Value of an idea in the era of social media
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Value of an idea in the era of social media

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social media lectures for ESCP Europe Master in Marketing & Creativity

social media lectures for ESCP Europe Master in Marketing & Creativity

Trends / Monitoring / Ogilvy's big ideal / marketing / ideation

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Value of an idea in the era of social media Value of an idea in the era of social media Presentation Transcript

  • WHAT’S THE VALUE OF AN IDEA IN THE ERA OF SOCIAL MEDIA? 2010 - Laurent François http://twitter.com/lilzeon
  • About me Head of Marketing & Development @Express Roularta Services (2010-now) Head of 360° Digital Influence practice @ Ogilvy (until 2010) Blogger & cofounder of Tout Ca Magazine (http://citizenl.net & http://www.tout-ca.com ) ESCP Europe (MEB) Sciences Po UCLA to get in touch: enzo.francois@gmail.com http://twitter.com/lilzeon http://pearltrees.com/lilzeon
  • Few things on the world we live in
  • Liquid Modernity (Zygmunt Bauman) • End of « solid institutions » like churches, classic pyramidal families –> a need for new ways to get solutions • privatization of ambivalence –> tests are made by the individuals “Luckily, with these changes themselves, who directly « feel » & has come an increasing experience global issues openness to doing new things. Online dating has • Uncertainty everywhere grown so much in part as a response to these societal –> as there's no longer absolute changes, having become the truth, a need to get reinsurance third most important way we meet our significant • Nomadism everywhere others, even though it didn’t even exist 15 years ago.” » –> in life (collapse of long-term Greg Blatt, chief executive wedding, disruptive work-life...) of Match.com
  • Attention economy • Less & less time to solve more & more "...in an information-rich world, the wealth of problems information means a dearth of something else: a scarcity of • distance matters less than time whatever it is that information consumes. What information • price is not only dependent on the consumes is rather obvious: it transformation process (input / process consumes the attention of its recipients. Hence a wealth of / output) but on attention-based information creates a poverty principles of attention and a need to allocate that attention efficiently among the overabundance of information sources that might consume it" (Simon 1971, p. 40-41) What the most important asset is: access to relevant information” Herbert Simon
  • In this environment, good ideas are threatened by an environment of constraints and by personal lack of time… Environment of risks Personal strategies • Uncertainty • Lack of overal everywhere knowledge • Purchasing power in • Time constraint disgrace
  • “Americans conducted 14.8 billion core searches in April 2009“ comScore …which tries to be solved through the internet.It may be a massive online problem solving system… “of the customers who shop for high-end merchandise online, 78 percent of them did so in order to find the best price while nearly as many, 77 percent, did so to compare brands” BrandWeek, January 2010
  • …but it’s much more than a super-computer
  • It’s not only a magic generation issue. It’s the economics, society, technics, ethics, needs, ideas, entrepreneurs, history, whatever (stupid)
  • …as if we were amplified and if our thoughts, feelings and actions were opportunities of conversations…
  • So what could be the value of an idea in the era of Social Media?
  • Value: an ambigous notion • Basically: « a fair return or equivalent in goods, – Value is dependent on services, or money for something your need exchanged the monetary worth of something : – Value is dependent on the market price relative worth, utility, or importance way you express it <a good value at the price> <the value of base : a numerical quantity that is – Value is highly dependent assigned or is determined by on the context calculation or measurement <let x take on positive values> <a value for – Value is highly dependant the age of the earth> something (as a principle or quality) on the time intrinsically valuable or desirable <sought material values instead of – Value is something highly human values — W. H. Jones> personalized Merriam-Webster
  • So value is only SOMETIMES directly linked to money
  • The state of ROI in Social Media Marketing • TV influenced the “Say an advertiser wants to buy 20 gross rating points. When network way marketing television audiences were larger, this might be accomplished by buying one metrics are shaped 30-second spot. Today, buying those same 20 gross rating points might – Audience based require buying multiple spots, which means the advertiser is using up more – Static based of a finite resource — the amount of airtime on the broadcast networks. Scarcity heightens demand, and • A strong debate btw heightened demand raises prices. advertisers, media That’s how the marketplace justifies its agencies, social price increases. Even if the logic is cock-eyed —there are plenty of other media players & at ways to reach people besides TV commercials, after all — it creates a the end: brands rationale the marketplace can deal with” Catharine P. Taylor
  • Wrong principles “The basis for this tension between operational issues and constraining • People are more & more analytic tool choice is often that analyst empowered think that they are done when the model is "right". Many analysts seem to • They're not passive believe that they can declare victory anymore in the way TV and pat themselves on the back when could consider it the model is accurate, statistically valid, highly predictive etc. They will often • People are more & more talk about all sorts of statistical linked through interests measures that "prove" the model is a than through their ages or good one. Yet, in fact, the only results that matter are business results. If the sex model is accurate but impractical to – Because they look for implement then it adds no business information value and should, therefore, be considered a bad model. ” – Because they're liquid James Taylor • People can consolidate horizontal clusters against vertical communication – Nestlé bad buzz
  • Value lies in communities of interests
  • Why communities matter to value an idea • The value of an idea lies in the using of it » Thomas Edison • People are now both the “audience”, the stakeholders and the amplifiers of the ideas • The bone of contention: « It can only begin to have value when it’s an idea + execution. Till – Trying to get metrics from human then, it’s still just an idea. When you combine an idea + great team + interactions & conversations execution, it can start to have – Trying to quantify what is highly potential but the real value remains zero, until it gets tested/evaluated by complicated to do real customers. That’s when you can start to estimate the real potential of “the whole package” again not the idea alone. » Valto Loikkanen
  • Uniqlo understood it! « Statusphere » Trendwatching
  • Entering social metrics • The world is neither flat in Social Media nor « blackboxing is the way scientific and technical work perfectly equal: is made invisible by its own – Mapping communities is success. When a machine key to understanding runs efficiently, when a which public are matter of fact is settled, one need focus only on its inputs outreached by and outputs and not on its individuals internal complexity. Thus, – It’s then important to paradoxically, the more measure the importance science and technology of your idea-related succeed, the more opaque topics in these groups and obscure they become. » Bruno Latour
  • • An example of modelization of communities
  • Social metrics should not be static ”It's a process, not an event. Dating is a process. So is • Conversations among losing weight, being a public people are dynamic company and building a brand. On the other hand, putting up a – The fuel of this dynamic trade show booth is an event. is the relevance people So are going public and having give to a topic or surgery. another Events are easier to manage, pay for and get excited about. – It’s utterly important to Processes build results for the position your idea in this long haul” Seth Godin moving system
  • • Therefore ideas should be able to touch people depending on the ties they’re ready to manage with them – Strong ties (your close buddies) – Weak ties (your groups of interests) – Temporary ties (when people are over-active to reach a goal) • At the end, we can only manage 150 ties according to Paul Adams (UX Google lead) “We care about the direct relationship with the "one" but count on the effect of the one passing along to their many either explicitly or more subtly” John Bell, MD & ECD 360°Digital Influence, Ogilvy
  • Metrics me
  • Ogilvy 360o Digital Influence Conversation Impact™ Model: Summary • Allows cross-channel / media Campaign 1. Influencer Impact mix & campaign optimization (Preference) Share of Positive Voice • Evaluates influencer and end user campaign impact • Segments metrics around key marcom funnel points: • Reach & Positioning • Audience exposed to message • Brand positioning Campaign 2. End User Impact (Positioning/Preference) • Preference In-Category Awareness, Purchase Intent, Sentiment • Audience preference for brand • Action • Sales & other action • Examples on the right
  • Conversation Impact Dashboard - Overview Metric / Funnel Goal > Data Aware- Considera- Prefer- ness tion ence Action Loyalty Reach/Positioning • UMV – blogs, site, microsite, applications, other, total # Real-time to / % change weekly • Volume of online conversation, #/% change, Cost per Real-time to Online Conversation Generated (CPICG) daily • Share of voice in category (=Volume for brand / volume Real-time to for category), # / % change, Cost per Increase in Share daily of Voice (CPISV) • Search visibility (for relevant keywords) Real-time to weekly Preference • Sentiment index of online conversation (% positive - % Daily negative), # / pts change, consumers reached vs. all, Cost Per Increase in Sentiment Index (CPISI) • Share of [net] positive voice in category (=[Net] Daily positive brand mentions / [net] positive category mentions), # / % change, consumers reached vs. all, Cost per Increase in Share of Positive Sentiment (CPISP)* • Relative net promoter score (NPS) in category (=brand Monthly/ NPS / category NPS), # / % change, consumers reached Quarterly vs. all, Cost per Point Increase in NPS (CPINP) survey Action • Registration: RPA, CPA, $, # Daily to weekly • Sale: RPA, CPA, $, # Real-time to weekly • Advocacy: RPA, CPA, $, # Real-time to weekly *Net positive voice is defined as positive – negative mentions
  • Rethinking the idea of value: reputation as the new currency to achieve great ideas
  • People: shareholders of the value of an idea • As seen before, the way people demonstrate their addiction to an idea is expressed through ”As Obama says, we are the conversations & positive ones we’ve been waiting for share of voice (…). In other words, we need fewer old leaders, and more • Main objective for an love” idea-maker: managing, David Weinberger increasing and improving reputation around its idea
  • “the purpose of ”The purpose a business is to of a business is serve a to create a customer who customer” Peter Drucker creates customers" A (Razorfish VP Shiv Singh) methodology to make an idea worth it in the era of social media
  • Ogilvy Big Ideal • Transform an idea into an ideal – Dynamic approach – Focus on a specific society need • A way to include people’s attention « Simply stated, a Big Ideal is a to your message universal, enduring theme that a brand stands for. It’s the emotional center. And – Because it may we have found that the best way to locate feed their daily life this emotional center is to start with a deep understanding of what your brand – Because they can is really great at – your brand’s best self take part to this – and then to connect this to an ideal important cultural truth or trend that is going on in society. This is a place where you will fi nd energy and passion » Brian Fetherstonhaugh. Chairman & Chief Executive Officer OgilvyOne Worldwide
  • Step 1: listening • Using Social Media free tools to start listening to online conversations – Identification of key words or equations of key-words that people are using • Google ad word tools • Experience blogsearch – Set up of alerts – Dive into the deep web in niche communities (specialized networks of blogs like TumlbR etc.) • If you have some money, try professional tools like: – Trendy buzz – eCairn – Radian6 …but it’s another story
  • Step 2: Big Ideal your idea • Try to check which society needs could be filled thanks to your idea – SWOT analysis based on your step 1 – Brainstorming on what your ideal really is • Try to transform your Big Ideal into an ideal platform: – Key pillars • Which ideas could achieve your pillars (services, products, design, signature…)
  • Step 3: Structure your story (360°Digital Influence Model) Active listening (= prepare your Engagement organisation to respond to programmes conversations to transform towards key- Passive opportunities into value & influencers threats into control) listening (= a (= get the significant Campagne Campagne Campagne Campagne relevant story in which information your key depending on opinion Experience Experience Experience Experience your field) field) leaders can increase & improve the reputation of Word-of-Mouth accelerators Word- of- your idea) idea) Social platform (= a place in which you can drive your publics & host their conversations & own ideas)
  • Perrier: oops, Dita did it again
  • Step 4: frequently measure & optimize through dashboards • Dashboards in order to track share of voice, positive coverage & potential opportunities • A way to keep an history of your reputation and to manage the next steps
  • It’s your turn • Next session: – A recommendation for one of the 2 following cases • Context analysis • Conviction • Strategic approach • Tactics • Metrics
  • # 1 Arteest • How to make Arteest the #1 fashion platform at a worldwide level?
  • # 2 Architurn • How to seduce a wider audience to make Architurn profitable?