How to Maximize Your Overall Return on Social Media Investment - Ken Chow

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How to Maximize Your Overall Return on Social Media Investment

A recent R2integrated study shows that of companies who had profited or increased revenues from social media were about 2x as likely to have a formal strategy, and almost 2x as likely to have a dedicated headcount for managing social media. Learn how to approach, develop and execute social media strategies and tips to maximize your overall social media ROI.

* Ken Chow, VP of Marketing, R2integrated

Published in: Education, Business, Technology
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  • Search and SocialAll kinds of decisionsBrands are becoming Publishers
  • You may have seen this before in a previous webcast
  • Emphasis here;re-enforcement of key conceptNot to say that there’s no altruism, but it’s not driving most sharing…
  • When you share it, it says “I am generous”
  • Identify through understanding of customer buying behaviorEmpower with share-worthy and sharable contentReproduce through enabling bridging behavior
  • First a note on approach…
  • How to Maximize Your Overall Return on Social Media Investment - Ken Chow

    1. 1. How to MaximizeYour Overall Return onSocial Media Investment<br />Or<br />How I Learned to Stop Worryingand Love Facebook<br />
    2. 2. Agenda<br />Survey says...!<br />The Gulf Between Winners and Losers<br />Four Steps to Recovery<br />Start With Buying Behavior<br />Develop a Framework<br />Adapt Your Organization<br />Case Study: Precision Tune Auto<br />copyright r2integrated, LLC 2009 – confidential and proprietary<br />
    3. 3. Social Media Survey<br />Header Subtitle<br />copyright r2integrated, LLC 2009 – confidential and proprietary<br />
    4. 4.
    5. 5.
    6. 6.
    7. 7.
    8. 8.
    9. 9.
    10. 10.
    11. 11.
    12. 12.
    13. 13. Summary of Opinions<br />A lot of us think we can do without it<br />Only about half of us have an actual strategy<br />A lot of us think we’re “proficient” or “expert”<br />A lot of us don’t know why we’re doing this<br />Most of us don’t follow the leaders<br />Most of us aren’t making any money<br />copyright r2integrated, LLC 2009 – confidential and proprietary<br />
    14. 14. The Gulf BetweenWinners and Losers<br />What separates those who profitfrom those who don’t?<br />copyright r2integrated, LLC 2009 – confidential and proprietary<br />
    15. 15.
    16. 16.
    17. 17.
    18. 18.
    19. 19.
    20. 20.
    21. 21.
    22. 22. Social Media Death Spiral<br />copyright r2integrated, LLC 2009 – confidential and proprietary<br />Lack of Understanding<br />Wrong Approach<br />Failure toInvest<br />UnworkablePrograms<br />IncorrectMetrics<br />Inability toMeasure<br />Lack ofResults<br />
    23. 23. Coming to Grips<br />The 5 Stages ofTechnology Introduction:<br />Denial<br />Anger<br />Bargaining<br />Depression<br />Acceptance<br />
    24. 24. Coming to Grips<br />The 5 Stages ofTechnology Introduction:<br />Skepticism<br />
    25. 25. Coming to Grips<br />The 5 Stages ofTechnology Introduction:<br />Skepticism<br />Experimentation<br />
    26. 26. Coming to Grips<br />The 5 Stages ofTechnology Introduction:<br />Skepticism<br />Experimentation<br />Disappointment<br />
    27. 27. Coming to Grips<br />The 5 Stages ofTechnology Introduction:<br />Skepticism<br />Experimentation<br />Disappointment<br />Practice<br />
    28. 28. Coming to Grips<br />The 5 Stages ofTechnology Introduction:<br />Skepticism<br />Experimentation<br />Disappointment<br />Practice<br />Adoption<br />
    29. 29. Four Steps to a Good Start<br />How the winners got there…<br />copyright r2integrated, LLC 2009 – confidential and proprietary<br />
    30. 30. Four Steps to a Good Start<br />Understand the Medium<br />Strategy Begins with Customer Behavior<br />Then Develop a Framework<br />Adapt Your Organization<br />copyright r2integrated, LLC 2009 – confidential and proprietary<br />
    31. 31. Understand the Medium<br />The Nature of the Relationship<br />Search and social have shifted the balance of power to the customer.<br />You have to treat the Web’s as a buying engine, not a distribution platform.<br />The job is to intersect buying behavior with key content and interaction.<br />copyright r2integrated, LLC 2009 – confidential and proprietary<br />
    32. 32. 6 Quick Truths…<br />The consumer is in control<br />Content and peer advice now drive decisions<br />Self-organized communities<br />Old media hierarchy subverted<br />Brands must engage consumers directly<br />Sharing is the X factor<br />
    33. 33. The Two Types of Social Networks<br />We seek to reduce risk and gain rewards…<br />Technical Networks<br />Commonality: occupation, interest, or technical skill<br />Seeking/Giving: technical data, or specific job-related information<br />Sharing Motivation: inclusion, status, reputation, reciprocity<br />Trust and Admiration Networks<br />Commonality: personal affiliation (friends, associates)<br />Seeking/Giving: personal views and status, advice on decisions and purchases<br />Sharing Motivation: ego (recognition, admiration, and trust)<br />copyright r2integrated, LLC 2010 – confidential and proprietary<br />
    34. 34. Technical Networks<br />copyright r2integrated, LLC 2009 – confidential and proprietary<br />
    35. 35. Trust and Admiration Networks<br />copyright r2integrated, LLC 2009 – confidential and proprietary<br />
    36. 36. Understand the Medium<br />Sharing Is The Key<br />The real promise of scalability happens through sharing, which people primarily do for reasons related to ego.<br />If you can tap into this behavior, social media can be exploited as a non-efficient system.<br />copyright r2integrated, LLC 2009 – confidential and proprietary<br />
    37. 37. Sharing Motivation<br />People share things that meetone or more of these basic criteria:<br />Transactional Value – “I’m generous”<br />Entertainment – “I’m fun”<br />Information Useful for Daily Life – “I’m smart”<br />copyright r2integrated, LLC 2010 – confidential and proprietary<br />
    38. 38. Transactional Value<br />copyright r2integrated, LLC 2009 – confidential and proprietary<br />“I am generous.”<br />
    39. 39. Transactional Value<br />copyright r2integrated, LLC 2009 – confidential and proprietary<br />“I am fun.”<br />(“And I have a lot of spare time”)<br />
    40. 40. Transactional Value<br />copyright r2integrated, LLC 2009 – confidential and proprietary<br />“I am smart.”<br />
    41. 41. Social Bridging<br />The Goal:Changing opinions and buying decisionsthrough the sharing of contentby others who accept your value proposition<br />Making “advocates”<br />copyright r2integrated, LLC 2009 – confidential and proprietary<br />
    42. 42. Social Bridging<br />The Method:Use social media not as a broadcast medium, but as a place to identify, empower, and reproduce advocates<br />copyright r2integrated, LLC 2009 – confidential and proprietary<br />
    43. 43. Social Bridging<br />The Mission:To locate likely advocates,arm them with valuable content,and ensure sharing mechanisms are in place<br />copyright r2integrated, LLC 2009 – confidential and proprietary<br />This is not a “one and done” proposition, advocates represent an ongoing relationship that must be actively maintained.<br />
    44. 44. Social Bridging<br />copyright r2integrated, LLC 2009 – confidential and proprietary<br />Identify – Empower – <br />
    45. 45. Strategy Starts withCustomer Behavior<br />If you don’t get this right, nothing else matters…<br />copyright r2integrated, LLC 2009 – confidential and proprietary<br />
    46. 46. Behavioral Model<br />A framework for categorizing the various reasons people buy your products and the ways they buy them<br />These might be discreet segments, or might represent a continuum of behaviors through which customers evolve<br />copyright r2integrated, LLC 2009 – confidential and proprietary<br />
    47. 47. Behavioral Model<br />copyright r2integrated, LLC 2009 – confidential and proprietary<br />A B2B Software Company…<br />AnonymousResearcher<br /><ul><li>Seeking general information
    48. 48. Not self-identified</li></ul>EngagedResearcher<br /><ul><li>Actively gathering content
    49. 49. Comparing vendors
    50. 50. Identified</li></ul>TrialResearcher<br /><ul><li>Downloads trial version
    51. 51. Seeks to validate claims
    52. 52. Focus on functionality</li></ul>Super TrialResearcher<br /><ul><li>Expands trial to multiple seats
    53. 53. Testing user acceptance
    54. 54. Testing deployment</li></ul>Buyer<br /><ul><li>Purchases product for specific deployment
    55. 55. Focus on acquisition costs & support</li></ul>Adopter<br /><ul><li>Fully committed across entire organization
    56. 56. Highest-level of buy-in</li></ul>BehaviorCharacteristics<br />
    57. 57. Behavioral Model<br />copyright r2integrated, LLC 2009 – confidential and proprietary<br />A B2C Software Company…<br />X<br />
    58. 58. Behavioral Model<br />copyright r2integrated, LLC 2009 – confidential and proprietary<br />A National Restaurant Chain…<br />
    59. 59. Creating A Framework<br />copyright r2integrated, LLC 2009 – confidential and proprietary<br />
    60. 60. Basic Framework<br />Tactics<br />Customer Behavior<br />Strategy<br />Tools & Content<br /><ul><li>Motivation
    61. 61. Needs/Wants
    62. 62. Influencers
    63. 63. Products
    64. 64. Basedon Behavior
    65. 65. Framework for managing influencers
    66. 66. Intersecting behavior with messages at the right place and time
    67. 67. Programs and campaigns
    68. 68. Infrastructure
    69. 69. Engaging content</li></ul>copyright r2integrated, LLC 2010 – confidential and proprietary<br />
    70. 70. Buying Behavior<br />Motivation<br />Whose Problem is It?<br />Aspirin or Vitamin?<br />Risk/Reward<br />Needs/Wants<br />Form/Function<br />Price<br />Decision Making<br />Influencers vs. DMs<br />Evidence/Information<br />References<br />Peer Advice<br />copyright r2integrated, LLC 2009 – confidential and proprietary<br />Where are these communities?<br />How do they operate?<br />How do you intersect?<br />
    71. 71. Content Generation<br />Which Audience?<br />Technical/Non-technical<br />Match the Motivation<br />Does it affect their “In Box”?<br />Shareable Value<br />Transactional<br />Entertaining<br />Useful Information<br />copyright r2integrated, LLC 2009 – confidential and proprietary<br />Ask yourself, and ask key customers: “Would you share this?” “Why?”<br />Be honest…<br />
    72. 72. Sharing Systems and Technologies<br />E-mail<br />The Original Social Network<br />Embedded sharing mechanisms (e.g. influencer widgets)<br />copyright r2integrated, LLC 2009 – confidential and proprietary<br />
    73. 73. Sharing Systems and Technologies<br />Social Media:<br />Inherent Mechanism( e.g. Facebook)<br />Adjunctive Mechanisms(e.g. Facebook Connect API)<br />Share This<br />Ad Buys<br />copyright r2integrated, LLC 2009 – confidential and proprietary<br />
    74. 74. copyright r2integrated, LLC 2009 – confidential and proprietary<br />Sharing Systems and Technologies<br />Other Community Environments:<br />Company Micro-sites <br />3rd Party Promotion Sharing Sites (e.g. coupon sites)<br />Partners<br />
    75. 75. Adapting Your Organization<br />Platforms, Content, Skill Sets<br />
    76. 76. Platform and Technologies<br />Brands used to rent the publishing platforms the used, now they must own or control them outright…<br />Content Management<br />Content Syndication<br />Community Building Tools<br />Mobile Applications<br />Rich MediaTools<br />Platform Layer<br />
    77. 77. Vendors<br />Content must match the mission…<br />Strategy<br />Creative<br />Development<br />Management<br />Engagement Layer<br />Content Management<br />Content Syndication<br />Community Building Tools<br />Mobile Applications<br />Rich MediaTools<br />Platform Layer<br />
    78. 78. Internal Skill Sets<br />As must your own talent pool…<br />Content Author<br />Community Manager<br />Technical Support<br />Skill Sets Layer<br />Strategy<br />Creative<br />Development<br />Management<br />Engagement Layer<br />Content Management<br />Content Syndication<br />Community Building Tools<br />Mobile Applications<br />Rich MediaTools<br />Platform Layer<br />
    79. 79. Content Author<br />Community Manager<br />Technical Support<br />Skill Sets Layer<br />Strategy<br />Creative<br />Development<br />Management<br />Engagement Layer<br />Content Management<br />Content Syndication<br />Community Building Tools<br />Mobile Applications<br />Rich MediaTools<br />Platform Layer<br />Adapting the Organization<br />
    80. 80. Consequences…<br />
    81. 81. Case Study:Precision Tune Auto Care<br />copyright r2integrated, LLC 2009 – confidential and proprietary<br />
    82. 82. Creating Effective Social Programs<br />Tactics<br />Customer Behavior<br />Strategy<br />Tools & Content<br /><ul><li>Motivation
    83. 83. Needs/Wants
    84. 84. Influencers
    85. 85. Products
    86. 86. Basedon Behavior
    87. 87. Framework for managing influencers
    88. 88. Intersecting behavior with messages at the right place and time
    89. 89. Programs and campaigns
    90. 90. Infrastructure
    91. 91. Engaging content</li></ul>copyright r2integrated, LLC 2010 – confidential and proprietary<br />
    92. 92. Tactics<br />Leveraging Existing Investments <br />Customer Behavior<br />Strategy<br />Tools & Content<br />MyCarPage<br />Email Acquisition<br />Pay Per Click<br />TV Commercials <br />Local Search SEO<br />Website & Micro sites<br />Off-page SEO<br />YellowPages.com<br />CitySearch.com <br />Media Buys<br />Radio Commercials <br />copyright r2integrated, LLC 2010 – confidential and proprietary<br />
    93. 93. Tactics<br />Leveraging Existing Investments <br />Customer Behavior<br />Strategy<br />Tools & Content<br />MyCarPage<br />Email Acquisition<br />Pay Per Click<br />TV Commercials <br />By overlaying a social framework, it integrates with and amplifies the companies existing assets and investments…<br />Local Search SEO<br />Website & Micro sites<br />Off-page SEO<br />YellowPages.com<br />CitySearch.com <br />Media Buys<br />Radio Commercials <br />copyright r2integrated, LLC 2010 – confidential and proprietary<br />
    94. 94. Creating Effective Social Programs<br />Tactics<br />Customer Behavior<br />Strategy<br />Tools & Content<br />copyright r2integrated, LLC 2010 – confidential and proprietary<br />
    95. 95. Creating Effective Social Programs<br />Tactics<br />Customer Behavior<br />Strategy<br />Tools & Content<br />Grow these by growing “Reminded” and “Proactive” Buyers<br /><ul><li>Grows as those communities grow
    96. 96. Make it easier to quickly find advice and recommendations on the web.</li></ul>Grow these transactions throughcommunity building programs:<br /><ul><li>They’ll remember you in a “reactive” buying situation.
    97. 97. Give them a reason to interact more often
    98. 98. Use engaging primary offers targeted at social relationships and key demographics
    99. 99. Make it easier for them to share positive experiences, and promotions</li></ul>copyright r2integrated, LLC 2010 – confidential and proprietary<br />
    100. 100. Creating Effective Social Programs<br />Tactics<br />Customer Behavior<br />Strategy<br />Tools & Content<br />Establish Facebook as a Social Hub<br /><ul><li>Generate interest and loyalty through regular, valuable content (monetary, fun, useful)
    101. 101. Develop widget to deliver content to the desktop
    102. 102. Grow the community of “reminded” and “proactive” buyers
    103. 103. Deliver promotions to outside groups</li></ul>Leverage Email as another Social Hub<br /><ul><li>Engaging primary offers
    104. 104. Embed sharing technology to multiply reach and accelerate distribution</li></ul>copyright r2integrated, LLC 2010 – confidential and proprietary<br />
    105. 105. Creating Effective Social Programs<br />Tactics<br />Customer Behavior<br />Strategy<br />Tools & Content<br />Re-purpose existing investments<br /><ul><li>Distribute video via social
    106. 106. Adapt promotional materials and content to social distribution</li></ul>Create new social content<br /><ul><li>Transactional (coupons)
    107. 107. Fun (popular culture, quizzes, games)
    108. 108. Daily life (alerts, tips, reminders, facts)</li></ul>copyright r2integrated, LLC 2010 – confidential and proprietary<br />
    109. 109. Tactics<br />A Complete Framework<br />Customer Behavior<br />Strategy<br />Tools & Content<br />MyCarPage<br />Email Acquisition<br />Drive “Reminded” and “Proactive” buyers through community building programs.<br />Drive “Reactive” buyers by growing size and loyalty of “Reminded” and “Proactive” and by facilitating social search<br />Pay Per Click<br />TV Commercials <br />Local Search SEO<br />Website & Micro sites<br />Off-page SEO<br />YellowPages.com<br />CitySearch.com <br />Media Buys<br />Radio Commercials <br />Community Hub (FB)<br />Re-purposed Content<br />Social Media Buys<br />Shareable email<br />New Social Content<br />copyright r2integrated, LLC 2010 – confidential and proprietary<br />
    110. 110. Tactical Overview<br />Facebook portal delivers valuable content, builds loyalty<br />Facebook Sharing allows members to recruit others through social “bridging”. Facebook Connectwith a micro-site or landing page amplifies it.<br />Œ<br />Sharing extends reach and drives acquisition of base. Promotion drives base to Facebook<br />300K+<br />email base<br />Ž<br />Join<br />Join<br />Acquire<br /><br />Social Media buysdrive other outsidemembers to join<br /><br />Email with engaging primary offer and sharing mechanisms. <br />Size and loyalty of community drives more “Reminded” and “Proactive” transactions<br /><br />‘<br />copyright r2integrated, LLC 2010 – confidential and proprietary<br />
    111. 111. Sample Campaign Elements<br />copyright r2integrated, LLC 2010 – confidential and proprietary<br />
    112. 112. Sample Campaign Elements<br />Note –<br />During our research on the Precision Tune MyCarPage, it was discovered that in 2007, MyCarPage partnered with AskPatty, a leading social network auto advice for women, to launch their own MyCarPage service on their site. AskPatty is a very active community, with tens of thousands of members and over 9,000 Twitter followers …<br />copyright r2integrated, LLC 2010 – confidential and proprietary<br />
    113. 113. Sample Campaign Elements<br />FacebookMedia Buy<br />Email<br />Coupon<br />copyright r2integrated, LLC 2010 – confidential and proprietary<br />
    114. 114. Sample Campaign Elements<br />copyright r2integrated, LLC 2010 – confidential and proprietary<br />The social hub ties together the promotional campaigns to all of the other loyalty-building content and interactions that builds communities…<br />
    115. 115. Sample Campaign Elements<br />copyright r2integrated, LLC 2010 – confidential and proprietary<br />Popular culture…<br />
    116. 116. Sample Campaign Elements<br />copyright r2integrated, LLC 2010 – confidential and proprietary<br />Valuable information for daily life…<br />
    117. 117. Sample Campaign Elements<br />FacebookMedia Buy<br />Email<br />Coupon<br />copyright r2integrated, LLC 2010 – confidential and proprietary<br />
    118. 118. Sample Campaign Elements<br />copyright r2integrated, LLC 2010 – confidential and proprietary<br />
    119. 119. Sample Campaign Elements<br />FacebookMedia Buy<br />Email<br />Coupon<br />copyright r2integrated, LLC 2010 – confidential and proprietary<br />
    120. 120. Sample Campaign Elements<br />copyright r2integrated, LLC 2010 – confidential and proprietary<br />

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