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Vivaldi Partners Group - Social Currency 2012 (Abridged): How brands and businesses can prosper in a digitally connected world
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Vivaldi Partners Group - Social Currency 2012 (Abridged): How brands and businesses can prosper in a digitally connected world

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This abbreviated summary of our larger 2012 Social Currency Report (available here: http://www.slideshare.net/ejoachimsthaler/vivaldi-partners-group-social-currency-2012-final-sept18). …

This abbreviated summary of our larger 2012 Social Currency Report (available here: http://www.slideshare.net/ejoachimsthaler/vivaldi-partners-group-social-currency-2012-final-sept18).

This summary defines Social Currency, its Six Dimensions, and covers the major conclusions of the larger report.

By building Social currency, brands and businesses can use it as a way to connect with consumers and grow their business.

All Vivaldi Partners Group research reports on Social Currency can be downloaded here: http://vivaldipartners.com/vpsocialcurrency/about

Published in: Business, Economy & Finance

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  • 1. How brands and businesses can prosper in a digitally connected world SOCIAL CURRENCY 2012 S u m m a r y
  • 2. 2 → → → → → → → → → → → → → → → → → → → → → How can this online information be utilized as a source of competitive advantage for companies? Millions of conversations are taking place in today’s real-time digitally-connected world → This is reshaping your industry, changing your customers’ expectations and their relationship with your brand and company
  • 3. 3 2 5 3 6 1 UTILITY ADVOCACY INFORMATION AFFILIATION CONVERSATION IDENTITY Derive value from engaging with brands and other people Receive from and share with other people valuable information about brands Talk about a brand or business to others Promote or defend a brand or business Connect and become a member of a community of people that is linked to a brand or business Express me, the brand, and my relationship with others to others 4 Vivaldi Partners Group pioneered the concept of Social Currency and defined it as the degree to which customers share a brand or information about a brand with others.
  • 4. 4 Social Currency alters how brands are built, innovation is created, and businesses are grown in today’s digitally connected world. A paradigm-shifting Social Currency model to build brands and businesses is introduced. The Social Currency model departs from traditional “product-benefit” and “consumer-needs” perspectives, but instead views consumers as empowered and enabled, and, most importantly, in control of their relationships with brands and businesses. (Section 2)Goal Process Products and services Decision making SIX BEHAVIORS OF SOCIAL CURRENCY Context The Social Currency model has a major impact on entire industries and categories. If companies apply this new Social Currency mindset, they can challenge existing strategies and business models in their industries. (Section 3) Technological Advances Strategic Challenges Oil & Gas Telecom Utilities Logistics Consumer Electronics Newspaper Retail Fashion Credit Cards Healthcare FMCG
  • 5. 5 Social technologies change the traditional value chain by putting customers at the heart of every step in the chain. The report concludes that today’s hyper-connected world has created a breakdown in the traditional value chain. By properly leveraging social technologies, businesses can deeply integrate the customer at every step of the value chain, reversing traditional linear logic of the value chain. (Section 4) The Social Currency Wheel is an alternative to the traditional brand funnel and customer decision journey. We have studied the impact of social behaviors of customers on Social Currency and three outcomes: Consideration, Purchase, and Loyalty. (Section 5) Design Prototype 2 3 6 5 41 Scale Deliver Feedback Engage Identity Conversation Affiliation Advocacy Utility Information 38% 41% 46% 57% 44% 43% 28% 19% 23%3% 28% 32% 98% 100% 56% 90% 85% 79% UTILITY UTILITY UTILITY INFORMATION INFORMATION INFORMATION CONVERSATION CONVERSATION CONVERSATION AFFILIATION AFFILIATION AFFILIATION IDENTITY IDENTITY IDENTITY ADVOCACY ADVOCACY ADVOCACY AW AREN ESS toCONSIDERATION PURCHASEtoLOYA LTY CONSIDERATION to PURCHASE
  • 6. 6 The Social Currency 2012 Report is based on a global survey of 5,000 consumers to understand the impact of social technologies on 60 brands across 19 industries. Brands covered in this report include Red Bull, Starbucks, American Express, Sony, Levi’s, and State Farm, among many others.
  • 7. 7 SC 100+ Vivaldi Partners Group also developed the SC100+ an online tool that curates and explores the best and most successful applications of social, digital, and mobile technologies today. vivaldipartners.com/vpsocialcurrency
  • 8. 13 Crosby Street New York, NY 10013, USA t +1 212 965 0900 f +1 212 965 0992 newyork@vivaldipartners.com • New York • Chicago • Toronto • Buenos Aires • London • Munich • Hamburg • Zurich • Cape Town • Singapore Global Head Office For more information on Social Currency 2012 vivaldipartners.com/sc2012