social media for sustained business growth
DESCRIPTION
Presentation to be delivered at the 'Meet the Buyer' Conference, Glasgow June 10th - http://www.sdpscotland.co.uk/events/events-list/meet-the-buyer.aspxTRANSCRIPT
‘Creating the Buzz’
Social Media Strategies for Sustained Business Growth
Dr. Jim Hamill and Alan Stevenson
June, 2010
Agenda
1. Web 2.0/Social Media Overview
2. Things to remember about Social Media
3. Examples
4. Social Media Monitoring Tools
5. ‘Getting There’
What Is It?
An over hyped ‘buzz’ word or an opportunity for ‘creating a buzz’ about your brand?
It’s a fundamental, revolutionary change in online behaviour, expectations and the customer experience
Major impact on consumer/B2B decision-making and behaviour across a broad spectrum of industries
Major opportunities, but also threats, for your organisation
Web 2.0/Social Media
An Overview
» Applications» Features and Characteristics
» Implications
Business/Marketing 2.0Web 2.0 Applications
Open sourceOnline Applications/ Web ServicesSocial Network SitesSocial Content – Social BookmarkingBlogs or WeblogsWikisPodcasts/ VodcastsVirtual RealitiesMash UpsRSS FeedsMobile Web; Internet TelephonyTwitter
Characteristics
Communities and NetworksOpennessSharingPeeringHosted Services – online applications; the Internet as the platformInteractivitySocial ElementMass CollaborationEmpowermentGlobal
Impact – Wikibusiness
MindsetBusiness IntelligenceCustomer Insight and UnderstandingCustomer InteractionEnhanced Customer Experience –
Rich Internet ApplicationsReputation ManagementSales and Marketing Product Development and R&D e.g.
engage and co-createIT/Software/ApplicationsOperations, Internal Processes and
HRM
Three Simple Questions
Who are our customers?
Where do they hang out in social media?
How can we best engage with and energise them?
Business Impact/Opportunities
Business Impact
Knowledge and Insight
Engagement / Reputation Manag.
Enhanced Customer Experience
Sales and Marketing
Operations/ Internal Processes
Business Impact Social Media Application
Knowledge and Insight
Engagement / Reputation
Manag.
Enhanced Customer
Experience
Sales and Marketing
Operations/ Internal
Processes
Feeds & Alerts
Review and Recommendations Sites
Publishing
Microblogging
Social and Professional Networking
Multimedia Sharing
Rich Internet Applications
Social Bookmarking
Mobile & Internet Telephony
OpenSource & Hosted Apps
Things to Rememberabout Social Media
The Essence of Social Media
It’s social– A key feature is online democracy – with content being provided
by the network for the network – represents a fundamental and revolutionary change in online behaviour, expectations and the online customer experience. The end of the ‘read only’ internet
Power shift– Social media empowers customers, empowers the network.
Recognizing this shift is the cornerstone of future success
Declining effectiveness of traditional approaches – Does anyone listen to sales/brand messages anymore?
Source: The Future of Advertising, APA, 17/02/09 as published on Slideshare (www.slideshare.com)
The Essence of Social Media
Pull v push– Consumers/users decide what information they wish to access
New ‘mindsets’ are required– Marketing as a conversation with your customers, a conversation
with your network – dialogue not broadcasting– But this is something that most of us are not very good at doing– We prefer ‘telling’ people
SM ‘winners’ and ‘losers’– ‘Winners’ will be those organisations who fully utilise the
interactive power of Web 2.0 technology for engaging with and energising customer and network relationships
The Essence of Social Media
New performance measures– Requires new performance measures
• Quality of your network• Relationship strength• Ability to leverage
Social media monitoring tools Redefines the concept of a web site
The need for new business/marketing models
Performance Measures - The ‘4Is’
Involvement – network/community numbers/quality, time spent, frequency, geography
Interaction – actions they take – read, post, comment, reviews, recommendations
Intimacy – affection or aversion to the brand ; community sentiments, opinions expressed etc
Influence – advocacy, viral forwards, referrals and recommendations, social bookmarking
Social Media Monitoring Tools –Audit, Assess, Impact
Business Impact
The need for new business/marketing models
– Traditional approach:• Product development – Differentiate – Market and
Promote - Sell
– New model based on: • Communities, networks, openness, peering, sharing,
collaboration, customer empowerment, ‘think and act’ globally
• Engage and energise• ‘Create the Buzz’
How Big Is It?
How Big Is It?
Time spent on social network sites is growing 3 times faster than the Net itself
Social media messages have replaced e-mail as the dominant form of e-communications
If facebook was a country – it would be the 4th most populated in the world
93% of social media users think that companies should be actively engaged
How Big Is It?
13 hours– Amount of video uploaded on youtube every minute
412.3 years– Time to view all youtube videos
100,000,000– Number of youtube videos viewed every day
13,000,000– Number of articles on wikipedia
3,600.000,000– Number of images on flickr
How Big Is It?
1382%– Monthly growth of twitter
3,000,000– Average number of tweets per day
1,000,000,000– Amount of content shared on F/book every week
5,000,000– Number of active Barrack Obama supporters across 15 social
networks
14,200,000– Views of the ‘Yes We Can’ video on youtube
How Big Is It?
Socialnomics 09
Quick Examples
In a Web 2.0 Era, the Brand Becomes the Customer Experience of the Brand
A quick ‘personal experience’
Dubai Hotel
From the web site• This 5-star hotel and residence offers European hospitality
with an unmistakable French touch. The hotel consists of 318 beautifully appointed guest rooms/suites, while the residence offers 112 fully furnished and equipped deluxe Studios and 1-3 bedroom apartments.
• The ultimate in comfort, we offer 318 luxuriously elegant rooms and suites.
• Take a trip. Escape. Go and visit somewhere new and see if we are there… Give in to that irresistible wanderlust. Discovering and staying in the most exceptional hotels in the world has become the modern-day Graal, a game, a quest…
The Customer Experience of the Brand
Tripadvisor
From Tripadvisor• It's getting old, the rooms are unappealing and it will never be
more than a business hotel
• Being a Sofitel hotel we expected something quite 'flashy' unfortunately we were let down. The rooms, although comfortable and clean, were not of the standard we expected and were definately not what we expected after looking at the photos on the hotel's website.
• Booking my stay via the Sofitel website after a pleasant experience at several other Sofitel locations over the past 2 years with my new job I was looking forward to a 5 star luxury stay after a stressful business trip. My expectations were reasonable, however certainly not met by this hotel.
Cafe Gandolfi
Social Media Monitoring Tools
A Case Example of Cairngorm Brewery
Products & Services
• 7 Permanent Cask Ales / 8 Permanent Bottled Ales• 12 Special Seasonal Ales in Cask• Website with online shopping for bottles & party barrels• Shop on site selling beers & merchandise (Mon-Sat)• Brewery Tours – twice daily & groups by arrangement• Events, Promotions and Tastings at Customers’ premises
Social Media Monitoring
Social Media Monitoring
Whose talking about us?
Whose talking about us?
Whose talking about us?
Whose talking about us?
Whose talking about us?
Whose talking about us?
Whose talking about us?
Session 3‘Getting There’
Next Steps
Get Involved– Google Alerts, Linkedin, Social Media Monitoring
Learn more
Develop a strategy
Implement
Monitor
Social Media Development Cycle
SM Development Cycle
Ten Key Steps EVALUATE YOUR SOCIAL MEDIA LANDSCAPE
– Applications, impact, customers, conversations, features and characteristics
AGREE YOUR GENERIC SOCIAL MEDIA STRATEGY– Channels and depth of engagement
KEY PERFORMANCE INDICATORS– Measuring success
INTERNAL SOCIAL MEDIA AUDIT– Progress benchmarking
READINESS TO ENGAGE– Are you ready to engage?
Ten Key Steps SOCIAL MEDIA STRATEGY DEVELOPMENT
– Vision, strategy, objectives, targets, customers, key initiatives and actions
CHANNEL ACTION PLANS– “Getting there”
ORGANISATION, RESOURCE AND PEOPLE ISSUES– The key pillars of social media success
IMPLEMENTATION– Professional project management for social media success
MONITOR AND MEASURE– On-going performance measurement
Strategy Development Strategic objectives Targets Key performance indicators (KPIs) Customer segments The key social media actions and initiatives required for
‘getting there’ Organisational, people and resource issues
Ensure that your social media strategy is fully aligned with andsupportive of your overall strategic goals and objectives with
clear targets and ROI criteria
Bob Dylan
Come gather 'round peopleWherever you roamAnd don’t criticise
What you can't understandYour sons and your daughters
Are beyond your commandYour old road is
Rapidly agin‘Then you better start swimmin’
Or you'll sink like a stoneFor the times they are a-changin’
Thank You