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Generating Revenue Through Online Social Networks


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Edgewater Technology Chief Executive Strategist Ken Allard discusses ways companies can leverage social networking for business advantage. Presented 3/12/2009.

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Generating Revenue Through Online Social Networks

  1. 1. Internet Commerce Web 2.0 Strategies Generating Revenue through Online Social Networks March 12, 2009
  2. 2. Corporate Overview <ul><li>Technology Management Consulting Firm </li></ul><ul><ul><li>Provide a unique blend of specialty IT services </li></ul></ul><ul><ul><li>Leverage proven industry expertise in strategy, technology and enterprise performance management </li></ul></ul><ul><ul><li>Focus on middle and Global 2000 market </li></ul></ul><ul><li>Founded in 1992 </li></ul><ul><ul><li>Headquartered in Wakefield, MA </li></ul></ul><ul><ul><li>Publicly Traded (NASDAQ: EDGW) </li></ul></ul><ul><ul><li>Offices in AR, CT, FL, NH, NY, VA, CA, CO </li></ul></ul><ul><ul><li>+ 330 Employees, +260 Consultants </li></ul></ul><ul><ul><li>Represented in over 33 states </li></ul></ul><ul><ul><li>+1900 projects completed to date </li></ul></ul>
  3. 3. Agenda <ul><li>Trends and Challenges in Internet Commerce </li></ul><ul><li>What are social networks and social media? </li></ul><ul><li>Evaluating the Direct and Indirect Revenue Opportunities </li></ul><ul><li>Case Studies: Missed Opportunities & Success Stories </li></ul><ul><li>Creating “Active Content and Features” </li></ul><ul><li>Questions to ask yourself </li></ul><ul><li>Open Q & A </li></ul>
  4. 4. Social Networking Initiatives Address Major Internet Commerce Challenges <ul><li>Losing audience to 3rd party sites, new competitors </li></ul><ul><li>Revenue gaps, increase in digital revenue is smaller then decline in physical revenue </li></ul><ul><li>Little to no engagement with target audience </li></ul><ul><li>Sharply differing internal opinions about degree to which companies should embrace the open, collaborative nature of the Web </li></ul><ul><li>Companies have no clear Web strategy, executive pressure to “do something about Web 2.0” </li></ul><ul><li>User expectations for services and functionality are higher, more sophisticated </li></ul><ul><li>Traditional marketing initiatives are ineffective and difficult to measure </li></ul><ul><li>Companies have failed to take advantage of the Web as a measureable medium </li></ul><ul><li>Companies lack internal skill sets and experience to conceive of and manage new initiatives </li></ul>
  5. 5. Social Content & Features are Vital to Success in all Internet Commerce Initiatives
  6. 6. Social Initiatives Can Generate Direct Revenues and Build Stronger Relationships Polling (e.g. Contests, Surveys) Relationship Impact Direct Revenue Impact Utility Networks (e.g. User ratings/advice, facilitated networks) User Generated Content (e.g. User videos, uploaded content Social Marketing (e.g. Facebook,Twitter, Blogs) Pure Social Networks (e.g. Forums, chat rooms) Social Products (e.g. Fantasy Sports)
  7. 7. Mini Case Studies Missed Opportunities
  8. 8. Add Value to Content by Embracing a Core Audience - Reed Construction
  9. 9. Add Value to Content by Being Open and Collaborating – Consumer Reports
  10. 10. Expose Obscure or Hard to Get Yet Valuable Data or Knowledge to Users – Health Care
  11. 11. Mini Case Studies Success Stories
  12. 12. Make Static Data Engaging with Context and Interactivity -
  13. 13. Make Static Content Social with User Content and Utility –
  14. 14. Add Utility to Basic Interactions by Consolidating and Organizing Meaningful Feedback - Insurance Solicit Ideas and innovations Enhance portals with collaboration features
  15. 15. Be Open and encourage Collaboration-Business Week’s Business Exchange
  16. 16. Successful Social Initiatives Require Active Content & Features Popular – Content & Features should be marketed to, optimized for, and appreciated by the broadest possible relevant audience Useful – Content and Features should be helpful, active, purpose driven and immersive Accessible – Content and Features should be open, pervasive across devices, and present in the right context Social – Content & Features should be viewed as the basis for an interaction between people, author-consumer, consumer-consumer, consumer-group, author-group Active Content Attributes
  17. 17. Questions To Ask Yourself and Your Organization <ul><li>Do we have an explicit strategy for interacting with our consumers/clients online? </li></ul><ul><li>Have we fully monetized our content or data online? </li></ul><ul><li>Have we minimized our service costs with online self-service options? </li></ul><ul><li>Are we measuring the success of our online initiatives and marketing spend? </li></ul><ul><li>Do you provide content or advice to a significant percentage of a specific industry or consumer segment? </li></ul><ul><li>Are we facing new competitors who generate revenue by aggregating audience around our content or by providing meta-content? </li></ul><ul><li>Do we have valuable data or knowledge within your organization that is obscure to your clients? </li></ul>
  18. 18. Internet Commerce (IC) Practice <ul><li>Web 2.0 Strategy </li></ul><ul><li>Competitive Analysis </li></ul><ul><li>Road Map Development </li></ul><ul><li>Organization Assessment </li></ul><ul><li>Operational Strategy </li></ul><ul><li>Budgeting & Planning </li></ul>
  19. 19. Thank You for Joining Us Questions / Answer Session