20101009 Social Currency

New Rules (and New Tools) for B2B Cool Cat Marketers

I’m Roger. CEO Cool Cats B2B Solutions. But you already knew that.

Hi Roger. Are we waiting on your VP of Marketing? We know all about sales. We don’t really need that. Hmmmm…okay, then let’s get started.

NEW RULES A revolution is occurring. The rules of Marketing have dramatically changed.

Oh…really?

NEW RULES Yes, really and… The train is leaving the station Are you, onboard?

WHAT IS… Social Currency?

SOCIAL CURRENCY …is the extent to which people share the brand or information about the brand as part of their everyday social lives at work or at home. “$ocial Currency”, Vivaldi Partners, Copyright 2010

That was kind of long.

SOCIAL CURRENCY …is people having conversations Today this means ONLINE Marta Z. Kagan, Managing Director, US Espresso http://www.brandin ltration.com

SOCIAL MEDIA …"a group of Internet-based applications that build on the ideological and technological foundations of Web 2.0, and that allow the creation and exchange of user-generated content.” Kaplan Andreas M., Haenlein Michael, (2010)., Users of the world, unite! The challenges and opportunities of social media, Business Horizons, Vol. 53, Issue 1, p. 59-68.

SOCIAL MEDIA Cat-speak, please. We don’t have all day.

SOCIAL MEDIA It’s the tools people use to talk and socialize online…

TOGETHER… Word-of-mouth has always been important… It’s the best marketing in the world. We just have a fancy word for it now: Social Currency Social Media makes word-of-mouth visible Online. (Wait, we already said that, right?)

Espresso. "What the F**k is Social Media Now?". BrandIn ltration.com. 18 JUL 2010. Web. 24 Aug 2010. <http://www.brandin ltration.com/dailygrind/2010/07/18/what-the-fk-is-social-media-now/>.

Last year that number was 150 billion. Espresso. "What the F**k is Social Media Now?". BrandIn ltration.com. 18 JUL 2010. Web. 24 Aug 2010. <http://www.brandin ltration.com/dailygrind/2010/07/18/what-the-fk-is-social-media-now/>.

More than 6X last year. Espresso. "What the F**k is Social Media Now?". BrandIn ltration.com. 18 JUL 2010. Web. 24 Aug 2010. <http://www.brandin ltration.com/dailygrind/2010/07/18/what-the-fk-is-social-media-now/>.

Espresso. "What the F**k is Social Media Now?". BrandInfiltration.com. 18 JUL 2010. Web. 24 Aug 2010. <http://www.brandinfiltration.com/dailygrind/2010/07/18/what-the-fk-is-social-media-now/>.

More than 2X last year. Espresso. "What the F**k is Social Media Now?". BrandIn ltration.com. 18 JUL 2010. Web. 24 Aug 2010. <http://www.brandin ltration.com/dailygrind/2010/07/18/what-the-fk-is-social-media-now/>.

Twice the gure last year. (Not including cats watching cats play piano.) Espresso. "What the F**k is Social Media Now?". BrandIn ltration.com. 18 JUL 2010. Web. 24 Aug 2010. <http://www.brandin ltration.com/dailygrind/2010/07/18/what-the-fk-is-social-media-now/>.

13 times more than the Library of Congress Espresso. "What the F**k is Social Media Now?". BrandIn ltration.com. 18 JUL 2010. Web. 24 Aug 2010. <http://www.brandin ltration.com/dailygrind/2010/07/18/what-the-fk-is-social-media-now/>.

59% use Facebook 42% use Twitter Espresso. "What the F**k is Social Media Now?". BrandIn ltration.com. 18 JUL 2010. Web. 24 Aug 2010. <http://www.brandin ltration.com/dailygrind/2010/07/18/what-the-fk-is-social-media-now/>.

80 Million The number of tweets per day in July 2010 More than 800% of the gure from a year ago

80 Million The number of tweets per day in July 2010 More than 800% of the gure from a year ago 25% of tweets contain links. Is your content in those links?

Budgets

Budgets Not surprisingly social media marketing budgets are up across the board Social Marketing increasing budgets outpace decreasing budgets by 25:1 The 2010 trend continues the 2008 and 2009 trend despite the global economic crisis.

Budgets We have cut our marketing budgets by 25% since 2007. B2B marketers have increased their online spend by more than the same amount.

Budgets Amazing. It’s called ROI.

Ok – I get it. This is not a fad. This is how we socialize today. But can we get back to this Social Currency thing?

Got it.

SOCIAL CURRENCY It’s people having conversations online …using Social Media Are you listening? participating? in uencing?

SOCIAL CURRENCY …can be measured though: Aﬃliation Identity Utility Conversation Advocacy Information www.en.wikipedia.org available under the Creative Commons Attribution-ShareAlike License

SOCIAL CURRENCY …okay…but what does all that mean?

SOCIAL CURRENCY Hmmmm….

THAT’S GREAT BUT… What does it all really mean? How can we achieve these great goals?

WHAT SHOULD… companies do to enhance their Social Currency?

COMPANIES SHOULD: Facilitate audience conversations.

COMPANIES SHOULD: Leverage In uencers.

COMPANIES SHOULD: Drive Engagement.

COMPANIES SHOULD: Maximize buzz by driving word of mouth from relevant in uencers.

COMPANIES SHOULD: Ignite the existing community and attract new members by amplifying the experience with relevant and engaging content.

That sounded like something from my PR department.

COMPANIES SHOULD: Enhance the customer experience by facilitating authentic conversations.

COMPANIES SHOULD: Strengthen the emotional connection with the brand by building online relationships.

COMPANIES SHOULD: Encourage positive conversations to drive advocacy.

COMPANIES SHOULD: Expose new communities to the brand by providing assets to encourage brand evangelism.

COMPANIES SHOULD: Provide brand ambassadors with compelling conversations to enter into communities and fuel advocacy.

COMPANIES SHOULD: Amplify word of mouth by motivating community in uencers.

COMPANIES SHOULD: Humanize the brand through audience conversations.

That was a lot of words. Do you have any more pictures?

Yeah, sure. Here…

Thanks.. A lot.

But wait…. We already have sales guys talking to customers. Marta Z. Kagan Managing Director, US Espresso http://www.brandin ltration.com

How much does it cost for a sales guy to “talk” to a customer?

YOU WILL NEED.. You will need… A company A sales guy + A sales oﬃce + car + A computer A cell phone + A secretary + A boss + A boss oﬃce Another Another Another Another cell + company car + secretary computer + phone A lot of An airplane + ticket + A lunch + A dinner bene ts A customer A hotel + A breakfast + A taxi + lunch

Wonderful!! Okay…So you have had a conversation (at least the sales guy said some things). Now….

Ask yourself a few questions

A few questions. What did you learn? (You.) Did the sales guy ask the right questions? Did the customer answer completely honestly? Did the customer really speak about what was important to him? Did the sales guy notice? Did he care? Did he remember? Did he tell you? Did you ask? Did you listen? Do you have time?

Online you can… Listen …to frank conversation …to uninhibited conversations …to anonymous conversations Participate Comment Join in Help And… In uence!

My head is hurting. Can you get to the bit about how to do this?

How do do this. Blogs Micro Blogs Online Chat Widgets Social News/Bookmarking Message Boards Podcasts Email Social Networks Video Sharing Sites RSS Wikis Photo Sharing Sites Virtual Worlds Marta Z. Kagan Managing Director, US Espresso http://www.brandin ltration.com

Imagine this… A Mostly Fabricated Conversation Jeff44 – Great news – I am just posting this to a couple other DMX and Jeff work for different professional photography forums. Awesome! companies regularly earning more than $30,000 per day for their companies. DMX433 – he he – I’m a contributing blogger for dpreview – u just gave me a new story! Here is what they said (or could have said) on a pro photo forum Jeff44 – Mark – did u hear about the Vincent Laforet shoot with the DMX433 – Hey I work for Getty Images and will be shooting a 5D prototype 9 months ago? Canon 5D MkII - need to shoot to hard drive on an on-location shoot next week but my computer needs to be - on this particular - Mark_O – No site about 50 meters from the camera. I need a super long USB cable but no one seems to make such a long cable that will not Jeff44 – Apparently he is pretty hooked up with ur NA VP – was degrade the RAW les. Any ideas? allowed to borrow the proto 6 months before release Jeff44 – DMX – I have had the same problem. You just have to nd Mark_O – Yeah – what happened? a way to get the computer closer or make your own transciever. Jeff44 – he picked it up in LA – then ew home to NY. Strapped to Mark_O – DMX, Jeff – I work for Canon’s pro equipment an RC helicopter rigged a custom wireless unit to stream video and engineering office in LA. We heard about this problem about 6 shot an AMAZING y-through of Manhattan. I heard ur VP almost months ago. had heat attack when we saw the video made by his million $$ prototype!! He used the streaming HD feed to navigate and not DMX433 – cool – so? crash into buildings. The police were on this thing in about 30 minutes but never gured it out. Mark_O – Canon just released a wireless transceiver for that camera – it is available online – maybe a bit pricey - since is it not a Mark_O – Omg – amazing. Really cool talking to u guys. Here is my high seller – around $900 I think – but will solve this problem – email if you guys need anything in future – morian@canon-usa.com range is about 100mters. DMX433 – that’s really cool – I have done y-by shoots – they cost a DMX433 – Wow – great – thanks Mark – I’m just writing now 2 my freaking fortune cuz of the plane n pilot – could save sooooo much buyer 2 pick up a couple of those units money with this idea. I have to go buy some duct tape now!!

What just happened? 2 sales 1 blog post 2 forum posts 2 new brand-advocates Untold future new sales A personal email connection between an engineer and 2 new advocate customers And an innovative new product. (Mark_O decided that Cannon should perhaps develop a lightweight 4-arm-articulated, uid-damped mounting system – sort of like an upside-down spider to hang the lightweight 5D below an RC aircraft to save the cost of airplane and pilot for y-by shoots. He just sketched it out to sent to the NA Director of Engineering.)

What did it cost? Almost Nothing. Because Mark_O sits at his desk or at home and follows now and again the forums aﬀecting his company’s products. This was nearly free. ROI? Really pretty good.

Nice. But there are no forums or blogs for my stuﬀ.

What to do if… There are no platforms for you? Okay – that was a really easy question. Create them.

Conversation Utility Identity Advocacy Information Information Utility Afﬁliation This is a branded blog site. Great! Information All bases covered. www.creeledrevolution.com/

Conversation Utility Information Utility Information Information Information Utility Utility This is a branded blog site. Not bad but they are missing: Information Aﬃliation, Identity and Advocacy

Information Utility Conversation This is a neutral blog site. Not bad but they are missing: Aﬃliation, Identity and Advocacy

Information Identity Afﬁliation Information Advocacy Conversation Identity Utility Afﬁliation This is a branded blog site. Great! All bases covered. Information Utility

Just for BIG companies? Impressive! But isn’t this just for big companies with millions of customers? Not really. Here is an example.

Example… ShipServ is a shipping supply company helping about 136 ship-owners procure supplies. This is 136 customers ShipServ executed a social media strategy to build social currency. Here is what they did: Conducted research Search engine optimization Revamped website Developed quarterly content plan Established a CRM “scorecard” Created a blog Promoted original content A series of valuable white papers Then, established an online industry community by creating a group on LinkedIn. And, developed Facebook and LinkedIn channels for the following content: blog, e-newsletter, Twitter, light-hearted videos, and podcasts.

Results! Website Business Statistics Website visitors increased by 59 % Increased contact-to-lead conversion by Pageviews increased by 70 % 150% Average time on site increased by 25 % Increased lead-to-opportunity conversion by 50% Generated over 1,000 downloads of a white paper Decreased campaign management costs by 80% Community Increased the number of sales-ready leads 378 members in the LinkedIn group by 400% 300 visitors to the blog Measurable increase in brand awareness Over 600 views of the company videos LinkedIn and Twitter went from zero to the top 20 traﬃc sources Summary Break-even on the $30,000 investment was achieved in three months. They estimate the results achieved would have cost $150,000 through traditional media. Full story at: http://businessesgrow.com/2010/06/20/a-fascinating-hardcore-b2b-social-media-success/ Thanks to

I like it! But it seems like a lot to do… is there an easy way to start?

Yeah, sure! Here is a simple plan that will work for a lot of companies.

A simple plan Start a community site with blog, forum and chat. •  Assign a few passionate people to spend a couple hours per week creating great, expert content. (Information and Utility) •  Allow comments and response. (Conversation) •  Create a forum and/or Q&A: (Conversation, Information, Utility, Advocacy) •  Assign your passionate people to stay on the Forum, Q&A, and Blog during work hours – so they can respond in real-time. (Information, Utility, Conversation) •  If you are a global company – you can be online 24 hours per day. (Information, Utility, Conversation) •  Allow your users to join and contribute to your community. (Aﬃliation, Identity) •  Create a guest blog for the key in uencers. (Advocacy) Great! All bases covered.

Who will join? People 1 Key In uencers – Bloggers, forum leaders, power users 9 Contributors – Active on forums, commenting on blogs 999 Followers – learning, being in uenced

Like this:

SOCIAL MEDIA Okay. I will be online soon. I will be visible. I like that. What are the rules? Great question, Roger.

What to do... First… Listen. Marta Z. Kagan Managing Director, US Espresso http://www.brandin ltration.com

What to do... Then… Participate.

What to do... Relinquish control.

What to do... Enable. Marta Z. Kagan Managing Director, US Espresso http://www.brandin ltration.com

What to do... In uence. Marta Z. Kagan Managing Director, US Espresso http://www.brandin ltration.com

What to do... Be honest. Marta Z. Kagan Managing Director, US Espresso http://www.brandin ltration.com

What to do... Be authentic. Marta Z. Kagan Managing Director, US Espresso http://www.brandin ltration.com

What to do... Give people something… To talk about.

What to do... Create opportunities for people to feel: Ownership of the brand.

Mistakes... How do I avoid mistakes? Great question, Roger.

Do not... Be less than 100% honest.

Do not... Control.

Do not... Spin.

Do not... Over-promote.

Do not... Advertise.

Do not... Manipulate.

Do not... Write like a PR hack.

Do not... EVER criticize a competitor.

That’s it! Great question, Roger.

Need a bit of help getting started? Let us build an online community for your industry. Encourage your clients to join the community. Then start listening, engaging, building trust and relationships, and start in uencing! contact Tracy Crawford tracy@raineight.com +86 158 0177 9701

OUR SERVICES Creativity + Customer Value B2B Social Media Strategy Programs Strategy Corporate Campaign Campaign Online Oﬄine Development Online Web MicroSite Advertising Email Production Oﬄine Print Promotion Illustration Visual Identity Production Packaging Events 110

Thank You!

20101009 Social Currency

by Tracy Crawford on Oct 10, 2010

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20101009 Social Currency — Presentation Transcript