Social business2016
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The document discusses social business and how social strategies can help organizations better understand customers. It defines social CRM as focusing on engagement and relationships rather than just transactions. Social networks, the quantified self, and customer data are presented as ways to gain insights into customers. Several case studies of companies leveraging social media and customer communities are provided, including KLM, Fiskars, Zopa, and fast fashion retailers. Metrics for measuring the impact of social strategies on customer acquisition, retention, loyalty, and evangelism are discussed.
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Social business2016
- 2. 2 Can social innovation help business make sense? ©2016 LHST sarl Introduction Date Subject 14 November Introduction 14 November Social Business 15 November Social Networks 22 November The Qualified/Quantified Self 06 December Student Deliverables
- 3. Introduction ©2016 L. SCHLENKER Agenda The Experience Economy CRM vs Social CRM Etudes de Cas Metrics Data into Action
- 4. Partners Stockholders Clients Employees How can the social business enhance customer value? Social Business strategies help us understand the motivations, experience and objectives of the internal and external clients of the organization The Key Question Experience
- 5. Focus Improve Knowledge Leverage Measure CRM Processes Explicit Transactions Efficiency Social CRM Relationships Implicit Interactions Effectiveness Social Networks Networks Emerging Community Innovation Quantified Self Individual Self- Knowledge “Dasein” Self realization The Answer Experience
- 6. Customer Acquisition • Gain the greatest number of new “Best” customers as early in their “lifespan” as possible. Customer Retention • Retain and expand your business and relationships with your customers through up- selling, cross-selling and servicing. Customer Loyalty • Offer programs to ensure that your customers happily buy what you offer only from you. Customer Evangelism Enable loyal customers to become a volunteer sales force. Cost Reduction • Reduce costs related to marketing, sales, customer service and support. Improve Productivity Enhance your e-business strategies. CRM Processes Experience
- 9. • How would you define "social business"? • Which functions of the company are impacted by social business? • The article argues that technology does not change the value of social interactions. With what "currency" do we measure social input? • Which four categories of technology are associated with social business? Give an example of each. • How would a "social chief financial officer" contribute to our understanding of finance?C’est quoi le social CRM ? The Business of Social Business Social
- 10. Social
- 11. • Social CRM is a business strategy rather than technology, tools or platforms • Social CRM is all about engagement – drawing customers into the organization. • Social CRM enhances rather than replaces “traditional” CRM • It’s by defintion customer centric - the ultimate goal of Social CRM is building trust and the brand Harish Kotadia, Ph.D.. Social CRM Social
- 12. Technology Landscape Channels Processes Mindset Your company Competitor Supplier / Partner Customer Customer CustomerCustomer Customer Customer Customer Customer Customer Customer Customer Customer Customer • Phone • Fax • Email • Service • Letters • Personal contact • Company’s website • SMS • Instant Messenger • Chat • Media • Phone • Fax • Email • Service • Letters • Personal contact • Company’s website • SMS • Instant Messenger • Chat • Media • B l o g s + • Social Bookmarking • M i c r o b l o g s • RSS • Wikis • Social Networks • Widgets • Podcast • Video sharing • Forums • Wish lists • Price comparisonwebsite • Reviews and ratings in retail sites • Photo sharing • Slides sharing • Auction website Fabio Cipriani What changes? Experience
- 13. • Customers are not listening to what you have to say • Customers know more about your business than you do • Customers create their own experience • Customer interactions are complex and unpredictable • Customer communities are where the knowledge is. Esteban Kolsky Social
- 14. • The three most important factors that influence consumer behavior are : • personal experience (98%) • company’s reputation or brand (92%) • recommendations from friends and family (88%) • 41% of customers believe that companies should use social media tools to solicit feedback (Cone Business in Social Media Study, 2008) • 43% of consumers say that companies should use social networks to address customers problems • Only 7% of organizations understand the CRM value of social media, according to the Brand Science Institute, European Perspective, August 2010 Jacob Morgan Outside In Social
- 15. The Conversation Prism v2.0 • You are at the center of the prism • The first layer of circles displays the activity of learning and organizing engagement strategies… • The second ring maps specific authorities within an organization to provide a competent and helpful response. • The third ring represents the continual rotation of listening, responding, and learning online and in the real world. The Conversation Prism Social
- 16. • KLM has sought to differentiate itself by offering a superior customer experience • Strategy of “Circle of Contacts” to make its customer relationships as intimate as possible • Facebook + Twitter = KLM Surprises and Fly2Miami • Staff of 16, 230 000+ fans, wide press coverage KLM Social
- 17. • Finnish maker of fine cutting tools • Customer communities of crafting enthusiasts have transformed the way this 300-year-old company does business. • Brings customers into the product development process • Fiskars also leverages these groups of advocates to market to small retailers • Virtual + Real events – 6000 members FIskateers Social
- 18. ©2006 LHST sarl • Peer to peer banking • Zopa categorizes borrower credit grades; lenders then make offers, borrowers agree to aggegrate rate.. • Zopa distributes the money, completies the legal paperwork, performing identity/credit checks, and enforces collections. • Zopa mitigates risk for lenders, optimizes market offer for borrowers • Zopa’s repayment rate is currently 99.35 per cent Zopa Social
- 19. • Moving from design to the store front in less than three weeks • Benneton, H&M, Topshop, Wet Seal, Zara • Collaborative design, social CRM, electronic store fronts • Fast fashion retailer Wet Seal used their technology platform to help their customers create 50 000 garment designs over the past two years Boutique Social
- 20. New Sources of Data Metrics
- 21. • Why are users are failing to complete proposed activity? • Monitor conversion rate using unique visitors and click-through rates. • Landing pages provide the biggest challenge to digital challenges. • Reduce number of steps to facilitate engagement. • Reduce the number of fields that require user input. • Check for leaks: visitors might not be dropping completely but using other routes. Cian O' Sullivan Funnel Analysis Metrics
- 22. • What aspects of your app are influencing the mindset of your users? • Monitor the « stickiness » of your message through number of visits, time spent per visit, citations and redirects. • What customer challenges/opportunities are you addressing? • What skills and knowledge are you targeting? • How does your application fit into the story that your customers are trying to tell? Social Stickiness Metrics
- 23. • Why your user base does what it does? • Tracking time and location to map out the spaces where "what's going on" happens. • Context is a means of measuring the extent to which a vision (product, service, idea) can be shared • Social spaces are constructed from a vision, “actors”, repeatable events, and outcomes. Mapping Context Metrics
- 24. • How does your data elucidate user behavior? • Social graphs are the global mapping of your customer base and how they're related • Capture and monitor identity, quality and structure of relationships with others • Emergent behaviors – what new business opportunities might be explored? Alex Iskold Emergent behaviors Metrics
- 25. Lee SCHLENKER Results Actions Knowledge Context Data Process Interprets Decisions Measures Obtain Define Require Drive The ladder of initiatives™ Data into Action
- 26. Measure the objectives, the motivations and the actions of your community Challenges