MutualMind White Paper: Social Media ROIMutualMind
CEO and CMO's guide to social media ROI. This white paper provides a)overview of thought leadership on the topic social media ROI, b)shows how listening & engagement leads to ROI and c) provides recommendations on how to maximize impact of social media on your business
A Collection Of Community Management AdviceMarketwired
A curated collection of answers to several community management questions answered by actual community managers.
Brought to you by Marketwire and TheCommunityManager.com
Advertising and media are converging. The results will disrupt how companies must deploy their marketing efforts. Marketers, and their agency partners must converge their media efforts by combining social, corporate content, and advertising reach --or risk connecting with the fleeting customer.
Owned and earned media are vital to campaigns, helping to amplify and spread brand messages through the complex paths consumers follow across devices, screens and media. Advertising, or ‘paid’ media, has traditionally led marketing initiatives both online and off-. But advertising no longer works as effectively as it once did unless bolstered by additional marketing channels.
While consumers distinguish less and less between these channels, marketers remain specialized in one medium at the expense of the others. Rather than allow campaigns to be driven by paid media, marketers must now develop scale and expertise in owned and earned media to drive effectiveness, cultivate creative ideas, assess customer needs, cultivate influencers, develop reach, achieve authenticity and cut through clutter.
”The Converged Media Imperative,” a new research report co-authored by Altimeter Group Analysts Rebecca Lieb and Jeremiah Owyang, explores today's media landscape, and provides a success checklist and actionable recommendations for converged media deployment.
Social Activation chapter of our Tech Trends 2014 report.
Includes Sony Pictures social analytics case study, applying advanced modelling techniques to optimise marketing spend between traditional and digital channels.
MutualMind White Paper: Social Media ROIMutualMind
CEO and CMO's guide to social media ROI. This white paper provides a)overview of thought leadership on the topic social media ROI, b)shows how listening & engagement leads to ROI and c) provides recommendations on how to maximize impact of social media on your business
A Collection Of Community Management AdviceMarketwired
A curated collection of answers to several community management questions answered by actual community managers.
Brought to you by Marketwire and TheCommunityManager.com
Advertising and media are converging. The results will disrupt how companies must deploy their marketing efforts. Marketers, and their agency partners must converge their media efforts by combining social, corporate content, and advertising reach --or risk connecting with the fleeting customer.
Owned and earned media are vital to campaigns, helping to amplify and spread brand messages through the complex paths consumers follow across devices, screens and media. Advertising, or ‘paid’ media, has traditionally led marketing initiatives both online and off-. But advertising no longer works as effectively as it once did unless bolstered by additional marketing channels.
While consumers distinguish less and less between these channels, marketers remain specialized in one medium at the expense of the others. Rather than allow campaigns to be driven by paid media, marketers must now develop scale and expertise in owned and earned media to drive effectiveness, cultivate creative ideas, assess customer needs, cultivate influencers, develop reach, achieve authenticity and cut through clutter.
”The Converged Media Imperative,” a new research report co-authored by Altimeter Group Analysts Rebecca Lieb and Jeremiah Owyang, explores today's media landscape, and provides a success checklist and actionable recommendations for converged media deployment.
Social Activation chapter of our Tech Trends 2014 report.
Includes Sony Pictures social analytics case study, applying advanced modelling techniques to optimise marketing spend between traditional and digital channels.
Online communities have taken hold among businesses, to connect employees, customers and partners. However, community management as a profession is largely misunderstood and inadequately resourced. We created this book to raise the literacy level among businesses on what community managers actually do, and for community managers to have a trusted guide in their daily jobs. This guide addresses at a high level the strategy, design and everyday execution of a successful and healthy community.
Authors: Maria Ogneva, Matt Jensen, Molly Bugler
2009
Marketing
Equation’s annual Marketing Industry Trends survey was created to monitor how
the world of Marketing is evolving with the changing consumer/media landscape.
The 2009 study is unique in that we opened up survey development to the
Marketing Community—and did so by leveraging a Web 2.0 strategy of
“crowdsourcing” the survey questions directly from marketers. Christina Kerley
(“CK”) engaged the marketing community to create questions and submit topics on
what they wanted to know through posts on the leading industry marketing blog
MarketingProfs Daily Fix and her own Marketing Blog.
To the best of our knowledge, it’s the first time a trends survey of this size
has been constructed by and for the community it’s targeting.
Influencer Marketing: Social Listening in PracticeBrandwatch
Research from Sony has shown that people are more than five times as likely to buy based on a recommendation from a social peer than they are when having simply been exposed to traditional forms of marketing.
The great news is that brands can leverage this: Sony was able to focus on the 15% of their huge customer base that wielded significant social influence, and increase sales by 300% by honing their marketing to them.
Influencer Marketing is so much more than a fashionable phrase. In this free guide, featuring tips, tricks and case studies, we take you through how you can identify and utilize influencers to supercharge your campaigns and help you reach the audience you need.
According to the Pew Internet & American Life Project half of all adults in the US use social networking sites. Despite its obvious appeal as a marketing channel, social media is far from achieving "equal citizenship" status among the marketing mix, particularly for Business-to-Business marketers. This benchmark report will examine the pressures and challenges social media presents for B2B marketing, and the path taken by top performing companies to achieve success. Aberdeen's research shows that top performing companies have integrated social media marketing with existing, core marketing channels and processes.
The Coming Change in Social Media by Social Media TodayElizabeth Lupfer
In a major paradigm shift that is impacting public relations and marketing oranizations, companies are now viewing social media as their front line strategy for customer engagement, immediate contact, and lead generation. This means the software tools we use in the social space will be changing a lot too. This gamebreaker call was based on research developed by our resident trendspotter, Josh Gordon, in Social Media Today's latest free download white paper The Coming Change In Social Media. It's our focus here at Social Media Today to help frame the issues and put them into perspective so that community members can use them as a roadmap and drive the future of social media. Don't get behind the curve.
Five Best Practices for Social Media MeasurementRyan Green
In a webcast co-hosted by the AMA and SAS, presenters described three areas of focus for using social media, and the five best practices for being effective in social media. This paper provides a summary of that webcast.
Gaining and Maintaining a Competitive Advantage with SOCIAL MEDIA (WSI - Cyprus)WSI (Cyprus)
You keep hearing about social media and how it's spreading like wildfire. But as a business
person with a crazy schedule - saddled with the added stress of rocky economic times and a
shrinking marketing budget - you need to know: Is there any real business value to social media,
or is it mostly buzz? And if there's value, how on earth will I have time to learn it and use it
effectively?
Social media leads to fundamental change in companies, it is far more than marketing or simply new marketing tools. This presentation outlines the impact of social media on business and how business should deal with it.
From Social Media to Social SRM - IBM reportBoris Loukanov
Social CRM – the integration of social media with customer relationship management (CRM) strategies – is the next frontier for organizations that want to optimize the power of social interactions to get closer to customers.
Online communities have taken hold among businesses, to connect employees, customers and partners. However, community management as a profession is largely misunderstood and inadequately resourced. We created this book to raise the literacy level among businesses on what community managers actually do, and for community managers to have a trusted guide in their daily jobs. This guide addresses at a high level the strategy, design and everyday execution of a successful and healthy community.
Authors: Maria Ogneva, Matt Jensen, Molly Bugler
2009
Marketing
Equation’s annual Marketing Industry Trends survey was created to monitor how
the world of Marketing is evolving with the changing consumer/media landscape.
The 2009 study is unique in that we opened up survey development to the
Marketing Community—and did so by leveraging a Web 2.0 strategy of
“crowdsourcing” the survey questions directly from marketers. Christina Kerley
(“CK”) engaged the marketing community to create questions and submit topics on
what they wanted to know through posts on the leading industry marketing blog
MarketingProfs Daily Fix and her own Marketing Blog.
To the best of our knowledge, it’s the first time a trends survey of this size
has been constructed by and for the community it’s targeting.
Influencer Marketing: Social Listening in PracticeBrandwatch
Research from Sony has shown that people are more than five times as likely to buy based on a recommendation from a social peer than they are when having simply been exposed to traditional forms of marketing.
The great news is that brands can leverage this: Sony was able to focus on the 15% of their huge customer base that wielded significant social influence, and increase sales by 300% by honing their marketing to them.
Influencer Marketing is so much more than a fashionable phrase. In this free guide, featuring tips, tricks and case studies, we take you through how you can identify and utilize influencers to supercharge your campaigns and help you reach the audience you need.
According to the Pew Internet & American Life Project half of all adults in the US use social networking sites. Despite its obvious appeal as a marketing channel, social media is far from achieving "equal citizenship" status among the marketing mix, particularly for Business-to-Business marketers. This benchmark report will examine the pressures and challenges social media presents for B2B marketing, and the path taken by top performing companies to achieve success. Aberdeen's research shows that top performing companies have integrated social media marketing with existing, core marketing channels and processes.
The Coming Change in Social Media by Social Media TodayElizabeth Lupfer
In a major paradigm shift that is impacting public relations and marketing oranizations, companies are now viewing social media as their front line strategy for customer engagement, immediate contact, and lead generation. This means the software tools we use in the social space will be changing a lot too. This gamebreaker call was based on research developed by our resident trendspotter, Josh Gordon, in Social Media Today's latest free download white paper The Coming Change In Social Media. It's our focus here at Social Media Today to help frame the issues and put them into perspective so that community members can use them as a roadmap and drive the future of social media. Don't get behind the curve.
Five Best Practices for Social Media MeasurementRyan Green
In a webcast co-hosted by the AMA and SAS, presenters described three areas of focus for using social media, and the five best practices for being effective in social media. This paper provides a summary of that webcast.
Gaining and Maintaining a Competitive Advantage with SOCIAL MEDIA (WSI - Cyprus)WSI (Cyprus)
You keep hearing about social media and how it's spreading like wildfire. But as a business
person with a crazy schedule - saddled with the added stress of rocky economic times and a
shrinking marketing budget - you need to know: Is there any real business value to social media,
or is it mostly buzz? And if there's value, how on earth will I have time to learn it and use it
effectively?
Social media leads to fundamental change in companies, it is far more than marketing or simply new marketing tools. This presentation outlines the impact of social media on business and how business should deal with it.
From Social Media to Social SRM - IBM reportBoris Loukanov
Social CRM – the integration of social media with customer relationship management (CRM) strategies – is the next frontier for organizations that want to optimize the power of social interactions to get closer to customers.
Maybe your customers are just not that into you... Part 1dramaiya
While businesses are fervently
building social media programs to "get closer to customers", a recent IBM study shows that customers may not be as enthusiastic.
Actually, most do not engage with companies via social media simply to feel connected.
It turns out, customers are far more pragmatic.
Not very long ago, social media was a diversion that most business leaders considered a time-waster. But today it's obvious that word-of-mouth has a momentous impact on brands and that social media can be a goldmine of customer insight.
This paper provides perspective on the growth of social interactions in business, Voice of Customer pitfalls, and the role of sentiment analysis to mine customer insight.
You'll learn:
How to capitalize on unstructured and unsolicited feedback
To translate insight into action by integrating social channels into your existing processes
The top business applications for social media
The age of Social Customer is here. Are you ready to engage?
Questions for business:
-How much is your business, as a whole, spending on social media related activity?
-What innovations is it hoping to achieve?
-And what is the return on investment?
If you don’t know the answers to these vital questions you are in need of a Social Media Audit. We can help.
Social Customer Service: The Pivotal Driver of the Social EnterpriseLiveops
Customer Service is now driving the voice of the customer (VOC) cross-functional collaboration and that integration and use of VOC data makes all departments more effective and efficient.
Here are the slides from a recent Webinar featuring Bren Boswell from Techtarget, Sarah Dunn from Synmatec and good old Adam Lewis, Content Marketing Consultant.
What marketers say about working online: Mckinsey Quarterly Global surveyAdam Lewis
Great stats about what marketers think about the challenges and the opportunities of digital marketing. Covering social media, social insight, mobile. Great stats.
RMD24 | Retail media: hoe zet je dit in als je geen AH of Unilever bent? Heid...BBPMedia1
Grote partijen zijn al een tijdje onderweg met retail media. Ondertussen worden in dit domein ook de kansen zichtbaar voor andere spelers in de markt. Maar met die kansen ontstaan ook vragen: Zelf retail media worden of erop adverteren? In welke fase van de funnel past het en hoe integreer je het in een mediaplan? Wat is nu precies het verschil met marketplaces en Programmatic ads? In dit half uur beslechten we de dilemma's en krijg je antwoorden op wanneer het voor jou tijd is om de volgende stap te zetten.
Business Valuation Principles for EntrepreneursBen Wann
This insightful presentation is designed to equip entrepreneurs with the essential knowledge and tools needed to accurately value their businesses. Understanding business valuation is crucial for making informed decisions, whether you're seeking investment, planning to sell, or simply want to gauge your company's worth.
Improving profitability for small businessBen Wann
In this comprehensive presentation, we will explore strategies and practical tips for enhancing profitability in small businesses. Tailored to meet the unique challenges faced by small enterprises, this session covers various aspects that directly impact the bottom line. Attendees will learn how to optimize operational efficiency, manage expenses, and increase revenue through innovative marketing and customer engagement techniques.
What are the main advantages of using HR recruiter services.pdfHumanResourceDimensi1
HR recruiter services offer top talents to companies according to their specific needs. They handle all recruitment tasks from job posting to onboarding and help companies concentrate on their business growth. With their expertise and years of experience, they streamline the hiring process and save time and resources for the company.
LA HUG - Video Testimonials with Chynna Morgan - June 2024Lital Barkan
Have you ever heard that user-generated content or video testimonials can take your brand to the next level? We will explore how you can effectively use video testimonials to leverage and boost your sales, content strategy, and increase your CRM data.🤯
We will dig deeper into:
1. How to capture video testimonials that convert from your audience 🎥
2. How to leverage your testimonials to boost your sales 💲
3. How you can capture more CRM data to understand your audience better through video testimonials. 📊
Enterprise Excellence is Inclusive Excellence.pdfKaiNexus
Enterprise excellence and inclusive excellence are closely linked, and real-world challenges have shown that both are essential to the success of any organization. To achieve enterprise excellence, organizations must focus on improving their operations and processes while creating an inclusive environment that engages everyone. In this interactive session, the facilitator will highlight commonly established business practices and how they limit our ability to engage everyone every day. More importantly, though, participants will likely gain increased awareness of what we can do differently to maximize enterprise excellence through deliberate inclusion.
What is Enterprise Excellence?
Enterprise Excellence is a holistic approach that's aimed at achieving world-class performance across all aspects of the organization.
What might I learn?
A way to engage all in creating Inclusive Excellence. Lessons from the US military and their parallels to the story of Harry Potter. How belt systems and CI teams can destroy inclusive practices. How leadership language invites people to the party. There are three things leaders can do to engage everyone every day: maximizing psychological safety to create environments where folks learn, contribute, and challenge the status quo.
Who might benefit? Anyone and everyone leading folks from the shop floor to top floor.
Dr. William Harvey is a seasoned Operations Leader with extensive experience in chemical processing, manufacturing, and operations management. At Michelman, he currently oversees multiple sites, leading teams in strategic planning and coaching/practicing continuous improvement. William is set to start his eighth year of teaching at the University of Cincinnati where he teaches marketing, finance, and management. William holds various certifications in change management, quality, leadership, operational excellence, team building, and DiSC, among others.
The world of search engine optimization (SEO) is buzzing with discussions after Google confirmed that around 2,500 leaked internal documents related to its Search feature are indeed authentic. The revelation has sparked significant concerns within the SEO community. The leaked documents were initially reported by SEO experts Rand Fishkin and Mike King, igniting widespread analysis and discourse. For More Info:- https://news.arihantwebtech.com/search-disrupted-googles-leaked-documents-rock-the-seo-world/
RMD24 | Debunking the non-endemic revenue myth Marvin Vacquier Droop | First ...BBPMedia1
Marvin neemt je in deze presentatie mee in de voordelen van non-endemic advertising op retail media netwerken. Hij brengt ook de uitdagingen in beeld die de markt op dit moment heeft op het gebied van retail media voor niet-leveranciers.
Retail media wordt gezien als het nieuwe advertising-medium en ook mediabureaus richten massaal retail media-afdelingen op. Merken die niet in de betreffende winkel liggen staan ook nog niet in de rij om op de retail media netwerken te adverteren. Marvin belicht de uitdagingen die er zijn om echt aansluiting te vinden op die markt van non-endemic advertising.
Personal Brand Statement:
As an Army veteran dedicated to lifelong learning, I bring a disciplined, strategic mindset to my pursuits. I am constantly expanding my knowledge to innovate and lead effectively. My journey is driven by a commitment to excellence, and to make a meaningful impact in the world.
Memorandum Of Association Constitution of Company.pptseri bangash
www.seribangash.com
A Memorandum of Association (MOA) is a legal document that outlines the fundamental principles and objectives upon which a company operates. It serves as the company's charter or constitution and defines the scope of its activities. Here's a detailed note on the MOA:
Contents of Memorandum of Association:
Name Clause: This clause states the name of the company, which should end with words like "Limited" or "Ltd." for a public limited company and "Private Limited" or "Pvt. Ltd." for a private limited company.
https://seribangash.com/article-of-association-is-legal-doc-of-company/
Registered Office Clause: It specifies the location where the company's registered office is situated. This office is where all official communications and notices are sent.
Objective Clause: This clause delineates the main objectives for which the company is formed. It's important to define these objectives clearly, as the company cannot undertake activities beyond those mentioned in this clause.
www.seribangash.com
Liability Clause: It outlines the extent of liability of the company's members. In the case of companies limited by shares, the liability of members is limited to the amount unpaid on their shares. For companies limited by guarantee, members' liability is limited to the amount they undertake to contribute if the company is wound up.
https://seribangash.com/promotors-is-person-conceived-formation-company/
Capital Clause: This clause specifies the authorized capital of the company, i.e., the maximum amount of share capital the company is authorized to issue. It also mentions the division of this capital into shares and their respective nominal value.
Association Clause: It simply states that the subscribers wish to form a company and agree to become members of it, in accordance with the terms of the MOA.
Importance of Memorandum of Association:
Legal Requirement: The MOA is a legal requirement for the formation of a company. It must be filed with the Registrar of Companies during the incorporation process.
Constitutional Document: It serves as the company's constitutional document, defining its scope, powers, and limitations.
Protection of Members: It protects the interests of the company's members by clearly defining the objectives and limiting their liability.
External Communication: It provides clarity to external parties, such as investors, creditors, and regulatory authorities, regarding the company's objectives and powers.
https://seribangash.com/difference-public-and-private-company-law/
Binding Authority: The company and its members are bound by the provisions of the MOA. Any action taken beyond its scope may be considered ultra vires (beyond the powers) of the company and therefore void.
Amendment of MOA:
While the MOA lays down the company's fundamental principles, it is not entirely immutable. It can be amended, but only under specific circumstances and in compliance with legal procedures. Amendments typically require shareholder
Affordable Stationery Printing Services in Jaipur | Navpack n PrintNavpack & Print
Looking for professional printing services in Jaipur? Navpack n Print offers high-quality and affordable stationery printing for all your business needs. Stand out with custom stationery designs and fast turnaround times. Contact us today for a quote!
VAT Registration Outlined In UAE: Benefits and Requirementsuae taxgpt
Vat Registration is a legal obligation for businesses meeting the threshold requirement, helping companies avoid fines and ramifications. Contact now!
https://viralsocialtrends.com/vat-registration-outlined-in-uae/
VAT Registration Outlined In UAE: Benefits and Requirements
Bain brief putting social media to work
1. Early adopters are gaining real
economic value from their invest-
ments in social media. Customers
who engage with companies
over social media are more loyal
and they spend up to 40 percent
more with those companies than
other customers.
Putting social media to work
By Chris Barry, Rob Markey, Eric Almquist and Chris Brahm
3. Putting social media to work
Early adopters are gain- applied in new ways. While they often experiment
and sometimes fail, they don’t allow themselves
ing real economic value to fall into the trap of thinking that somehow
from their investments “everything has changed” in this new world.
in social media. Custom- As part of a broader customer engagement strategy,
ers who engage with social media can be an effective and cost-efficient
marketing, sales, service, insight and retention
companies over social tool. Our recent survey of more than 3,000 con-
media are more loyal sumers helped to identify what makes social media
effective. We found that customers who engage
and they spend up to with companies over social media spend 20 per-
40 percent more with cent to 40 percent more money with those com-
panies than other customers (see Figure 1). They
those companies than
also demonstrate a deeper emotional commit-
other customers. ment to the companies, granting them an average
33 points higher Net Promoter® score (NPS®),
Five years ago, few general managers outside of a common measure of customer loyalty (see
the tech industry had heard the term “social me- sidebar, “NPS 101”).
dia.” As social networking services such as Face-
book and Twitter broke loose on the mainstream Embracing empowered consumers
business scene, the majority of companies stood
on the sidelines trying to make sense of it all. More than 60 percent of Internet-connected indi-
viduals in the US now engage on social media
Despite the proliferation of corporate Facebook platforms every day. The speed and access to infor-
pages and Twitter accounts during the last couple mation that they’ve come to appreciate has made
of years, most businesses still effectively remain on them more demanding customers. For example,
the sidelines. The gap between the early adopters many now expect real-time customer service
and those waiting to take the plunge has actually recovery and quick responses to their online feed-
widened. While the average billion-dollar company back. Hyper-connected individuals regularly
spends $750,000 a year on social media, according broadcast their opinions. And they rely on their
to Bain & Company analysis, some early adopt- friends and social networks for news, reviews and
ers such as Dell, Wal-Mart, Starbucks, JetBlue and recommendations for products and businesses.
American Express invest significantly more. In
some instances, the investment is tens of millions Social media leaders understand and appreciate
of dollars. Who is right—the early adopters or the magnitude of the shift in customer empower-
the companies still waiting it out? ment and the opportunities and risks that these
tools create. As a result, they approach their social
Our research shows that several early adopters media efforts differently. While the average compa-
have captured real economic value from their ny may maintain Facebook and Twitter accounts
investments. But the social media scene is so tur- and have other discrete programs run by their
bulent and frothy that many others have poured marketing or customer service teams, in our expe-
good money after bad in their attempts to engage rience, these efforts tend to be uncoordinated, with
customers. The leaders typically employ the same different business units, brands or geographies
tried-and-true business principles—refined through conducting their own social media experiments.
traditional marketing, service and operations—
1
4. Putting social media to work
Figure 1: Engaged customers spend more
Engaged customers spend 30% more
Annual average spend (indexed to Promoter=100)
150
+30%
100
+40%
+20%
50
0
Promoter Passive Detractor
Engaged Unengaged
Source: Social Media Consumer Survey (January 2011), n=3,019
By contrast, the leading firms invest significantly • Should we build or buy our own “commu-
more. They pursue integrated social media strat- nity” or partner with one of today’s leading
egies, with a more holistic assessment of the value platforms? Or both? Where should we
that social media can create across the businesses, place our bets?
and with efforts directly tied to strategic business
objectives. As the early adopters continue to invest, • How should we organize and coordinate our
their peers take different approaches. Some feel efforts? Across brands? Across business
that they have social media at least partially sorted units? Across geographies?
out with their Facebook pages and Twitter accounts.
But others are beginning to ask more questions: • How should we measure results? How
do we know whether we are creating real
• What is the business case for investing fur- business impact?
ther in social media? Where and how much
should we invest? While no one can say for sure how social media
will evolve, and no one can know which platforms
• Fundamentally, how much is consumer be- will ultimately endure, the long-term winners
havior changing? What are the biggest op- are likely to take a systematic approach based
portunities and threats? How aggressively are on five key principles:
my competitors investing in these tools, and
are they capturing differential advantage? 1. Link social media efforts to concrete
business objectives
• What are the best practices in deploying
social media strategies? What are the pit- The roadmap for a successful business-to-
falls to avoid? consumer social media strategy starts first and
2
5. Putting social media to work
NPS 101
One effective way to measure the effect of a social media program on customer loyalty is
with the use of a Net Promoter system.
To start out, one should measure a Net Promoter score (NPS) by asking customers the question:
“How likely would you be to recommend [this company or product] to a friend or colleague?”
Respondents who give marks of nine or 10 are promoters, the company’s most devoted customers.
Those scoring their experience seven or eight are passives, and those scoring it from zero to
six are detractors. NPS is the percentage of promoters minus the percentage of detractors.
After ranking customers, companies create a closed-loop system to learn why customers are
promoters, passives or detractors, and to deliver the feedback directly to employees who can
act on that feedback. When appropriate, they follow up directly with customers.
Companies make it a priority to increase the number of their promoters and shrink the number
of their detractors, discovering and investing behind the actions that improve the company’s NPS
in ways that are financially sound and that will result in profitable, sustainable, organic growth.
foremost with understanding the full value that • Improve the product or user experience
social media can create as one tool in a broader by embedding social capability; examples
customer engagement strategy. are social gaming, social television and
social shopping
Social media shouldn’t be viewed as a mere chan-
nel for marketing or public relations or as simply • Wow customers with real-time service re-
an effective customer service tool. While many sponse, recovery and technical support, with
companies started out using social media to get greater efficiency than traditional channels
the word out about products, the most successful
have significantly expanded their efforts to engage • Capture torrents of consumer insights, and
their customers at every step of what we call the facilitate consumer-led innovation
“customer corridor,” touch points that start when
a potential customer first learns of a product and • Build community and affinity through
extend through the moment they opt to make engagement, earning greater loyalty, spend-
repeat purchases. ing and referrals
Social media can create value at each step along Several companies have registered real bottom-
the way to: line results from their social media efforts (see
Figure 2). Most impressive, however, are the
• Generate awareness at a fraction of the companies that have stepped back and deployed
cost of traditional advertising media and holistic social media strategies aimed at unlock-
enable hyper-targeted marketing ing value at each stage of the customer corridor.
• Prompt trials with daily and increasingly Consider Dell and its broad use of social media.
real-time, location-based promotions Dell’s current social media efforts grew out of the
3
6. Putting social media to work
Figure 2: Companies using social media to serve the needs of customers can achieve real
returns at every touch point
Ford achieved same level of brand recognition with a Fiesta social media
Awareness
campaign at 10% of traditional TV ad cost
Wet Seal reports that social shoppers have a 2.5 times greater conversion rate
Purchase than the average customer
Nike+ product and social community credited with increasing Nike running shoe
Use market share from 48% to 61%
Intuit’s own QuickBook customers answer 70% of fellow customer service questions online
Service
LEGO credits customer ideasourcing with its decision to launch more expensive
Feedback and customer innovated sets, such as the 500 piece Star Wars product
eBay community users spend 54% more than other customers
Retention
Sources: Industry publications and websites; Bain analysis
company’s customer-centric and direct selling 2. Focus and tailor your efforts to engage
model, founder Michael Dell’s foresight of the your key customers
power of online social engagement, and some in-
famous prodding on technology blogs. Brought Winning companies have learned that, while an
to life as a way to respond to customer service effective social media strategy can reap big rewards,
issues, Dell’s social media efforts expanded in it also isn’t something that happens easily. It is
multiple directions, helping the company in- obvious to many companies now that you can’t
crease revenues and retain loyal customers. To just put up a Facebook page and start broadcast-
boost sales, the company’s Dell Outlet site offers ing content. You can’t take for granted that fans
flash promotions through Twitter. The computer will just stick around and allow their walls to be
maker uses feedback generated on social media filled with marketing and promotions.
to improve its products and customer service:
Direct2Dell facilitates active dialogue be- Bain & Company research shows that the average
tween customers and company leaders, while its Facebook user will “like” no more than seven
IdeaStorm.com enables crowd-sourced ideas and companies or brands. Facebook users must be
gives customers the opportunity to collaborate selective or they will soon find their walls flush
and prioritize product and service improvements. with corporate messaging and promotions, leav-
Finally, the company relies on social media to ing little room for posts by friends and family. To
activate promoters and acquire new customers: increase the odds of capturing valuable real es-
@Dell interacts with potential customers—and tate on a customer’s wall, it is critical to know
also facilitates promoter interaction with poten- your target audience and understand which social
tial customers. End-to-end, social media is a key media platforms they frequent, as well as the
tool in Dell’s customer engagement strategy. type of content and engagement they find most
4
7. Putting social media to work
compelling. Only then can you optimize your of the “Young and Mobile” will reach them through
platform mix and tailor your content to reach micro-blogs and location-based games, making
those customers. the most of the platforms that are popular with
this segment. As the social media ecosystem con-
Our research has identified 10 segments of social tinues to evolve, it will likely further fragment,
consumers (see Figure 3). Members of these making consumer segmentation—and tailored
segments frequent different social media plat- social media approaches—even more impor-
forms and prefer different types of content and tant for success.
engagement models. For example, companies
such as Disney, Wal-Mart and Mattel, who target In addition to tailoring efforts to key custom-
“moms,” will find they are disproportionately ers, companies need engagement plans that
“Social Butterflies” and “Social Gamers.” A key explicitly target their promoters and detractors,
demographic on Facebook, “moms” as a group as well as key influencers. Promoters are a com-
spend significant amounts of time playing pany’s natural fans, though our research shows
social games. Companies such as Nestlé have that a company’s Facebook fans and Twitter
found ways to embed their brands into the followers are actually a mix of promoters, pas-
games that moms play online. For example, the sives and detractors.
company allows users to grow ingredients of its
Stouffer’s brand prepared meals within the Most companies dread the vocal and influential
FarmVille game. It engages with key custom- detractor. Social media offers these unhappy
ers in the right platform, and with the content customers a platform from which to quickly broad-
those customers find compelling. Alternatively, cast their negative commentary. Companies such
companies looking to capture the online attention as JetBlue and Dell, who actively monitor social
Figure 3: Who’s online? Design the social strategy with target consumers in mind
Bain’s social media consumer segmentation
18% 12% 12% 11% 10%
Social Butterflies Fact Finders Contributors Blog Readers Observers
• Heavy users of • Heavy users of • Disproportionate • Moderate social • Maintain passive
personal networks multimedia sites, creators and posters media use and presence on social
• Skew to female users, ratings and review of content disproportionate networking sites
younger and working sites, branded • Heavy users of presence on blog sites • Skew to female
• “Moms” represent a communities location based games, • Skew to male users, older
large share • Skew to male crowdsourcing sites, users, older
users, older branded communities,
social shopping
10% 9% 8% 6% 4%
Deal Hunters Young and Mobile Social Gamers Showgoers Professional Networkers
• Heavy users of ratings • Heavy users of • Active on social • Tend to be passive • Heavy users
and review sites, microblogs, social gaming and consumers of of professional
group buying sites, networking and engaged in location entertainment and networking sites
branded communities location based games based gaming content generated and microblogs
• Disproportionate • Skew to younger • Significant contingent by others • Skew to male
share of spending demographics, skews older users, affluent
occurs online e.g., students
Source: Social Media Consumer Survey (January 2011), n=3,019
5
8. Putting social media to work
Making the business case for social media
Many companies struggle to calculate an ROI on their investment in social media. And without
confidence in clear returns, have difficulty securing the funds needed to scale their efforts. Compa-
nies that most successfully make the business case for social media use a two-pronged approach.
First, they set clear business objectives for using social media at each step across the customer
corridor. They run small, contained pilots, carefully tracking returns to demonstrate whether fur-
ther investment is warranted. For example, if the objective is to generate leads, the same metrics
and measures used to assess the effectiveness of other marketing vehicles can be deployed to
gauge the success of a social media pilot campaign. If the objective is to boost customer service,
the effectiveness can be measured by service resolutions, relative cost and productivity, call
avoidance and the ratios of detractors converted to promoters.
Second, companies further build the case by considering the broader value of social media.
They articulate the value of engaging their customers where they are increasingly spending time
and consider the real business value that authentic engagement can create. Again, customers
who engage with companies over social media are more loyal and they spend 20 percent to 40
percent more with those companies than other customers do. Social media platforms are becom-
ing increasingly important for companies to engage with, delight and retain their best customers.
chatter, engage detractors on a real-time basis in Social media leaders also think just as carefully
an effort to diffuse heated commentary. In the about how they can effectively nurture and mo-
best outcomes, they successfully convert those bilize “Influencers”—those hyper-connected
detractors to promoters. Dell estimates that its individuals who have disproportionate online
customer service teams can convert a detractor clout. Companies such as Microsoft, Dell, and
to a promoter more than 30 percent of the time. Procter & Gamble host events for Influencers,
JetBlue’s real-time Twitter customer service recov- provide special online recognition, allow them
ery force received much attention for its adept to try and test products, and host online chats.
handling of last December’s “Snowmageddon.” They invest in the Influencers to magnify the
JetBlue effectively converted stranded passengers impact of their engagement efforts.
from detractors to promoters by quickly rebook-
ing them on new flights. And these successful 3. Build a social media organization to
recovery efforts were witnessed by JetBlue’s 1.6 deliver results
million Twitter followers. Stories of the exceptional
recovery reverberated broadly across the Web and Once a company has linked its approach to busi-
beyond, as traditional media outlets picked them ness strategy and targeted its key customers, it
up. JetBlue estimates that its customer service needs to put in place an organization to follow
recovery over Twitter is more productive than through—an organization that’s designed to
when delivered over alternative channels and that enable coordination and share best practices.
it can handle five customer-related tweets for every Winning companies mobilize cross-functional
one call handled through a call center. As the teams spanning marketing, sales, public relations,
company’s successes have grown, it has contin- corporate strategy, customer service, product
ued to invest further in its Twitter-enabled cus- development, IT, HR and legal.
tomer service team.
6
9. Putting social media to work
Many companies today have social efforts siloed Leaders also look for ways to capture the greatest
across functions. Leaders align their organizations scale benefit from their investments in organiza-
to more effectively coordinate and communicate. tion and tools. Social media organizations tend
Why is this important? First, it allows the entire or- to grow as companies prove they are achieving
ganization to learn from each customer touch point. benefits. While most companies build the social
Second, it better enables the company to deliver a media organization initially to engage their cus-
consistent and seamless customer experience. tomers, they often find that they can also use
these same social teams and platforms to en-
While the organization must ultimately be defined gage their own employees and their partners.
by a company’s unique social media strategy,
we’ve seen three successful organizational models 4. Monitor and measure the results—then
deployed to coordinate social media efforts: close the loop
• Empowered units. Dell is a great example Creating the right dashboard to measure and
of a company with an empowered unit struc- track results is critical. There are a few challenges
ture. Within this type of organizational in measuring the return on investment (ROI) on
model, the social media strategy is managed social media efforts, and many companies will
by a cross-functional team that can be staffed remain gun-shy about spending until they cap-
virtually or centrally—or a combination of the ture concrete evidence of ROI (See sidebar,
two. The head of the social media organization “Making the business case for social media”).
holds responsibility for integrating the vision,
coordinating strategic initiatives and defining Leaders are quickly evolving their monitoring
metrics and dashboards. Each function de- and measurement approaches. They are investing
ploys its own social initiatives but circles back in the tools and methods to better integrate and
to the group with insights and best practices. connect social conversations, Web analytics, cus-
tomer records and purchase data. The aim is to
• Command and control. Starbucks’ social me- both improve the effectiveness of their social cam-
dia strategy is deployed by a single, central paigns and to better capture the data needed on
social media organization. Such a team may leads and conversion to calculate financial returns.
exist within a function or as an independent
team under corporate. That approach allows Generally, companies should think about mea-
for strong centralized control of consistent suring performance and tracking results in
brand messages and customer experiences. three key ways:
• Decentralized. Zappos and Best Buy both • Engagement metrics. Companies find it valu-
deploy social media in a decentralized fashion. able to track the percentage of customers
In this model, a small central team coordi- “engaged”—looking at such basic measures
nates the efforts of numerous employees who as site traffic, fans and followers. Additional
individually engage with customers via social engagement metrics include buzz and share
media. Many companies deploying such a of voice. While most companies rely on third-
model report that empowering employees party analytics firms to capture these metrics,
increases morale and retention. With this leaders such as Dell and Gatorade have in-
model, it is especially important to devise vested in their own social media listening
and communicate clear social policies and command centers. Within these centers, em-
procedures in order to manage risk to the ployees complement social media monitoring
business and brands. software with a dashboard of key metrics such
7
10. Putting social media to work
as brand discussions, customer interactions relay them back to the product and customer
and media campaign performance. These service teams. It is this closed loop that allows
dashboards emphasize the role of listening as companies to strengthen the underlying
an organizational priority, and better enable business value proposition. Ultimately, that
companies to spot important trends quickly. is how social media delivers long-term,
sustainable value.
• Customer metrics. Social media leaders in-
vest in the tools necessary to track shifts in 5. Be flexible and adaptive. It’s still
loyalty and NPS. They also invest in the early days
manual “cleaning” of listening and analytic
tool output to capture shifts in sentiment. Social media is one area in which everybody is
learning in real time. Just as companies need to
Social analytics providers are still developing continuously experiment to determine what works
their machine-based algorithms to better for them and their customers, they also need to
capture sentiment trends, which are difficult negotiate an increasingly crowded playing field,
to obtain with natural language translation with newcomers always joining the game. The
(see sidebar: “A caution on sentiment an- companies that succeed will be those that are
alytics”). We expect that these firms—along flexible and adaptable. They’ll be able to quickly
with the broader set of social engagement, try new approaches and just as quickly adjust—
social management and social intelligence or abandon them. They’ll listen to social consum-
support tool providers—will continue to in- ers and relay their findings back to product and
vest to improve their tools. We also expect service teams to strengthen the company’s un-
further consolidation in this space as the derlying value proposition.
market continues to evolve and mature.
These still are the early days and we expect the gap
• Financial impact. Leaders aggressively cap- between social media leaders and others to contin-
ture personal identifiers to link social media ue to grow. Consumer behavior will continue to
profiles and associated behavior to customer evolve. New applications and social platforms will
records databases. Contests and promotions proliferate and enable even greater personaliza-
that require registration of email addresses tion and real-time, location-based engagement.
and Twitter “handles” help bridge social Today’s social media winners won’t necessarily
identities. Once the connection is made, be tomorrow’s.
companies can more easily track leads, con-
version and ROI on social campaigns. But amid the continuous disruption of a rapidly
evolving game, companies that link social media
In addition to measuring the success of so- to business objectives, target and tailor their en-
cial media efforts, those companies that truly gagement to key customers, build a coordinated
extract value from social media “close the organization, track results and close the loop, and
loop.” They take the torrents of consumer stay flexible will significantly increase their odds
insights captured via social engagement and of capturing real value from social media.
Net Promoter® and NPS® are registered trademarks of Bain & Company, Inc., Fred Reichheld and Satmetrix Systems, Inc.
8
11. A caution on sentiment analytics
Companies considering hiring social media analytics firms should be advised that this science
is in its infancy, with serious limitations. Machine-based analytics tools can measure the volume
of posts, but they face significant challenges in accurately capturing sentiment. Raw online data
may be full of misspellings and gibberish. Natural language is full of sarcasm and slang. As
such, time-intensive manual manipulation is still required to accurately assess consumer sentiment
and capture consumer pain points. Such limitations have prevented analytics companies from
living up to their potential. One strong signal that they fall short: while most industries achieve
an NPS of about 30 percent, the nascent social media analytics industry scores a - 60 percent
NPS, according to Bain research.
While we expect this young industry to consolidate and improve with further investment in
tools, few customers of these companies today are promoters.
12. Bain’s business is helping make companies more valuable.
Founded in 1973 on the principle that consultants must measure their success in terms
of their clients’ financial results, Bain works with top management teams to beat competitors
and generate substantial, lasting financial impact. Our clients have historically outperformed
the stock market by 4:1.
Who we work with
Our clients are typically bold, ambitious business leaders. They have the talent, the will
and the open-mindedness required to succeed. They are not satisfied with the status quo.
What we do
We help companies find where to make their money, make more of it faster and sustain
its growth longer. We help management make the big decisions: on strategy, operations,
technology, mergers and acquisitions and organization. Where appropriate, we work with
them to make it happen.
How we do it
We realize that helping an organization change requires more than just a recommendation.
So we try to put ourselves in our clients’ shoes and focus on practical actions.
For more information, please visit www.bain.com