Social product management final

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When introducing a new product or the next revision of a product, we are called to run estimates, projections, plan features for client demand, and suggest change plans. As Social Media increasingly becomes the venue for collecting client feedback, and timely research, the question becomes, "how do I do this effectively?"
What best practices I can leverage?
How do I find the target market of clients I seek for feedback?
Where do I get started?
Do I use closed or open Social Media Groups?
Won't my competition see what I am researching, and get a free ride?
Paul Dombowsky, CEO of IdeaVibes, and Anastasia Valentine, CEO of SandBox PM – investigate this realm, providing many real-world examples of how their companies and clients have approached similar research.

Learn how to intelligently use the world of crowdsourcing to help your product development and marketing. Join us for fascinating discussion and Q&A, by leaders in this rapidly growing field.

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  • No talking smack about customers or competitors or competitors customersYour opinion although interesting is irrelevant
  • Everyone has different rationales for speaking up – they have issues with a particular aspect of a product – they see
  • Convention wisdom says
  • Social product management final

    1. 1. Social Product Marketing & ManagementPaul Dombowsky Anastasia ValentineCEO - Ideavibes CEO – Sandbox PM
    2. 2. About Us! The Ideavibes Crowd Engagement Platform™ enablesorganizations to create crowdsourcing andcrowdfunding campaigns that use the power of socialmedia and tapping into the wisdom of crowd tostrengthen relationships through engagement andparticipation. It’s about starting innovative projects,building better products, setting new directions andbeing more crowd- or community-focused, fundingworthy initiatives and sparking social change. Sandbox PM, an idea to launch company provides all sizes of organizations with support and services from idea through to launch. Taking the role of your extended team, Sandbox PM will play a hands on role in your success in introducing your company, products and services to the market. Copyright ©2012 Sandbox PM. Reproduction in whole or part not permitted without written consent.
    3. 3. About Us! The Ideavibes Crowd Engagement Platform™ enablesorganizations to create crowdsourcing andcrowdfunding campaigns that use the power of socialmedia and tapping into the wisdom of crowd tostrengthen relationships through engagement andparticipation. It’s about starting innovative projects,building better products, setting new directions andbeing more crowd- or community-focused, fundingworthy initiatives and sparking social change. Sandbox PM, an idea to launch company provides all sizes of organizations with support and services from idea through to launch. Taking the role of your extended team, Sandbox PM will play a hands on role in your success in introducing your company, products and services to the market. Copyright ©2012 Sandbox PM. Reproduction in whole or part not permitted without written consent.
    4. 4. The Product Manager is the hub of information and activity for any products company.Copyright ©2012 Sandbox PM. Reproduction in whole or part not permitted without written consent.
    5. 5. Social Business Strategy It is not enough to be present, you must engage & be engaging!”  Visible  Reliable  Accessible  Valuable  Mobile  TrustedCopyright ©2012 Sandbox PM. Reproduction in whole or part not permitted without written consent.
    6. 6. People are talking Events Trends Company Innovation People Features Services Pain pointsProducts Conversations Competition Are you listening? Copyright ©2011 Sandbox PM. Reproduction in whole or part not permitted without written consent.
    7. 7. Traditional OLD Engagement Known Customers Product Surveys Usability tests Management Beta ProgramsCopyright ©2011 Sandbox PM. Reproduction in whole or part not permitted without written consent.
    8. 8. Direct Mail Mobile eMail Virtual Physical Events Events Marketing Reach Telemarket SEO -ing Online Influencer Social Media (s) Blogs Online AdsCopyright ©2011 Sandbox PM. Reproduction in whole or part not permitted without written consent.
    9. 9. Customer s Advisory Analysts Boards Influencer Technolog s y Trends Product Industry Investors Managemen Trends t Stake- Competitio holders n Crowd Partners sourcing ProspectsCopyright ©2011 Sandbox PM. Reproduction in whole or part not permitted without written consent.
    10. 10. Product Management Gets Social  Create social media conversations for: ◦ Idea/Requirements gathering ◦ Validation (strategy, requirements, usability +) ◦ Use Cases, User Stories ◦ Persona development ◦ Beta recruitment ◦ Success stories ◦ Testimonials ◦ Usability / Product Appeal ◦ ScalabilityCopyright ©2012 Sandbox PM. Reproduction in whole or part not permitted without written consent.
    11. 11. “An outside-in approach increases the likelihood of product success.” - Pragmatic MarketingCopyright ©2012 Sandbox PM. Reproduction in whole or part not permitted without written consent.
    12. 12. When and How To Get Social?  When – ALL THE TIME  How? ◦ Target ◦ Join in ◦ Listen & Observe ◦ Attract & Engage ◦ RepeatCopyright ©2012 Sandbox PM. Reproduction in whole or part not permitted without written consent.
    13. 13. Target  Target your ideal crowd of: ◦ Influencers ◦ Like minded ◦ Prospects ◦ Customers ◦ Partners ◦ Competitors  How? ◦ Profiling ◦ ResearchCopyright ©2012 Sandbox PM. Reproduction in whole or part not permitted without written consent.
    14. 14. The Social Media Influencer  Credibility in the market  Large, qualified following  Heavily engaged with their audience  Reliable & consistent  Information consistently shared by following  Trusted by your targets Don’t underestimate the power and value of a social media influencer.Copyright ©2012 Sandbox PM. Reproduction in whole or part not permitted without writ.ten consent.
    15. 15. Join in!
    16. 16. GO! Join in!  Ask your crowd where they go  Research where your industry/competitors go  Focus & only go where your targets go ◦ Join ◦ Like ◦ Follow ◦ Connect ◦ ShareCopyright ©2012 Sandbox PM. Reproduction in whole or part not permitted without written consent.
    17. 17. Listen & Observe  Listen for: ◦ Market needs / pain ◦ Trends (technology & industry) ◦ Feature requests ◦ “delight the customer” opportunities  Observe for: ◦ Influencers ◦ New players ◦ Tactics that work / & don’t ◦ Competitor #failsCopyright ©2012 Sandbox PM. Reproduction in whole or part not permitted without written consent.
    18. 18. Listen & Observe  Most popular listening/observation posts: ◦ Twitter  Follow your target(s)  Monitor their hashtags (#) ◦ Linkedin  Join all industry & subject matter groups  Connect to all of your known peers  Follow target companiesCopyright ©2012 Sandbox PM. Reproduction in whole or part not permitted without written consent.
    19. 19. Attract & Engage! Create a reliable pattern of engagement ◦ Ask meaningful questions (daily) ◦ Answer relevant (high visibility) questions (daily) ◦ Provide meaningful information (daily) ◦ Declare a call to action (daily) ◦ Follow up & follow through ◦ Invite to participateCopyright ©2012 Sandbox PM. Reproduction in whole or part not permitted without written consent.
    20. 20. Be Socially Responsible! “YOU SAID WHAT?!?” Right person in the social role Clear rules of engagement Empowered & trusted to respond Keep it Simple Sir/Sista (KISS)
    21. 21. Social Product ManagementROI  Measure Numbers! (they never lie) ◦ Followers  # of followers, likes, people in circles, etc. ◦ Ideal Follower  # of qualified followers, likes, people in circles, etc. ◦ Influencers  # of influencers in your space ◦ Reach  # of shares, +1’s , tweets, favorites, etc… ◦ Conversions  # of signups, transactions, revenue, attendance, etc..Copyright ©2012 Sandbox PM. Reproduction in whole or part not permitted without written consent.
    22. 22. Social Product – ROI – How To! 1. Create your social campaign 2. Create some educated measures of ROI 3. Let the campaign run for 2 weeks 4. Measure your ROI 5. Course correct & refine ROI goals 6. Be RUTHLESS. & measure often Measure well If it isn’t generating value or converting, it is COSTING you money. KILL IT & try something else!Copyright ©2012 Sandbox PM. Reproduction in whole or part not permitted without written consent.
    23. 23. Social Product – ROI – How To! Time to invest (Time) Money to spend (Money)  Research  Tools / Platform  Campaign  Promotions / Advertising  Engagement  Memberships Time + Money = INVESTMENT Conversions = RETURN RETURN – INVESTMENT = ROI If ROI is >0 Then Keep GOING! If ROI is <0 Then STOP & RETUNECopyright ©2012 Sandbox PM. Reproduction in whole or part not permitted without written consent.
    24. 24. Positive Social Disruption! Follow all of your competitors SM Accounts Monitor all competitive ◦ Forums ◦ Hashtags Get on your competitors ◦ Mailing lists Attend your competitors ◦ Webinars ◦ Tradeshows ◦ Twitter chats ◦ Google Hangouts ◦ Etc.Copyright ©2011 Sandbox PM. Reproduction in whole or part not permitted without written consent.
    25. 25. Disrupt Business as Usual NOT FOR THE FAINT OF HEART OR THE CONSERVATIVE Respond to competitive feature requests Positive engagement on competitive hashtags Monitor competitor weaknesses/complaints Provide solutions to competitive product problems Positive Disruption is great. Negative disruption is bad business.Copyright ©2011 Sandbox PM. Reproduction in whole or part not permitted without written consent.
    26. 26. Fixing a #FAILCopyright ©2011 Sandbox PM. Reproduction in whole or part not permitted without written consent.
    27. 27. WHAT TO DO IN A “SITUATION” ACKNOWLEDGE OWN ADDRESS REPORT BACKCopyright ©2011 Sandbox PM. Reproduction in whole or part not permitted without written consent.
    28. 28. What is Crowdsourcing?DefinedCrowdsourcing is an engagement process whereby organizations seek inputfrom either open or closed communities of people, either homogenous ornot, to contribute ideas, solutions, or support in an open process whereby theelements of creativity, competition and campaigning are reinforced throughsocial media to come up with more powerful ideas or solutions than could beobtained through other means.Why Bother?Organizations have a difficult time engaging with their communities tostrengthen their relationship and be citizen focused. Internal or external, thecommunity has ideas that can be harnessed that come from diversebackgrounds, experiences and education. 31
    29. 29. Who is your crowd? Internal Experts Emergent Experts (online community Engagement leaders, product advocates) Targets Customers &Prospects 32
    30. 30. Does your brand matter?Strong brands foster active crowds• Element of trust • It only takes one disingenuous campaign to cause problems for you• Transparency fosters participation• Social media footprint does matter• Prospects may have bought into your brand but not your products yet – how are you keeping them engaged? 33
    31. 31. The Appeal• Crowdsourcing surfaces new perspectives• Invites participation from nontraditional sources• Infuses real energy into the process of generating ideas• Empowers people when they feel their voice is being heard• Technology can enable participation by disenfranchised (ie. PCs in libraries/shelters with citizen engagement campaigns)• Builds engagement and relationships with new audiences 34
    32. 32. Crowdsourcing Pros and ConsPROS CONS• Reduced time to market • Less control• Reduced risk due to early customer • Needed trust not easily come by in input some organizations• Increased customer lifecycle value • Requires community management• Broader source of innovation • Suffers if crowd is too narrow• Strengthened brand through participation • Disruptive to traditional timelines for• Organizations can’t have all the product roll outs brightest people on staff • First attempt is risky until you• Ideas don’t have to be discovered by understand your crowd internal R&D teams to be capitalized • Need to know your target audience upon• Benefits from varied experiences 35
    33. 33. Example 1: Innovation from the Crowd IdeaStorm was created to give a direct voice to Dell’s customers and an avenue to have online “brainstorm” sessions to allow them to share ideas and collaborate with one another and Dell. Their goal through IdeaStorm is to hear what new products or services you’d like to see Dell develop. In almost three years, IdeaStorm has crossed the 10,000 idea mark and implemented nearly 400 ideas! 36
    34. 34. Example 2: Product Development from the Crowd Quirky is an all in one product development shop for inventors. 37
    35. 35. Example 3: Product Selection by the Crowd Threadless runs regular campaigns to select designs that are then produced and sold to a ready-made market that participated in the product selection. 38
    36. 36. Example 4: Product Selection by the Crowd Starbucks uses the same platform as Dell and Salesforce.com for their social product development. 39
    37. 37. Example 5: Salesforce What do your current customers want to see on your roadmap? What features are needed to turn prospects into customers? Democracy? 1 vote = 1 customer 40
    38. 38. Best Practices • Have a clear strategy for using crowdsourcing • IP Ownership • Competitive visibility • Break things down so crowd is clear what you are looking for • Build trust • Be open in your communications about the crowd’s role in the process • Do what you say you are going to do • ABEYC – always be expanding your crowd • The crowd needs to be big enough – but not too big • ABRYC – always be refining your crowd • Creating diversity is as important as creating size 41
    39. 39. Build a Social Product Strategy • Reach customers & prospects where they live – join in the conversations that are happening already • Capitalize on valuable customer and prospect insight • Develop a culture of collaboration • Implement the right social technology to get the job done • Communicate results and intentions and be open as possible • Let conversations happen in the open • Be crowd friendly on an ongoing basis 42
    40. 40. Ideavibes Crowd Engagement Platform• Easy to set-up and deploy• Able to run multiple campaigns at once• Can run Crowdsourcing and Crowdfunding Campaigns• Build stickiness and community around those that engage (sign-in and see past votes, comments, ideas)• Hosted solution (in Canada)• Able to be implemented on existing website or set-up in new, destination site• Social Media connected• One of few sub $1000/month solutions 43
    41. 41. How Does Ideavibes Compare? • Enterprise Collaboration or Idea Management – Large – multi-functioning platforms for Idea Management – Integrated into change management and process improvement lifecycles – Chaordix, Bright Idea, etc. • Middle-tier Focused Crowdsourcing Apps – Purpose-built customizable apps focused on crowdsourcing – Narrow or wide focus – Multiple crowdsourcing and crowdfunding campaigns – Ideavibes, Spigit – Note – Ideavibes is only white label crowdfunding platform available • Ad-hoc website or Social Media widgets – Developed by web teams with basic functionality – Functionality as opposed to business process driven 44
    42. 42. Resources • The Wisdom of Crowds – James Surowiecki • Crowdsourcing – Jeff Howe • Crowdsourcing.org • Crowdsortium.org • The Daily Crowdsource • Presentation will be on Slideshare by end of day today. 45
    43. 43. 10 Day Product Launch Strategy • Free @ www.sandboxpm.com • Target your ideal customer • Develop marketing messages • Soft launching & customer testimonials • Pricing • Incentives & offers • Your marketing campaign • Spreading the word • Media attention • Systems go! • Launch day 45
    44. 44. Q&A 46
    45. 45. Calls to Action • Download Ideavibes whitepapers on crowdsourcing and crowdfunding www.ideavibes.com • Sign-up for a 45-Day Free Trial of the Ideavibes Platform at www.ideavibes.com • Sign-up for the Sandbox PM Product Launch Program • Start a conversation with us about social product management or open innovation and how it could work for your organization  Paul Dombowsky Ideavibes +1.613.878.1681 paul@ideavibes.com www.ideavibes.com  Anastasia Valentine Sandbox PM +1.613.219.3020 avalentine@sandboxpm.com www.sandboxpm.com 47
    46. 46. Thank you

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