Speed and scale of adoption exceeds that of previous technologies90% but only 3% fully networked – achieving substantial bennies across all parts and with externals
Distinct properties of social tech make them powerful Endow social interactions with speed, scale and economics of the Internet Democratic content publishing, sharing and consuming Create a record of interactions/connections (social graph)Disintermediate commercial relationships and upend traditional biz models
an organisation that is optimised to benefit its entire ecosystem (customers, employees, owners, and partners) by embedding collaboration, information sharing, and active engagement into its operations and culture. Capturing the full potential value from the use of social technologies will require transformational changes in organizational structures, processes, and practices, as well as a culture compatible with sharing and openness.The greatest benefits will be realized by organizations that have or can develop open, non-hierarchical, knowledge-sharing cultures.
2/3rds of value creation lies in improving comms and collaboration within and across enterprisesConsumer insightsUnfiltered feedback and behavioral dataCrowdsource product ideas & co-create new featuresManaging procurement and logisticsRaise knowledge worker productivity by 20-25%Up 1/3 of consumer spending could be influenced by social media interactions = $940B annual consumption US and Europe
Marketing is Everything – Regis McKenna, HBS 1991TechnologyBut also all touchpoints – premises, customer services, reception, interaction with suppliers, productsThe company/customer relationship has flipped.The distance between the customer and the company has disappearedThe transparency stakes are raised
Smart companies:Crowd source new product ideas and co-create new featuresRich new forms of consumer insightsManage procurement and logisticsImprove the productivity of knowledge workers streamlining comms and collaboration lowering barriers between functional silos
In light of all that,
Performance-oriented cultures possess statistically better financial growth, with high employee involvement, strong internal communication, and an acceptance of a healthy level of risk-taking in order to achieve new levels of innovation.Social Media is less about strategy, messaging, and marketing than about culture, conversations, change management
Culture eats strategy for lunch“if we get the culture right, then everything else, including the customer service, will fall into place” – Tony Hsieh, CEO
Customer service centric approachTwitter especially – story of woman sent flowersMD throws parties for local customers when visiting citiesBox of crackers to Pacific Islands – “FreshBooks, you've got a customer for a life and yet one more person to sing your praises to the masses.”
SXSW panel – customers are your best marketingExecute Extraordinary Experiences Everyday
Georgie Newbury – artisan flower farmer and floristsNever had a marketing budgetBuilt whole business using social media – no budgetIt’s an honour to have direct relationships with customers
10/90 rule“Thank you department” - New customer order – find them in social media – discover what makes them tick – leverage that.Call every single customer who orders - Social is a long play – worrying about ROI, whether it is worth it – same conversation we had about Internet/ecommerce/etcRetention, lifetime value is the gameTwitter-engaged customers out perform non-engaged customers by 60%
WoM on SteriodsRemember the McKinsey report – social amplified by the speed, scale and economics of the Internet
Customer Lifetime Value (revenue from customer and immediate family over lifetime) now becomes Customer Referral Value = a measure of advocacy and positive business value that an influencer brings. We need to understand customers’ social graphs (remember McKinsey advantages)Community Referral Value: We are now in a world that not only is forcing businesses to engage customers but to consider the influences on their business that rests among their partners, suppliers, prospects… all the stakeholders in the company’s particular ecosystem.
Dropbox – Techcrunch and Techboards for pre-development guidance and then for Beta signups and feedbackStarbucks – My Starbucks IdeaDellIdeastorm – 500 new products, features and initiativesGatorade – for sick kidsNike – intersection of product dev and marketing = consumer good
Patients Like MePatients Know Best
All those examples – social was used to support/deliver on biz goalsWhat type of programme? Awareness, Sales, Loyalty, Retention, Insights
What will you do?Who is responsible; who involved?Within what timeframe?What milestones?What framework?What tools?What KPIs?What will it cost?
This is project management.Are you hiring new or reassigning existing?Establish roles, responsibilities and working practices.Cross departmental? Create comms channels and workflowsTrain staff and mgmt on “what” and “how” but also “why” – create guideline policy docSet up tools and integrate them into existing platforms/procedures
content production and publishing, content distribution, reputation management,community engagement, customer support, business intelligence (competitor activity, customerinsights), brand management, market research, monitoring, measurement and analytics.
Measure is the what and the howWhat = KPI’s and secondary measurements = sales, sentiment, share of voice, emails opened, visitors, comments, followers/friendsHow = social media monitoring tools, conversion metrics, web analytics, even surveys, feedback forms, customer service metrics
Microsite yielded 25% increase in uniques month on month in first 8 months
http://www.socialmediaexaminer.com/social-service-allows-startup-to-outpace-the-competition/No money spent on outside advertisingRelationships are his big marketing vehiclePersonal customer service via social media – Twitter convos and YouTube vids (personalised)
Oreo Daily TwistCelebrate 100 year anniversary Riffs on current news or relevant social issuesDaily piece of clever, highly shareable visual content sent out into the digital ecosystem
How understanding the social era can help your business v1
The Social Era and Your BusinessBedford Collegeand theBritish Computer Society27 March, 2013Eric SwainClient Services DirectorEquinet Media
Endow social with speed, scale & economicsWhatmakesitpowerful?Democratic content publishing, sharing andconsumingCreate a record of interactions/connections(social graph)Dis-intermediate commercial relationshipsand upend traditional biz models
The power lies in the creation of self-organisedcommunities of like-minded people
A recommendation from a friend wouldmake 71% of people more comfortablewith a product or service – more so thanadvertising (15%) or even personalexperience (63%)MediaLab71%
“The Social Web is distributing influence beyond the customerlandscape, allocating authority amongst stakeholders, prospects, and peers.” –Brian SolisCustomerLifetimeValueSocialLandscapeCustomerReferralValueCustomerSocialCustomer
End to EndPitch – short & sharpWhat you doBusinessWhat type of programme?Support biz goals
End to EndWhat does audience know?Nothing | Aware, No Action | Single Action | Repeat/Enthusiasts | AdvocatesResearchHow do they use social media?ListenBuyer personaeMap demographics, socialgraphics, usageCreatorsCriticsCollectorsJoinersSpectatorsInactives
End to EndStrategySupport the business goal, financialsPlanTacticsHow will you be human?Identify successKPIs, ground zero status
End to EndPlug plan into the organisationImplementPeople, roles, communications, workflowTools, integration, training & guidelines
End to EndDay to day executionManageContent, community engagement, cust support,brand mgmt, measurement/analytics
End to EndAre objectives being met?MeasureIf yes, carry onIf no, explore and make changes
Credits – images, docs and statsMcKinsey Report: http://www.mckinsey.com/insights/mgi/research/technology_and_innovation/the_social_economyCrowd Kiss: http://www.flickr.com/photos/acousticskyy/3651475141/Everything is Marketing – Hugh McLeod: http://www.gapingvoidart.com/everything-marketing-p-1917.htmlShouting boy by fotologic: http://www.flickr.com/photos/fotologic/242616844/Big Sandwich: UnknownMediaLab study: http://www.buzzador.com/pressdocuments/Wheres_Debbie_MediaEdge.pdf“End to End” concepts were informed by Jay Baer and Olivier BlanchardFor further reading for new business model discussions:The New Capitalist Manifesto by Umair Haque : http://www.amazon.co.uk/New-Capitalist-Manifesto-Building-Disruptively/dp/1422158586No Straight Lines by Alan Moore : http://www.no-straight-lines.com/Further reading for Social Media ROI:Social Media ROI by Olivier Blanchard: http://smroi.net/
EDITORSTHE SOCIALCREATIVENEWSROOMCREATIVE PRODUCERSCOMMUNITYMANAGERSCompanies must build their own media empiresEditorial sensibilitiesCultural relevancyBrand and content strategyContent form production (visual, etc)Formatting (social, web, traditional)Content optimisationEngagementMedia distribution (earned, paid & owned)Measurement and analyticsThe “newsroom” produces a continual stream of timely, relevant, content – optimised for sharing
There is both an opportunity for a greatorganization to communicate and to have theirknowledge impact the world.