Supports a Traditional Exporting ApproachAssess the relevant importance of countries, markets and industriesImportance in terms of volume of relevant mentions. This analysis can be undertaken using multi-lingual variants.Aid understanding, find communities and 'real-time' conversations around: Political and Economic environment - (Twitter in Libya, Tunisia, Linkedin groups) Social and Demographic environment - (SocialBakers, Linkedin, Blogs and Communities)Technological and Technographic environment - (Technographics)
‘Creating the Buzz’Social Media for Sustained Export Growth Dr. Jim Hamill Alan Stevenson Vincent Hamill www.energise2-0.com March, 2011
Agenda/Content Background – SME Internationalisation The Social Media Revolution – Key Things to Remember Social Media and SME Export Barriers Practical Examples Encouraging a global ‘mindset’, building confidence Social Media Monitoring Tools for Export Market Research, Insight and Understanding Building a ‘Quality International Customer Base’ Social Media Planning Pays Implications/Discussion
Agenda/Content Social media is marketing as a conversation with your customers – a conversation with your network Engagement, two-way dialogue, talk with NOT AT your customers If you have a question to ask or a point to make........
Don’t bother because we’re not interested in what you think or what your experience can contribute to this session. If you ask a question, or make a comment, we will ignore you How many companies treat their customers that way?
Background The importance of SME internationalisation to national economic growth is widely recognised in most developed and developing countries A range of policy measures are in place...... But major barriers exist........Psychological, Organisational, Operational, Product/Market Used effectively, social media can help to overcome many of these barriers leading to the more rapid internationalisation of the SME sector
Background Important research and policy implications; also for the teaching and practice of International Marketing – the skills and experience required ‘Social Media Planning Pays’
International Business 2.0 Web 2.0 Applications Open source Online Applications/ Web Services Social/ Professional Network Sites Social Content – Social Bookmarking Blogs or Weblogs Wikis Podcasts/ Vodcasts Virtual Realities Mash Ups RSS Feeds Mobile Web; Internet Telephony Twitter Business Impact Mindset Business Intelligence Customer Insight and Understanding Customer Interaction Enhanced Customer Experience – Rich Internet Applications Reputation Management Sales and Marketing Product Development and R&D e.g. engage and co-create IT/Software/Applications Operations, Internal Processes and HRM Characteristics Communities and Networks Openness Sharing Peering Hosted Services – online applications; the Internet as the platform Interactivity Social Element Mass Collaboration Empowerment Global
Key Things to Remember It’s social A key feature is online democracy – with content being provided by the network for the network – represents a fundamental and revolutionary change in online behaviour, expectations and the online customer experience. The end of the ‘read only’ internet. Conversations are taking place relevant to your business Power shift Social media empowers customers, empowers the network. Recognizing this shift is the cornerstone of future success. Customers increasingly rely on the network for information Declining effectiveness of traditional approaches Does anyone listen to sales/brand messages anymore?
Source: The Future of Advertising, APA, 17/02/09 as published on Slideshare (www.slideshare.com)
Key Things to Remember Pull v push Customers decide what information they wish to access New ‘mindsets’ are required Marketing as a conversation with your customers/network– dialogue not broadcasting But this is something that most of us are not very good at doing. We prefer ‘telling’ people SM ‘winners’ and ‘losers’ ‘Winners’ will be those organisations who fully utilise the interactive power of Web 2.0 technology for engaging with and energising customer and network relationships
Key Things to Remember New performance measures Requires new performance measures Quality of your network Relationship strength Ability to leverage Social media monitoring tools (see later) Redefines the concept of a web site a blog integrated with your other social network sites The need for new business/marketing models
Key Things to Remember The need for new business/marketing models Traditional approach: Product development – Differentiate – Market and Promote - Sell New model based on: Communities, networks, openness, peering, sharing, collaboration, customer empowerment, ‘think and act’ globally Engage and energise ‘Create the Buzz’
Business Benefits Used effectively, social media can deliver the following business benefits Market/Customer Knowledge & Insight Engagement & Reputation Management Enhanced Customer Experience and Loyalty Sales/Marketing Effectiveness, Efficiency and ROI Operations/ Internal Processes (open source and hosted apps) But the key words are ‘used effectively’............
Social Media in Action Overcoming the Barriers
Social Media in Action Practical Examples Encouraging a global ‘mindset’, building confidence Social Media Monitoring Tools for Export Market Research, Insight and Understanding Building a ‘Quality International Customer Base’
Encouraging a global ‘mindset’, building confidence
Global 'Mindset', Confidence SME participation in export support sites, social/ professional networks & forums etc can help to develop a more global ‘mindset’, generate greater awareness enthusiasm and confidence Can help to speed up the internationalisation process leading to quicker ROI
Support Sites Very large number of sites...... General export support Online Markets Industry specific
From Web 1.0 to Web 2.0 Most of these sites will have email newsletters/ RSS Feeds etc to help keep you up-to-date But this is a Web 1.0 way of doing things..... One of the major trends in recent years has been the emergence of a very wide range of Social Media Monitoring Tools
Social Media Monitoring Tools and SME Exporting
SMM and SME Exporting Lack of foreign market knowledge and limited resources for export market research/country screening are two of the main barriers to SME internationalisation Used effectively, Social Media Monitoring tools can help to overcome these barriers Can also support a ‘NEW’ approach to internationalisation
Social Media Monitoring Tools Monitor and evaluate what is being said, by who, where and what impact – delivers actionable insights Three stage process Aggregate what is being said Natural language analysis – understand the data Deliver actionable insights We have identified more than 100 Companies in this space
Social Media Monitoring: Benefits They provide the following organisational benefits: Market Knowledge and Intelligence. Where your customers, partners, competitors and staff are hanging out online. Customer Insight and Understanding. What your customers and their influencers are saying about you or your competitors. Identify and network with high value, high growth prospects.Identifying key posts and follow-up actions. Interaction with Key Influencers. Identify influential sources for incorporation into a wider strategic response. Reputation Management. Timely identification of potential reputation issues. Improved Sales and Marketing. New prospects, customer and market opportunities. Improved Performance Monitoring. Support a 4Is approach.
International Social Media Monitoring SMM tools can be used to… Augment a Traditional Market Scanning Approach Support a New approach Build a Quality Customer Growth Programme
International Social Media Monitoring Support a Traditional Market Scanning Approach Research and compare countries, industries, competitors Aid understanding, find communities and 'real-time' conversations around “environmental” issues: Political and Economic environment Social and Demographic environment Technological and Technographic environment
International Social Media Monitoring (b) Support a New Approach Identify Applications, Platforms and Communities of interest Find and Engage Customers and Influencers Find relevant Conversations and Actionable insights For some companies, this new approach provides more immediate benefits
Applications and Platforms (Nanotech) On Topic Posts
Building a Quality International Customer Base/ A Quality Network Quick Example from Linkedin
The Company A new business start-up Supplier of hi-tech solutions to the neurotechnology and optogenetic sectors Project Task Identify most attractive potential international customers and a communications plan for engagement Who, Where, How?
Quality Customer Growth Programme Start with a ‘Customer Mapping Exercise Identified 3 main customer groups Individuals in neuroscience Neuroscience/optogenetic institutes, firms and clusters Individuals in optogenetics Used Linkedin for building a customer database..... Then position on the Customer Value Matrix Communications strategy emerged from this.......
QCGP 27,000 neuroscience profiles on Linkedin 100 neuroscience institutes, firms, clusters 50 neurotechnology companies 50 individuals in optogenetics Further filtered to identify the Top 50 ‘best sales prospects’ Updated last week........
So what progress has been made by Scottish export companies?
Progress Made Interest and enthusiasm for social media is growing rapidly - channels are being set up But there is a need for a more ‘strategic’ approach - clear social media vision and strategy, agreed objectives, KPIs, targets, ROI and on-going performance measurement More attention needs to be paid to organization, people, resource issues critical to on-going SM success
Social Media Planning Pays
Some Advice for Moving Forward
Moving Forward The key strategic, management and organizational challenges involved in planning, implementing and managing successful social media strategies for sustained business growth ‘Social Media Planning Pays’……. SM success requires sound planning and the application of professional project management procedures …. but not ‘paralysis by analysis’ Ensure that your SM Strategy is fully aligned behind and supportive of your core business goals and objectives
Each Step is being covered in detail on our blog at www.energise2-0.com
Five Key Areas External Analysis: Evaluate Your Social Media Landscape Internal Analysis: Evaluate Your ‘Readiness to Engage’ Develop Your Social Media Strategy and Action Plans for ‘Getting There’ Evaluate Your Social Media Performance and ROI Organization, People and Resource Issues
‘Be Customer Led’ Three key questions: Who are our customers, who do we wish to engage with? Where do we find them ‘hanging out’ on social media? How can we best engage and energise them?
Develop Your Social Media Strategy and Action Plans for ‘Getting There’
Use a Simplified Balanced Scorecard Will ensure that the social media actions and initiatives you take are fully aligned with and supportive of your overall business goals and objectives; that KPIs are agreed for monitoring and evaluating social media performance, business impact and ROI; and all key success factors are considered, especially the organization, people and resource aspects critical to successful strategy implementation A Scorecard approach can also be very useful for internal and external communications – a simple framework to present social media goals, objectives, key actions and initiatives to colleagues, partners and other stakeholders
Social Media Balanced Scorecard Not ‘paralysis by analysis’. By providing an agreed framework to follow, the Balanced Scorecard considerably speeds up strategy development and implementation The steps involved can be captured in a Social Media Strategy Map Five key questions to address……
Social Media Balanced Scorecard What is the overall social media vision for your organization? What are the key objectives and targets to be achieved? Who are your customers? Key Actions and Initiatives Organisation, Resource and People Issues
Organization, Resource and People Organisation, resource and people issues sit at the bottom of your SM Balanced Scorecard NOT because they are the least important issues to address. In fact, the exact opposite is true
Conclusion Social media has become too important to ignore.... A Social Media supported Export Strategy can help to overcome many of the barriers/obstacles But ‘plan the work and work the plan’
Bob Dylan Come gather 'round people Wherever you roam And don’t criticise What you can't understand Your sons and your daughters Are beyond your command Your old road is Rapidly agin‘ Then you better start swimmin’ Or you'll sink like a stone For the times they are a-changin’
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