This document discusses the concept of "wikibrands" and how companies can reinvent themselves in today's customer-controlled marketplace. It outlines 10 factors for wikibrand success: 1) requiring a culture change, 2) having a clear focus, 3) using the right language, content and outreach, 4) providing incentives and motivations, 5) establishing rules and rituals, 6) choosing the right tools and platforms, 7) managing communities well, 8) adapting to the community's life stage, 9) using proper metrics and 10) facilitating organizational change. Companies are encouraged to engage with customers through social media to build advocacy, perception, support, serendipity, content, insight and ultimately success in business.

1. Wikibrands - Reinventing Your Company in a Customer-Controlled Marketplace -February 2011Schulich IMBA@wikibrandsSean Moffitt @seanmoffitt

2. Who is Sean Moffitt….Just A Blonde Guy With a Cause

3. Forget social media……we need social business

4. Social media is a dirty word and small …Global media industry $600 billion industryDigital Media $90 billion industry Social Media $14 billion industryGlobal internet industry $ 1 trillion annuallyannually It cheapens the value of how it can benefit your business

5. The real Wikibrands challenge…Global education industry $ 2 trillion annuallyGlobal IT and Communications $ 2.6 trillion annuallyGlobal health care industry $ 4 trillion annuallyGlobal energy industry $ 6 trillion annuallyGlobal banking industry $ 7 trillion annually How do we reinvent some of these industries?

6. The New Kids on the BlockTraditional New EconomyHow and what do we do to change the culture of business?

7. Business and Brands still Matter….…but…

8. A Demanding and Activist Customer Culture has Taken Over

9. A premium brand is now a mark of participation“Something you Trust”“Something you Want”“Something you Buy”“Something you Participate In”“Something you Prefer”“Something you Love”9

10. You can either be a monopoly (lucky), commodity (tough) or a wikibrandThe big question – how do you do it? Easy for them.Not so easy for the 82% of us who work in/withfirms with 20+ employees…

11. Our Challenge?

12. We searched far and wide to come up with a fresh argument for social businessWikibrands -The new currency for today’s marketplace: Customer participation

13. Social influence

14. Digital engagement

15. Word of mouth

16. Online community

17. Grassroots marketing

18. Connected media

19. Member collaborationEqualssuccess in business

20. Our Particular Mission

21. Our Humble ContributionPublished by McGraw-Hill (Jan 2011 Launch) Twitter: @wikibrandsFacebookpage: WikibrandsWebsite: www.Wiki-Brands.com¼ Wake up Call¼ Strategy Guide¼ Executional Road Map¼ Continuing Reference

22. The Early Buzz is GoodRichard Florida, Best Selling Author,“A must read for business leaders”Don Tapscott, Digital pioneer and author, Wikinomics“This is an important, perhaps seminal book”Mathew Ingram, Globe & Mail and GigaOm“Wikibrands is required reading for anyone who wants to thrive in the new landscape”

23. The Challenge Today – 30-40 MinutesWe will try:- 7 Reasons Why 6 Core Benefits from Wikibranding

24. 10 Key Things to Do It Right

25. Come Wikibranding Career Advice

26. Q&AWhy Now?

27. Reason #1 – Authentic Relationship Desired#1 The Need for Authenticity and Transparency - 42%#2 The rise of social networks - 38%#3 Increasing role of wireless/mobile - 35%#4 Customers/people waning attention spans - 25%#5 Media fragmentation - 22%#6 Change in mass marketing effectiveness - 20%Agent Wildfire -The Buzz Report, April 2010

28. Reason #2 – The World is Connected and Engaged1.3 Billion Social Networkers GloballyFacebook - 600 million, 130 friends each, 1,000+ fans per pageWikipedia – 265 million readers. 17 million articlesTwitter – 170 million, 190 followers each (after 2 yrs)LinkedIn – 101 million, 61 friends each, 189 index on post-grad YouTube - 18 million Canadians watch/292 minutes per monthFlickr – 40 million members/5.0 billion photosFoursquare – 6 million/381 million checkinsAmazon – 650 million users annually, $24 billion sales GroupOn – 35 million users annually, $500 milion salesQuora – 600,000 registered users- Spending 82% more time on social networks than they did last year

29. Reason #3 – Conversations are ElsewhereShifting Conversations – just four years ago, 80% of online engagement happened on the originating website, now 80% happens away from the originating website.Now, to be noticed and talked about, you need to reach “out there” to be relevant.Source: Hubspot , 2007-2010 study

30. Reason #4 - It has to…what’s left…Operational efficiencies are maxedDownsizing/rightsizing reaching limitsOutsourcing labour is tappedGlobalization of markets is doneMedia clutter is hereTechnology is ubiquitousThe Customer Experience is What’s Left

31. Reason #4 – Plus it’s what your CEO cares about (or should care about)C-Suite Interest – The CEO's #2 and #3 priorities are customer service and experience; Advertising and promotion rank #12 and #14.Source: Microsoft Roundtable Study

32. Reason #5 - Social, Participation, Engagement, Collaboration, Influence, Community = Smart Business

33. “Social” is not media, tools or technology, this is about success in business:Engaged brands drive value +18%Non-engaged brands decrease in value -6%Source: Interbrand 2009 Best Global Brand s report

34. Reason #6 – Our Customers are Currently Better at It…78% don't have an employee policy for use of social media, more than ½ don’t have a strategy71% of marketers are less/only equally familiar with the use of social media tools than their customers.82% of executives believe their agencies need to radically transform themselves to adapt more competitively to this wikibrand world.Source: Commotion Study/Buzz Report

35. Reason #7 - Six Big Wikibrand BenefitsBrand Advocacy (Marketing)Word of mouth

36. Referral/recommendation

37. Badging

38. Sales/traffic

39. Reduction in media budgetsBrand Perception (PR)Awareness/exposure/SEO

40. Affinity

41. Empathy/respect

42. Lead industry conversationSix Big Wikibrand BenefitsBrand Support (Customer service) Customer service

43. Education/ advice

44. Value-add experience

45. Lead industry conversationBrand Serendipity (HR/Corporate) Stories/Inspiration

46. Corporate social responsibility

47. Galvanize employees

48. Traditional media interestSix Big Wikibrand BenefitsBrand Content (Media/Customer Experience) Co-innovation/solutions

49. User-generated Creative

50. User-generated content

51. Reviews/ratingsBrand Insight (Research and Innovation) Idea stimulus

52. Beta-testing

53. Market research/polling

54. Industry/competitive intelligenceThe Recipe for Success?..10 Factors

55. The Biggest Social Media Sins- Listening, Content and Focus

56. The FLIRT Model – A Recipe for Wikibrand SuccessCULTURECULTURE

57. #1 Culture Change Required

58. Core Belief #1 - There is a big difference between “Being Social”

59. Versus “Doing Social”

60. A Culture Change is RequiredMASS MARKETINGDIRECT MARKETINGSOCIAL INFLUENCE MARKETING

61. Zappos – Buried in their DNA

62. Dell - From Crisis to Engagement

63. Intuit – the Visionary-Led, BtoB Community Builder

64. Lego – The Bottom Up, Community Builder

65. Hurdles?

66. Implementation Issue – Lip Service > ActionThe biggest obstacles that continue to exist in implementing wikibrands in your company/clients?1. Inability to measure 40%2. Lack of budgets 31% 3. No accepted standards/benchmarks 29%4. Fear of loss of control 29%5. Inability for culture to accept 25%6. Technical skills/expertise not in place 23%7. Do not understand diff. bet. Mass marketing 21%Source: Agent Wildfire Buzz Report 2010

67. #2 FOCUS– “Why are we doing this/what are we doing?”

68. Nike + -Members/Customers Values/Lifestyle/Desires

69. Naked Pizza – Clear Sense of Business, Brand and Culture

70. Mozilla Firefox– Building a Better Internet across every Community and Country

71. #3 LANGUAGE, CONTENT & OUTREACH“do I like this/is there enough of this/can I identify with this/do they know me?”

72. Language - Threadless – Possibly the Most Human Site in the World

73. Content - Fiskars – Crowdsourcing your Content

74. Outreach - lululemon – Ambassadoors who buy in

75. 4. INCENTIVES & MOTIVATIONS“what’s in it for me?”

76. Extrinsically – Doritos – You Are The Star

77. Intrinsic - Starbucks – Build a Better Third Place

78. Explicit - Souplantation – What’s in it for Me?

79. 5. RULES, GUIDELINES & RITUALS“what can/can’t I do here?”

80. Rules - Kodak – Good Empowering Rules Experience FacilitationLegal & Ethical ConcernsEmployee PoliciesOwnershipSupport, Training and CertificationRituals/Customs

81. Customs/Rituals – Harley Davidson – Reinforcing the 1%

82. 6. TOOLS & PLATFORM“how and where does it work?”

83. The Home GameEMC – Smart Customer-Driven Platform Choice – Criteria:Website + Owned Community + Affiliated CommunityType of Software/Language

84. Cost, Resources & Time

85. Customization

86. Scalability & Usability

87. Security & OwnershipThe Tools – The 11 Cs of Community Communication/Contenti.e. photo/video/albums/news

88. Competition i.e. rewards, contests, status

89. Customizationi.e. widgets, avatars, profiles

90. Conversationi.e. blogs, forums, comments