Social Commerce: Secrets for Turning Social Media into Social Sales

How to TurnSocial Mediainto SocialSalesPaul Marsden & Paul ChaneySocial Commerce Today

Dr. Paul Marsden: Consumer psychologist and market researcher focusing on digital innovation, social media and e-commerce Paul Chaney: Social media, social commerce and Internet marketing consultant, speaker, trainer and author known as The Social Media HandymanHello! We‟re the Two Pauls...

Sharing six insights for turning social media into socialsales from our latest book...

“IF I HAD TO GUESS SOCIAL COMMERCE IS THE NEXT AREA TO REALLY BLOW UP” MARK ZUCKERBERG...from the new field of „social commerce‟ - helping peopleshare where they shop and shop where they share

SOCIAL COMMERCE HELPING PEOPLE SHARE HELPING PEOPLE SHOP WHERE THEY SHOP “IF I HAD TO GUESS WHERE THEY SHARE SOCIAL COMMERCE IS THE NEXT AREA TO REALLY BLOW UP” MARK ZUCKERBERGSOCIAL APPS FOR E-COMMERCE SITES E-COMMERCE APPS FOR SOCIAL SITES $30BN MARKET Source Booz & Co (2011) “Turning Like to Buy”

SOCIAL COMMERCE “IF I HAD TO GUESS WHY? SOCIAL COMMERCE IS THE NEXT AREA TO REALLY BLOW UP”1) IT‟S WHAT YOUR CUSTOMERS WANT MARK ZUCKERBERG2) IT‟S WHAT YOU NEED (BETTER ROI)3) IT‟S GOOD CUSTOMER ECONOMICS

1) Social commerce is what your customers want...

WHAT CONSUMERS WHAT BUSINESS THINKS WANT CONSUMERS WANT DEALS NEW PRODUCT INFO PURCHASE GENERAL INFO READ USER REVIEWS SHARE OPINION GENERAL INFO EXCLUSIVE INFO EXCLUSIVE INFO READ USER REVIEWS NEW PRODUCT INFO FEEL CONNECTED SHARE OPINION CUSTOMER SERVICE CUSTOMER SERVICE SUBMIT PRODUCT IDEAS PARTICIPATE IN EVENTS BE PART OF A COMMUNITY FEEL CONNECTED PARTICIPATE IN EVENTS SUBMIT PRODUCT IDEAS PURCHASE BE PART OF A COMMUNITY DEALS Source IBM (2011) From Social Media to Social CRM1) Social commerce is what your customers want...

the black hole of social media $ $ $ $ $ $$ $ $ $2) Social commerce is what you need (ROI)

1 Word of $1927 Mouth Value Total Customer Value $2446 Sales Value $43733) Social commerce is good customer economics

1 SOCIAL COMMERCE “IF I HAD TO GUESS HOW? SOCIAL COMMERCE IS THE NEXT AREA TO REALLY BLOW UP” MARK ZUCKERBERG1)... 4)...2)... 5)...3)... 6)...

1First, how NOT to do social commerce...

1Get the business basics right... sell socially with a clear anddifferentiated value proposition...

1For instance, Heinz opened a pop-up social media store tosell personalised get well soup; 1 in 8 fans bought...

1More generally, social commerce works when you helppeople solve their problems socially

1 SOCIAL INTELLIGENCE “A wise man learns from the experience of others, a fool by his own”Secret 1: help people solve problems socially by helpingthem solve problems together; with their social intelligence

1A second secret is to help people solve a core „socialproblem‟ - that of „social status‟...

1Secret 2: Help solve problems of „social status‟ with earlyaccess (and bragging rights) to new products...

1A third secret is to help people solve another core socialproblem - that of „social bonding‟...

2Secret 3: Solve peoples problems of social bonding withwith social gifts and gifting

2 Helping people solve problems socially Helping people solve social problemsIn sum, smart businesses are using social commerce todeliver „social utility‟

2 SOCIAL UTILITY using social media to help people solve problems socially and solve social problems social social social intelligence status bonding $$$$$$ SOCIAL SALES $$$$$$So here‟s the big secret to selling with social media: Offer asocial shopping service that has genuine social utility

2“In a word, social commerce is about discovery.”Christian Taylor, Founder, PayvmentSecret 4: Social commerce is not just about “buying” aspectof social media, but the “discovery” component as well

2Social shopping sites are designed for browsing andsharing as much as they are for searching and transacting

2Social product discovery works because we pay attentionto our “social graph” and "interest graph"

2Shopycat searches through a large product database tofind what it surfaces as the right gift for friends

2Secret 5: Lead with purpose, not a pitch. Be purpose driven.

2Nike‟s brand purpose: “We exist to help everyone toachieve their athletic potential.”

2Social media has become a conduit though whichpsychological needs can be met, to some extent

3For Target and Delta meeting needs and solving problemswas the guiding purpose of each app

3Secret 6: Provide a social marketplace where buyers andsellers come together to exchange goods and services

3DHGate shrinks an unwieldy global marketplace into onethat‟s manageable, trusted, and safe

399Designs is a marketplace that matches those in need oflogo and web design with freelance designers

3Social marketplaces foster interaction between merchantsand their customers via community-based interactions

3Threadless sells out of every line it produces

3Etsy gives businesses the ability to sell handmade andvintage products to consumers in bazaar-style fashion

3AirBnB is a peer-to-peer marketplace that allows people toshare their homes with travellers around the globe

3 Lead With Drive Discovery Purpose Create Social MarketplacesThree secrets to turn social media into social sales

3Thanks! Find out more in our “F-CommerceHandbook”&“Social Commerce Handbook” from McGraw-Hill

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Social Commerce: Secrets for Turning Social Media into Social Sales

by Mike Lewis on Aug 24, 2012

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