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Leveraging Social Media for Business - By Gaurav Kapoor
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Leveraging Social Media for Business - By Gaurav Kapoor

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Gaurav Kapoor, COO MetricStream; Advisor, Regalix presented at the Regalix Round Table Marketing Event - 12th May 2011

Gaurav Kapoor, COO MetricStream; Advisor, Regalix presented at the Regalix Round Table Marketing Event - 12th May 2011

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  • 1. Leveraging Social Media for Business Gaurav Kapoor, COO MetricStream; Advisor, Regalix
    • Social Media as a real Business Driver
    • Social Media Success Stories
    • Social Media Trends 2011
    • The Social Media Leverage
  • 3. Social Media Maturity Curve Early adoption Viral Acceleration Peak Dissonance Maturity
  • 4. Areas of Leverage
      • Influence and Demand Generation
        • Customers
        • Prospects
        • Thought Leaders
        • Analysts
        • Employees
      • Competition
      • Product design
      • Recruitment
  • 5. Social Media Maturity Model Time 1st Level: Strategic Presence 2nd Level: Influence 3rd Level: Leadership Presence Management Awareness Influencing the influencers Thought Leadership Acquisition ‘ Free’ adoption’ ‘ My Likes’ Viral effect Brand Curiosity Credibility Trusted leadership
  • 6. Transforming Social Media into a Real Business Driver   Social Media Maturity Model 1 st Level: Presence and Awareness 2 nd Level: Influence 3 rd Level: Leadership Businesses seed content and actively market to create initial participation and growth. Experts, analysts drive content creation, membership and growth. Community drives participation and growth.   Product & Brand Programs Set-up Facebook Page, Customize Tabs, Create Custom Apps. Integrate with Enterprise Applications, Knowledge Base, CRM Integrate with core product or service   Customer and Support Programs Partner & Reseller Programs Customer & Prospect Nurturing Brand & Media Monitoring Brand, Domain Experts, Partners, Customers New Influencers Influence   Member Acquisition Invitation campaigns Expert Invitations Tell-a-Friend Member Engagement Customized email, follow-ups Alerts, Follow-experts Friend feeds   Conversation Moderation Community managers Experts Self-appointed Leaders Leadership   Product & Marketing Content Collateral, Blogs Knowledge base articles Employee Created Content Key spokes person, bloggers Enterprise Micro-blogging Federated 3 rd Party Content Partners Industry Associations Domain Experts User Generated Content Community manager creates conversations Experts create & respond to conversations Community creates content
  • 7. Leveraging for Sales and Lead Generation Organization : Compliance Online
    • Leverage social media to drive lead generation and sales
    • Created an ecosystem of experts through the community worldwide
    • Developed a platform for crowdsourcing
    • Largest compliance portal in the world, 4M users
    • White-labeled for NASDAQ
    • 4M content, 40K SKUs
    • 400 community based training programs monthly
  • 8. Leveraging for Customer Retention and Partner Support Organization : Tibco
    • Build a platform to leverage a large and loyal customer base
    • Over 50K members in the community worldwide
    • Industry recognized repository of best practices
    • Platform to facilitate the following
        • Virtual customer events
        • Product announcements
        • Panel for research
        • Technical self-support
  • 9. Leveraging for Customer Acquisition Organization : Bottlenotes
    • Create the largest community of wine enthusiasts
    • Build application that would resonate with the target audience
    • 7 fold increase in brand awareness through social media integration
    • Created a marketing platform of 250k customers for wine manufacturers
    • Cost of customer acquisition through social media 50% lower than other online channels
    • Built a wine store, shipment to 36 US states
    • Application with location tracking that helped users compare their with those of your friends!
  • 10. Leveraging for Research and Product promotion Organization : Forrester Research
    • Facilitate feedback and increase engagement
    • Create research papers by gauging the pulse of the community
    • Effectively promote products and services through social media. i.e.. Empowered, Groundswell
    • Building tools to sustain the interest of the community
  • 11. Leveraging for Research and Product promotion Organization : Forrester Research Social Technographics Profile Tool Hero Tool Project Effort-Value Evaluation tool that helps you help you make an informed decision whether or not to proceed with a project. Shares information on how social participation varies among consumers globally and help marketers plan a targeted social technology strategy
  • 12. Leveraging for Business Intelligence Organization : Citibank
    • To understand customer and market sentiment about Citigroup as a brand, its products and services
    • Product specific feedback passed to product teams
    • Marketing messages based on consumer sentiment intelligence
    • Understand areas of interest of the target segment
    • Helps identify new keywords for the search campaigns
  • 13. Leveraging for Reputation and Crisis Management Organization : Reva
    • REVA is a technology innovator with the largest deployed fleet of electric cars in the global market today, available in 24 countries.
    • An independent body in UK conducted a car crash test on Reva. The crash test was not successful and there was a lot of negative publicity in the social media about the safety of the car and other aspects.
    • Reputation Management on all social media websites where there was a high volume negative conversation.
    • Three fold increase in positive discussions about Reva in the social media channels.
  • 14. Leveraging for Demand and Lead Generation Organization : M2M
    • Jasper Wireless wanted to create a common platform for telcos and developers to network.
    • Launched as AT&T’s M2M community at CES 2010
    • Crossed 1K membership in 1Q
    • Instrumental in establishing M2M as a category
    • White-labeled by Carriers & Module manufacturers
  • 15. Top Social media Trends in 2011
    • Mobile and location based marketing will grow.
    • Foursquare, Facebook Places, Groupon, and others will find ways to make their LBS useful for businesses
    • Social commerce will gain importance.
    • The dollar value of goods sold through social media should increase from $5 billion in 2010 to $30 billion in 2015
    • Social media would become central to customer engagement. Increasingly the homepage for internet users will be the social networks.
    • Social media monitoring drive Business Intelligence.
    • Companies will increasingly use the social engine to inform strategic decisions, and execute on the organization's objectives.
  • 16. Possible Areas of Concern
      • Bias
      • Negative Network Effect
      • Compliance
      • Competitive threats
      • Flavor of the day
  • 17. The Social Media Leverage
    • Branding : Creates a new environment for promoting the brand i.e.. Coca Cola
    • Landscape Monitoring: gauge customers perception about your brand i.e.. Citibank
    • Engagement : Use social properties to engage potential customers i.e.. Dell Streak
    • Customer Service : Extension of current customer service channels i.e.. Best Buy’s Twelpforce
    • Innovation : Initiating customer feedback to drive product innovation i.e.. mystarbucksidea.com
    • Demand Generation: Targeting current and potential customers i.e.. Microsoft
    • Social Commerce : ecommerce platform on social media channels i.e..1-800-flowers
  • 18. THANK YOU