developing a social strategy webinar
TRANSCRIPT
Developing a Social Strategy
Charlene LiAltimeter GroupFebruary 24, 2010
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Jeremiah OwyangAltimeter Group#socialstrategy
© 2010 Altimeter Group
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Research is the foundation of any strategy.
Our first webinar (Part 1) of this series focused on how to use socialgraphics to create your own Engagement Pyramid.
This webinar (Part 2) will focus on developing a social strategy based on business goals.
The next webinar (Part 3) will explain how to get your company ready to execute a social strategy.
A 3-part series
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It’s not about the technologies3
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TransactionalOccasionalImpersonalShort-term
PassionateConstantIntimate
Loyal
Focus on relationships, not technologies
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Social Strategy
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Four goals define your strategy, but always start with learn
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Learn
Dialog
Support
Innovate
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Learn with monitoring tools7
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Paid services provide monitoring8
From Radian 6
Other providers
Buzzmetrics CymfonyDow Jones Scout LabsTechrigy/AlterianVisible Technologies
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Ethnographic research using Delicious
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Dialog with your community10
Learn
Dialog
Support
Innovate
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Engagement Pyramid: Focus on Watching and Sharing
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Curating
Producing
Commenting
Sharing
Watching
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At Southwest, a planner engages
This post received 98 comments over
10 days. In the future, everyone is
a marketer.
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DellOutlet drives sales with Twitter13
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Kohl’s engages directly with customers
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Help your members support each other
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Learn
Dialog
Support
Innovate
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Wells Fargo Supports Customers16
Ask Wells Fargo supports customers in real time –while keeping true to their bankers hours tradition. Rather than hide behind a logo, they use
real human voices and names, increasing trust
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Premier Farnell supports engineers with community, and employees with “OurTube”
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Starwood guests help each other18
FlyerTalk has over 20,000 threads on the site, with up to
tens of thousands of views each. Starwood guests are
visiting the forum and finding answers, while Starwood
collects market intelligence.
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Microsoft’s MVP Experts Support –and Advocate
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Microsoft’s MVP programs nominates helpful customers
and professionals once a year. This unpaid army
supports other customers –and becomes community
advocates
* Disclosure: Microsoft is an Altimeter Client, learn more about our disclosure policy at http://www.altimetergroup.com/disclosure
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Innovate with customer feedback20
Learn
Dialog
Support
Innovate
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Gauging interest for Bacon Salt21
Makers of BaconSalt reached out to fans of bacon on MySpace to
gauge interest in their new product. Baconaisse and bacon-flavored sunflower seeds were later created after listening to customer
requests.
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Fiat gathers product and market intelligence
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Contributors submit ideas, and can include pictures and embed
videos. Fiat gets valuable ideas for
features and design, and marketing and
advertising.
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P&G used ratings & reviews to improve
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Dell innovates across the organization
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Use new listening platforms, identify in-house and
external experts, and know and influence key people
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What to do first
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#1 Start small, start now26
At the least, listen to learnPick a goal
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Where to start? Align social with strategic goals
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Examine your 2010 goals
Pick one where social can have an impact
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#2 Understand the valueWhat’s the value of a fan or follower?
+4 million fans
16,965 followers
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+ Value of purchases- Cost of acquisition
= Customer lifetime value
+ Value of new customers from referrals
+ Value of insights+ Value of support
The new lifetime value calculation, based on your goals
• Percent that refer• Size of their networks• Percent of referred
people who purchase• Value of purchases
• Percent that provide support
• Frequency and value of the support
+ Value of ideas
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Fans
Large network
Refers
Doesn’t refer
Small network
Refers
Doesn’t refer
Find more fans with
large networks
Encourage fans to make
more referrals
Make decisions with metrics30
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#3 Prepare for new workflows
Social technologies will disrupt traditional organization structures
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Organize for different types of openness
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Organic- Natural growth requiring few resources- Deep adoption- Non-consistent- Eg. Humana, Microsoft
Centralized
- One department controls all efforts- Experimental, fast moving- Not spread or used broadly- Eg. Starbucks, Ford, Dell
Coordinated
- Sets rules, best practices, policies- Each department executes- Takes time, not cutting edge- Eg. HP, Red Cross
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#4 Practice Open Leadership33
When people get what they need from each other
Have the confidence to let go and still inspire results
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Open Leadership
Having the confidence and humility to give up the need to be in control, while inspiring commit-ment from people to accomplish goals.
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10 elements of openness35
• Explaining• Updating• Conversing• Open Mic• Crowdsourcing• Platforms
Information Sharing
• Centralized• Democratic• Self-managing• Distributed
Decision Making
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Social + open = competitive advantage
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+2,200 Best Buy employees answer questions sent to @twelpforce
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Plan to fail well – Wal-Mart case study
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Buyer blog hit the right note38
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Build trust and manage risk 39
The Sandbox Covenant
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Like any relationship, the best ones are best on built on listening and understanding.
Pick one goal and master that, then layer on more.
When choosing a social strategy goal, align it with your business goals and those of your customers.
Benchmark your progress based upon your business goals, not “engagement” data.
Change your mindset: letting go will yield more results.
Summary40
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Thank you
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Charlene [email protected]
m
blog.altimetergroup.com
Twitter: charleneli
Jeremiah [email protected]
om
web-strategist.com/blog
Twitter: jowyang
© 2010 Altimeter Group
About Us
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Altimeter Group is a strategy consulting firm that provides
companies with a pragmatic approach to disruptive
technologies. We have four areas of focus: Leadership and
Management, Customer Strategy, Enterprise Strategy, and
Innovation and Design.
Visit us at http://www.altimetergroup.com or contact