Conversation Economy


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Presentation on the conversation economy and how it has progressed from web 1.0 to web 2.0. Good for an introductory course lecture

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  • What do you think they mean by “the conversation economy” ?
  • Anyone familiar with Trip advisor?
  • Think of each social group as a series of stars and by connecting within the social groups you form constellations
  • Need to spend some time delving in and understanding this.
  • Dove ad campaign would be a good example at this point
  • Since it is consumer based how do you think the corporate world views it and how will the conservative establishment deal with it.
  • Web 2.0 applies to you- given huge number of on-line users, no industry will be exempt from the tidal wave of consumer behaviorBridge the generation gap- these concepts are the new native tongue to the younger workers in an organization. Use them to help steer the courseDo your homework-examine what has been done in your industry and related industries and learn form it.Borrow what you can’t build-buy, borrow or partner to develop the needed IT infrastructureDon’t mistake Web 2.0 technology for on-line advertising- the rules for branding and advertising are different using social media, honor them!Give up control- don’t be afraid of consumer comments; embrace the feedback and use the tools to respond and open a dialogueMake a straight forward business case- you can prove the ROI on these initiatives, so figure it out and you will get the fundingLook in your own backyard- you may be able to tap IT and process-related skills in workers in the organization to support a web2.0 planAvoid the hype- don’t undertake these initiatives just because your competitors are doing it. Think hard about your objectives and strategiesGet your toe in the water- just do it or you will be left behind; evaluate regularly to be sure you are hitting the mark.
  • Conversation Economy

    1. 1. E-Marketing<br />The Conversation Economy<br />Kevin G. O’Donnell<br /><br />
    2. 2. The Facts<br />Two thirds of on-line customers are using social media<br />They like to meet, interact and have dialogue while they shop<br />Consumer reviews have captured the attention of Travel Marketers<br />Engaging Customers <br />Engage customers and prospects in conversations to understand their needs, to develop relationships and to interact with them: <br />Before a purchase<br />During the purchase<br />And after the purchase<br />
    3. 3. Conversation Economy<br />Behavior applies to Travel & Other industries<br />Every Industry is feeling the impact<br />Consumers want to continue their offline relationships in the virtual world<br />This allows and opportunity for Travel Marketers<br />
    4. 4. The Rise of Consumer Constellations<br />Mirroring the offline world<br />Consumers belong to multiple social groups<br />Family & Friends<br />Business Net work<br />Community service group<br />College Alumni group<br />Colleagues from last employment<br />Travel network<br />Favorite activity<br />
    5. 5. No Longer allowing the organizations to pay lip service to a “Focus on the customer” the consumer has assumed the driver’s seat in brand identity, and marketers who do not acknowledge this will do so at their peril<br />It’s really about the guest taking more control over the business and the marketing message.<br />
    6. 6. Context & Discussion about web 2.0<br />
    7. 7. It’s all about Community<br />
    8. 8. Define Web 2.0<br />Web 2.0 is a platform<br />New form of democracy<br />Facilitates interactive conversations on the web<br />User centered<br />With Web based communities<br />
    9. 9. Constellation<br />
    10. 10. New Purchase Funnel<br />Gone are the days when the travel marketer focuses primarily on two points<br />1. Awareness campaigns to promote brand name recognition.<br />2. Tactical campaigns to capture attention at the time of booking with promotion of 800 numbers or URL’s<br />New evolved Paradigm, reflects consumer online behavior, identifies multiple points of contact and new online technologies.<br />1. Allows the company to interact with consumer all along the way.<br />2. Does not end when booking is made<br />3. Continues during<br />4. And Post travel<br />5. Which feeds the next purchase<br />6. Influences others in their decision making.<br />
    11. 11. Travel Planning Funnel<br />
    12. 12. Traditional Marketing Mix<br />Product<br />Promotion<br />Path<br />Pricing<br />Packaging<br />Push<br />
    13. 13. Overlaying the 5 C’s onto the 5 P’s of Marketing<br />Five P’s<br />Product<br />Promotion<br />Path<br />Pricing<br />Packaging<br />Resulting in <br />Push<br />Five C’s Consumer 2.0 Marketing mix<br />Content and context<br />Conversation and context<br />Connectivity<br />Collaboration due to transparency<br />Creativity and collaboration<br />Resulting in <br />Cooperation and shared control<br />
    14. 14. The Bottom Line for Travel Marketers<br />What should the goal be for Travel Marketers?<br />Short-term bookings?<br />Artful Management of social media and social networks result in Powerful Brand Building and reinforcement.<br />How is this accomplished?<br />Through conversation versus conversion<br />We call this “CRM” or customer relationship management<br />
    15. 15. Marketing Objectives and Strategies using social media and social networks<br />Customer Engagement and Building Brand Equity<br />Brand Awareness and Influence Management<br />Guerrilla and Niche Marketing<br />Product/Service development<br />Product/Service Launch<br />
    16. 16. Travel Industry position on Social Media and Networks<br />Interaction with consumers is a natural fit <br />Tremendous opportunities to test the waters<br />Apprehension over the consumer review<br />However, this can be a potent tool marketers can leverage <br />
    17. 17. Social Media Toolkit<br />Audio<br />Video<br />Photos<br />Mapping<br />All combined forming “Mashups”<br />
    18. 18. Tools for Social Media<br />
    19. 19. Summary of Issues for Travel Marketers<br />1. Social Media is growing<br />2. Harness the concept to successfully engage customers in the future<br />3. Hospitality Industry is ideal for interaction with customers<br />4. Volume of user generated information will be great…learn how to manage it<br />5. Relationships need to be Interactional not Transactional<br />6. Internet can be leveraged for many niche groups<br />7. Social Media complements Traditional search engine marketing<br />8. Corporate travel, groups and meetings all use social networks<br />9. Widgets are here…learn to use them<br />
    20. 20. The Concept of Proliferation<br />Web is a participatory Platform<br />Versus collection of static pages<br />Therefore it is a more authentic form of communication<br />Forming a new “world order” dominated by the consumer <br />
    21. 21. CEO’s View of Web 2.0<br />Since this is user centric how will CEO’s view it?<br />80 percent believe Web 2.0 will provide an opportunity to increase their company’s revenue<br />Through improved customer service, enhanced collaboration with partners and sales agents and faster product development<br />
    22. 22. Ten Tips for Success in Web 2.0<br />Web 2.0 is about “You”<br />Bridges the Generation Gap<br />Do your Homework<br />Borrow what you can’t build<br />Don’t mistake Web 2.0 technology for online advertising<br />Give up Control<br />Make a straight forward business case<br />Look in your backyard<br />Avoid the hype<br />Get your toe in the water.<br />