Social Innovation: Dr. Natalie's Speech at the Spigit Conference On Crowd and Customer Empowered Engagement Driving Social Innovation
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Social Innovation: Dr. Natalie's Speech at the Spigit Conference On Crowd and Customer Empowered Engagement Driving Social Innovation

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This talk is on the ROI of social innovation. How can you calculate the ROI of using social innovation? This speech explores how the ROI of acknowledging your customers, employees - your whole supply ...

This talk is on the ROI of social innovation. How can you calculate the ROI of using social innovation? This speech explores how the ROI of acknowledging your customers, employees - your whole supply chain - can help you to make better products and services and drive down costs and increase revenues.

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    Social Innovation: Dr. Natalie's Speech at the Spigit Conference On Crowd and Customer Empowered Engagement Driving Social Innovation Social Innovation: Dr. Natalie's Speech at the Spigit Conference On Crowd and Customer Empowered Engagement Driving Social Innovation Presentation Transcript

    • The  ROI  of     Acknowledgement  and     Social  Innova8on   www.DrNatalieNews.com             @drnatalie   Social  Innova8on   Conference  
    • My  First  Job:  GE     Carbology  Division     Tungsten  Carbide  Tool  Bits  
    • To  increase  the  hardness  &  wear  resistance:   Chemical  Vapor  Deposi?on  of  Thin  Films  
    • Aluminum-­‐Oxide     TiN   The  thin  films  were….  
    • Periodic  Chart  of  Essen?al  Elements   The  elements  we  used  to  make  beLer  products   Aluminum-­‐Oxide    TiN  
    • In  my  first  mee?ng  with   Sales…  
    • &  Engineering    
    • The  Decision?   More  gold     or     more  gray   coated  tool  bits?    
    • Sales  said  –     “Look  at  the  figures   we  are  selling  more  gold  ones!   We  want  more  gold  ones  to  be  produced!”    
    • Engineering  said  –     “But  the  gray  ones  last  much  longer!   We  want  more  gray  ones!”    
    • I  raised  my  hand   and  asked…     “Have  we  asked   our  customers   what  they  want?”  
    • They  burst  into  laughter   “Why  would  we  do  that?”  
    • I  wanted  to  crawl  under  a  rock  and  die  
    • And  then  I  heard  my  grandpa’s  voice,   “You  are  a  smart  girl!  Trust  yourself.”  
    • I  asked  my  boss  if  I  could  take   some  tool  bits     And  ask  some  machinists  their  opinion  
    • I  asked  my  boss  if  I  could  take   some  tool  bits     And  ask  some  machinists  their  opinion   He  said,  “Yes,  but   check-­‐out.  I’m  not   paying  you  for  this   8me.”  
    • This  was  my  first  mini  focus  group   vs  
    • The  results  were…   The  customers  liked  the  gold  ones  
    • Because  they  made  the     machinists  feel…  
    • Because  they  made  the     machinists  feel…   Happier.   Yep,  Happier.  
    • THAT  EXPERIENCE  LEFT  AN   INDELIBLE  MARK   ON  A  YOUNG  ENGINEER       THE  B.I.G.  IDEA?   ACKNOWLEDGEMENT  OF  THE   CROWD’S  /  CUSTOMER’S     CONTRIBUTION      
    •   ESSENTIAL  ELEMENTS  OF   A  GREAT  BUSINESS?     1.  LISTEN  TO  YOUR  EMPLOYEES   &  CUSTOMERS…     2.  CONNECT  PEOPLE     WHO  MAKE  DECISIONS     WITH  PEOPLE  WHO     KNOW  THE  ANSWERS    
    •   EMPOWER  THE  CROWD    
    • Copyright © 2012 @DrNatalie Petouhoff The Social Business Course™ ® © All Rights Reserved FLASH  FORWARD….  
    • Copyright © 2012 @DrNatalie Petouhoff The Social Business Course™ ® © All Rights Reserved I  GET  TO  BE  PART  OF  A  COMMUNITY  THAT  IS   DEDICATED  TO  ACKNOWLEDGING  THAT  THERE   IS  A  BETTER  WAY…  TO  DO  BUSINESS…   THAT’S  ALL  OF  YOU…  
    • GO BACK IN TIME… PEOPLE WERE PREDICTING THIS… There would be… A place in time Where the customer‘s voice The employee’s voice Would start to mean something… And there would be an enabling technology We are here now… This is your opportunity as businesses… Copyright © 2012 @DrNatalie Petouhoff The Social Business Course™ ® © All Rights Reserved
    • MANY SCHOLARS HAD ADVOCATED TO LISTEN TO CUSTOMERS, EMPLOYEES, PARTNERS… As an engineer I… Copyright © 2012 @DrNatalie Petouhoff The Social Business Course™ ® © All Rights Reserved GO BACK FURTHER…  
    • MARY  ELLEN  HEARD  THE  CALLING…   iRobot  
    • MARY  ELLEN  BEGAN  ACKNOWLEDGING...   •   What  her  customers  were  saying  in  social  media     •   What  employees  were  saying  in  social  media   •   It  was  not  posi?ve       •   She  gathered  screenshots   •   Put  them  in  a  powerpoint     •   Gave  them  to  her  CEO    
    • WE  CALL  THAT…  
    • WE  CALL  THAT…   The  Witness  Factor™  
    • MARY  ELLEN  TOOK   CHARGE  OF  THE   CUSTOMER  /  EMPLOYEE   FEEDBACK…     SHE  HAD  THE  ESSENTIAL   ELEMENTS  TO…   The  CEO  appointed  her  the  lead  
    • …to completely transform business… With less –  Politics and resistance – “Not invented here” or “not my problem” An empowered crowd of employees & customers- dedicated to make a difference  
    • Crowd sourced information lead to transformation of: – Engineering – Product Development – QA – Fulfillment – Order Management – Marketing – PR – Advertising – Sales – Customer Service
    • How would you calculate ROI? of customer feedback… of employee feedback… Chalk it up to the “Witness” factor ROI  =  Benefits  -­‐  Costs  x  100                              Costs    
    • What are the benefits of Creating products & services with input from the “crowd” Creating products customers asked for means… •  Reducing the cost of PR & Marketing •  Increasing the lead conversion rates •  Reducing the cost of sales •  Reducing returns and/or churn •  Increasing customer lifetime value •  Reduced employee attrition •  Increased employee productivity The So What is…
    • AND Because the customer: -  Feels heard -  And they are getting what they need and want… -  They have ownership towards a company’s product / services because they had input into -  Having their voice heard / being acknowledged drives engagement… –  Increased positive online ratings –  Increased customer loyalty –  Increased customer advocacy –  Increased customer referrals via WOM –  Increased sales Chalk it up to the “Witness” factor
    • How would you calculate ROI? Chalk it up to the “Witness” factor ROI  =  Benefits  -­‐  Costs  x  100                              Costs     Benefits:   $2.5M   Costs:     People,  process  &  technology   $300K    
    • ROI? Chalk it up to the “Witness” factor ROI  =  $2.5M  –  $300K  x  100                              $300K       ROI  =  733%  
    • NOW  LET’S  GET  BACK  TO   THE  ROI  OF   ACKNOWLEDGEMENT…   THE  END  OF  MY  STORY?  
    • PWC Management Consultant A Top Forrester Analyst Chief Strategist for Social Media & Digital Communications PR & Marketing Agency Analyst Rankings:   A Ph. D. Engineering From UCLA Instructor at Center for Entertainment, Media and Sports Summer Institutes at UCLAAnderson I pursued a path to continue providing customers the essential elements of business… by believing what my grandpa said…
    •   And  my  dedica?on  to  the   essen?al  elements  of   learning,  listening  and   collabora?ng….    
    • Allows  me  now  to  help  companies  calculate  the  ROI     of  things  they  thought  were  too  squishy  or  couldn’t  be  calculated…   ROI  of  Human   Capital   Innova8on   Social  Media…     With  Dynamic   ROI  Visualizer   Calculators   &   Dashboards…  
    • Dr.  Natalie  L.  Petouhoff   @drnatalie     For  more  informa?on  on  ROI  –  videos,  ebooks,  whitepapers..   www.DrNatalieNews.com/Blog     THANKS  TO  MY     GRANDPA     WHO  LISTENED   &   ACKNOWLEDGED     MY  SMARTS     MY  ROI?     PRICELESS