Social media marketing

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A presentation I made for a group of marketing executives from a variety of Swedish companies in February 2011.

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Social media marketing

  1. 1. EXPLORING VALUE CREATION THROUGH SOCIAL MEDIA DR. ROBIN TEIGLAND STOCKHOLM SCHOOL OF ECONOMICS [email_address] WWW.KNOWLEDGENETWORKING.ORG WWW.SLIDESHARE.NET/ETEIGLAND ROBINTEIGLAND
  2. 2. "...when the rate of change outside an organization is greater than the rate of change inside, the end is near...." Jack Welch…
  3. 3. <ul><li>Did You Know: Shift Happens </li></ul><ul><li>http://www.youtube.com/watch?v=cL9Wu2kWwSY </li></ul><ul><li>How are these trends impacting you and your organization? </li></ul>
  4. 4. Human capacity cannot keep up… Growth Time Information and knowledge Human absorptive capacity Adapted from Cohen & Levinthal 1989
  5. 5. <ul><li>” No one knows everything, </li></ul><ul><li>everyone knows something, </li></ul><ul><li>all knowledge resides in humanity.” </li></ul>networks Adapted from Lévy 1997 Six degrees of separation - Milgram, 1967
  6. 6. The wisdom of the crowd Closed Expensive Complex Accurate Open Inexpensive Simple Close enough Hinton 2007 Accurate
  7. 7. History tends to repeat itself…. Innovation, financial crisis, industrial revolution, … Steam engine Internal combustion engine Microelectronics Late 18 th C Late 19 th C Late 20 th C Schön 2008 Third industrial revolution?
  8. 8. Prensky 2001, Beck and Wade 2004 “ Digital Immigrants” “ Digital Natives” Company loyalty Work ≠ Personal Learning=Behind the desk Individualism Professional loyalty Work = Personal Learning=Fun and games Collectivism
  9. 9. http://www.slideshare.net/helgetenno/post-digital-marketing-2009
  10. 10. ..using social media to learn, solve problems, and build relationships Adapted from FredCavazza.net
  11. 11. What are social media? <ul><li>Media that.. </li></ul><ul><li>enable communication & collaboration … </li></ul><ul><li>through user-generated content …. </li></ul><ul><li>from one-to-one to many-to-many people … </li></ul><ul><li>- across all boundaries </li></ul>
  12. 12. Drivers of change Increased Interactivity DiGangi 2010
  13. 13. From organization-generated content (OGC) to user-generated content (UGC) Content created by a user to be used by a user Shifting sources of value Content created by an organization to sell to a user Di Gangi 2008
  14. 14. Inc 500 companies report success Barnes, 2010 Inc. 500 Update: Most Blog, Friend And Tweet But Some Industries Still Shun Social Media
  15. 15. But most ”traditional” companies… … are here Teigland, The Network Survey, 2010 Organizational use Employee use No use Ban use One-way “broadcasting” Allow use Encourage use Two-way conversations
  16. 16. In your groups… <ul><li>… .investigate the use of social media </li></ul><ul><li>for service/product promotion </li></ul><ul><li>for customer service </li></ul><ul><li>for service/product innovation </li></ul><ul><li>through exploring new uses: geotagging, “groupon”, mobile, etc. </li></ul><ul><li>Prepare max 10 min ppt presentation </li></ul><ul><ul><li>Post links and comments on wiki </li></ul></ul><ul><ul><li>Show examples </li></ul></ul><ul><ul><li>What could you do at your companies? </li></ul></ul>
  17. 17. Some companies to investigate <ul><li>Ford, JetBlue, Southwest Airlines </li></ul><ul><li>Starbucks, Best Buy </li></ul><ul><li>Dell, IBM, Cisco, Symantec </li></ul><ul><li>Threadless, Zappos </li></ul><ul><li>Nike, Coca-Cola, Old Spice </li></ul><ul><li>Lego </li></ul>
  18. 18. Some search tips <ul><li>Some search words for search engines </li></ul><ul><ul><li>Social media - Twitter </li></ul></ul><ul><ul><li>Social networking - Facebook </li></ul></ul><ul><ul><li>Web 2.0 - LinkedIn </li></ul></ul><ul><ul><li>Foursquare </li></ul></ul><ul><li>Some sites </li></ul><ul><ul><li>Company homepage blogs </li></ul></ul><ul><ul><li>www.wikipedia.org www.slideshare.net </li></ul></ul><ul><ul><li>www.youtube.com www.flickr.com </li></ul></ul><ul><ul><li>www.linkedin.com www.facebook.com </li></ul></ul><ul><ul><li>www.twitter.com www.foursquare.com </li></ul></ul><ul><ul><li>http://www.delicious.com/tag/facebook+casestudies </li></ul></ul><ul><ul><li>http://www.socialmediaexaminer.com </li></ul></ul>
  19. 19. Social Media Wiki – one per group http://knowledgenetworking.pbworks.com/w/page/36197617/Social+Media+-+Promotion
  20. 21. My Starbucks Idea
  21. 22. Lego
  22. 23. IKEA http://www.youtube.com/watch?v=0TYy_3786bo
  23. 24. >16,000 unique visitors http://www.hhs.se/se/BusinessAndSociety/Press/pressmeddelanden/Pages/aretsaffarskreator2011.aspx
  24. 25. http://sararywe.blogspot.com/
  25. 26. Groupon
  26. 27. http://techcrunch.com/2011/02/10/meeker-mobile-slides/
  27. 28. http://techcrunch.com/2011/02/10/meeker-mobile-slides/
  28. 29. Social media enable communities
  29. 30. Why do people participate? http://www.slideshare.net/vnnw/social-media-marketing-english-edition-4470494
  30. 31. Why do people participate?
  31. 32. Two individuals/organizations with the same number of contacts… B A
  32. 33. … but with very different access to resources B A
  33. 34. A High creativity and innovative performance Teigland 2003 B www.youtube.com/watch?v=NugRZGDbPFU Poor creativity and innovative performance
  34. 35. Business models So, what happens to them? Johnson, Christensen, and Kagermann 2008, DiGangi 2010
  35. 36. They evolve... DiGangi 2010
  36. 37. Closed model <ul><ul><li>Organizations internalize resources for value creation; restrict access to knowledge, and protect intellectual property. </li></ul></ul>DiGangi 2010
  37. 38. DiGangi 2010
  38. 39. Open model <ul><ul><li>Organizations leverage both internal and external resources for value creation; strategically interact with environment </li></ul></ul>DiGangi 2010
  39. 40. <ul><ul><li>“ Distributed groups of individuals focused on solving general problem and/or developing new solution supported by computer-mediated communication.” </li></ul></ul><ul><ul><li>Dahlander & Wallin, 2006 p. 1246 </li></ul></ul>User-driven Innovation DiGangi 2010
  40. 41. DiGangi 2010 <ul><ul><li>“ Distributed groups of individuals focused on solving general problem and/or developing new solution supported by computer-mediated communication.” </li></ul></ul><ul><ul><li>Dahlander & Wallin, 2006 p. 1246 </li></ul></ul>User-driven Innovation
  41. 42. http://www.slideshare.net/themoleskin/introduction-to-social-meida?from=ss_embed
  42. 43. Co-created model <ul><ul><li>Organizations encourage flow of knowledge between internal and external resources; focus on common good where both parties benefit </li></ul></ul>DiGangi 2010
  43. 45. eZ 230+ Partners 32,000+ Community members 5,000+ Customers in 130 countries <ul><li>Content management software, #1 in media industry </li></ul><ul><li>Customers: UN, Vogue, Hitachi, 3M, MIT, FT, WSJ </li></ul><ul><li>75 employees in 9 countries (US, Europe & Asia) </li></ul>
  44. 46. eZ Philosophy Connecting people who share a passion for something they do so that they can collaborate, share ideas, learn, and create knowledge
  45. 47. The backbone of eZ Systems is social media - throughout the value chain
  46. 48. eZ provides platforms for interaction throughout its ecosystem eZ Software development team
  47. 49. <ul><ul><li>Driven by both parties sharing their experiences and co-creating value of network </li></ul></ul>Private-collective Community
  48. 50. But how to balance needs of community with needs of firm in value co-creation model? DiGangi et al 2010
  49. 51. http://www.slideshare.net/themoleskin/introduction-to-social-meida?from=ss_embed
  50. 52. Transparency, transparency, transparency http://twitter.com/#!/zappos Core Value #6: &quot;Build Open and Honest Relationships with Communication
  51. 53. Some things do not change Innovation Exchange Exchange Trust Trust Relationships Relationships Interaction
  52. 54. http://slideshare.net/missrogue &quot;E-connection is processed in the brain like an in-person connection.&quot;
  53. 55. IBM’s blogging policy & guidance, created by the employees Policies based on IBM’s Business Conduct Guidelines Apply internally and externally Available on ibm.com “ blogging guidelines” Adapted from Poole 2008
  54. 56. Management cannot mandate social relationships My company has blocked my computer from accessing most of the social media sites. But I feel so cut off from my network. So, now I just connect through my phone.
  55. 57. Empower employees to make right decisions <ul><li>Trust your employees and enable social media use </li></ul><ul><li>Discuss social media usage and guidelines </li></ul><ul><ul><li>Use wikis to enable employees to create company guidelines </li></ul></ul><ul><li>Provide examples of good use and poor use </li></ul><ul><li>Check out others’ guidelines </li></ul><ul><ul><li>http://socialmediagovernance.com/policies.php </li></ul></ul>When trusted, employees feel empowered to do the right thing!
  56. 58. Communicate competitive landscape What is our strategy? 1. Who are our customers ? 2. What products do we sell? 3. How do we create value? 4. Who are our competitors? https://www.securestate.com/PublishingImages/Competition-(BIG).gif
  57. 59. There is nowhere to hide http://www.youtube.com/watch?v=t8XxcOj3Seo Fortune, Rey 2008 Monitor social media sites and react in timely fashion
  58. 60. U r always on… http://meritwager.wordpress.com/2009/08/04/fragor-till-forsaljningschefen-pa-fortum-varme/
  59. 61. Users create their own meanings Wesch 2008
  60. 62. Monitor with social analytics http://analytics.topsy.com/ http://analytics.topsy.com/
  61. 63. Who are the Twitter influencers? http://www.briansolis.com/2011/02/the-interest-graph-on-twitter-is-alive-studying-starbucks-top-followers/
  62. 64. Word cloud of Starbucks’ top 50,000 consumer profiles http://www.briansolis.com/2011/02/the-interest-graph-on-twitter-is-alive-studying-starbucks-top-followers/
  63. 65. A day in the life of a Foursquare user http://www.briansolis.com/2011/01/checking-in-to-the-state-of-foursquare/
  64. 66. Social Mobile Location http://www.relenet.com/
  65. 67. http://techcrunch.com/2011/02/10/meeker-mobile-slides/
  66. 68. http://techcrunch.com/2011/02/10/meeker-mobile-slides/
  67. 69. www.rabble.se
  68. 71. Just when you thought you got it….. O’Driscoll 2009
  69. 72. Building skills in virtual environments <ul><li>My CV </li></ul><ul><li>Leading a virtual team of 30 individuals from across the globe </li></ul><ul><li>Creating and successfully executing strategies under pressure </li></ul><ul><li>Managing cross-cultural conflict without face-to-face communication </li></ul>Teigland 2010
  70. 73. How many usually think of virtual worlds… Teigland 2010
  71. 74. But what else can they be? <ul><li>Ability to manipulate/create content </li></ul><ul><li>Virtual economy and currency </li></ul>http://www.youtube.com/watch?v=Quh2OiPHkm8
  72. 75. Egypt protests inworld
  73. 76. VWs moving out of “Gartner hype cycle” trough Virtual worlds today http://www.gartner.com/it/page.jsp?id=1447613 >1 bln users May 2006 July 2007
  74. 77. http://www.slideshare.net/nicmitham/kzero-radar-q1-2011?from=ss_embed
  75. 78. Accelerating innovation to meet global needs Teigland et al. 2010 Integrating users in development process http://www.youtube.com/watch?v=2kMNWBU1Yb8
  76. 79. Leveraging VW affordances Teigland et al 2010 Simulation Avatar design Multi-modal communication Co-creation Archiving Immersion
  77. 80. “ Clearly if social activity migrates to synthetic worlds, economic activity will go there as well.” Castranova, 2006 http://www.flickr.com/photos/rodenberger/5085364909/in/pool-popartlab/#/photos/rodenberger/5085364909/in/pool-1240578@N23/ <ul><li>US $ 3 bln in virtual good sales in 2009 to grow to US $ 12 bln in 2012 </li></ul><ul><li>US $222,000 raised at American Cancer Society Relay in Second Life </li></ul><ul><li>Swedish government granted b ank license to Mind Bank in 2009 </li></ul>
  78. 82. USD 635,000 for an asteroid! http://blogs.forbes.com/oliverchiang/2010/11/13/meet-the-man-who-just-made-a-cool-half-million-from-the-sale-of-virtual-property/ USD 500,000 profit in 5 years -Jon “Neverdie” Jacobs
  79. 83. The rise of Avapreneurs (avatar+entrepreneur)? <ul><li>Global markets </li></ul><ul><li>Micropayments </li></ul><ul><li>Microemployees </li></ul>Teigland 2010
  80. 84. 3D interactive marketing <ul><li>Miss Calypso Virtual Beauty Pageant on Planet Calypso </li></ul><ul><ul><li>Fashions modeled by avatars on virtual catwalk </li></ul></ul><ul><ul><li>State of flow -> greater purchase intent and positive brand attitudes </li></ul></ul>Hooker 2010
  81. 85. Increasing pace of VW development! VWs on stick Browser-based VWs Seamlessness http://www.hypergridbusiness.com/2009/05/hypergrid-101-why-its-good-for-business/ http://mediagrid.org/groups/technology/OFF.TWG/ &quot;Create Once, Experience Everywhere” Expanding uses For smart phones and tablet PCs
  82. 87. <ul><li>Virtual currency to buy virtual goods in over 100 games and applications on Facebook platform </li></ul><ul><li>Purchase with credit card, PayPal, mobile phone or in physical stores (such as Walmart) </li></ul><ul><li>Intention is to make it easy for people to purchase games and virtual goods within them </li></ul><ul><li>On every purchase Facebook takes 30% of revenue </li></ul><ul><li>Some argue Facebook Credits will develop into F-commerce while others think it will only be for games </li></ul><ul><li>In study with almost 3000 respondents: Will you be buying and spending Facebook Credits? </li></ul><ul><ul><li>17 % Yes, absolutely </li></ul></ul><ul><ul><li>58 % No, absolutely not </li></ul></ul><ul><ul><li>25 % I have to learn more </li></ul></ul>Facebook Credits – A new economy? Group 8b , Course 2304, Media Management 2011
  83. 88. “ As soon as the Facebook generation wakes up and embraces virtual reality, we are going to see a giant wave of virtual world millionaires” -Jon “Neverdie” Jacobs
  84. 89. FOR YOU? <ul><li>Key takeaways: </li></ul><ul><li>Learn from online interactions and then innovate based on what customers want </li></ul><ul><li>Provide structured opportunities for people within the business to learn about and participate in social media presence </li></ul><ul><li>Executive support, dedicated personnel and key champions </li></ul><ul><li>Humanize the business, and give opportunities for customers to tell their stories </li></ul><ul><li>Social Media Guidelines for your people </li></ul><ul><li>What are the opportunities for you? </li></ul>
  85. 90. Karinda Rhode aka Robin Teigland [email_address] www.knowledgenetworking.org www.slideshare.net/eteigland www.nordicworlds.net RobinTeigland Photo: Lindholm, Metro Photo: Nordenskiöld Photo: Lindqvist If you love knowledge, set it free…
  86. 91. Interested in learning more ?

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