Market Knowledge: Competitors, Suppliers, Buyers, Influencers; Google insight, Google Alerts will provide a view on most companies within an industry. Also, there are a range of blogs and networks where amateurs and professionals will share their knowledge of a market. Customer Insight and Understanding: Listening to customers and prospects through the range of channels they inhabit; comments on YouTube, Networks where they ‘hang out’ Customer Interaction: the tools exist to not only listen and observe but also to discuss and converseBusiness Intelligence: media monitoring, alerts and related analysis tools provide a great source of structured Business Intelligence. You need not pay £600/month for the privilege, SocialMention and Google Alerts can keep you informed where you need to be. Reputation Management: one of the key aspects of web 2.0 is that it is Real Time. You can see and respond to comments as they arise and often, where the response is efficient and effective, create a positive effect. Consider, the Ethiopian Growers that challenged the coffee used by Starbucks in a video posted on YouTube. This video was viewed by 10,000 people. The CEO posted a response within 24 hours on YouTube, the response was viewed by several million.
We believe there is a strong correlation between positive word of mouth, online buzz and sales and marketing. Needless to say there are now numerous means of getting your message out there, growing followers (through sites like Twitter, and energising your customer base). Web 2.0 is immediate and direct. The example I like to use is of a safety harness company based in Edinburgh who considered using a traditional approach to International Sales and Marketing – find an agent, find prospects, etc. An alternative approach we suggested, used LinkedIn to find the Health And Safety Director of the largest Construction Project in the world. Now it is not a leap to suggest filming the harness on YouTube and sending an email with a link saying you are in Saudi Arabia and would he like to meet up. Numerous examples of customer insight and feedback leading to product improvement. Many car companies use Second Life to test their designs. A site called eBags sends out the latest designs to their top raters on the site. Internal cost savings. No 10 Downing Street example…Improved Operations and internal processes. There are applications for literally anything – wikis that compete with licenced intranets, email freeware that is better than Outlook, hosted network sites for £20/month that would cost £thousands to replicate. Increased Return on Investment. The holy grail or the achiles heal of Web 2.0. How do you make money from this thing…there is a growing level of evidence to suggest that it works.
Social Media for Sustained Business Growth - How You Doing?
Social Media for Sustained Business Growth <br />Social Media Week Glasgow<br />Dr. Jim Hamill <br />Alan Stevenson<br />Vincent Hamill<br />www.energise2-0.com<br />21st September, 2011<br />
Agenda<br />Session 1<br />Overview of Social Media<br />The ‘Key Things to Remember’<br />Social Media in Action: Case Examples<br />Session 2<br />Benchmarking Exercise – for your own company or a company of your own choice<br />Benchmark your current social media activities against accepted ‘best practice’. The resulting ‘Strategic Gap’ i.e. the ‘Gap’ that exists between ‘where you are’ and ‘where you could be’, provides a very strong foundation for future strategy development in this area<br /><ul><li>Leads into our one day Social Media Conference</li></li></ul><li>www.glasgowforbusinessweek.com<br />
Brief Word on Our Approach<br />‘Social Media <br />Planning Pays’<br />
Use a Simplified Balanced Scorecard <br />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<br />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<br />
Social Media Balanced Scorecard<br />Not ‘paralysis by analysis’. By providing an agreed framework to follow, the Balanced Scorecard considerably speeds up strategy development and implementation<br />The steps involved can be captured in a Social Media Strategy Map<br />Five key questions to address……<br />
Social Media Balanced Scorecard<br />What is the overall social media vision for your organization?<br />What are the key objectives and targets to be achieved?<br />Who are your customers?<br />Key Actions and Initiatives<br />Organisation, Resource and People Issues<br />
Key Things to Remember<br />It’s social<br />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<br />Conversations are already taking place relevant to your company/organisation. Are you listening?<br />Power shift<br />Social media empowers customers, empowers the network. Recognizing this shift is the cornerstone of future success <br />Declining effectiveness of traditional approaches <br />Does anyone listen any more?<br />
Do You Listen?<br />Source: The Future of Advertising, APA, 17/02/09 as published on Slideshare (www.slideshare.com) <br />
What is Social Media?<br />NOT a broadcast medium. Its about listening to and engaging with customers, partners, your community, your tribe <br />This is something we are not very good at doing. We prefer telling people how good we are<br />
Key Things to Remember<br />Pull v push<br />Consumers/users decide what information they wish to access<br />New ‘mindsets’ are required<br />Marketing as a conversation with your customers/network– dialogue not broadcasting<br />But this is something that most of us are not very good at doing. We prefer ‘telling’ people<br />SM ‘winners’ and ‘losers’<br />‘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<br />
Key Things to Remember<br />New performance measures<br />Business success depends on the quality of your customer base; the strength of the relationship you have with quality customers; and your ability to leverage that relationship<br />In a social media era, business success depends on the <br />Quality of your network<br />Relationship strength<br />Ability to leverage<br />Social media monitoring/performance management tools <br />The need for new business/marketing models<br />
Key Things to Remember<br />The need for new business/marketing models<br />Traditional approach:<br />Product development – Differentiate – Market and Promote - Sell<br />New model based on: <br />Communities, networks, openness, peering, sharing, collaboration, customer empowerment, ‘think and act’ globally<br />Engage and energise<br />‘Create the Buzz’<br />
Potential Business Benefits <br />of Social Media<br />
Business Benefits<br />Market Knowledge<br />Customer Insight and Understanding<br />Customer Interaction<br />Enhanced Customer Experience<br />Business Intelligence<br />Reputation Management<br />
Business Benefits<br />Improved Sales and Marketing <br />Identify and network with high value, high growth prospects<br />Product Development and R&D e.g. engage and co-create<br />Internal cost savings <br />Improved Operations and Internal Processes<br />Increased ROI<br />
Potential Business Benefits<br />5 main areas:<br />Market/Customer Knowledge & Insight<br />Engagement & Reputation Management<br />Enhanced Customer Experience and Loyalty<br />Sales/Marketing Effectiveness, Efficiency and ROI<br />Operations/ Internal Processes (open source and hosted apps)<br />
Social Media in Action<br />Quick Examples<br />
In a Web 2.0 Era, the Brand Becomes the Customer Experience of the Brand<br />A quick ‘personal experience’<br />Dubai Hotel<br />
From the web site<br /><ul><li>This 5-star hotel and residence offers European hospitality with an unmistakable French touch. The hotel consists of 318 beautifully appointed guest rooms/suites, while the residence offers 112 fully furnished and equipped deluxe Studios and 1-3 bedroom apartments.
The ultimate in comfort, we offer 318 luxuriously elegant rooms and suites.
Take a trip. Escape. Go and visit somewhere new and see if we are there… Give in to that irresistible wanderlust. Discovering and staying in the most exceptional hotels in the world has become the modern-day Graal, a game, a quest…</li></li></ul><li>The Customer Experience <br />of the Brand<br />Tripadvisor<br />
From Tripadvisor<br /><ul><li>It's getting old, the rooms are unappealing and it will never be more than a business hotel
Being a Sofitel hotel we expected something quite 'flashy' unfortunately we were let down. The rooms, although comfortable and clean, were not of the standard we expected and were definately not what we expected after looking at the photos on the hotel's website.
Booking my stay via the Sofitel website after a pleasant experience at several other Sofitel locations over the past 2 years with my new job I was looking forward to a 5 star luxury stay after a stressful business trip. My expectations were reasonable, however certainly not met by this hotel</li></li></ul><li>
Monitoring the Conversations<br />Use Social Media Monitoring Tools to monitor online conversations relevant to your brand – also for measuring the ‘buzz’ about your brand<br />No or low cost tools such as Google Alerts, Yahoo Pipes, Social Mention, Topsy, IceRocket, Blogscope, Blogpulse and ViralHeat<br />More expensive and sophisticated tools such as Radian6, Alterian SM2, Sysomos Heartbeat and InfegySocialRadar<br />
In Summary……..’Social Media <br />Planning Pays’<br />
Stop and Reflect<br />Key Questions to Address<br />
Key Questions to Address<br />Do you need to engage with Social Media?<br />What progress has been made benchmarked against industry ‘best practice’, the potential of social media for your business and, more importantly, against the growing expectations of customers?<br />What are the key objectives and targets to be achieved from social media? Are these fully aligned with and supportive of your overall business goals and objectives?<br />Who are your customers? Where do you find them ‘hanging out’ on social media? How can you best engage with them?<br />
Key Questions to Address<br />What are the main Social Media Actions and Initiatives you need to take – short, medium and longer term?<br /> What generic social media strategy should you follow (number of channels used/ depth of engagement in each channel)?<br />For each priority Social Media Channel, what are your core objectives for that channel; what KPIs will be used for measuring on-going channel performance; what are your targets for each KPI; what key tasks are needed to achieve these targets?<br />
Key Questions to Address<br />Do we have the right organisational ‘culture’ and ‘mindset’ for Social Media? ‘Be social before doing social! Is the right organisational and decision-making structure in place?<br />Has agreement been reached on resource allocation?<br />Who will be responsible for your social media activities? What balance has been agreed between internal and external roles and responsibilities?<br />Who is the Social Media Champion?<br />Do you have agreed Social Media Policies and Guidelines in place covering ‘Proper Use’, ‘Content Management’, ‘Customer Response Times/Quality’ and ‘Legal’ aspects?<br />
Bob Dylan<br />Come gather 'round people<br />Wherever you roam<br />And don’t criticise<br />What you can't understand<br />Your sons and your daughters<br />Are beyond your command<br />Your old road is<br />Rapidly agin‘<br />Then you better start swimmin’<br />Or you'll sink like a stone<br />For the times they are a-changin’<br />
Benchmarking Exercise<br />Benchmark your own company/organisation (or one of your own choice) against the following 10 questions <br />Give yourself a score 1 (poor) – 10 (excellent) <br />Be Honest!!!!!<br />Honest Answers Produce Honest Results!!!!!<br />
Question 1<br />How well are you using Social Media Monitoring Tools for listening? Do you have an agreed strategy in place for deriving actionable insights from the online conversations taking place relevant to your business?<br />
Question 2<br />Do you have a clear social media vision and strategy? What is it?<br />
Question 3<br />Have you documented and communicated the core business objectives to be achieved from Social Media? Have you agreed KPIs (Key Performance Indicators) and targets for each core business objective?<br />
Question 4<br />Are your Social Media activities underpinned by a detailed ‘Customer Mapping and Segmentation Analysis’? To what extent are your Social Media activities focused on ‘quality’ customers i.e. high value, high margin, high growth potential customers? Is Social Media in your company driven by the need to build a ‘Quality Customer Base’ i.e. Identify, Acquire, Retain and Grow Quality Customers; or are you wasting valuable time and resource on ‘below zero’ customers (actual and potential)?<br />
Question 5<br />Have you agreed the core business objectives, KPIs and targets to be achieved from each priority Social Media Channel?<br />
Question 6<br />Are formal procedures in place for monitoring and evaluating Social Media performance and business impact benchmarked against strategic business objectives?<br />
Question 7<br />On a scale 1-10, how would you rate the positive business benefits derived from your Social Media activities (1-no or minimal impact; 10 – major positive impact)<br />
Question 8<br />Compared to other companies in your industry, are you a ‘leader’ or ‘laggard’ in your use of Social Media? Do you benchmark your Social Media performance and business impact against industry ‘best practice’, the potential of social media for your business and, more importantly, against the growing expectations of customers?<br />
Question 9<br />How well is your company organised and resourced to actively engage with Social Media? Are you a ‘social’ organisation? Are your Social Media activities resourced properly?<br />
Question 10<br />Do you have a clear plan in place covering future development of your Social Media activities?<br />
How did you do?<br />What ‘actionable insight’ did you derive?<br />