SVAMA Speech "Understanding And Capitalizing On The Groundswell"
 

SVAMA Speech "Understanding And Capitalizing On The Groundswell"

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Speech for the Silicon Valley American Marketing Association, May 14, 2009 at HP, "Understanding And Capitalizing On The Groundswell".

Speech for the Silicon Valley American Marketing Association, May 14, 2009 at HP, "Understanding And Capitalizing On The Groundswell".

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  • Thriving In The Brave New World Of Social Media Social media, such as blogs and social networking, has become a staple of the mainstream online experience, but many marketing folks are still gaping over the shoulders of their Generation Y employees or worse, their teenagers, to understand what all the fuss is about. This keynote speech will take a look at how companies should approach social media - not as yet another channel through which to spread ubiquitous marketing messages, but rather as a unique entree into precious customer relationships. We'll push beyond the conventional approaches to social media and uncover strategies that will revolutionize the way you work with customers. You will never look at marketing in the same way again.

SVAMA Speech "Understanding And Capitalizing On The Groundswell" SVAMA Speech "Understanding And Capitalizing On The Groundswell" Presentation Transcript

  • Understanding And Capitalizing On The Groundswell Charlene Li Altimeter Group May 14, 2009 If you would like a copy of the slides, please leave a business card with me.
  • Is this what social media is about? Source: Wordle.net
  • It’s about the relationship
  • What kind of relationship do you want? Transactional Occasional Impersonal Short-term Passionate Constant Intimate Loyal Focus on relationships, not technologies
  • But it’s hard to form relationships
  • What you need is a strategy What will you do? What won’t you do?
  • Link digital goals to corporate strategy
  • Goals define your strategy
  • Learn with monitoring tools
  • How Oracle encouraged feedback
  • Build dialog with the Engagement Pyramid Base: Global active Internet users (uses the Internet every day/every other day Note: Percent of active Internet users that do this at least weekly Source: Universal McCann Social Media Tracker Wave 3, March 2008 *Source: Lithium Technologies, May 2009
    • Edit a wiki
    • Moderate a forum
    • Write in a blog – 21%
    • Upload a video – 18%
    • Rate a product or service
    • Comment on a blog post
    • Write in a discussion forum – 47% of users*
    • Share online video – 37%
    • Update profile – 35%
    • Upload photos – 23%
    • Watch online video – 59%
    • Read blogs – 48%
    • Download podcasts – 23%
  • Let’s talk about taxes For H&R Block, it’s a conversation, not a campaign
  • Dialog with Frank Eliason, Comcast
  • Dawn supports with reviews
  • Starbucks innovates across the organization
  • Getting started
  • #1 Get the right people on the bus
  • Find your revolutionaries Lionel Menchaca Dell Ed Terpening Wells Fargo Paula Drum H&R Block
  • Have a plan to deal with different social media mindsets Find the “moments of faith” and “moments of crisis” for each mindset
  • #2 Measure the right things Your goals determine your metrics Use the same metrics as your marketing goals
  • Example “micro” metrics
  • Higher order metrics to consider How likely are you to recommend this to someone you know? Net Promoter Score Lifetime revenue Cost of acquisition Cost of retention Customer referral value (CRV) Lifetime Value
  • #3 Get the right help See a list at wiki.altimetergroup.com
  • How to find good help
    • Focuses on relationships, not campaigns.
    • Uses social media successfully themselves.
    • Commits resources to learning and training.
    • Has learned from their mistakes.
    • Respects and is humbled by the medium.
  • #4 Start small Experiment Listen first
  • Convincing your curmudgeon “ It’s a fad and waste of time.” - Make it real. “ There’s no ROI.” - Tie it to goals. “ It’s way too risky.” - Develop worst case scenarios.
  • #5 Embrace failure Identify the top 5-10 worst case scenarios. Develop mitigation and contingency plans. Prepare everyone for the inevitable failures.
  • Wal-mart failed many, many times
  • Buyer blog hit the right note
  • Photo: Kantor, http://www.flickr.com/photos/kantor
  • An essential tool to have
  • Thank You Charlene Li Altimeter Group [email_address] blog.altimetergroup.com Twitter: @charleneli To get a copy of slides, please leave your business card Copyright © 2009 Altimeter Group