Driving Revenue From Social Media: Six Buying Behaviors That Will Change Your Strategy

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The Incyte Group conducted a study to find out how consumers use the internet to make buying decisions and how they prefer to connect with brands online. The findings shed light on how companies can …

The Incyte Group conducted a study to find out how consumers use the internet to make buying decisions and how they prefer to connect with brands online. The findings shed light on how companies can drive revenue and customer acquisition from social media. These are the slides from Get Satisfaction CEO, Wendy Lea's presentation of the findings.

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  • 1. 6  Consumer Buying Behaviors That Will Change Your Social Strategy Wendy LeaCEO Get Satisfaction #MonetizeSMM #SMM
  • 2. “…Event: #MonetizeSMM2Incyte, “To Monetize Open Social Networks, Invite Customers to Be More Than Just “Friends”, 7/2012, http://www.incytegroup.com @Getsatisfaction #MonetizeSMM 2
  • 3. $17B Spend for 201211Gartner, “Gartner Says Worldwide Social Media Revenue Forecast to Reach $16.9 Billion in 2012”, 7/25/2012, www.gartner.com/it/page.jsp?id=2092217 @Getsatisfaction #MonetizeSMM 3
  • 4. “…and the investment return has been dismal.”22Incyte, “To Monetize Open Social Networks, Invite Customers to Be More Than Just “Friends”, 7/2012, http://www.incytegroup.com @Getsatisfaction #MonetizeSMM 4
  • 5. What is Customer Engagement? @Getsatisfaction #MonetizeSMM 5
  • 6. True Engagement Addresses Both Consumerand Brand “Wants” Brands want to: Consumers want to: •  Make their products known to •  Learn about new products consumers and servicesAdvertisingworks here •  Educate consumers on how •  Make good purchase to buy decisions •  To influence consumers’ •  Buy the right thing at the evaluation criteria right price •  Help consumers use products •  Get valueEngagementscales here •  Build a strong and loyal •  Build expertise customer base •  Share •  Tap advocates’ passion @Getsatisfaction #MonetizeSMM 6
  • 7. Engagement is About Every Stage ofCustomer Lifecycle Discover Advocate Evaluate Bond Buy Experience @Getsatisfaction #MonetizeSMM 7
  • 8. Advocates Bring New Customers Discover Advocate Evaluate Bond Buy Experience @Getsatisfaction #MonetizeSMM 8
  • 9. The Missing Piece - What Engages You?What drives you to engage withbrands in social media? Games?   Contests?   Digital Ads? Creative Campaigns   @Getsatisfaction #MonetizeSMM 9
  • 10. Why Incyte Research?" Understand market landscape" How consumers want to interact with brands" Build the right product @Getsatisfaction #MonetizeSMM 10
  • 11. @Getsatisfaction #MonetizeSMM
  • 12. Social Networks Not the Primary Place People Go to Research ProductsOnly 20% of consumers use social networks to researchproducts vs. 81% use company website What  Consumers  do  to  Learn  about  a  Product  or  Service   @Getsatisfaction #MonetizeSMM 12
  • 13. “Consumers want company websites to be more like their experiences on social networks.”33Incyte, “To Monetize Open Social Networks, Invite Customers to Be More Than Just “Friends”, 7/2012, http://www.incytegroup.com @Getsatisfaction #MonetizeSMM 13
  • 14. Company Websites are the Primary Place for Information on Purchase Decisions89% of consumers use company websites as primarysource to research products @Getsatisfaction #MonetizeSMM 14
  • 15. “What was interesting was consumers’ preference for branded customer communities over open social networks when seeking information to make a purchase.” 44Incyte, “To Monetize Open Social Networks, Invite Customers to Be More Than Just “Friends”, 7/2012, http://www.incytegroup.com @Getsatisfaction #MonetizeSMM 15
  • 16. Consumers Show a Strong Preference for Branded Customer Communities" 85% preferred content vetted by consumers" Only 15% preferred content vetted in some manner by companies Fit  in  my  car?   @Getsatisfaction #MonetizeSMM 16
  • 17. “When making a purchase decision consumers care about content that has been vetted by other consumers.”55Incyte, “To Monetize Open Social Networks, Invite Customers to Be More Than Just “Friends”, 7/2012, http://www.incytegroup.com @Getsatisfaction #MonetizeSMM 17
  • 18. Social Media is the Door into Brand’s Customer Community58% of consumers have joined an internet communitybased on a friend’s Facebook post @Getsatisfaction #MonetizeSMM 18
  • 19. “Consumers are clearly saying that customer community allows them to quickly access information that is relevant and accurate.”66Incyte, “To Monetize Open Social Networks, Invite Customers to Be More Than Just “Friends”, 7/2012, http://www.incytegroup.com @Getsatisfaction #MonetizeSMM 19
  • 20. Relevant Content is What Drives Consumers toPrefer Branded Communities over SocialNetworksTop  Reasons  Consumers  Par9cipate  in  a  Branded  Customer  Community   @Getsatisfaction #MonetizeSMM 20
  • 21. “Consumers prefer it when information is provided by other people like them.”77Incyte, “To Monetize Open Social Networks, Invite Customers to Be More Than Just “Friends”, 7/2012, http://www.incytegroup.com @Getsatisfaction #MonetizeSMM 21
  • 22. 83% of Consumers are Very Willing to Become Brand Advocates" 83% of consumers are very willing to become on-line brand advocates" 42% of consumers are willing to be on-line advocates without incentive @Getsatisfaction #MonetizeSMM 22
  • 23. “Advocacy at scale is the “holy grail” for marketers.”88Incyte, “To Monetize Open Social Networks, Invite Customers to Be More Than Just “Friends”, 7/2012, http://www.incytegroup.com @Getsatisfaction #MonetizeSMM 23
  • 24. The Key to Driving Revenue from Social is a Branded Customer Community @Getsatisfaction #MonetizeSMM 24
  • 25. Take Action to Boost the Revenue Impact ofYour Social Media InvestmentsAc-on  #1:   Ac-on  #2:   Ac-on  #3:  Look  at  social   Use  customer  communi9es   Leverage  customers  as  throughout  customer   to  make  your  website  more   brand  advocates    life  cycle   “Social”   @Getsatisfaction #MonetizeSMM 25
  • 26. Panel of Marketing Experts Wendy  Lea,     Ray  Wang,     Get  Sa-sfac-on,  CEO   Constella-on  Research  Group,  CEO       @WendySLea       @rwang0                   Adam  Kleinberg     Amy  Love   Chris  Carfi,  Ants     Evan  Grossman   Jascha  Kaykas   Trac-on,  CEO   NetApp,  CMO   Eye  View,  VP   athenahealth,  VP   Mindjet,  CMO   Social  Strategy   Product  Management                                      @adamkleinberg   @amydlove   @ccarfi   @evangrossman   @kaykas           @Getsatisfaction #MonetizeSMM 26
  • 27. Learn MorehDp://www.youtube.com/user/getsa9sfac9on/featured @Getsatisfaction #MonetizeSMM 27