The Social Era and Your Business
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The Social Era and Your Business
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Workshop talk for Bedford business community on behalf of Bedford Borough Council and the Bedford i-Lab
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The Social Era and Your Business
- The Social Era and Your Business Workshop (sort of) 28 November, 2012 Eric Swain Client Services Director Equinet Media
- Today WHY WHAT HOW
- Social Technologies Today
- Untapped Potential
- http://bit.ly/GCPaZB
- The power lies in the creation of self-organised communities of like-minded people
- ...We grew up with the Internet and on the Internet. This is whatWe, the us makes different; this is what makes the crucial, although surprising from your point of Web Kids view, difference: we do not ‘surf’ and the internet to us is not a ‘place’ or ‘virtual space’. The Internet to us is not something external to reality but a part of it: an invisible yet constantly present layer intertwined with the physical environment. We do not use the Internet, we live on the Internet and along it. If we were to tell our bildnungsroman to you, the analog, we could say there was a natural Internet aspect to every single experience that has shaped us. We made friends and enemies online, we prepared cribs for tests online, we planned parties and studying sessions online, we fell in love and broke up online. The Web to us is not a technology which we had to learn and which we managed to get a grip of. The Web is a process, happening continuously and continuously transforming before our eyes; with us and through us. Technologies appear and then dissolve in the peripheries, websites are built, they bloom and then pass away, but the Web continues, because we are the Web; we, communicating with one another in a way that comes naturally to us, more intense and more efficient than ever before in the history of mankind... http://bit.ly/FQlJND
- Tell people so they can buy it and then tell everyone else! Stop shouting!
- Strategy?
- Culture eats strategy Culture Eats Strategy for Breakfast
- Zappos • Alan Moore
- Craft “why” people should care
- Start with Why
- Remarkable Product Remarkable marketing is the art of building things worth noticing right into your product or service.
- Three myths about what customers want 1. Relationship with you 3. More the better Interactions build 2. relationships
- Why Social is big but still untapped by business Marketing is hyper-everything in the social era Communities of PEOPLE = move to social business The Web Kids will inherit the earth Culture Eats Strategy People buy “why” you do it Build the marketing into the product 3 Myths
- CUSTOMER SERVICE
- PRODUCT DEVELOPMENT
- LEAD GENERATION
- Could targeted social media generate 350 leads? 1. Integrated with other 3. marketing 723 leads 114% increase 2. in sales (YoY) Videos, Facebook, Twitter, LinkedIn
- B2B Content Network Expert Connections Show (not) Tell Knowledge base Relationships Story Trust Framework Soften & Support Humans
- Companies must build their own media empires Editorial sensibilities EDITORS Cultural relevancy Brand and content strategy COMMUNITY CREATIVE PRODUCERS MANAGERS Engagement Content form production (visual, etc) Media distribution (earned, paid & owned) THE SOCIAL Formatting (social, web, traditional) Content optimisation Measurement and analytics CREATIVE NEWSROOM The “newsroom” produces a continual stream of timely, relevant, content – optimised for sharing
- There is both an opportunity for a great organization to communicate and to have their knowledge impact the world.
- ROI Altimeter Group – The Social Media ROI Cookbook: http://slidesha.re/Tg1uAt
- FRY Frequency Reach Yield FRY metrics by Olivier Blanchard
- SALES
- A recommendation from a friend would make 71% of people more comfortable 71% with a product or service – more so than advertising (15%) or even personal experience (63%) MediaLab
- Customer Customer Social Social Lifetime Customer Referral Landscape Customer Value Value “The Social Web is distributing influence beyond the customer landscape, allocating authority amongst stakeholders, prospects, and peers.” – Brian Solis
- Gary Vaynerchuk grew his family wine shop from $3 million to $60 million using content & social media.
- $15k Direct Mail = 200 new customers $7.5k Billboards = 300 new customers $0 Twitter = 1,800 new customers Twitter customers out-perform by 60%
- NEW BUSINESS MODELS
- The most responsive company in the world 1. Decisions are effortless 3. Democratic 2. Better decisions faster
- There’s no such thing as a “social media strategy”
- END TO END
- End to End Core Your “Why” Your “One Thing” In Your Products? Your Behaviour?
- End to End Business Pitch – short & sharp What you do What type of programme? Support biz goals
- End to End Research Creators What does audience know? Critics Nothing | Aware, No Action | Single Action | Repeat/Enthusiasts | Advocates Collectors How do they use social media? Joiners Listen Spectators Buyer personae Inactives Map demographics, socialgraphics, usage
- End to End Plan Strategy Support the business goal Tactics How will you be human? Identify success KPIs, ground zero status
- End to End Implement Plug plan into the organisation People, roles, communications, workflow Tools, integration, training & guidelines
- End to End Manage Day to day execution Content, community engagement, cust support, brand mgmt, measurement/analytics
- End to End Measure Are objectives being met? If yes, carry on If no, explore and make changes
- Manufacture widgets for the consumer and industrial electronics industry Bedford, UK based, customers in UK and EU Growing reputation for innovative widget solutions Growing business, looking to expand in 2013
- Acme Widgets Core Why Innovation In Products? Built reputation on innovative, boundary-pushing new widgets Behaviour? We openly encourage our people to try new things
- Acme Widgets Business Pitch Ground breaking widgets for the electronics industry What Goal to open a new market (US) in 2013 programme? 1st customer by Q3 Support biz? Awareness programme
- Acme Widgets Research Creators Audience know? Nothing | Aware, No Action Critics Collectors How do they Critics and Collectors Joiners use social Comment on Groups and forums media? Pinterest pages for innovative products Spectators Inactives Design Engineers in large electronics manufacturers Buyer Persona Male, 25-40, charged with designing new products
- Acme Widgets Plan Raise awareness about ACME in key markets in the US to create beach head for expansion next year Strategy by demonstrating our expertise and passion on LinkedIn Create a financial plan – what will it costs? Identify subject matter experts internally Tactics Have them join LI Groups – answer questions (human?) Start blog about engineering/innovation Create a LI Group dedicated to our type of engineering 5 MQLs by end of Q2, 20 by end of 2013 ID success KPIs Secondary: conversions, web visits from US/LI, blog subs/comments, LI Group membership/discussions
- Acme Widgets Implement SM/Community Mgr – Agency help Choose experts, training, create policy Plug in plan Content calendar Select target LI Groups Set up blog platform Manage Manage content creation (herd engineers) Day to day Monitor LinkedIn, social spaces Measure against milestones, report regularly
- Acme Widgets Secondary KPIs: Action: Reaction: Investment: Indicators: Operation Expert Target group 7 MQLs (Q2) £85,000 Leads – 10 (Q1), Engineer responds + 28 end 2013 20 (Q2), 35 (Q3)
- Thank you! Eric Swain Client Services Director Equinet Media +44 1234 262262 eric@equinetmedia.com @ericswain www.equinetmedia.com
- Credits – images, docs and stats McKinsey Report: http://www.mckinsey.com/insights/mgi/research/technology_and_innovation/the_social_economy Everything is Marketing – Hugh McLeod: http://www.gapingvoidart.com/everything-marketing-p-1917.html Crowd Kiss: http://www.flickr.com/photos/acousticskyy/3651475141/ We, the Web Kids – Piotr Czerski: http://pastebin.com/0xXV8k7k Shouting boy by fotologic: http://www.flickr.com/photos/fotologic/242616844/ Social Media Strategy Mind Map: http://www.automotivesocial.com/ Big Sandwich: Unknown Jetfighter by familymwr: http://www.flickr.com/photos/familymwr/4929686927/ Simon Sinek: http://www.startwithwhy.com/ Seth Godin: http://www.fastcompany.com/46049/praise-purple-cow Corporate Executive Board – 3 Myths: http://blogs.hbr.org/cs/2012/05/three_myths_about_customer_eng.html Edelman – Social Creative Newsroom: http://darmano.typepad.com/logic_emotion/2012/11/brand_media.html ROI - Altimeter Group – The Social Media ROI Cookbook: http://slidesha.re/Tg1uAt Olivier Blanchard – FRY metrics: http://thebrandbuilder.wordpress.com/2009/05/22/real-social-media-r-o-i-part-4-fry-metrics/ MediaLab study: http://www.buzzador.com/pressdocuments/Wheres_Debbie_MediaEdge.pdf “End to End” concepts were informed by Jay Baer and Olivier Blanchard ACME factory: Balwin Piano factory - http://www.cincinnativiews.net/pianos.htm For 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/1422158586 No 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/
Editor's Notes
- Speed and scale of adoption exceeds that of previous technologiesDistinct properties of social tech make them powerfulEndow social interactions with speed, scale and economics of the InternetDemocratic content publishing, sharing and consumingCreate a record of interactions/connections (social graph)Disintermediate commercial relationships and upend traditional biz models
- 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
- 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
- If it starts with “culture” it also starts with “product”
- Remarkable marketing is the art of building things worth noticing right into your product or service. Not just slapping on the marketing function as a last-minute add-on, but also understanding from the outset that if your offering itself isn't remarkable, then it's invisible -- no matter how much you spend on well-crafted advertising.
- Myth #1: Most consumers want to have relationships with your brand.Actually, they don't. Only 23% of the consumers in our study said they have a relationship with a brand. In the typical consumer's view of the world, relationships are reserved for friends, family and colleagues. That's why, when you ask the 77% of consumers who don't have relationships with brands to explain why, you get comments like "It's just a brand, not a member of my family." (What consumers really want when they interact with brands online is to get discounts).How should you market differently?First, understand which of your consumers are in the 23% and which are in the 77%. Who wants a relationship and who doesn't? Then, apply different expectations to those two groups and market differently to them. Stop bombarding consumers who don't want a relationship with your attempts to build one through endless emails or complex loyalty programs. Those efforts will be low ROI. Chances are there are higher returns to be had elsewhere in your marketing mix.Myth #2: Interactions build relationships.No, they don't. Shared values build relationships. A shared value is a belief that both the brand and consumer have about a brand's higher purpose or broad philosophy. For example, Pedigree Dog Food's shared value is a belief that every dog deserves a loving home. Southwest Airlines' shared value revolves around the democratization of air travel.Of the consumers in our study who said they have a brand relationship, 64% cited shared values as the primary reason. That's far and away the largest driver. Meanwhile, only 13% cited frequent interactions with the brand as a reason for having a relationship.How should you market differently?Many brands have a demonstrable higher purpose baked into their missions, whether it's Patagonia's commitment to the environment or Harley Davidson's goal "to fulfill dreams through the experience of motorcycling." These feel authentic to consumers, and so provide a credible basis for shared values and relationship-building. To build relationships, start by clearly communicating your brand's philosophy or higher purpose.Myth #3: The more interaction the better.Wrong. There's no correlation between interactions with a customer and the likelihood that he or she will be "sticky" (go through with an intended purchase, purchase again, and recommend). Yet, most marketers behave as if there is a continuous linear relationship between the number of interactions and share of wallet. That's why, as the Wall Street Journal recently reported, you see well-established retailers like Neiman-Marcus, Land's End and Toys R Us sending customers over 300 emails annually.In reality, that linear relationship flattens much more quickly than most marketers think; soon, helpful interactions become an overwhelming torrent. Without realizing it, many marketers are only adding to the information bombardment consumers feel as they shop a category, reducing stickiness rather than enhancing it. (For more on consumers' cognitive overload, see the sidebar "Too Much Information" in our recent HBR article.How should you market differently?Instead of relentlessly demanding more consumer attention, treat the attention you do win as precious. Then ask yourself a simple question of any new marketing efforts: is this campaign/email/microsite/print ad/etc. going to reduce the cognitive overload consumers feel as they shop my category? If the answer is "no" or "not sure," go back to the drawing board. When it comes to interacting with your customers, more isn't better.
- 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
- Could generate 350 leads for 18 Manhatten centres?Chose a targetable customer segment – NYC entrepreneurs = young, growing, networkers, tech-skewedPR, Events, digital, SEM, taxi TV, Videos showing companies trying to have offices in the park, on subway, in coffee shops…
- B2B has a smaller potential customer base, a higher average price point, and a customer decision funnel that is more influenced by word of mouth and reputation.B2B social media tactics vary from B2C, in that they are typically rooted in consumer education and thought leadership, and thus require deeper layers of interactionB2B actually has an advantage with social media, because most of their business is centered around longer term relationships between suppliers and consultants and clients, and there are so many needs and touchpoints for information sharing that don’t exist as much in the B2C cycle.One distinct characteristic of B2B businesses is that their work centres around helping people do their jobs better somehow. It’s less about lifestyle and personal interests, and more about how the business ecosystem improves.Content – useful, helpful, informativeRaise knowledge of customersDemonstrate expertise – that we are qualified to help themShare, distribute, and create easier and faster with socialNetwork – is everything in B2BWho you know / Who they know - LinkedInKnowledge base – filter and segment list based on knowledge baseRelationships - Almighty in B2BEstablish Trust (so important) thru additional touch points – online not golf course or dinnerContext – from information standpoint - Supporting stuff that helps the sale along, shortens the cycle, secures the dealBridge gaps between and around sales – funnel movement and retention helpStory – How tell our business storyLinkedIn, Blog, Step outside the tools –what do they help you DO not how they lookHelp create relationship framework
- 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
- Is social media ROI attainable? Of course, but you have to set up your social programs from the outset in such a way that the data is available and unblemished. The best way to do that is to define and measure specific customer behaviors.If you want to neatly measure social media ROI, give your customers and fans a clear assignment with tracked clicks and post-click landing pages and forms.why did we think this was about customer acquisition, when it’s clearly about loyalty and retention?
- 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.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.
- “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%
- What 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?
- 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