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Social Media and Startups
 

Social Media and Startups

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Presentation to Pitch & Mix at Idea Space on 23 September, 2010

Presentation to Pitch & Mix at Idea Space on 23 September, 2010

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  • Transitive logic1. No disagreement – 10 years ago, but not now.2. Social technology adoption by consumers is no longer nascent – it’s nearly a mainstream activity. Big numbers, Facebook, Twitter, LinkedIn3. To ignore defies good biz practice and logic
  • companies focus on the tools and technologies, yet fail to understand the behaviours of their own customers online. As a result, they miss the mark.
  • Community building – Engagement, being part of the conversation around particular topics and industry communities builds a good network of potential referrals and gets notice. Being an active brand in the marketplace = good brand image. Customers want to deal with businesses they feel a connection with.
  • http://www.90-9-1.com/
  • The internet is the story of Google and search – Google is now the de facto first place that everyone looksLips of friends/colleagues is recommendation or WoMIt is at the intersection of the Internet and WoM where Social Media’s power lies.
  • This makes intuitive sense – our experience is that in many instances we ask friends for recommendations.
  • Facebook = 500M+ 3rd largest countryTwitter = 1500% growthYouTube is 2nd largest search engineBig numbers! It’s not the platforms themselves but the general trend – people are spending time in social networks, talking about things that are important to them – your brand? Your competitors? Your industry?
  • Traditional marketing is becoming less and less effective
  • Sometimes I hear that the 60 yo FD is not on
  • Community building – Engagement, being part of the conversation around particular topics and industry communities builds a good network of potential referrals and gets notice. Being an active brand in the marketplace = good brand image. Customers want to deal with businesses they feel a connection with.
  • Creating authority - by helping people, giving away info/expertise, answering questions, providing insight, etc in the social network arena a company establishes its credibility, its value, its quality.  Customers look for the credible, quality brand.
  • Facebook now tops Google for weekly traffic in the US.
  • You are connecting with your customers – delivers ROI ROI = gain less cost/cost
  • Content – Raise knowledge of customersDemonstrate expertiseNetworkWho you know / Who they knowKnowledge baseRelationshipsRelationships are Almighty in B2BEstablish Trust thru additional touch points – online not golf course or dinnerBridge gaps between and around salesSupporting stuff that helps the sale along, shortens the cycle, secures the dealStory – How tell our business storyLinkedIn, Blog, Step outside the tools –what do they help you DO not how they lookHelp create relationship framework
  • Intrigue: No promotion on boxes, just inspirational message and URL – 95% clickedHigher purpose: not salesy, not a cheap ploy, - good message, little brandingExclusivity: those chosen to receive a box, felt honoured. At least 1 other person called to complain they didn’t get one.
  • Customer service/support
  • 3 days, 100 finalists got a Zi8, 2 winners selected; “Play” and “Sport”
  • When Domino’s employees posted disgusting videos on YouTube, the ensuing negative storm caught Domino’s Corporate unaware and unprepared.
  • Platforms that scan the social networks for mentions, conversations, keywordsRealtimeCRMSentiment taggingWorkflow
  • Customer Lifetime Value (revenue from customer and immediate family over lifetime) now becomes Customer Referral Value = a measure of advocacy and positive business value that an influencer bringsWe are now in a world that not only is forcing businesses to engage customers but to consider the influences on their business that rests among their partners, suppliers, prospects…hell, all the stakeholders in the company’s particular ecosystem.
  • Decide who will be responsible. Establish the timeframe within which we plan to achieve the (goals). Figure out what milestones should be targeted and what tools, platforms and programmes are required. And lastly, determine how we will measure the outcomes along the way.
  • Plug the programme into the organisation. Staffing - internal or new? Working across departments. Tools, configuration, workflows. Train staff – marketing, customer services, HR, product development. Create guidelines, policies, procedures
  • Day to day execution of the programme. Content production and publishing. DistributionCommunity engagement. Customer support. Business intelligence. Market research. Monitoring.
  • The currency here is probably numbers or statistics: numbers of followers/friends, number of social mentions, click-throughs, comments, website visitors, discussions, emails delivered, and, ideally, sales. But the currency might also be less defined: positive or negative press, change in sentiment about your brand, company or product, tone of discussions, and positive or negative word of mouth.This means social media monitoring tools, conversion metrics, web analytics, RSS feed counters, even things like feedback forms, surveys, and customer recommendations.

Social Media and Startups Social Media and Startups Presentation Transcript

  • Social media & startups
    Presented at Pitch & Mix at IdeaSpace
    Cambridge, 23 September 2010
  • Eric Swain
    Managing Director
  • if
    Businesses need an Internet presence
    and
    The Internet is increasingly social
    then
    Businesses must have a social element
    David Gillespie
  • What
    social networks
    social media
    social business
  • Don’t focus on the tools!
  • It’s about people having conversations, connecting and engaging online.
  • Unsocial /Social
    unsocial
    social
    advertise
    attention
    target
    televised
    one to many
    impressions
    campaigns
    control
    entertain
    participation
    content
    friended
    one to one, many to many
    expressions
    movements
    leverage
  • Connected 2.0 Principle
  • Connected 2.0 Principle
  • 90-9-1 Principle
    10
    “In social groups, some people actively participate more than others… Social participation tends to follow a 90-9-1 rule:”
  • Social media and startups
    challenges
    opportunities
    resources
    unknown
    noise
    not your customers
    no brand
    resources
    need speed
    access to passion
    idea
    reach
    networks
    fresh brand
    freedom
    build real relationships
  • Why
    social networks
    social media
    social business
  • Be found when and where your customers are looking
    This means on the Internet and the lips of friends
    The new marketing is about being found by customers when they are looking to buy what you are selling.
  • A recommendation from a friend would make 71% of people more comfortable with a product or service – more so than advertising (15%) or even personal experience (63%)
    MediaLab
    Startup Ideas
  • Vertical engagement
    Between the org and people
    Campaign-based, valuable but limited
    This is your engagement activity
  • lateral engagement
    Between people
    For startups, this starts with the Idea
    “We have to share this”
  • 2/3
    Of the global Internet population visit social networks
    http://blog.nielsen.com/nielsenwire/nielsen-news/social-networking-new-global-footprint
  • The power of social media lies in people using these tools – the creation of self-organised communities of like-minded people– making it a good way for businesses to understand, inform and connect with the people who buy their products and services.
  • Re-thinking marketing
    old marketing
    new marketing
    telemarketing
    print ads
    direct mail
    trade shows
    tv/radio ads
    spam
    interruption!
    seo/search marketing
    blogging
    social media
    rss
    viral videos
    word of mouth
    permission
    Startup Ideas
  • “My customers don’t use social networks”
  • Why
    Relationship
    Authority
    Discovery
  • relationships
  • authority
  • Discovery - 75/25 Google Principle
    Search click rates
    SEO
    Google weighs external links over on-site keywords 75/25
    25%
    75%
  • Discovery – Social search
  • Why? - ROI
    Cost Reduction
    Ops efficiency
    Reduced marketing spend
    Shorten sales cycles
    Cheaper customer service
    Market research
    Business intelligence
    Revenue Increase
    More transactions
    Higher yield
    Net new customers
    Customer loyalty
  • ROI – f.r.y.
    Frequency
    Increase how often customers buy from us
    Reach
    Increase net number of transacting customers
    Increase net number of transactions per customer
    Yield
    Increase average spend per transaction
    FRY from Olivier Blanchard
    My illustration
  • Gary Vaynerchuk grew his family wine shop from $4 million to $50 million using social media.
  • $15k Direct Mail = 200 new customers
    $7.5k Billboards = 300 new customers
    $0 Twitter = 1,800 new customers
    $0 Twitter = 1,800 new customers
  • b2b
    Content
    Network
    Expert
    Connections
    Show (not) Tell
    Knowledge base
    Relationships
    Story
    Tools
    Trust
    Soften & Support
    Framework
  • What
    social networks
    social media
    social business
  • Use Cases of Social
    Social Business/Social CRM
    Marketing
    Sales
    Service & Support
    Innovation
    PR
    CustomerExperience
    Marketing Insights
    Social Sales Insights
    Support Insights
    Innovations Insights
    Reputation Management
    Seamless
    Customer Experience
    Brand Managment
    Rapid Social Marketing Response
    Rapid Social Sales Response
    Rapid Social Response
    Crowdsourced R&D
    VIP Experience
    Enterprise Collaboration
    Social Campaign
    Proactive Lead Generation
    Peer-to-Peer Unpaid Armies
    Social Event Management
    Altimeter Group
  • Marketing Case Study – grasshopper.com
    Video and boxes of chocolate covered grasshoppers
    Connection via social networks – not promotion, just conversation, photos, user videos, etc
    http://bit.ly/unr2v
    1st month:
    • 93% increase in website clicks
    • 187,000 video views
    • 1,461 Tweets to 1M+ followers
    • More buzz than previous 6 yrs
  • Sales Case Study – HP 31 Days of the Dragon
    Promotion of new laptop system – HDX Dragon
    Blogger outreach only
    31 systems to giveaway – bloggers created contests for their readers
    • 25,000 entries, website traffic up 14%
    • 50M impression, 10,000 videos created, 380,000 discussions
    • Dragon sales up 84%, PC sales up 10% (sustained)
    • blog traffic up 150% - Win/Win
  • Sales Case Study – HP 31 Days of the Dragon
    HP HDX Dragon Sales Results
    Giveaways end
    Even after the end sales remain
    well above normal – long term
    effects
    Giveaways begin
  • Customer Experience Case Study - FreshBooks
    Customer-centric approach
    Twitter engagement key
    Userbase up 300% in 2 years
  • Consumer Insights Case Study - Kodak
    Dismay in the social networks at the name of the new Zi8
    Kodak launched a contest to let users choose the next name.
    1000s of suggestions via Twitter and blog
    Press coverage everywhere
  • PR Case Study – Nestlé
    Greenpeace “ad” on YouTube
    Facebook censorship
    Tidal wave of attacks
    Have a plan
  • Domino’s were slow to react initially, but came good.
  • How
    social networks
    social media
    social business
  • How
  • Listen & Learn
    Social technology adoption by consumers is no longer nascent – it’s nearly a mainstream activity.
    To be accurate in your social strategy, you must know the specific behaviors of your customer base.
    43
  • Socialgraphics asks key questions
    Where are your customers online?
    What are your customers’ social behaviors online?
    What social information or people do your customers rely on?
    What is your customers’ social influence? Who trusts them?
    How do your customers use social technologies in the context of your products.
    44
  • Monitoring and Graphing
  • The social customer
    Social Landscape
    CLV
    CRV
    Customer
    Social Customer
    “The Social Web is distributing influence beyond the customer landscape, allocating authority amongst stakeholders, prospects, and peers.” – Brian Solis
  • Strategy
    Align social with strategic business goals
    Refer to what you learned monitoring
    Set measureable objectives (measure the right things)
    Create strategic plan and financial model
    Develop tactics to achieve strategy
    Who? What? When? Where?
  • Implement / Integrate
    Staffing
    Cross-departmental
    Tools, configurations, workflows
    Training
    Company guidelines, policies, procedures
  • Manage
    Customer support
    Community engagement
    Market research
    Business intelligence
    Day to day execution
    Monitoring
    Distribution
    Content production/publishing
  • Measure
    Are the objectives being met?
    Do we need to reassess or refine the strategy/tactics?
    Are we successful?
  • How
  • Take Away
    52
    Start small, start now
    Pick a goal
    Where to start? Align social with strategic goals
    Startup Ideas
    Examine your 2010 goals
    Pick one where social can have an impact
  • Thank you!
    Eric Swain
    +44 7773 798259
    www.spice.co.uk
    eric@spice.co.uk
    @ericswain