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Social Media Implications to the Boston SIM Chapter
The document discusses the transformative impact of social media and technology on businesses and consumer behavior, highlighting trends in customer engagement and the importance of adapting to these changes. It outlines the evolution of social media platforms like Facebook and Twitter, their user statistics, and implications for industries in terms of profitability and value migration. Additionally, it examines generational differences in consumer expectations and the need for organizations to leverage high-performance teams to navigate the complexities of the information future.
Social Media Implications to the Boston SIM Chapter
- 1. September, 2010 SIM Boston Layers:Our Social Media Future Disruptive Trends: New Media Expansion, Emerging Customer Social Behavior and Value Opportunities © 2010 Diamond Management & Technology Consultants, Inc. Dr. John J. Sviokla john.sviokla@diamondconsultants.com Blog: www.sviokla.com twitter: jjsviokla cell: 617.510.3565
- 2. Layers: The informationfuture |2 High Performance, Layer Enabled Work Teams Enable New Value The 3 Waves of Capitalism Scale 2nd Wave 3rd Wave Competitors © 2010 Diamond Management & Technology Consultants, Inc. 1st Wave Speed
- 3. |3 What are mygoals for social media in the short term, medium term and long term? Quantitative Benefit Improve Sales Efficiency Qualitative Benefit Increase Representative Retention Improve Productivity Improve Advertising Effectiveness Representative is Productive Faster Easier Scaling of References © 2010 Diamond Management & Technology Consultants, Inc. and Training Benefits Cost Reduction Reduce Commute Costs Revenue Increase Increase Average Order Size Utilize Timely Information Customer Satisfaction React to Changing Needs Other Variables?
- 4. Layers: The informationfuture |4 Implications in Risk: Questions • What will layers do to overall industry profitability? • Where will the value migrate to? • How much time do you have to adjust? © 2010 Diamond Management & Technology Consultants, Inc.
- 5. Layers Layers: The information future |5 © 2010 Diamond Management & Technology Consultants, Inc.
- 6. Layers: The informationfuture |6 Can you believe this has happened in less than 20 years! © 2010 Diamond Management & Technology Consultants, Inc.
- 7. John Jacob Astor Layers: The information future |7 © 2010 Diamond Management & Technology Consultants, Inc.
- 8. William Crapo Durant Layers: The information future |8 © 2010 Diamond Management & Technology Consultants, Inc.
- 9. Layers: The informationfuture |9 Chad Smith, Steve Chen & Jawed Karim © 2010 Diamond Management & Technology Consultants, Inc.
- 10. Layers: The informationfuture | 10 How can I flow data better, manage data better, analyze data better? -- Rollin Ford CIO Wal-Mart © 2010 Diamond Management & Technology Consultants, Inc.
- 11. | 11 Technology Trends Ubiquity Always available Mobility Traveling “on” the person © 2010 Diamond Management & Technology Consultants, Inc. Intelligence Situational awareness and advanced functionality Richness Depth of media experience – video, audio, etc. Ability to assemble, plug and play new capabilities Modularity
- 12. Data Layers: The information future | 12 © 2010 Diamond Management & Technology Consultants, Inc.
- 13. Layers: The informationfuture | 13 Facebook at a Glance • More than 400 million active users as of January 2010 – 50% of active users log on to Facebook in any given day – More than 5 billion pieces of content (web links, news stories, blog posts, notes, photo albums, etc.) are shared each week • More than 3 million active pages on Facebook • More than 1.5 million local businesses have active pages on Facebook • More than 70 translations available on the site © 2010 Diamond Management & Technology Consultants, Inc. – About 70% of Facebook users are outside the United States • There are more than 100 million active users currently accessing Facebook through their mobile devices – People that use Facebook on their mobile devices are twice more active on Facebook than non-mobile users • Facebook has over 30,000 servers – Manages over 25 terrabytes of data daily for logging Source: facebook.com 2010 Press
- 14. Layers: The informationfuture | 14 Twitter at a Glance • In Jan 2010 Twitter hit 75M unique users worldwide • 50M tweets sent per day – growth of 1,400% from Jan 2009 to Jan 2010 • 55% of audience is international © 2010 Diamond Management & Technology Consultants, Inc. • 50% of twitter users read tweets through applications and not the twitter home page • 4.7M mobile twitter users as of Jan 2010 • Twitter usage via mobile browsers was up 347% (‘09 – ’10) Source: Twitter Blog Readwriteweb.com
- 15. | 15 The NewService Fishbowl: Social Media © 2010 Diamond Management & Technology Consultants, Inc. • Self organized • Voice of the Customer • Identity • Voice of the Customer • Voice of Customer
- 16. | 16 Anatomy ofa Mobile Device Increasing Self Functionality Organization Identity © 2010 Diamond Management & Technology Consultants, Inc. Voice of the Persistence Customer
- 17. Layers: The informationfuture | 17 The Great Experiment: Making the soft sciences hard Our devices leave breadcrumbs that allow new analysis and prediction ati on Loc tworks Friend Ne Cellphone mmunicatio n Freq uency of Co © 2010 Diamond Management & Technology Consultants, Inc. ests Inter Social Events likely to attend Networking ions O pi n Blogging/ os Vide Twitter tos/ Friend Networks Pho
- 18. Layers: The informationfuture | 18 Who will “own” reputation? Where are the insurers? © 2010 Diamond Management & Technology Consultants, Inc.
- 19. Customer to CompanyRelationship Transformed | 19 © 2010 Diamond Management & Technology Consultants, Inc.
- 20. | 20 The NewConnected Collective • Collaborative Financing: Indie GoGo, Kickstarter • Collaborative Consumption: AirBnB • Collaborative Lending: LendingClub, Zopa © 2010 Diamond Management & Technology Consultants, Inc.
- 21. Layers: The informationfuture | 21 Who Are You Serving? Generational Definitions • Cohort born in years 1943 to 1960 • Largest generation to date Baby Boomers • Shaped by culture of 1960s (JFK & MLK assassinations, Woodstock) • Born in years 1961 to 1981 • Characterized as rebelling from achievement and rules © 2010 Diamond Management & Technology Consultants, Inc. Generation X of previous generation • At the forefront of dotcom and grunge movements • Born in years 1982 to 1995 • Also known as Echo generation, the offspring of Baby Millennials Boomers • Shaped by the ubiquity of internet and media
- 22. Layers: The informationfuture | 22 Generational Comparison Baby Boomers Generation X (‘61-’81) Millennials (‘82-’95) (‘43-’60) Woodstock Dot com 9/11 Protest the rules Change the rules Rewrite the rules Workaholics Work Hard, Play Hard Killer lifestyle Irrelevance of Distrust institutions Skeptical of institutions institutions © 2010 Diamond Management & Technology Consultants, Inc. TV PC Internet Invent technology Use technology Assume technology Focused Multitask Multitask in parallel Hierarchy Hands off Teamwork First generation kids Latch-key kids Helicopter parents Books Bullet points Tweets Source: Rebecca Ryan, Live First, Work Second
- 23. Layers: The informationfuture | 23 Millennials: 1st Generation of Cyberspace Millennials bring new expectations toward both Lifestyle and Work © 2010 Diamond Management & Technology Consultants, Inc.
- 24. Layers: The informationfuture | 24 24 Age Pyramid and Emerging Millenials They’re sociable, optimistic, talented, well-educated, collaborative, open-minded, influential, and achievement- oriented. They’ve always felt sought after, needed, indispensable. They are arriving in the marketplace with higher expectations than any generation © 2010 Diamond Management & Technology Consultants, Inc. before them—and they’re so well connected that, if an interaction doesn’t match those expectations, they can tell thousands of their cohorts with one click of the mouse.* *Claire Raines, Managing Millennial, 2002
- 25. Layers: The informationfuture | 25 Generational Purchasing Potential • More than half of all consumers up to age 60 would be comfortable purchasing auto insurance online from a known company (i.e., © 2010 Diamond Management & Technology Consultants, Inc. from a brand that they trust). Source: Online Insurance Sales and Marketing: What’s Happening and What’s Next, 08
- 26. Layers: The informationfuture | 26 Baby Boomers – Then and Now © 2010 Diamond Management & Technology Consultants, Inc. Source: PEW, Generations Online 2009
- 27. Layers: The informationfuture | 27 EBITDA/Employee by No. of Employees P&C and Multiline Insurers - 2004-2008 Avgs. Quadrant 3 Quadrant 4 More productive Higher labor productivity, Higher labor productivity, Smaller Larger Median $113K EBITDA per employee © 2010 Diamond Management & Technology Consultants, Inc. Quadrant 1 Quadrant 2 Less productive Lower labor productivity, Lower labor productivity, Smaller Larger Median 4,100 employees Smaller Larger
- 28. Layers: The informationfuture | 28 Internally: High Performance Teams Cluster Around Expertise Expert in Charge © 2010 Diamond Management & Technology Consultants, Inc. Sub-specialty Sub-specialty Expert #1 Expert #2…N Bitsmith (e.g. the person who helps gather, shape Administrator and use information)
- 29. Layers: The informationfuture | 29 Internally: High Performance Task Groups Self Organize, But With Linkage Work Group must conform to input / output standards Work Group E Data X Expert in E Charge C U Capital S T © 2010 Diamond Management & Technology Consultants, Inc. T I Sub-specialty A O Expert #1 Sub-specialty N N (Often Content Expert 2 to N… D Based) A P R R D O Bitsmith Transactions S C Administrator E S S Designs E Decisions S Free to design within work group activities & processes
- 30. Layers: The informationfuture | 30 To be Big & Fast You Need to Have Both Hierarchies and Markets The 3 Waves of Capitalism Scale 2nd Wave Companies as Markets and Hierarchies © 2010 Diamond Management & Technology Consultants, Inc. 1st Wave Speed
- 31. | 31 What aremy goals for social media in the short term, medium term and long term? Quantitative Benefit Improve Sales Efficiency Qualitative Benefit Increase Representative Retention Improve Productivity Improve Advertising Effectiveness Representative is Productive Faster Easier Scaling of References © 2010 Diamond Management & Technology Consultants, Inc. and Training Benefits Cost Reduction Reduce Commute Costs Revenue Increase Increase Average Order Size Utilize Timely Information Customer Satisfaction React to Changing Needs Other Variables?
- 32. Big & Fast Layers: The information future | 32 © 2010 Diamond Management & Technology Consultants, Inc.