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.
E-Marketing<br />The Conversation Economy<br />Kevin G. O’Donnell<br />KGODonnell34@gmail.com<br />
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 />
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 />
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 />
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 />
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 />
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 />
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 />
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 />
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 />
Social Media Toolkit<br />Audio<br />Video<br />Photos<br />Mapping<br />All combined forming “Mashups”<br />
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 />
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 />
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 />
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 />