Combine traditional and social data to create a Social CRM Build social fields into customer contact informationTrack social media interactions with customers.Understand where customers hang with social media dataCollect customer feedback from social channels.
Sharing and bartering of goods and services onlineAirbnbZipcartarnsportation serviceAdoption specific web-sharing categories:Home/place sharingCar sharingParking sharingClothes sharingLand/garden sharingTools/equipment sharingOffice-space sharing
- Businesses under the management of students on campus (Youseff 2011) in a traditional manner to mom and pop operations or franchisees (Luczkiw 2005) do not come under this research categorisation of the student entrepreneur.
Serendipity is an essential pre-requisite to any entrepreneurial activities by all student entrepreneurs (Type 1 and 2) and archetypal entrepreneurs"You make your luck happen" (#101)"I found the idea of my business while doing an assignment" (#105)"I randomly received an email for the Young Australian Entrepreneurship competition event and decided to enter it" (#107)."You want to be lucky, not right" (#105)."I knew before coming to university that I wanted to do something different, I wanted to take advantage of all opportunities" (#102)"An executive from the association addressed my class for volunteers" (#106).
Australian Computer Society prezzo
Social networkingenhancing productivity & generating revenue Email: firstname.lastname@example.org LinkedIn: sureshsood Skype: sureshsood Twitter: soody Google +: http://gplus.to/soody
Rules of the “new marketing” using social media1. Authenticity2. Advocacy3. Marketing is real time conversations and feedback1. Brand is the conversations
“Social” Trash Cans, City of Lucern (Switzerland)Source: Neue Luzerner Zeitung Online, 11. Mai 2011 4
3D printing marketplace and community “Kinkos of 3d printing”
3 Key Game Changers Enhancing Social - 2014Connected TV Shipments to Grow at CAGR of 58 Percentthrough 2014 with the Asia-Pacific region is the driving force,with CAGR of over 60% and representing almost half of globalshipments by 2014. Google prototype motion-sensitive headset integrating GPS capabilities, Siri-style voice command and a camera. Available consumers ~ 2014. Wearables a new front in platform war with competitors ( Apple and Facebook) disrupting the vast global eyeglasses market worth $96bn by 2015. Simplification of video-conferencing in work or home Prescription glasses benefit from instant focus-switching capabilities and opticians gain a stream of real-time data from patients Source: Google+ Gross transaction value of mobile payments in Asia Pacific to rise to $316 billion in 2014. According to forecasts, the combined global market for mobile payments is expected to exceed US$1 trillion by 2014, with over one billion users in that year.
Transforming to Brands => Vertical integration( control vs. ownership) orchestration by brand managers death of traditional retail vs. wholesale Portfolio BrandsWholesaler of vs brands products Online Offline lease or financial arrangements ensure control and management of brand promise Mobile Exclusive brands to select retailers S-commerce Co-brand opportunities TV retailing Pop up stores Pre-shopping | Party sales (in-home) In-store | In-home Global Markets 7
Big• Big history –ChronoZoom (Microsoft, UC Berkeley, Moscow State University ) – http://www.chronozoomproject.org/• Art project (Google) – http://www.googleartproject.com/• Large Synoptic Survey Telescope (2015) – three-billion-pixel digital camera• Twitter – 175 million Tweets/day, 1 Twitter accounts per second, 1 million accounts per day (Infographics lab) – Usain Bolt 200m sprint generated 80,000 tweets per minute (Twitter is ~ 400m tweets per day in June 2012, Feinleib) (http://www.mediabistro.com/alltwitter/twitter-olympics-stats_b26721• Facebook shares 1 Billion “things via Open Graph daily (Protalinski 2012)• Brand Engagement Opportunity Online $500B (Dachis 2012) – 30,000 brands, millions of social accounts and 15 billion signals per month (Social Business Index; www.socialbusinessindex.com)• Yottabyte (http://whatsabyte.com/)yottabyte) – 1,000,000,000,000,000GB - Entire Internet and takes 11 trillion years to download on high bandwidth network
24104 Emerging Marketing Issues and Social Media“Make no mistake: Big Data is the new definitive source of competitive advantageacross all industries. Enterprises and technology vendors that dismiss Big Data as apassing fad do so at their peril and, in our opinion, will soon find themselvesstruggling to keep up with more foreword-thinking rivals”. Big Data Manifesto | Hadoop, Business Analytics and Beyond -‐- Wikibon
Beyond big – psychological ?• Winter storms most significant impact on health over windstorms and floods (2011) – http://www.sas.com/news/preleases/ucf-storms.html• Orbitz found Mac users on average spend $20 to $30 more a night on hotels than their PC counterparts (2012) – http://online.wsj.com/article/SB10001424052702304458604577488822667325882.html• Cyber Attacks Dont Take The Holidays Off (2011) – http://www.fastcompany.com/1800282/cyber-attacks-dont-take-holidays• Quality Coding Takes A Break For The Holidays (2011) – https://threatpost.com/en_us/blogs/quality-coding-takes-break-holidays-why-122011
21st Century Focus Group: Twitter and Marketing Predictions• Tweets is “found data” without asking questions• More meaning than typical search engine query•• Large numbers of passive participants in natural settings• Twitter can predict the stock market (Lisa Grossman, Wired, Oct 19 2010)• Predict movie success in first few weekends of release – “…it also raises an interesting new question for advertisers and marketing executives. Can they change the demand for their film, product or service buy directly influencing the rate at which people tweet about it? In other words, can they change the future that tweeters predict?” Tech Review, http://www.technologyreview.com/blog/arxiv/25000/ 15
“…According to the spreading activation model of Collins and Loftus (1975), the concepts (or brands in this case) are represented in memory as nodes…”“Most of what we know we don’t know we know. It usually seems that weconsciously will our actions, but this is an illusion” (Wenger, Daniel 2002) 16
Service-Dominant Logic• A logic that views service, rather than goods, as the focus of economic and social exchange i.e., Service is exchanged for service• Essential Concepts and Components – Service: the application of competences for the benefit of another entity • Service (singular) is a process—distinct from “services”— particular types of goods – Shifts primary focus to “operant resources” (skills and knowledge) from “operand resources” (static and tangible) – See value as always co-created (Market With i.e. Collaborate with Customers & Partners to Create & Sustain Value) – Sees goods as appliances for service delivery – Implies all economies are service economies • All businesses are service businesses Vargo, S.L. and R.F. Lusch (2004). “Evolving to a New Dominant Logic for Marketing, Journal of Marketing 68(January): 1-17 17
Collaborative Consumptionbarteringgiftinglendingrenting via online servicesSharingswappingtrading
Evil Plans: Having Fun on the Road to World Domination by Hugh MacLeod (Kindle Edition - Feb 17, 2011)
Purpose Motive Linux-Apache-WikipediaDrive #1: Eat when we’re hungry. Drink when we’re thirsty. Etc.Drive #2: Respond to rewards and punishments in our environment.Drive #3: We do things because they’re interesting and because they’reengaging and because they’re the right things to do and because theycontribute to the world. (!!!)“Our Third Drive, intrinsic motivation, is the most powerful.” Drive: The Surprising Truth About What Motivates Us, Daniel Pink, Riverhead 2009 20
Busting Business Models via Collaborative Consumption (CollCons) 21
3 Sub Markets of CollCons (Rachel Botsman) http://www.collaborativeconsumption.com/the-movement/snapshot-of-examples.php Collaborative Lifestyles It’s not just physical goods that can be shared, swapped, and bartered. People with similar interests are bandingProduct Service Systems together to share and exchange less tangible assetsPay for the benefit of using a such as time, space, skills, andproduct without needing to money.own the product outright.Disrupting traditional industriesbased on models of individualprivate ownership. Source: Redistribution Markets Redistribute used or pre-owned goods from where they are not needed to somewhere or someone where they are
Where to next ?Source: Botsman (2012) Welcome to the new reputation economy Wired magazine 20 August 2012
Digital trustworthiness ? The Aggregation of online reputation Quora Demonstrates expertise to recruiters Stack Overflow Future job Airbnb Trusted renter WhipCar Ebay feedback Etsy Social influence CreditSource: Botsman (2012) Welcome to the new reputation economy, Wired magazine 20 August 2012
Bank 2.0 CRED (credibility) = ( credit score, eBay rating, P2P money transfers, Facebook friends, LinkedIn connections, Klout, referrals, bill payments)Source: Botsman (2012) Welcome to the new reputation economy, Wired magazine 20 August 2012
Reputation transfer between verticals “Paypals of trust”BriieflyConfidoConnect.Me KredLegitReputate # social influence KloutScaffold PeerIndexTru.lyTrustCloudTrustRankWhyTrustedSource: Botsman (2012) Welcome to the new reputation economy, Wired magazine 20 August 2012
10 Step reputation capital 1. Maven 2. Tagging 3. Super “something” 4. Portfolio of online value 5. Trusted opinions – LinkedIn 6. Deep social network 7. Review and recommend 8. Profile monetisation ( IMVU , Linden, Fbook credits) 9. Reputation cleanup (Reputation.com or Veribo) 10. Social capitalSource: Botsman (2012) Welcome to the new reputation economy, Wired magazine 20 August 2012
How much is reputation capital worth? Good reputation activates reward related brain areas (striatum) The merged image (fMRI) of two images of the striatum activated by monetary (green) and social (purple) rewardsSources: Botsman (2012) Welcome to the new reputation economy, Wired magazine 20 August 2012 Neuron, Vol 58, 284-294, 24 April 2008 Processing of Social and Monetary Rewards in the Human Striatum Keise Izuma,Daisuke N. Saito,and Norihiro Sadato http://www.neuron.org/content/article/abstract?uid=PIIS0896627308002663
Student Entrepreneur• An individual attending award classes at university and conducting entrepreneurial activities – “dream merchants” – yearning to do different things, contributing to the world – requires freedom to pursue an entrepreneurial journey because their “talents will not be utilised fully in any other capacity”. (Marchand and Sood 2012)
Research Model: Dual 7 Step Student Entrepreneur maturity modelStudent entrepreneurs: – commence entrepreneurial activities prior university – exhibit archetype entrepreneurial behaviour – exhibit same mental models whether they lead a student association or a start-up – learn differently when comparing with student of classroom teaching – are intrinsically driven by entrepreneurial activities – are on a quest to change the world – are crucially impacted by serendipity in their entrepreneurial journey (Marchand and Sood 2012)
Key Finding - Serendipity is essential "I knew before coming to university that I wanted to "An executive from the do something different, I "You make association addressed my wanted to take advantage your luck class for volunteers" of all opportunities" happen” "You want to be lucky, "I randomly received an not right" email for the Young Australian Entrepreneurship "I found the idea of competition event and my business while decided to enter it" doing an assignment" (Marchand and Sood 2012)
The largest funding platform for creative projects in the world 33
Caution!“Children never put off till tomorrow what will keep them from going to bed tonight” ADVERTISING AGE 34