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1Social Currency in the B2B World:Building Strong Brands
2CONTENTS3512What is Social CurrencySix Case Studies that Exemplifies Each Social Currency BehaviorConclusions
3WHAT IS SOCIAL CURRENCY?In 2010, Vivaldi Partners Group pioneered the term “Social Currency” with a landmarkstudy on its ...
4WHY DOES SOCIAL CURRENCY MATTERS?Social Currency matters for B2B companies, because every business is social.Big data, so...
5SIX CASE STUDIES THAT EXEMPLIFIES EACH SOCIAL CURRENCY BEHAVIOR
6UTILITYAmerican Express’s OPEN Forum creates utility value for small business ownersStarted at the end of 2006 as a “foru...
7INFORMATIONAll information, including unstructured and ambiguous information fromsocial channels helpSAP strengthens its ...
8ADVOCACYIt is not about followers or net promoters, it’s about advocacy to others’social network•	 Corporate Risk and Ins...
9CONVERSATIONConversation drives highly efficient brand-building – “earned media”Corning is a glass and ceramics manufactu...
10AFFILIATIONCommunity initiatives drive brand buildingPhilips “Innovation in Light” community on LinkedIn is one of the l...
11IDENTITYProduces a weekly5-10 minutevideo for his division.Began blogging a few years ago;developed a 360 blog where all...
12CONCLUSIONS
13WHAT SHOULD A B2B COMPANY DO TO INCREASE ITS SOCIAL CURRENCY?1) Audit. Conduct a strategic diagnostic. Establish criteri...
14WHAT SHOULD A B2B COMPANY DO TO INCREASE ITS SOCIAL CURRENCY?2) Evaluate. See how social currency drives brand equity an...
15WHAT SHOULD A B2B COMPANY DO TO INCREASE ITS SOCIAL CURRENCY?3) Create. Execute an agenda to build your business and bra...
16Companies can also build tech platforms to enable key customer-facing processes.At Vivaldi Partners Group, we have creat...
17We’d like to thank everyone at Vivaldi Partners Group who worked on this report,as well as our research partners. “Socia...
1813 Crosby StreetNew York, NY 10013, USAt +1 212 965 0900f +1 212 965 0992newyork@vivaldipartners.comvivaldipartners.com•...
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Social Currency in the B2B World 2013: Building Strong Brands

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The Social Currency in the B2B World 2013 Report has been released by Vivaldi Partners Group, a strategic consulting firm that includes a digital and technology agency known as Fifth Season. In the report, Vivaldi Partners Group provides case study examples of six leading brands that most effectively leverage the social behaviors that influence the degree to which individuals share a brand or information about a brand with others. The report also offers recommendations on how to implement successful social media initiatives that will help B2B companies increase their Social Currency.

The report is based on a comprehensive review of the impact of technology on more than 60 brands across 19 industries. The leading brands featured in this report are American Express, AON, Corning, General Electric, Philips and SAP. The report is a B2B-specific update to the Social Currency 2012 Report that focused on consumers.

Both reports can be downloaded from the Vivaldi Partners Group website: http://www.vivaldipartners.com More information on Social Currency 2012 can be found at: http://www.vivaldipartners.com/sc2012

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Transcript of "Social Currency in the B2B World 2013: Building Strong Brands "

  1. 1. 1Social Currency in the B2B World:Building Strong Brands
  2. 2. 2CONTENTS3512What is Social CurrencySix Case Studies that Exemplifies Each Social Currency BehaviorConclusions
  3. 3. 3WHAT IS SOCIAL CURRENCY?In 2010, Vivaldi Partners Group pioneered the term “Social Currency” with a landmarkstudy on its importance in driving brand equity, price premium, and loyalty.The degree to which people seek, receive & share information about the brandHow often people converse about the brandHow much people promote & stand up for the brandThe level of connectedness people feel to a brand & surrounding communityThe extent to which people use the brand to communicate who they areHow much people interact with the brand & surrounding community to extract practical valueSocial Currency is driven by Six Social Behaviors:INFORMATIONCONVERSATIONADVOCACYAFFILIATIONIDENTITYUTILITY→→→→→→→→→→→→→→→→→→→→We defined Social Currency as the degreeto which customers share a brandor information about a brand with others.http://images.fastcompany.com/Vivald-iPartners_Social-Currency.pdfhttp://vivaldipartners.com/socialcurrency2012How brands and businessescan prosper in a digitallyconnected worldSOCIALCURRENCY20122010 2012
  4. 4. 4WHY DOES SOCIAL CURRENCY MATTERS?Social Currency matters for B2B companies, because every business is social.Big data, social, and mobile will form the basis of competitive advantagefor all companies.VOLUMEVELOCITYVERACITY90%30 bn59%46%of all purchases are subjected to social influencespredicted revenues for social commerce market in 2015of B2B professionals use their smartphone to gather purchase information on core decisionsof B2B professionals regularly follow industry discussion forums onlineWITHOUT A DOUBT, B2B BRANDS ARE COMPETING ON SOCIAL GROUNDSToday there are two xenobytes of data (created every day)…By 2015, it will be 40 times more than today.Every day the world creates as much data as it did throughall of time until 2003. We’re used to data that fits nicely into rowsand columns….but 80% of what we collected today is unstructured.All of this data, conversations, photos…what do they mean?What is the context? By 2015, 80% of all data will be uncertain and ambiguous.(The three V’s are adapted from Ginni Rometty, Chairman, President, and CEO of IBM)
  5. 5. 5SIX CASE STUDIES THAT EXEMPLIFIES EACH SOCIAL CURRENCY BEHAVIOR
  6. 6. 6UTILITYAmerican Express’s OPEN Forum creates utility value for small business ownersStarted at the end of 2006 as a “forum dedicated to the art of marketing”and with a mission to help companies transform their businesses,OPEN Forum has now evolved into a full-fledged community of (mostly) smallbusiness owners organized around identifying business opportunitiesand advice. Besides the common commenting, sending messages to other members,starting discussions, reading articles, and watching videos, there are moreadvanced features, such as: the Idea Hub (“a digital trading post of ideas and insightsfrom industry experts and owners”), the ConnectodexSM (sort-of a virtual rolodex),Seeks and Provides section (allows members to post exactly what they do and whatthey’re looking for), Pulse (a tool for finding small business insights on Twitter), etc.Some basic features on the forum are available to the public, but most are reservedfor the members; the owners of the American Express OPEN business cards.#1 American Express OPEN Forum#2 Intuit Small Business Blog#8 Cisco#16 GE Ecomagination#50 SAPTwitter Follower – 52,398Facebook Fans – 220,709Unique Visitors – 198,970Inbound Links – 67,050
  7. 7. 7INFORMATIONAll information, including unstructured and ambiguous information fromsocial channels helpSAP strengthens its top-line by creating social relevance among their customer base.By using its community network, social media channels, and its website, SAPis leveraging the interaction among its user base.SAP changed from a one-way marketing “push” that was unsolicited, promotional,and interruptive, to a two-way “pull” where its user base sought out informationthat was valuable and created engagement. This more than halved its cost per leadfrom $346 to $135.Also, according to our Social Currency research, 41% of SAP customers think that theyget valuable information from other users, further strengthening the brand.SAP Community Network SAP on Social Networks SAP WebsiteFROM: PUSH TO: PULL1-wayUnsolicitedPromotionalContentInterruption$346 cost/lead2-waySoughtoutValue-added ContentEngagement$135 cost/lead
  8. 8. 8ADVOCACYIt is not about followers or net promoters, it’s about advocacy to others’social network• Corporate Risk and Insurance Management• Human Capital Consulting• ReinsuranceAON, a corporate risk and insurance company, uses net promoter scores (NPS)to identify (positive) influencers. However, it does not stop there, AON engagesthese influencers in providing testimonials and case studies. This customer-generated content is used across a wide range of social channels. As a result,AON is able to change influencers into advocates for its brand.Client Promise24% NPS Increase Videos TestimonialsPass It On3,200 photos 580,000 questions answeredGlobal Service Day60,000 people, 120 countriesEngagement Community
  9. 9. 9CONVERSATIONConversation drives highly efficient brand-building – “earned media”Corning is a glass and ceramics manufacturer that stirred Conversation with its B2Bviral video. “A Day Made of Glass” has over 21 million views on YouTubeand Corning even came out with a “sequel” to the popular video. The videos highlightthe uses of Corning glass products in a day set sometime in the future, reinforcingthe brand message and highlighting its innovation. The video also made a big PR splash,creating even more buzz and Conversation for Corning. By using the viral videoto drive brand-building efforts, Corning has seen real business results, including overallgrowth of 14% and specialty glass growth of an incredible 68%.
  10. 10. 10AFFILIATIONCommunity initiatives drive brand buildingPhilips “Innovation in Light” community on LinkedIn is one of the largest B2B networksdelivering community benefits to members, such as chats, information, connection, etc.Members include everyone from industry experts to consultants and executives.The LinkedIn group shares news, white papers, tools and the latest thinking to helpits members.The LinkedIn Group now boasts over 47,000 members who are highly engaged with eachother and in discussions about lighting innovations. This creates a strong affiliation withother members, as they share with the purpose of the same goal.46,000 members500,000 page views3,500 discussions started
  11. 11. 11IDENTITYProduces a weekly5-10 minutevideo for his division.Began blogging a few years ago;developed a 360 blog where allher direct reports blog with her;12 regular contributorsEnable identity-building effortsGE Executives are leaders in the social-media world Its CMO, Beth Comstock, is sociallyactive with a devoted following on her Twitter and her regularly penned posts on LinkedIn.She’s not the only one at GE with a strong social Identity. Mark Begor of GE Capital’s realestate business produces a weekly 5-10 minute video for this division. Louraine Bolsinger,VP and GM of GE Aviation, developed a 360* blog where all her direct reports blog with her.These initiatives at GE are prime examples of how people use the brand to communicatewho they are.The Producer: Mark Begor, GE Capital’s real estate business“I talk about what I learned during the week, about a great deal we’ve closed, and the statusof the business. I also add comments about employees that I would like to recognize.”The Distributor: Louraine Bolsinger, VP and GM of GE Aviation“It took time to get my audience actively involved. I had to find my voice and become moreconversational, more easy going”
  12. 12. 12CONCLUSIONS
  13. 13. 13WHAT SHOULD A B2B COMPANY DO TO INCREASE ITS SOCIAL CURRENCY?1) Audit. Conduct a strategic diagnostic. Establish criteria and audit each asset(Facebook, Twitter, LinkedIn, YouTube, etc)Date created# of fans, followers, subscribers, members, etc.Last interaction dateFrequency of interactions (From “Daily” to “No longer updated”)Last post date /Frequency of postsHealth statusOwner and contact informationTypical Criteria:
  14. 14. 14WHAT SHOULD A B2B COMPANY DO TO INCREASE ITS SOCIAL CURRENCY?2) Evaluate. See how social currency drives brand equity and impacts brandcontribution in the market place. Map out your brand strategy objectivesand identify the dimensions of social currency that drive the objectives.Basic social behaviors…. ..drive brand equity…. ..impact biz results38%41%46%57%44%43%28%19%23%3%28%32%98%100%56%90%85%79%UTILITYUTILITYUTILITYINFORMATIONINFORMATIONINFORMATIONCONVERSATIONCONVERSATIONCONVERSATIONAFFILIATIONAFFILIATIONAFFILIATIONIDENTITYIDENTITYIDENTITYADVOCACYADVOCACYADVOCACYAWARENESStoCONSIDERATIONPURCHASEtoLOYALTYCONSIDERATION to PURCHASE
  15. 15. 15WHAT SHOULD A B2B COMPANY DO TO INCREASE ITS SOCIAL CURRENCY?3) Create. Execute an agenda to build your business and brandthrough Social Currency.Come up with a way to enable consumers – be it fans or employees - to Comment, Uploadand Consume their content.Also, have your leaders enable Social Currency in their organizations by setting an example.Leaders today need to excel at co-creation and collaborationMcKinsey,https://www.mckinseyquarterly.com/Six_social-media_skills_every_leader_needs_3056
  16. 16. 16Companies can also build tech platforms to enable key customer-facing processes.At Vivaldi Partners Group, we have created the Digital Cockpit to allow companiesto improve its customer-facing processesTypical Use Cases:Brand Management:• Brand Tracking / Research• Brand Story Development• Brand Engagement• Employee BrandingCustomer Insights/ Management:• “Netnographies”• Crowd-intelligence• Real-time Trend Tracking• Customer Issue ResolutionCommunications:• Community Management• Real-time Content Creation• Crisis Management• Customer AmplificationInnovation/ New Demand:• New Product Testing• Data Mining• Real-time• Competitive AnalysisWhat Vivaldi Partners Group recommends?
  17. 17. 17We’d like to thank everyone at Vivaldi Partners Group who worked on this report,as well as our research partners. “Social Currency in the B2B World” is partof our ongoing research into the impact of Social Currency on brands and businesses.You can find all of our past research on our website: www.vivaldipartners.comAcknowledgement
  18. 18. 1813 Crosby StreetNew York, NY 10013, USAt +1 212 965 0900f +1 212 965 0992newyork@vivaldipartners.comvivaldipartners.com• New York • Chicago • Toronto• Buenos Aires • London• Munich • Hamburg • Zurich• Cape Town • SingaporeCopyright © 2013 Vivaldi Inc. All rights reserved.No part of this publication may be reproducedor transmitted in any form or by any means electronicor mechanical, without written permission.Global Head Office
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