Social Influence Marketing at InBound Marketing Summit


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My presentation at the InBound Marketing Summit. Also includes information about my upcoming book

Published in: Business, News & Politics
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  • The social space is first and foremost about people and relationships. Technology and platforms come and go.
  • If control of the brand no longer resides completely in the hands of the brand itself, what are the guideposts to help brands join the conversation? To answer this, we looked at how consumers are influenced by social media as they move through the marketing funnel. When asked how certain sources influence respondents in the awareness, consideration, & action phases of marketing a purchase, respondents consistently attribute strong to heavy influence to word of mouth from known peers, both online and offline. In terms of brand perception during the awareness phases, independent blogs play a moderately influential role, trailing peer influencers by 31 percent. Interestingly, user-generated content from social influencers was just about as influential as corporate blogs. But as we move toward the action phase – when a purchase is about to e be made – influence from known peers asserts a substantial lead position. Independent blogs form key influencers exhibit little sway during the purchase phase, and branded corporate blogs exert almost none.
  • On the left is Best Buy’s more traditional digital presence in the form of its website and a display advertisement. On the right is the CMO’s blog which as you can see from the image is more personal and casual. Below that is his Twitter feed which includes personal replies. And at the bottom is another Best Buy employee’s Twitter account.
  • Customer Listening Customer Participation Customer Care
  • Customer Listening Customer Participation Customer Care
  • Social Influence Marketing at InBound Marketing Summit

    1. Social Influence Marketing: 5 IDEAS October 10, 2009 @shivsingh
    2. The purpose of a business is to create a customer – Peter Drucker “ ” @shivsingh
    3. The purpose of a business is to create a customer who creates customers @shivsingh
    4. Leaving your only job to be taking care of your existing customers Trust me, that’ll be harder not easier… @shivsingh
    5. IDEA 1: Practice SIM everyday @shivsingh
    7. <ul><li>Will you practice Social Influence Marketing? </li></ul><ul><ul><li>Allow the community to shape and evolve your brand </li></ul></ul><ul><ul><li>Market to the community and not just the individual </li></ul></ul><ul><ul><li>Design social products and utilities, not just ads or micro-sites </li></ul></ul><ul><ul><li>Let go of your content and the sanctity of your product pages </li></ul></ul><ul><ul><li>Bring in the social graph and not just the customer </li></ul></ul>IDEA 1 @shivsingh
    8. But we focus on these the most These are powerful IDEA 1 <ul><li>And can you link it to your other marketing efforts? </li></ul><ul><ul><li>Social engagement results in purchases 24 days later on average </li></ul></ul><ul><ul><li>Exposure equals 2.8 times likelihood of search, click rate increase 50% </li></ul></ul><ul><ul><li>Traditional media jump starts social - Subservient Chicken </li></ul></ul><ul><ul><li>34% retailers believe social media increased sales for them </li></ul></ul><ul><ul><li>Social CRM scaling up. 70% of email vendors integrate social now </li></ul></ul>@shivsingh
    9. @shivsingh
    10. IDEA 2: Focus on the relationships @shivsingh
    11. It is not just about a platform, yours or anyone else's IDEA 2 @shivsingh
    12. Find out who is influencing your customer. Research influencer types IDEA 2 @shivsingh CUSTOMER
    13. IDEA 2 At different stages in the marketing funnel @shivsingh
    14. Don’t break the trust or get into trouble with the FTC @shivsingh
    15. Brand Voice Social Voice Social Brand How Best Buy is evolving with social voices <ul><li>Brand accurately reflected </li></ul><ul><li>Single, anonymous and one way </li></ul><ul><li>Unique to the company </li></ul><ul><li>Consistent across touch points </li></ul><ul><li>Manifested in many real people </li></ul><ul><li>Brand is more human in social </li></ul><ul><li>Engaging and two way </li></ul><ul><li>Listens, learns and interacts </li></ul><ul><li>Social voice becomes brand personality </li></ul><ul><li>Represented on across all touch points including TV </li></ul>@shivsingh
    16. IDEA 3: Put your community at the core @shivsingh
    17. 72% of internet users say they are exposed to too much advertising IDEA 3 @shivsingh
    18. And publishers can’t just depend the same old strategies and tactics IDEA 3 @shivsingh
    19. So harness all of social IDEA 3 @shivsingh Consumer Controlled High Fragmentation Influential Proprietary Low reach Information rich Expected High Reach Database Web sites SEO Branded Content Media partnerships PPC Display ePOS SMS/MMS Social marketing Blogs, forums UGC Viral/Seeding cost per interaction OWNED EARNED 2ct 10ct BOUGHT $1 2ct SOCIAL MEDIA
    20. By putting community at the core of your brand Your Community Your Brand IDEA 3 Your Brand Your Community @shivsingh
    21. @shivsingh
    22. @shivsingh
    23. IDEA 4: Retool your Marketing Department @shivsingh
    24. What does this really mean? IDEA 4 @shivsingh
    25. IDEA 4 CMO Advertising Public Relations Product Marketing Customer Research Marketing Operations Interactive Marketing Media Brand Social Media Dude @shivsingh
    26. IDEA 4 CMO Customer Participation & Design Customer Listening Customer Operations <ul><li>No compartmentalization of digital </li></ul><ul><li>No compartmentalization of PR </li></ul><ul><li>No paid/earned media separation </li></ul><ul><li>No corporate/product marketing separation </li></ul><ul><li>Research stops being singular </li></ul><ul><li>Advertising is about participating </li></ul><ul><li>Marketing is also about designing </li></ul>@shivsingh
    27. IDEA 5: Measure @shivsingh
    28. Measure everything IDEA 5 @shivsingh
    29. IDEA 5 @shivsingh
    30. What’s your SIM Score? SIM Score = Conversation Share + Sentiment * *Adjusted for influence IDEA 5 @shivsingh
    31. And account for the real world too @shivsingh Company Share of Voice Net Sentiment SIM Score Bank of America 31.6% 66% 32 JPMorgan Chase 20.7% 62% 20 Wells Fargo 13.5% 71% 15 Citibank 13.6% 66% 14 Capital One 9.19% 69% 10 Wachovia 11.1% 62% 10 Company Online Share of Voice Offline Share of Voice Online Net Sentiment Offline Net Sentiment Bank of America 31.6% 33% 66% 66% Capital One 9.19% 5% 69% 74% Citibank 13.6% 16% 66% 55% JPMorgan Chase 20.7% 17% 62% 64% Wachovia 11.1% 16% 62% 50% Wells Fargo 13.5% 14% 71% 73% IDEA 5
    32. Mutual Funds: SIM Score over three weeks @shivsingh
    33. Apparel Retailers: SIM Score over three months @shivsingh
    34. SIM Score questions to ask <ul><li>How does advertising impact the SIM Score? </li></ul><ul><li>How does the SIM Score change during the lifetime of a campaign? </li></ul><ul><li>Does the SIM Score adjust appropriately for varying levels of influence? </li></ul><ul><li>How does the SIM Score relate to other business metrics? </li></ul><ul><li>Can the SIM Score serve as a leading indicator for sales? </li></ul><ul><li>Can you tie loyalty metrics to SIM Score metrics? </li></ul>@shivsingh
    35. 5 Ideas for Social Influence Marketing <ul><ul><li>Practice Social Influence Marketing </li></ul></ul><ul><ul><li>Focus on relationships not just platforms </li></ul></ul><ul><ul><li>Put your community at the core </li></ul></ul><ul><ul><li>Retool your Marketing Department </li></ul></ul><ul><ul><li>Measure what matters. Customize </li></ul></ul>@shivsingh
    36. Thank You <ul><li>Shiv Singh </li></ul><ul><li>[email_address] </li></ul><ul><li> </li></ul><ul><li> </li></ul>Book is available for pre-order at Amazon, Barnes & Noble and Borders. On sale nationwide - October 26th