2 – LACK OF CUSTOMER INSIGHTS RELATED TO SOCIAL MEDIA #3 – TECHNOLOGY & DATA LIMITATIONS 12
    • Challenge #1: Lack of Organizational Alignment Social media functionally siloed or highly matrixed Social KPIs not aligned to overarching business objectives Executive skepticism Unknown ROI Weariness over less controlled conversations & properties 13
    • Challenge #2: Lack of Customer Insights Related to Social Media Customer Desires for Social Engagement are Unknown Customer Social Usage Behaviors are Unknown Types of social properties used Type of devices used Types of conversations customers have in social channels Who they talk to, and how often 14
    • Challenge #3: Technology & Data Limitations Social Media Technologies have not Reached Scale Social Listening Tracking, Measuring, & Reporting Automation Data is Distributed & Difficult to Leverage Social media data is separate from other customer data sources Difficult to append data from social properties to broader customer data Difficult to identify and match customers to social media profiles Test & Learn Capabilities Lack Scale 15
    • From Opportunity to Strategy Developing a Social CRM Strategy to Harness the Full Power of Social for Loyalty 16
    • 4 Steps to a Develop a Social CRM Strategy 17 4. Prioritize & Plan Implementation 1. Confirm Customer Base Marketing Goals 2. Assess Current State 3. Identify Opportunities & Required Investments
    • 1. Confirm Customer Base Marketing Goals REDUCE CHURN NPS Key Drivers Renewal Save/Winback DRIVE SAVINGS Care Call Deflection INCREASE REVENUE X-Sell / Upsell Referred Subscribers BUSINESS OUTCOMES KPIs Loyalty objectives will vary by company / product / industry – e.g.: Subscription business with high cost of care (telecom, cable, SaaS) KPIs should tie to measurable business outcomes that drive bottom-line impact; though seemingly obvious, this is a common misstep that companies make; e.g. using number of Facebook fans as desired business outcome. 18
    • 19 2. Assess Current State Understand your audience Loyalty insights Social media technographics Social media coverage Behavioral data Assess programs and capabilities Social footprint Programs, campaigns, content Teams, agencies Operating model, processes, governance Data, systems, tools Survey the landscape Internal: executive support, social competencies Competitors Best practices Once overarching desired business outcomes have been established, a comprehensive understanding of the Current State must be achieved.
    • 20 Potential programs and tactics should be informed by: Competitors Best Practices Internal Inventory Opportunity assessment includes review of investments needed: No New Capabilities Required Requires Realignment of Existing Capabilities Requires Net New Capabilities 3. Identify Opportunities & Required Investments Audience Insights Current State understanding then informs identification of potential Social CRM programs and required resources needed to deliver results.
    • 21 3. Identify Opportunities & Required Investments Identification of new Social CRM programs and tactics can be facilitated by use of the Social CRM Strategy Framework; e.g. what tactics will best address “pillar” #2—engaging and supporting your customer base? DRIVE CUSTOMERS TO SOCIAL CHANNELS ENGAGE & SUPPORT BASE INTERCEPT DETRACTORS LEVERAGE PROMOTERS BUILD CAPABILITIES TO SUPPORT TRUE SOCIAL CRM 2 3 4 5 1 POTENTIAL PROGRAMS & TACTICS REQUIRED CAPABILITIES
    • 22 SOCIAL KPIs & METRICS REDUCE CHURN NPS Key Drivers Renewal Save/Winback DRIVE SAVINGS Care Call Deflection INCREASE REVENUE X-Sell / Upsell Referred Subscribers • NPS among Followers / Non-followers • Correlation with Engagement • Renewal Offers by Channel • Content Views x Topic • Call Volume x Topic • Campaign/ Offer Performance • Offer Shares • Referrals 4. Prioritize & Plan Implementation New Social CRM programs and tactics should be prioritized based on how effectively they support the desired business outcomes and KPIs established earlier in the strategy development process.
    • 23 Following this Process to Define a Social CRM Strategy Delivers Significant Business Value CLEAR “CHARTER” FOR HOW SOCIAL MEDIA CAN DRIVE LOYALTY ALIGNMENT OF FUNCTIONAL RESOURCES WITH CLEAR MAPPING TO OVERARCHING BUSINESS OBJECTIVES IMPROVED CUSTOMER EXPERIENCE IMPROVED CUSTOMER INSIGHTS
    • About Lenati 24
    • Who We Are Lenati partners with clients to develop innovative sales and marketing strategies, elevating customer experience and transforming how companies go to market. We help organizations build stronger customer connections. Our Expertise Lenati’s services address four broad areas of customer need: Select Clients Lenati works with a variety of Fortune 500 companies: 25
    • What We Do Tailored to the unique needs of our clients, we provide deep expertise centered on creating customer connections through four primary solution areas: Helping clients confront common challenges:  New product introductions & product revitalization  Expansion to new markets and new channels  Customer acquisition, retention & growth  Marketing and sales execution, optimization & measurement  Sales team creation, transformation & enablement  Loyalty and retention strategies and programs  Channel partner selection, on-boarding & management 26
    • Customer Retention & Loyalty Services Loyalty Insights & Analytics – Develop a 360° profile of your customers  Customer Research  Segmentation & Modeling  Data Mining Retention & Loyalty Strategy – Build the vision to improve customer engagement  Strategy Definition  Segment-Specific Models  Business Valuation Loyalty Program Design – Build, launch, enhance or retire a program  Program Design  Program Optimization  Re-launch or Retirement Streamlined CRM Operations – Get the most out of your people & process  Organizational Design  Process Improvement  Program Integration & Consolidation Technology Platforms – Evaluation & selection of supporting technologies  Mobile Strategy  Social CRM Strategy  CRM & Marketing Automation Platforms  Loyalty Program Platforms 27
    • About the Authors 2828 Clay Walton-House, Senior Manager Retention & Loyalty Services As the leader of Lenati’s Customer Retention & Loyalty Team, Clay helps Fortune 500 companies create and implement new and interesting customer engagement strategies that accelerate growth and build loyalty. His expertise lies in understanding consumer behavior and translating it into actionable customer insights. Clay has a proven track record of successful program design & optimization and CRM operations, helping uncover ways to build retention and loyalty strategies into a company’s broader business model. Marc Steiner, Principal Customer & Product Strategy Services Marc leads Lenati’s Customer & Product Strategy Team, and has a passion for combining his 20 years of management consulting expertise with insights from fields as diverse as demography, anthropology, military strategy, and religious studies to help rethink fundamental approaches to product and customer strategy. Marc has been an advisor to companies across numerous industries, including leading brands like Starbucks, T- Mobile, Microsoft, and Adobe. Antje Helfrich, Manager Social Media Marketing Services Antje has over 15 years of experience working in the intersection of business, technology and consumers, both inside corporations and as a consultant. She has an extensive track record in strategic planning, market and customer research, and marketing and program management. As head of Lenati’s Social Marketing practice, Antje has recently developed a Social Marketing Operating Model and a Social Measurement Framework for a Fortune 50 global company, and a Social CRM Strategy for a leading wireless carrier.
    • Connect with Us Headquartered in Seattle 1300 Dexter Ave N. #100 Seattle WA 98109 Phone: (800) 848-1449 Email: info@lenati.com Lenati.com Twitter.com/LenatiLLC LinkedIn.com/company/Lenati-LLC Facebook.com/LenatiLLC www.lenati.com/blog 29