The 4 Gears from The Science of Social 2
 

The 4 Gears from The Science of Social 2

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Introducing Dr. Michael Wu’s The Science of Social 2 an in depth overview into how social media has revolutionized customer communication, the customer journey, and customer relationship management ...

Introducing Dr. Michael Wu’s The Science of Social 2 an in depth overview into how social media has revolutionized customer communication, the customer journey, and customer relationship management (CRM). As Lithium Technology’s Chief Scientist, Dr. Wu with his extensive knowledge has created a solution for our communication strategy by motivating customers and managing customer relationships for the long run. In this modern era where consumers demand convenience and quality, traditional business methods will no longer cut it. Dr. Wu along with Geoffrey Moore and his Four Gears, The Science of Social 2 presents a solution to help your business adapt and survive in this changing climate. To ensure a lasting competitive advantage, four gears are needed for success: acquisition, engagement, enlistment, and monetization.

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    The 4 Gears from The Science of Social 2 The 4 Gears from The Science of Social 2 Presentation Transcript

    • Lithium social software helps the world’s most iconic brands increase loyalty, reduce support costs, drive word-of-mouth marketing and accelerate innovation. The leader in social customer experience, our SaaS platform turns social customer knowledge into support at scale and customer passion into competitive edge. Sephora community superfans spend 10x more than average customers communities of interest (e.g., YouTube, Instagram, etc.) generate lots of content that pulls audience to the community social networks amplify content visibility by pushing it through people’s personal networks social networks and communities work together to drive awareness/interest there are only two categories of social media public social networks are great channels for amplification because they offer: 1. volume 2. visibility 3. velocity your starter gear, the mechanism that enables you to attract and capture new consumers key challenge: the social web is huge, complex and getting more so every day there are only 24 hours in a day the trick is to move customers from passive to active engagement strong relationships are built on 4 pillars Œ consume  share Ž curate  create  co-create sustained engagement requires strong relationships Œ consume  share Ž curate  create  co-create enlistment turns customers into advocates and then influencers (superfans), which complement each other enlistment is the deepest form of engagement, where brands and customers co-create value for everyone gamification helps deepen engagement by getting players into flow but gamification is hard only gamification done right to leads to sustainable co-creation the direct impact of community on monetization is purchase influence the Best Buy community generates $5M in support savings and sales advocacy annually The National Instruments support community saves $7.5M per year in call deflection 30 Lenovo superfans have created 1,200 knowledge base articles and 44% of accepted solutions the indirect impact of community on monetization is: marketing effectiveness increased innovation moving directly from acquisition to monetization is a poor strategy Facebook is great for awareness; communities are best for conversion your turbo gear, the gear that invites your customers to participate in the business in a whole new way key challenge: securing, motivating and sustaining participation. your starter gear, the mechanism that enables you to attract and capture new consumers key challenge: the social web is huge, complex and getting more so every day your power gear, the gear that nurtures prospects and customers and cultivates long term loyalty. key challenge: sustaining interest and attention in a crowded, noisy, competitive social marketplace your performance gear, the part of the machine that helps you convert, deliver, satisfy and upsell. key challenge: it’s easy in the short term, but impossible in the long term without all the other gears is your acquisition gear spinning? • Can you sift through the noise and find the signals in social media—the conversations relevant to your brand? • Are you involved in a two-way dialog with your social customers? • Is your content compelling? Is it relevant? Is it timely? • Can customers find your content and brand on popular communities of interest (e.g., YouTube, Instagram, Pinterest)? • Can they find your brand on popular social networks (e.g., Facebook, Twitter, Google+)? you don’t own anything acquired on a public social network— and they are poor at deeper engagement your most passionate customers can be enlisted to co-create with you your power gear, the gear that nurtures prospects and customers and cultivates long term loyalty. key challenge: sustaining interest and attention in a crowded, noisy, competitive social marketplace is your engagement gear spinning? • Where are you having conversations with your customers? • Do you actively bring your customers from off-domain social channels to your on-domain community? • Are your customers coming back, helping you share, curate, create and co-create? • Can your customers interact with each other? • What are your strategies for strengthening customer relationships? but acquisition channels aren’t good for sustained engagement Facebook irony: in the presence of strong ties (friends and families) weak ties (customer relationships) are harder to develop into strong ones your performance gear, the part of the machine that helps you convert, deliver, satisfy and upsell. key challenge: it’s easy in the short term, but impossible in the long term without all of the other gears is your monetization gear spinning? • Are your social strategies fully integrated with your monetization engines (e.g., your e-commerce and CRM system)? • Do you have strategies to innovate the social customer experience in your customer community (i.e., do you focus on the point of transaction or the customer journey to that point)? • Do you engage your potential customers before monetization? • Do you continue to engage your customers after monetization and enlist your most passionate customers? • Are your business KPIs well-aligned with the type of community you have developed (e.g., are you looking to deflect calls with a support community or increase SEO with a marketing community?) strong customer relationships increase loyalty and enable repeat monetization reduced support costs skipped or weak engagement/ enlistment gears: • generates churn • devalues the brand • restricts growth • increases cost of lead gen awareness interest desire action enlisting superfans increases scale and effectiveness— and they help acquire more potential customers is your enlistment gear spinning? • Are you actively co-creating with your customers? • Do you adapt to your customer community? Do you learn from your customers and implement their ideas? • Do you make it easy for your customers to adapt to your company? Do you engage your customers and provide them with information about your business? • Do you have a long-term gamification strategy? Do you have a wide array of available rewards and reinforcement mechanisms at different timescales? Do you level up your customers constantly to match their skills and ability? • Do you guard against the unintended consequences of gamification? How do you mitigate cheating, addiction and overjustification? • Do you have strategies for moving customers from extrinsic rewards to intrinsic motivation? social strategies for long term business advantage—and the science behind how they work based on the research and writings of Dr. Michael Wu and Geoffrey Moore’s Four Gear Model the science of social 2 your turbo gear, the gear that invites your customers to participate in the business in a whole new way key challenge: securing, motivating and sustaining participation.