The Corporate Social Media Ecosystem

Focus on relationships, not technologies The Corporate Social Media Ecosystem Ravit Lichtenberg, Ustrategy, LLC May 19, 2009 Not for commercial use; please reference source as: Ravit Lichtenberg, Ustrategy, LLC.

The Corporate Ecosystem is Evolving March 2008 “The CRM 2.0 Imperative”

The Corporate Ecosystem is Evolving Now can be also a startup! March 2008 “The CRM 2.0 Imperative”

The Social Media Corporate Ecosystem •Create relationships •Listen Corporation •Learn •Converse Marketing •Sell •Interact and share •Make money Startup/ •Learn •Be known Customer Partner •Express their voice Capabilities

What is Social Media Again? An umbrella term for tools used by people to connect to others, and by companies to connect to their existing and new customers using Web and related technologies. Engagement Conversation Expression Tracking / Observing

It sometimes looks like this…

Or, like this…

But mostly, people feel this… But mostly…. http://goeastyoungwomantodubai. wordpress.com/2008/11/19/66/

Customers People

People Increasingly Interact with Social Media  Over 60% of Americans regularly use Social Media Source: RWW/Cone research Compete.com

People Want to Interact With Their Favorite Brand  93% believe a company should have presence on Social Media sites  42% of adults and 55% of youth want to interact with their favorite brand through one or more social media tools. Sources: RWW/Cone Research Forrester Research

But HOW They Want to Interact Varies  When asked how they prefer to learn about their favorite brands:  26% of adults prefer online discussion forums  21% prefer videos  15% prefer profiles on social networking sites like Facebook  Only 12% prefer blogs  Less than 10% listen to podcasts Source: Forrester Research

Corporations Care About Social Media!

Brands are trying…  HP spends 50% of budget on Marketing  Brands who use Social Media spend 10%-25% of their Marketing dollars on Social Media campaigns Sources: Hewlett-Packard Co. Forbes

Some Are Getting it Right…

Procter & Gamble- BeingGirl

Walmart- Buyers’ Blog

Nike’s MashUP

But Most Brands…Do Not  More than 50% of brand campaigns fail.  Worst Ad Campaign: HP Pay Per Post, Subway, Walmart Across America.  Unable to articulate ROI or measure it.  “Throw and see what sticks.” (Charlene Li) Source: SXSW blog Forrester Research

Startups Know There’s a Need

Some Succeed…But Most Don’t  Solution is generic or…too customized  Poor business model  Lacking consistency, dependability  Inability to integrate  Lower quality of interaction  Unable to understand customer benefits  Difficulties reaching decision makers

So Now What…

To Turn the Corporation Social… Corporations must move from selling to caring!  Focus on relationships—not selling  Get to know customers!  Go to places where customers spend time  Develop meaningful communication  Create an exchange: a dialog  Make it easy  Give tools to the advocates  Reward the enthusiasts  Turn boring into exciting  Enlist the right SMEs  Bring on board the right solutions

Each Player in the Ecosystem Cares About Different Things •How to measure ROI? •What tools are best? •How to get IT’s buy-in? Corporation •Are the old ways best? •Will we get a deal? •Will we beat our •What do I get? competition? Startup/ •Why should I spend Partner Customer time here? •Are we creating a need to fill? •Will I have control over privacy? Without addressing each Player’s needs, you don’t have a strategy!

Corporations Must Have a Strategy! Starter steps:  Agree on the business objectives  Understand customers’ objectives  Identify the relevant channels  Establish relevant metrics  Have the right people on board  Align with ongoing marketing strategy  Prioritize!  Develop a plan  Identify the right tools for the job  Implement

About Ustrategy, LLC  We are a boutique consultancy out of the Silicon Valley, California, specializing in linking customer psychology with business objectives for maximum results.  Ustrategy, LLC. was founded by Ravit Lichtenberg, a 15-year tech veteran who works with startups, Fortune50 corporations and anything in between. Ravit was a customer experience strategist with Hewlett-Packard’s Corporate Marketing division. She is an advisory board member for a number of organizations.  Ustrategy, LLC. partners with strategic resources for best results. Some of our partners include eStorm, Uxcentric, and IDEO. Clients include large corporations as well as US and foreign-based startups.  Ravit Lichtenberg, Ustrategy Founder and Chief Strategist, is a sought speaker, writer, and analyst. You can find out more at www.ustrategy.com

Recent Articles  10 Ways Social Media Will Change in 2009, ReadWriteWeb  -What's Wrong with Facebook: When Strategy Fails to Meet Execution, ReadWriteWeb  -What Every European Startup Should know: 10 Keys to Presenting Your Startup in the US, Mashable

Thank you! Ravit Lichtenberg, Ustrategy, LLC http://ustrategy.com http://ravitlichtenberg.com @ravit_ustrategy

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The Corporate Social Media Ecosystem

by Ravit Lichtenberg on May 23, 2009

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