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World Innovation Forum
 

World Innovation Forum

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World Innovation Forum 2010. Would like to download the Presentation? Please pay with a Tweet by following the link: http://www.paywithatweet.com/pay/?id=844e8b6643e07f0c2a8f06a03a5bb1b9

World Innovation Forum 2010. Would like to download the Presentation? Please pay with a Tweet by following the link: http://www.paywithatweet.com/pay/?id=844e8b6643e07f0c2a8f06a03a5bb1b9

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  • What (if anything) does it mean to own data?
  • .. AND IT IS HAPPENING IN REAL TIME!Business models40mins on FBFB is 3rd larger “country”Productivity gain OR lossTransport – transport(distribution and consump
  • Detective workbit.ly/WIF2010
  • .. AND IT IS HAPPENING IN REAL TIME!Business models40mins on FBFB is 3rd larger “country”Productivity gain OR lossTransport – transport(distribution and consump
  • Customer 2.0Behavior change for the next billion!
  • ComputersComputation1970’s“Experts” learn a language the computer understandsDigitizing back office10M people 1980’sFront office interacts with back office100M people
  • Pages1990’sCustomers interact with firmSearch: 1bn people poking at stuff2000’s
  • Social commerce1bn people poking at stuff100M people producing stuffPeer-production and collaborationC2C Customers interact with customers
  • Mobile / Sensing 2010’s1bn people poking at stuff1bn people producing stuff Mobile in addition to PC (and paper)Continuous partial attentionModel current situation plus historySensing
  • .. AND IT IS HAPPENING IN REAL TIME!Business models40mins on FBFB is 3rd larger “country”Productivity gain OR lossTransport – transport(distribution and consump
  • 1 billion CONNECTED devices Whether you are with someone, or by yourself, or nobody watching at allSPORE: implicit, explicitSPORE: nr of mobile phone
  • Understanding purchasing
  • Customer 2.0Behavior change for the next billion!
  • What would you use them for?See whether your wife has a lover?e.g., what they want to buyCIA…Focus here: MARKETING AND SALES, Agenda E- Business Data C2C Data (Friends) BreakC2W Data (World)Social Data Revolution
  • QUESTION: Better a bad review vs suppress itRetail vsmanufacturOrganizational impact?Dashboard - Navigator -RecommenderPresentation - Conversation - DecisionZero-click shopping: Bertelsmann Book ClubMore metadata: people giving collectively / judging etcTransparencyMeta about meta
  • Based on co-purchasing behavior
  • …Based on click and purchase data  Nudges the customer through the funnel
  • Plus REAL IDENTITYSocial Recommendations: Personal shopping recommendations based on profile similarities to other customers.“The click-through and conversion rates — two important measures of Web-based and email advertising effectiveness — vastly exceed those of untargeted content such as banner advertisements and top-seller lists. [...] Our item-to-item collaborative filtering algorithm produces recommendations in realtime, scales to massive data sets, and generates high quality recommendations.”http://agents.csie.ntu.edu.tw/~yjhsu/courses/u2010/papers/Amazon%20Recommendations.pdf
  • SRC FOR INNOVATION: Get ppl to look at search logDC no box aroundAnd you can tooSYBOL: Homework 1hr to look through search terms
  • based on experience, intuition, and data Picture of graph from FosterLeveraging the social graph
  • based on experience, intuition, and data Picture of graph from FosterLeveraging the social graph“Birds of a feather shop together”Hill, Provost, & Volinsky, Network-based Marketing. Statistical Science 21 256–276 (2006)
  • DC: Redo, as discussed in ER
  • MerchandisingDefine viral marketing10 years agoAmazon vs FacebookAmazon is about products, interactions with store, not with friends. No NewsFeed.Facebook is about interactions between friends.
  • Information the purpose for communication
  • “In the future, the difference between social networks and corporate websites will be hard to distinguish.”http://www.web-strategist.com/blog/2010/04/30/social-commerce-breakdown-how-levis-and-facebook-prompt-your-friends-to-get-you-to-buy/“Many brands are jumping on the social media bandwagon, without giving proper thought about the impacts to their marketing effort.  In particular, many brands are putting ’social chicklets’ on their homepage to “Follow us on Twitter” or “Friend us on Facebook” without considering the ramifications.”http://www.web-strategist.com/blog/2010/03/28/matrix-evolution-of-integration-of-social-media-and-corporate-websites/
  • Transient: (anonymous) Computes scores across social networks in the US
  • based on experience, intuition, and data Transient: (anonymous) Computes scores across social networks in the US
  • Social Apps: creating branded online applications that support social interaction and user contribution.“In the two years since it launched Nike+, a technology that tracks data of every run and connects runners around the world at a Web site, nikeplus.com, Nike has built a legion of fans. Some analysts back up Nike's claims that the site is renewing the popularity of its running shoes. SportsOneSource, a Princeton (N.J.) market research firm, says Nike accounted for 48% of all running-shoe sales in the U.S in 2006. Today, its share is 61%. "A significant amount of the growth comes from Nike+," says Matt Powell, a SportsOneSource analyst. Winters, 28, who had already run a half-marathon, credits Nike+ with boosting her enthusiasm for running and for Nike, too. On nikeplus.com, she's part of a group of 90 runners who challenge each other to go faster and farther.”http://www.businessweek.com/magazine/content/08_46/b4108074443945.htm
  • on average
  • on average
  • Not mutual relationships
  • Not mutual relationships
  • Engages with Twitter users:Monitors Twitter for comments about company and competitors
  • companies thought they own their customer  switching costs largely gonecompanies thought they own product -> who knows more about my phone: manufacturer? Carrier? … or the web?companies thought they own brand  co-creationcustomers talk about whatever they want to talk about CONVERSATIONUltimately, all about data. Social data.
  • Mass Production / Industrial Age
  • Past - Physical presence to fully assess suitability of real estatePresent - Richness of data exchanged online (via pictures, videos, crime incidences history) allow filtering. Choice of agents increased - not limited to recommendation by people we know but also online reviews and ratings by many others. But trust still a heavy component in finding a reliable agent. (agency / incentive problem not solved by SDR but mitigated nonetheless)Mash-ups crime dataImmoscout incentivesBroadcast  co-creation
  • Who is in control?
  • Push and pray  Launch and learn
  • Push and pray  Launch and learn
  • Push and pray  Launch and learn

World Innovation Forum World Innovation Forum Presentation Transcript

  • Andreas Weigend @aweigend www.weigend.com
  • Who creates data? Production: Data is digital airHow will this data be shared? Distribution: Everyone is a publisherWhat will this data be used for? Consumption: Behavior changes
  • A Shift in Language• Collect • Share• Solicit • Distribute• Mine • Interpret• Segment • Empower
  • Technologies Enabling Innovation1800’s: Transport energy  Industrial Revolution1900’s: Transport data  Information Revolution2000’s: Create data  Social Data Revolution
  • In the last sixty seconds…4,000,000 Web searches 500,000 Content shares 100,000 Product searches 40,000 Tweets created 40,000 Links shortened
  • us.hsmglobal.com/contenidos/… bit.ly/WIF2010
  • Waves of Innovation1990’s: Search  find2000’s: Social  share2010’s: Mobile  create  Social Data Revolution
  • How the Social Data Revolution Changes (Almost) Everything
  • AgendaIntroduction Data and Behavior I C2B (Customer-to-Business) II C2C (Customer-to-Customer) III C2W (Customer-to-World) IV Insights4:55–5:00pm Q&A
  • ConnectingComputers
  • ConnectingPages
  • ConnectingPeople
  • Underlying?
  • DataThe amount of data each person createsdoubles every 1.5 … 2 years 2x time?
  • DataThe amount of data each person createsdoubles every 1.5 … 2 years □ after five years  x 10 □ after ten years  x 100 □ after twenty years  x 10000
  • Since then…+ Computation + Communication + Sensing
  • 1 billion connected sensors
  • 40 billion RFID tags
  • Pay-as-you-drive car insurance (GPS)
  • Monitors your excercise and sleep
  • 99% DNA overlap
  • Time Scales Data, Technology: ~1 year Social Norms: ~10 years Biology: ~100k yrs
  • AgendaIntroduction Data and Behavior I C2B (Customer-to-Business) II C2C (Customer-to-Customer) III C2W (Customer-to-World) IV Insights4:55–5:00pm Q&A
  • Part I: C2B
  • +1 800-4-SCHWAB
  • Imagine...  You knew all the things people here have bought  You knew all of their friends  You knew their secret desires ... what would you do?
  • Amazon.com helps peoplemake decisions… …based on reviews
  • Customers who bought this item also bought…
  • Customers who viewed this item also viewed…
  • Customers who viewed this item ultimately bought…
  • Social proof:Put your moneywhere yourmouth is
  • How do you know peoples’secret desires? World Innovation Forum
  •  Attention Data Sources Clicks, Transactions  Intention Search Connection  Situation Social graph Geo-location Device
  • New phone product: How to market? Traditional segmentation  Connection data Demographics Who called whom? Loyalty
  • 1.35% Adoption rate 4.8x 0.28% Traditional Connectionsegmentation data
  • BusinessCustomers
  • C2C = Customer-to-CustomerCustomers share with each other
  • Part II: C2C
  • 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 forcommunication)
  • Purpose of communication:to transmit information? Or is information just an excuse for communication?
  • What do my friends think of this product?
  • Social graph targetingProvide list of prospects
  • Fraud reduction –Provide risk scores
  • Social network intelligence
  • C2WPart III:
  • Amazon.com: Public sharing of interests
  • Add on-line features to off-line products…
  • Consumers- Engage- Share- Connect3 times per week
  • “We are not in the business of keeping the media companies alive.” Trevor Edwards Nike Corporate Vice President for Brand and Category Management “We are in the business of connecting with consumers.”Q: Or rather in the business of facilitating consumers to connect with each other?
  • • Search tweets• Create tweets• Follow users
  • The Illusion of an Audience
  • Part IV: Insights
  • Customer Product Brand
  • From controlled production for the masses… … to uncontrolled production by the masses
  • Consumersdiscussing ideas
  • Consumers helpingconsumers
  • 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
  • Group buying… “get a better deal”
  • E  Me  We-business From e-business… (company focus, Web 1.0) …to me-business (customer focus , Web 2.0) …to we-business (community focus , Web 3.0)
  • Innovation Dead data  Live data Collect and analyze  Create, share, experiment Internal  External “Most smart people don’t work here.” Bill Joy
  • Part V: Questions
  • Audience Question 1 Do you have any advice on how we can be authentic in the era of Social Data? For companies with limited resources, what are the costs of some of the suggestions you mentioned in the talk?
  • Audience Question 2 What is the most important ingredient for a successful innovation strategy? Do you have any specific suggestion for traditional companies: how can we learn more about the culture change of the Social Data Revolution?
  • Thank you! @aweigendAndreas Weigend | www.weigend.com