Customer Centricity: The Art of Social Data

Customer Centricity:The Art of Social Datacleverbridge Networking Event, Boston12 October 2011 Andreas Weigend @aweigend www.weigend.com

Building 1970’sComputers

Connecting 1980’sComputers

Connecting 1990’sPages

Connecting 2000’sPeople

Connecting 2010’sSensors

Social vs Transactional Data vs Social MediaRevolution vs Evolution

“Social Data is the New Oil”UN General Assembly, 8 November 2011

Irreversible Shiftin Customer Mindset

Nike+Customers- engage- connect- share 3 times per week on average

Smartphones and Sensors Context, situation • Sound • Light Customers interact • Tag • Scan

Location: Google Latitude

Location Absolute: Place, time • Individual: Identity, History • Aggregate: Insights Relative: Distance • To places: Advertising • Between people: Dating • Between devices: Risk

Create Distribute Consume Everybody

Social Data Growth is EXPONENTIAL The amount of data a person creates doubles every 1.5 years • after five years  x 10 • after ten years  x 100

Social Data Growth is EXPONENTIAL This year people will generate more data than mankind has from its beginning through last year

Economics of Social Data* With social data being abundant, attentionhas become the scarcest resource.* To get attention, people will do anything,including socialize their data

The ABCAttention AdvertisingBelonging BrandingCollaboration Confusion

Twitter -- The Illusion of an Audience World Innovation Forum, NYC, June 2010Two Monologues don’t make a Dialogue GDI, Zurich, January 2010

Fundamental Shift in Communication One-way  Two-wayAsynchronous  Synchronous Planning  Interaction List  Flow Private  Public

Data Strategy Attention Situation • Clicks, Transactions • Geo-location • Device Intention • Search User generated Connection • Reviews • Social graph

Case study: What data for targeting of a new phone product?Traditional segmentation Connection data• Demographics • Who called who?• Loyalty

1.35% Adoption rate 4.8x 0.28%Traditional Connectionsegmentation data

CompanyCustomers

Amazon.com Share the Love

Result: Amazing conversion rates since customer chooses Content (the item) Context she ( just bought that item) Connection (she asked Amazon to email her friend) Conversation (information as excuse for communication)

Purpose of communication:to transmit information? Or is information just an excuse for communication?

1993“On the Internet, nobody knows you’re a dog”

2011“On the Internet, everybody knows you’re a dog”

Social network intelligenceSocial graph targeting: Provide prospectsFraud reduction: Provide risk scores

Audience C2B: Customer to Business C2C: Customer to Customers C2W: Customer to World

Amazon.com: Public sharing of interests

Who Can You Get To Work For You? 100M Customers 100k Employees 100 Specialists

Marketer-generated Consumer-generatedaware share consider opinion buy use Funnel Megaphone

Get Your Customers To Work For You! • Reduce barriers for contribution • Design incentives that work

Corner / Oversized Rooms: Rooms Ending in: Oversized, Corner Room, Quiet 04 Room Oversized, Corner Room with North 24 Times Square Views (Higher Floors are PreferredRooms to Avoid:Rooms Ending in: 01, 21 Possible Ice Machine / Elevator Noise 08, 17 Limited View Rooms

Customer Product Brand

From controlled production for the masses… … to uncontrolled production by the masses

E  Me  We-commerceWho talks to whom? Consumers to consumersWho trusts whom? Shift from institutions to individualsWho is in control? From e-commerce (company focus, Web 1.0) to me-commerce (customer focus, Web 2.0) to we-commerce (relationship focus, Web 3.0)

Innovation• Innovation Internal  External “Most smart people don’t work here.” Bill Joy• Data Collect and analyze  Create and share• Experiments Push and pray  Launch and learn

Data Culture Do not have  Somewhere already Cannot get  Can! User will give Must not use  Embrace it Be secretive  Be transparent Information  Information symmetry asymmetry

Product Culture Help people make better decisions Make it trivially easy for people to contribute Give people an excuse to connect Note: Products and services that use social data improve over time

Company Culture Write the equations of your business in terms of customer centric metrics e.g., View-weighted availability Capture the space created by the disappearing constraints of the past e.g., Communication costs

Thank you!Customer Centricity: The Art of Social Datacleverbridge Networking Event, Boston12 October 2011 Andreas Weigend @aweigend www.weigend.com

Customer Centricity: The Art of Social Data

by Andreas Weigend on Jan 13, 2012

Accessibility

Categories

Tags

Upload Details

Usage Rights

1 Embed 1

Statistics

Customer Centricity: The Art of Social Data — Presentation Transcript