Turning Social Media into a Competitive Advantage


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Title: “Turning Social Media into a Competitive Advantage”
Author: Alain Portmann, Founding Partner & Head of Strategy, Web Liquid

With the growing opportunities surrounding Social Media, how can brands transform this corner of the digital landscape into a competitive asset? Inside Alain covers a number of concepts including:

* Social Proof: To resolve uncertainty of what to do and buy we look at what others are doing or have done.
* Service Over Solicitation. Promoters and detractors are shaped on the basis of the value you provide.
* Social Media as a Listening Exercise: It is about listening to the conversation and empower people to tell THEIR story. After all, every good conversation starts with good listening!
* Engagement: Degree of engagement is more important than the size of fan/connection/follower base
* And finally, the six components to derive a competitive advantage from Social Media:
1. The Earpiece: Monitor Word Of Mouth
2. The Proposition: Statement Of Purpose & Intent
3. The Rulebook: Governance & Resource
4. The Playbook: Tactics & Plan
5. The Scorecard
6. The Training Plan

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Turning Social Media into a Competitive Advantage

  1. 1. Turning Social Media into a competitive advantage Alain  Portmann   Founding  Partner,  Head  of  Strategy     Web  Liquid    
  2. 2. 106 Bunhill RowRoom G00145 people 6,858 LinkedIn connections 60 LinkedIn recommendations 0.87% of our connections recommend us 82%/14% recommendations individuals
  3. 3. Kudos to Sarah Zimmer!
  4. 4. SOCIAL PROOF: To resolve uncertainty ofwhat to do and buy we look at what others aredoing or have done.
  5. 5. SERVICE OVER SOLICITATION. Promotersand detractors are shaped on the basis ofthe value you provide.
  6. 6. IT IS A LISTENING EXERCISE: It is aboutlistening to the conversation and empowerpeople to tell THEIR story. After all, everygood conversation starts with good listing!
  7. 7. IT IS ABOUT ENGAGEMENT: Degree ofengagement is more important than thesize of fan/connection/follower base
  8. 8. Social media has changed thetraditional notion of competitiveadvantages Yet it highlights the need to focus on fundamental marketing imperativeslike defining your points ofdifferentiation to a greater degree.
  9. 9. Biggest barrier to turning Social Mediainto a competitive advantage. Placingtactics before strategy.
  10. 10. The proof? IBM Study. Gap between whatbrands think consumers want versus whatconsumers really want.
  11. 11. “Most  firms  have  “made  a  start”  with  Social  Media....the  impera7ve  now  is  to  reinforce  ini7a7ves  with  clarity  from  the  top-­‐down  and  to  iden7fy  a  framework  and  bespoke  toolkit  that  is  aligned  with  Corporate  Objec7ves”    
  12. 12. Six components to derive a competitiveadvantage from Social Media
  13. 13. #  1  THE  EARPIECE:  MONITOR  WORD  OF  MOUTH     WHY? •  Competitive intelligence •  Shape strategy & tactics •  Address service issues•  Volume of conversation•  Source of conversation•  Topic definition of conversation•  Influencer analysis of conversation•  Sentiment of conversation
  14. 14. There are over 500 word of mouthmonitoring tools out there. Find theright one for you.
  15. 15. Conversation insight. High demand forminivans (group bookings) as opposedto “two-seater convertibles”
  16. 16. Tiffany’s Key collection product placement– use insight and conversation to shapetime of day targeted paid search
  17. 17. Monitoring word of mouth beforelaunch to understand needs of specificsegments.
  18. 18. Advertising got really good at speaking in30 second chunks to a captive audience
  19. 19. Then quickly found most brands hadnothing to say on the 31st
  20. 20. #  2  THE  PROPOSITION:  STATEMENT  OF  PURPOSE  &  INTENT   WHY? •  Leverages your existing competitive advantage •  Focuses resources•  Statement that guides all efforts•  Statement that shapes tone of voice and content development•  Storytelling
  21. 21. + -Build a statement of intent by understandingyour consumers and your internal assets.
  22. 22. Apply the “Avis human touch” to identify,acknowledge and address the needs of ourcustomers.
  23. 23. Bring waste management services to themain street by connecting with localbusinesses.
  24. 24. #  3  THE  RULEBOOK:  GOVERNANCE  &  RESOURCE   WHY? •  Guidelines for engagement •  Achieve buy-in •  Nurture resource•  Critical Risk Assessment - development of most likely online crisis scenarios•  Policy - Development of policies on the use of SocMed by employees•  Competency & Resource – internal and external resource requirements
  25. 25. “The  bigger  the  * business   problem,  the   more  trust  we   must  build.”     Consultants  are   empowered  to   become  “Heroes   of  Business   Intelligence”  
  26. 26. #  4  THE  PLAYBOOK:    TACTICS  &  PLAN   WHY? •  Competitive intelligence •  Shape strategy & tactics •  Address service issues• Content: what are you going to say?•  Platforms: what platforms are you going to engage in.• Acquisition: how will you grow and engage your audience?
  27. 27. Style Community Video Photo Sharing Sharing Life-stream SOCIAL MEDIA Business Micro-blog HUB Networks Q&A Product Communities Reviews Social NetworksWith your word of mouth monitoring in hand leverage a “HUB & SPOKE” approach
  28. 28. Launched in 2007 with a four person team, including members from marketing, customer service and revenue Culminated in an award for the ‘Most Innovative Product in Customer Service’ at the UK National Customer Service Awards Average conversion rate of a blog visitor is 200% higher than a non-blog visitorAverage transaction value of a blog visitor is 22% higher than a non blog visitor
  29. 29. Leveraging your community and network.Ask them what they think! Empower them to guide you.
  30. 30. Thank  you  for  your  Yme!  Alain PortmannFounding Partner, Head of StrategyDirect: +44 (0) 207 954 3751Main: +44 (0) 207 253 4133Mobile: +44 (0) 7940 966 304Fax: +44 (0) 207 657 4747eMail: alain@webliquidgroup.com50 Buttesland StreetHoffman SquareLondon, N1 6BY
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