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Trust Drives Transactions: a presentweetion for the time-starved
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Trust Drives Transactions: a presentweetion for the time-starved

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What if a presentation was delivered in 140-character chunks? This "presentweetion" is a revised version of my Trust Drives Transactions presentation. The Twitter feed for the presentation can also be …

What if a presentation was delivered in 140-character chunks? This "presentweetion" is a revised version of my Trust Drives Transactions presentation. The Twitter feed for the presentation can also be found at http://twitter.com/PeopleBuyTrust

HYPOTHESIS: I've seen a million presentations on social media: where it's going, how we've become more connected and digital, why you need to be on Twitter, etc., etc. But none have really pointed to the Reason Why social media and social marketing have such wide adoption: because they demonstrate, build and spread TRUST.

Trust is faltering across the board as we run into myriad social challenges. Can my school district truly keep my teenage daughter safe? Will this cop go completely over the top on me for jaywalking? Will my boss protect my family's income, or kick me to the curb to cut overhead? Will my doctor truly know if this is swine flu, or misdiagnose it? As massive pillars of trust begin to shake, those of us in the business of Selling Stuff need to recognize that trust is the essential driver of all business transactions, and in a world where trust is getting beaten up, our ability to be trusted is critical to keeping the doors open, let alone growing revenue.

Marketers who may need help selling social channels in to a management team may find the premise as well as the statistics helpful.

Fantastic statistics from the incredibly smart folks at Edelman for their work in studying trust globally. Respect.

I am always open to feedback, suggestions, etc. Contact me via Slideshare or Twitter (@weave).

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  • 1. TRUST DRIVES TRANSACTIONS: A presentweetion for the time-starved Internet Marketing Conference Vancouver September 17, 2009 ERIC WEAVER
  • 2. Excess hype, overshare, pokes, "how well do you know me" quizzes and stalkers. Why would I use this for biz? #annoying 2:30 PM Sep 17 from PowerPoint 2
  • 3. Client ?’s: is this a fad? Do social mktg e orts actually work? The convo seems so shallow. Who's got time to manage all this? Srsly? 2:30 PM Sep 17 from PowerPoint 3
  • 4. Let’s look at the business of promoting your business. less than a minute ago - Comment - Like 4
  • 5. Outbound mktg is a $1TT machine. Each niche = a full industry. We're rewarded for storytelling/ intrusion/repetition. Unchanged in 150 yrs. 2:32 PM Sep 17 from PowerPoint 5
  • 6. Our customers, however, have changed. Maybe a lot, LOLZ. 2:33 PM Sep 17 from TwitterBerry 6
  • 7. Where'd they go? Consumers fled to social netwks where they could connect w/like minds on interesting subjects, free from commercialism. 2:34 PM Sep 17 from PowerPoint
  • 8. For marketers, social netwks looked like a smorgasbord of opportune audiences. OOH YUMMEH! 2:35 PM Sep 17 from PowerPoint 8
  • 9. What’d we get? Same ol’ same ol’. “Look over here! A chance to WIN!” #yawn September 17 at 2:36pm - Comment - Like - See Wall-to-Wall 9
  • 10. Traditional ads in social netwks are like #amway salesmen showing up at a cocktail party. Not the right context, kids. #fail 2:38 PM Sep 17 from PowerPoint 10
  • 11. The waning Outbound Voice: RT @TNSMedia Intelligence US ad spend plunges 14.2%; only online posts growth. 2:39 PM Sep 17 from PowerPoint 11
  • 12. Four major cultural changes are killing the outbound voice and spurring dialogue. less than a minute ago - Comment - Like 12
  • 13. CHANGE #1: trust has fallen o a cli . (RT @edelman) 2:42 PM Sep 17 from Edelman Trust Barometer 13
  • 14. RT @edelman: “banks, automotives, media and insurance hit hardest in US.” Wonder abt schools, cops, doctors (societal pillars) 2:43 PM Sep 17 from from Edelman Trust Barometer 14
  • 15. CHANGE #2: time starvation, micro-niche interests, endlessly-customizable media options, expecting free information 2:44 PM Sep 17 from PowerPoint 15
  • 16. #SEARCH: people, products, info, media I care abt; #EXPRESSION via blogs, opinion sites, ratings; #SHARING what we like, or hate About a minute ago - Comment - Like Generally, consumers don’t need advertising, marketing or PR (#TimeToRethink) 2:46 PM Sep 17 from PowerPoint 16
  • 17. CHANGE #3: the new cacophony. 2:47 PM Sep 17 from culture 17
  • 18. CHANGE #4: people turn to PEERS when risk is high, more choices to review, less time for research. #remarkable 2:48 PM Sep 17 from PowerPoint 18
  • 19. Most credible ppl giving me company/product info? 47% believe in PEERS. 13% trust marketers. #wakeupcall #outboundvoice 2:48 PM Sep 17 from 2009 Edelman Trust Barometer 19
  • 20. Trust isn’t just influential, it’s widely shared. 56% age 35-64, 63% 25-34 share trust/distrust on the web. 2:49 PM Sep 17 from 2008 Edelman Trust Barometer 20
  • 21. Trust drives preference: 91% choose to buy from companies they trust, 77% refuse the distrusted. Bottom line: TRUST DRIVES TRANSACTIONS. 2:49 PM Sep 17 from 2009 Edelman Trust Barometer 21
  • 22. Growing revenue not abt clever, elegant, loud. Not abt tools! Nor Ashton/Oprah. Not abt Social Media change. IT’S ABT PPL TRUSTING YOU. 2:50 PM Sep 17 from PowerPoint 22
  • 23. How much more would u trust a company for taking action to increase communication and transparency? Positively impact consumers? #proof 2:50 PM Sep 17 from Edelman Trust Barometer 23
  • 24. So build a trust strategy. Consider where you are distrusted. Decide where you’d like to be. Then, steps to get there. Then execute. less than a minute ago - Comment - Like 24
  • 25. MINIMIZE TRUST KILLERS: Don’t interrupt search. Be found/referred. Don’t talk abt ur value, demonstrate it. 2:51 PM Sep 17 from PowerPoint REPRESENT! Demonstrate u know ur stu , a vision for sector/mkt, that others took a chance & benefitted, that ur ethical, easy, trustworthy. 2:51 PM Sep 17 from PowerPoint EMPOWER OTHERS TO SPREAD THEIR TRUST IN YOU. Give customers a voice. Amplify their words. Make value sharing e ortless. 2:52 PM Sep 17 from PowerPoint 25
  • 26. Look for and target ur organization’s trust soft- spots. Rebuild trust there. Demonstrate. Be real. Take fodder from conspiracy theorists. 2:53 PM Sep 17 from PowerPoint 26
  • 27. THOUGHT STARTERS, BLOGGING: CEO media/invstr relations; industry trends/insights; legislation impacts 2:52 PM Sep 17 from PowerPoint 27
  • 28. THOUGHT STARTERS, TWITTER (here, now): crisis PR, timely insights, content alerts, community bldg, event notices 2:53 PM Sep 17 from PowerPoint 28
  • 29. THOUGHT STARTERS, VIDEO: great for intensive learning, how-to vids, personality pieces, company storytelling, humor 2:53 PM Sep 17 from PowerPoint 29
  • 30. THOUGHT STARTERS, AUDIO: great for distracted learning, storytelling, conversational thought ldrship, testimonials, sensory experiences 2:53 PM Sep 17 from PowerPoint 30
  • 31. THOUGHT STARTERS, WIKIS: great for event planning, product developing, crowdsourcing ideas, shared learnings, distributed wk-in-progress 2:54 PM Sep 17 from PowerPoint 31
  • 32. THOUGHT STARTERS, WIDGETS/APPS: get your content into more places, allow engagement w/o leaving venue, aggregating valuable content 2:54 PM Sep 17 from PowerPoint 32
  • 33. THOUGHT STARTERS, SOCIAL VENUES: brand awareness, community/CSR discussions, loyalty programs, consumer feedbk/trials/testing 2:54 PM Sep 17 from PowerPoint 33
  • 34. THOUGHT STARTERS, SOCIAL VENUES: brand awareness, community/CSR discussions, loyalty programs, consumer feedbk/trials/testing 2:54 PM Sep 17 from PowerPoint 34
  • 35. BLOGGER ENGAGEMENT: set up engagement guardrails. When a post is positive, do you compliment, agree or ignore? 2:55 PM Sep 17 from PowerPoint Negative posts: is it a rant, a joke or satire? Are there factual errors to correct? Do you fix a bad customer experience? 2:55 PM Sep 17 from PowerPoint No matter what: be transparent, including links, be positive/strong, spellcheck, think abt public perception, and triage accordingly. 2:55 PM Sep 17 from PowerPoint 35
  • 36. CONVERSATION MONITORING: fantastic insights into consumer mindset, sentiment, motivation, interest areas, company/product performance 2:56 PM Sep 17 from PowerPoint Lion’s share of convo monitoring can be automated: blogpulse, Google Blog Search, Technorati, TweetReach, Twendz/TweetFeel 2:56 PM Sep 17 from PowerPoint Specialized reporting tools can dive into specifics on sentiment, motivation, topic trending (Radian6, Sentimine, MotiveQuest) 2:56 PM Sep 17 from PowerPoint 36
  • 37. BOOMERS = propriety. Trained in formalities, don’t o end, guarded means safe, not so great with “random.” Suit & tie = trust. 2:57 PM Sep 17 from PowerPoint GENS X&Y = a nity. Formalities ignored, sharing means finding, tech is easy, random is life. Consider your lens. Suit & tie = distrust. 2:57PM Sep 17 from PowerPoint 37
  • 38. Trust generated, money happened: blog, FB, YouTube to connect. Results: 2MM impressions, 2300 new accts, $4MM in new deposits. @YoungFreeAB 2:57 PM Sep 17 from PowerPoint 38
  • 39. FINAL THOUGHTS: SocMed is SO NOT a fad. Google gave us search. SocMed gave us sharing, connecting. Won’t get taken away. 2:58 PM Sep 17 from PowerPoint Social Media reflects that we are time-starved creatures trying to get our day back, rather than being shallow. Sharing = finding lk minds. 2:58 PM Sep 17 from PowerPoint “One more thing for marketers to do”? More like engaging your market where they prefer to be. How’d that last trade show budget work out? 2:58 PM Sep 17 from PowerPoint 39
  • 40. RECAP: Rethink your entire marketing approach from a prospective of trust and with a wider lens. 2:59 PM Sep 17 from PowerPoint Build trust by being found, demonstrating your knowledge, your vision and your trustworthiness. 2:59 PM Sep 17 from PowerPoint Finally, use social marketing to leverage the EXISTING TRUST already established between peers, rather than buying new trust. 2:59 PM Sep 17 from PowerPoint 40
  • 41. THANK YOU slides: slideshare.net/weave presentweetion: @PeopleBuyTrust me: @weave company: tribalddb.ca