From Being Social to Buying Social
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17-Oct-2014 -
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Transcript of From Being Social to Buying Social
From Being Social to
Buying Social
Enabling businesses with
Social Commerce
Social Commerce is not stand alone, it had arrived the day you opened your brand for display.
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The big questions that brands ask:
Are we ready for it, yet?
The time has come to measure and promote it...
Its your silent benefactor.
Does your organization do the following on social?
• Nurtures a community on any social network?
• Creates or curates content?
• Uses social media to engage and interact with consumers?
• Listens to conversations around the brand?
• Uses social ads and promotions?
• Does consumer research?
• Recruits through social platforms?
• Encourages referrals on social platforms?
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If the answer to any of these is YES, then your organization , in one way or the other, is already doing business through Social Media
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Legacy Now What It Means What’s New
Distribution Social PresenceAlways - Anytime
& Anyplace
From Walk-ins to Fans Followers & Reactors
TOMA Social Engagement Look at me , Hear from me and Remember me
From Look to Interactions
Customer Service Social Care (for Customers, Prospects, Fans, Followers and Influencers)
From Reactive to Proactive
Listen Always and Act Always –Don’t wait for the Doorbell
Stand Alone One To One Sales
Social Acquisitions I will enquire if someone refers. I will buy if they have bought.
Push Sales to HALO EFFECT
The Evolution from Conventional Business to Social Business
Word Of Mouth and Reputation
Social Buzz Innovate and Co Create
From WON WIN to WIN WIN
SOCIAL CAPITAL
The social media efforts of your organization result in the ‘Social Capital’
Your Social Capital will lead to Social Commerce
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SOCIAL CAPITAL
Social Presence
Social Engagement
Social BuzzSocial
Acquisitions
Social Care
Prospect Pool
Re
ten
tio
n &
Lo
yalt
y Ad
vocacy &
Insigh
ts
Sales Revenue Referrals
Captive Dollars
Interest, Enquiries and
Hot Leads
Retain Order Book ($)
and minimize
Competition imprints
Billed
Business
Save Advertisement
& Survey Dollars
SOCIAL PRESENCE
Social embedded at Business touch-points and Business etched into Social assets
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Helping people
buy where they
connect... …and connect
where they buy
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SOCIAL PRESENCE
Social embedded at Business touch-points and Business etched into Social assets
Ameriprise uses Linkedin to help Customers find
Advisors
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SOCIAL PRESENCE
Social embedded at Business touch-points and Business etched into Social assets
Max Life: Embedding social at the core of our new corporate website
to create meaningful interactions and deeper engagement
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SOCIAL ENGAGEMENT
Shape opinions about your brand and increase propensity to purchase
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Convergence of Max Life e-commerce site and Facebook login • Pre-filled information
• Give Ratings, Reviews and Recommendations
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Choose the people
who have shaped
you and show them
how valuable they
are…
Content/messaging
The Most Valued 5
Customized referral application
Referral generationReferral
communicationAmplification
Max Life: Drive referrals on social platforms through a thematic consumer connect of valuing & protecting professional relationships
SOCIAL BUZZDeploy social mechanisms to facilitate advocacy, obtain opinions & reviews and
drive referrals
i-genius
@Consumers
India’s Largest Corporate Scholarship program
• Education & Talent
• Annual Scholarships worth Rs 1 Crore
i-genius Young Authors’ Hunt
•Young Writing Talent
• Book and e-book titled i-genius A Twist in the Tale
SOCIAL BUZZDeploy social mechanisms to facilitate advocacy, obtain opinions & reviews and
drive referrals
Create brand differentiation by owning the child space
i-genius
@Sales
Unique Relationship Builder for Agents
Shift the conversation from a Sales call to much more
Awareness & consideration among prospects through meaningful interaction
i-genius
@Customer
Enrich the relationship of existing customers with Max Life
Engage them better
Higher Loyalty
Brand loyalty, renewals and referrals triggered through engagements with customers
i-genius
@Employees
Dedicated igeniusscholarships for children of employees & agents
Employer Value Proposition
Caring organisation
Internal engagement
Max Life: igenius – a parent & child engagement programmethat aims to create a connect beyond business
Strong, relevant, self-sustaining
with built-in community amplifiers
On Ground. Online. Interlinked.
-igenius scholarships
Fun & Learn
Parenting Workshops
CONTENT CONVERSATIONS Providing reasons to stimulate Social
Conversations on an ongoing basis at multiple
platforms
i-genius Young Authors Hunt
COMMUNITYBuilt on a foundation of relevant
community driven interventions.
Activities touched various facets of talent
both among children & parents.
SOCIAL BUZZ
COMMERCE has naturally followed with
engagement with this community
Over 20 lac registrations in i-genius since 2010
3.65 lacs Facebook Community
Over 39,000 community members have become customers
Over 36,000 policies, AFYP of Rs 114 crs since ITD
Greater Loyalty from over 1,21,000 customers have
enrolled their children in i-genius
An all new child plan is being developed based on the
insights gathered from the community
SOCIAL BUZZ
SOCIAL ACQUSITIONS
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Driving acquisitions through social with customized propositions or a distinct
process
American Express lets customers buy stuff on
Twitter by using a hashtag
Dell drives exclusive flash sales using
social media that are only for the social
community
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Max Life: Plan to capitalize on check-ins during Parenting events to promote child plans
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SOCIAL ACQUSITIONS
Driving acquisitions through social with customized propositions or a distinct
process
SOCIAL CARE
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Customer experience management focused on listening, solving and proactively
improving processes to aid retention and loyalty
Shift from the conventional CRM that was transactional in nature to Social CRM that is conversational and collaborative
Evolution of CRM Infographic by Alyson Stone; Image Source: http://www.desk.com/blog/evolution-crm-infographic/
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SOCIAL CARE
Customer experience management focused on listening, solving and proactively
improving processes to aid retention and loyalty
Max Life: Proposed Social CRM application that will manage servicing, renewals, query log-in & resolutions while having a core engagement idea at heart that drives repeat usage
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SOCIAL CARECustomer experience management focused on listening, solving and proactively
improving processes to aid retention and loyalty
Listening and ORM Practice to facilitate customer servicing - cross functional processes to resolve queries and complaints with minimized lag and step-by-step tracking
Twitter’s evolution takes it down two very specific paths:
One of them is Customer service.
SOCIAL CARE
Customer experience management focused on listening, solving and proactively
improving processes to aid retention and loyalty
Max Life: Gearing towards a full scale query resolution process on Twitter
FUTURE GAZING – WHAT WILL PLAY OUT IN THE NEXT THREE YEARS
FORESIGHTS
• Focus to shift from Big Data to Unified Data
• Advocacy & Referrals to be the harbinger of Acquisitions
• Social CRM to turn into a necessity
• Underwriting to go social and social risk to become a global parameter
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CHALLENGES
• Data integration in view of regulations and data policies
• Limitations of tools to measure a “criss-crossing” consumer journey
• The approach to social –Fragmented instead of Business centric
• Security & Privacy concerns
• Absence of platform agnostic development technologies that lead to inflated costs and timelines