Social networking enhancing productivity

&generating revenue

Email: suresh.sood@uts.edu.auLinkedIn: sureshsood

Skype: sureshsoodTwitter: soody

Google +: http://gplus.to/soody

http://www.analytics.uts.edu.au/

Rules of the “new marketing” using social media

1. Authenticity

2. Advocacy

3. Marketing is real time conversations and feedback

4. Brand is the conversationsvideos

tweets

posts

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“Social” Trash Cans, City of Lucern (Switzerland)

Source: Neue Luzerner Zeitung Online, 11. Mai 2011

3D printing marketplace and community“Kinkos of 3d printing”

3 Key Game Changers Enhancing Social - 2014

Connected TV Shipments to Grow at CAGR of 58 Percent through 2014 with the Asia-Pacific region is the driving force, with CAGR of over 60% and representing almost half of global shipments by 2014.

Gross transaction value of mobile payments in Asia Pacific to rise to $316 billion in 2014. According to forecasts, the combined global market for mobile payments is expected to exceed US$1 trillion by 2014, with over one billion users in that year.

Google prototype motion-sensitive headset integrating GPS capabilities, Siri-style voice command and a camera. Available consumers ~ 2014. Wearables a new front in platform war with competitors ( Apple and Facebook) disrupting the vast global eyeglasses market worth $96bn by 2015.Simplification of video-conferencing in work or homePrescription glasses benefit from instant focus-switching capabilities and opticians gain a stream of real-time data from patients Source: Google+

Transforming to Brands

=> death of traditional retail vs. wholesale

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WholesalerPortfolio

ofbrands

Brandsvs

products

Offline

lease or financial arrangementsensure control and management of brand promiseExclusive brands to select retailers Co-brand opportunities

Pop up stores Party sales (in-home)

Online

MobileS-commerceTV retailing

Global Markets Ve

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Pre-shopping | In-store | In-home

Big • Big history –ChronoZoom (Microsoft, UC Berkeley, Moscow State University )

– http://www.chronozoomproject.org/

• Art project (Google)

– http://www.googleartproject.com/

• Large Synoptic Survey Telescope (2015)

– three-billion-pixel digital camera

• Twitter

– 175 million Tweets/day, 1 Twitter accounts per second, 1 million accounts per day (Infographics lab)

– Usain Bolt 200m sprint generated 80,000 tweets per minute (Twitter is ~ 400m tweets per day in June 2012, Feinleib) (http://www.mediabistro.com/alltwitter/twitter-olympics-stats_b26721

• Facebook shares 1 Billion “things via Open Graph daily (Protalinski 2012)

• Brand Engagement Opportunity Online $500B (Dachis 2012)

– 30,000 brands, millions of social accounts and 15 billion signals per month (Social Business Index; www.socialbusinessindex.com)

• Yottabyte (http://whatsabyte.com/)yottabyte)

– 1,000,000,000,000,000GB - Entire Internet and takes 11 trillion years to download on high bandwidth network

24104 Emerging Marketing Issues and Social Media

“Make no mistake: Big Data is the new definitive source of competitive advantage across all

industries. Enterprises and technology vendors that dismiss Big Data as a passing fad do so at

their peril and, in our opinion, will soon find themselves struggling to keep up with more

foreword-thinking rivals”.

Big Data Manifesto | Hadoop, Business Analytics and Beyond - Wikibon‐‑

Social CRM integrates social data

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Aquarius,Aries,Cancer,Capricorn,Gemini,Leo,Libra, Pisces, Sagittarius,Scorpio,Taurus,Virgo

Ambivalent, Employee, Opposer, Reporter, Supporter 11. Committed Partnerships, 12. Compartmentalised Friendship,13. Childhood friendship,14. Courtship,15. Fling, 16. Secret-Affair, 17. Enslavement , 2. Marriages of Convenience,3. Best Friendships,4. Kinships, 5. Rebounds/ Avoidance-Driven,6. Courtships,7.Dependencies 8. Enmities, 9. Love-Hate (Sweeney and Chew)

Africa,Argentina,Australia,Australia/Hong Kong, Austria, California, Canada, China, Egypt, England, Finland, France Germany, Guernsey, Holland, India, Indonesia, Ireland , Israel, Italy , Japan, Kuwait, Malaysia, Nepal,Paraguay , Philippines, Phillipines, Portugual, Saudi Arabia, Singapore South Africa, Spain, Sweden, Taiwan, Thailand,UK ,USA

A&F,Beijing ,Gucci,LVMH,New York,Old Navy, ,Paris, Sydney, Tiffany, Tokyo, Tommy, Versace

An-Verb,An-Vis,Hol-Verb,Hol-Vis

Depriv/Enhance,Enhance/Depriv

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Beyond big – psychological ?

• Winter storms most significant impact on health over windstorms and floods (2011)– http://www.sas.com/news/preleases/ucf-storms.html

• Orbitz found Mac users on average spend $20 to $30 more a night on hotels than their PC counterparts (2012)

– http://online.wsj.com/article/SB10001424052702304458604577488822667325882.html

• Cyber Attacks Don't Take The Holidays Off (2011)– http://www.fastcompany.com/1800282/cyber-attacks-dont-take-holidays

• Quality Coding Takes A Break For The Holidays (2011)– https://threatpost.com/en_us/blogs/quality-coding-takes-break-holidays-why-122011

21st Century Focus Group: Twitter and Marketing Predictions

• Tweets is “found data” without asking questions

• More meaning than typical search engine query• • Large numbers of passive participants in natural settings

• Twitter can predict the stock market (Lisa Grossman, Wired, Oct 19 2010)

• Predict movie success in first few weekends of release– “…it also raises an interesting new question for advertisers and marketing

executives. Can they change the demand for their film, product or service buy directly influencing the rate at which people tweet about it? In other words, can they change the future that tweeters predict?”

Tech Review, http://www.technologyreview.com/blog/arxiv/25000/

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“Most of what we know we don’t know we know. It usually seems that we consciously will our actions, but this is an illusion” (Wenger, Daniel 2002)

“…According to the spreading activation model of Collins and Loftus (1975), the

concepts (or brands in this case) are represented in memory as nodes…”

Service-Dominant Logic

• A logic that views service, rather than goods, as the focus of economic and social exchange i.e., Service is exchanged for service

• Essential Concepts and Components– Service: the application of competences for the benefit of another entity

• Service (singular) is a process—distinct from “services”— particular types of goods – Shifts primary focus to “operant resources” (skills and knowledge) from

“operand resources” (static and tangible)– See value as always co-created (Market With

i.e. Collaborate with Customers & Partners to Create & Sustain Value)– Sees goods as appliances for service delivery– Implies all economies are service economies

• All businesses are service businesses

Vargo, S.L. and R.F. Lusch (2004). “Evolving to a New Dominant Logic for Marketing, Journal of Marketing 68(January): 1-17 17

Collaborative Consumption

barteringgiftinglendingrentingSharingswappingtrading

via online services

Evil Plans: Having Fun on the Road to World Domination by

Hugh MacLeod (Kindle Edition - Feb 17, 2011)

Purpose Motive Linux-Apache-Wikipedia

Drive #1: Eat when we’re hungry. Drink when we’re thirsty. Etc.

Drive #2: Respond to rewards and punishments in our environment.

Drive #3: We do things because they’re interesting and because they’re engaging and because they’re the right things to do and because they contribute to the world. (!!!)

“Our Third Drive, intrinsic motivation, is the most powerful.”

Drive: The Surprising Truth About What Motivates Us, Daniel Pink, Riverhead 2009

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Busting Business Models via Collaborative Consumption (CollCons)

3 Sub Markets of CollCons (Rachel Botsman)http://www.collaborativeconsumption.com/the-movement/snapshot-of-examples.php

Product Service Systems

Pay for the benefit of using a product without needing to own the product outright. Disrupting traditional industries based on models of individual private ownership.

Redistribution Markets

Redistribute used or pre-owned goods from where they are not needed to somewhere or someone where they are

Collaborative Lifestyles

It’s not just physical goods that can be shared, swapped, and bartered. People with similar interests are banding together to share and exchange less tangible assets such as time, space, skills, and money.

Source:

Transaction is the Social Conversation

Where to next ?

Source: Botsman (2012) Welcome to the new reputation economyWired magazine 20 August 2012

Digital trustworthiness ?The Aggregation of online reputation

Source: Botsman (2012) Welcome to the new reputation economy, Wired magazine 20 August 2012

Quora Demonstrates expertise to recruiters

Stack Overflow Future job

Airbnb Trusted renter WhipCar

Ebay feedback Etsy

Social influence Credit

Source: Botsman (2012) Welcome to the new reputation economy, Wired magazine 20 August 2012

Bank 2.0

CRED (credibility) =

( credit score, eBay rating, P2P money transfers,Facebook friends, LinkedIn connections, Klout, referrals, bill payments)

Reputation transfer between verticals“Paypals of trust”

Source: Botsman (2012) Welcome to the new reputation economy, Wired magazine 20 August 2012

Briiefly

Confido

Connect.Me

Legit

Reputate

Scaffold

Tru.ly

TrustCloud

TrustRank

WhyTrusted

# social influence

Kred

Klout

PeerIndex

10 Step reputation capital

Source: Botsman (2012) Welcome to the new reputation economy, Wired magazine 20 August 2012

1. Maven2. Tagging3. Super “something”4. Portfolio of online value5. Trusted opinions – LinkedIn6. Deep social network7. Review and recommend8. Profile monetisation ( IMVU , Linden, Fbook credits)9. Reputation cleanup (Reputation.com or Veribo)10. Social capital

How much is reputation capital worth?Good reputation activates reward related brain areas (striatum)

Sources: Botsman (2012) Welcome to the new reputation economy, Wired magazine 20 August 2012

Neuron, Vol 58, 284-294, 24 April 2008Processing of Social and Monetary Rewards in the Human Striatum

Keise Izuma,Daisuke N. Saito,and Norihiro Sadatohttp://www.neuron.org/content/article/abstract?uid=PIIS0896627308002663

The merged image (fMRI) of two images of the striatum activated by monetary (green) and social (purple) rewards

Student Entrepreneur

• An individual attending award classes at university and conducting entrepreneurial activities– “dream merchants” – yearning to do different things, contributing to the

world – requires freedom to pursue an entrepreneurial

journey because their “talents will not be utilised fully in any other capacity”.

(Marchand and Sood 2012)

Research Model: Dual 7 Step Student Entrepreneur maturity model

Student entrepreneurs:– commence entrepreneurial activities prior

university– exhibit archetype entrepreneurial behaviour– exhibit same mental models whether they

lead a student association or a start-up– learn differently when comparing with

student of classroom teaching– are intrinsically driven by entrepreneurial

activities– are on a quest to change the world– are crucially impacted by serendipity in their

entrepreneurial journey

(Marchand and Sood 2012)

Key Finding - Serendipity is essential

"An executive from the association addressed my class for volunteers"

"I knew before coming to university that I wanted to do something different, I wanted to take advantage of all opportunities"

"I randomly received an email for the Young Australian Entrepreneurship competition event and decided to enter it"

"You want to be lucky, not right"

"You want to be lucky, not right"

"You make your luck happen”

"I found the idea of my business while doing an assignment"

(Marchand and Sood 2012)

The largest funding platform for creative projects in the world

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Caution!

“Children never put off till tomorrow what will keep them from going to bed tonight”

ADVERTISING AGE

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