The Corporate Social Media Ecosystem

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Increasingly, corporations are looking for ways to tap into Social Media as a way to engage with their customers, reduce marketing spend, and gain competitive advantage. Entrepreneurs too realize the potential and in the past year alone, we have seen an explosion of startups who create Social Media solutions—from widgets and add-ons to full community management platforms. But what does social media mean to a corporation? What does it mean to its customers? And even more importantly—what does it mean to entrepreneurs who want to gain competitive advantage in this space?

About Ravit Lichtenberg –
Ravit Lichtenberg, Founder and Chief Strategist of Ustrategy LLC, is an expert in the fields of customer experience strategy and product marketing. Ravit’s interdisciplinary approach assisted countless startups and larger corporations like Hewlett-Packard to implement best-practice processes that analyze and affect consumer psychology to improve the customer experience and improve bottom line profitability.

This presentation was given at the Social Media Club of San Francisco and the Silicon Valley in May 2009.

Published in: Business, Technology

The Corporate Social Media Ecosystem

  1. 1. 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.
  2. 2. The Corporate Ecosystem is Evolving March 2008 “The CRM 2.0 Imperative”
  3. 3. The Corporate Ecosystem is Evolving Now can be also a startup! March 2008 “The CRM 2.0 Imperative”
  4. 4. 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
  5. 5. 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
  6. 6. It sometimes looks like this…
  7. 7. Or, like this…
  8. 8. But mostly, people feel this… But mostly…. http://goeastyoungwomantodubai. wordpress.com/2008/11/19/66/
  9. 9. Customers People
  10. 10. People Increasingly Interact with Social Media  Over 60% of Americans regularly use Social Media Source: RWW/Cone research Compete.com
  11. 11. 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
  12. 12. 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
  13. 13. Corporations Care About Social Media!
  14. 14. 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
  15. 15. Some Are Getting it Right…
  16. 16. Procter & Gamble- BeingGirl
  17. 17. Walmart- Buyers’ Blog
  18. 18. Nike’s MashUP
  19. 19. 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
  20. 20. Startups Know There’s a Need
  21. 21. 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
  22. 22. So Now What…
  23. 23. 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
  24. 24. 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!
  25. 25. 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
  26. 26. 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
  27. 27. 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
  28. 28. Thank you! Ravit Lichtenberg, Ustrategy, LLC http://ustrategy.com http://ravitlichtenberg.com @ravit_ustrategy

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