Future of social business

35
people The Future of Social Business Richard Margetic @ByJove

description

Presentation given at the Total Customer Experience Summit April 2014, this deck covers the history and future of social business, relationships impact on business development, and the paths business take on their social journey.

Transcript of Future of social business

Page 1: Future of social business

people

The Future of Social BusinessRichard Margetic@ByJove

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Intuit Proprietary & Confidential

New Technology Introduced

Business response: Do we?

2

There are no

business

proof pointsWe don’t

have time

for it

Traditional

methods still

work

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Time Passes

Business response: How do we?

3

Other

companies

are using itThey must

be finding

some value

We have to

do it to stay

competitive

Business response: Do we?

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More Time Passes…

Business response: How do we optimize?

4

I’m convinced

it’s worth the

timeIt’s

definitely

paying off

Let’s invest

more and do

it right

Business response: How do we?

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Supporting technologies proliferate

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Sound familiar?

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Digital Social is Not New

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Usenet, ARPANET, LISTSERV, BBS’s morphed into

AOL, Compuserve, The WELL

With the rise of the Web we got Theglobe.com, Geocities, Tripod

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MySpace dominated in 2006

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Inflection point

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www.dstevenwhite.com

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People Spent 6.7 Billion Hours on Social Networks in October

2011

Minutes per day Spend Socializing Offline

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2011 to today

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835MM

75MM

500MM

27MM

1.19B

350MM

33.25B

3.5B

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Social Matures as Business Tool

• Social is no longer seen as having to be mollycoddled to survive. All elements of business are now inclusive of social– From unsure insights to actionable, real time analytics– Real time social data is predictive of NPS– Social activity as predictive of buying behavior (predictive

modeling)– From broad training to targeted training

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Steps

Companies move from…

trepid endeavors,

to tentative investment,

to acknowledged benefits,

to embedded

activity

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Social Stages

Stage 1: TraditionalMarketing, customer support are delivered via traditional platforms. Social engagement and online conversations are not on the radar.

Stage 2: Dabbling in silosMaverick employees break through and begin building and testing programs, but without formal structure.

Stage 3: OperationalizingEmpowered, centralized team begins to formalize and spread social engagement processes and principles across all brands.

Stage 5: Fully engagedFull engagement brings breakthrough business results, increased loyalty, and decreases in marketing fluctuations. All BU’s have 360-degree view of the customer and can readily anticipate their needs. Customer engagement is in the brand DNA.

Stage 4: Real resultsA centralized team exists, but more and more social engagement is being pushed to brands. Team base is engaged and competent, metrics are robust, and executive support is significant.

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Social Commerce

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Building Relationships

Still

Builds Business

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Relationships are the building blocks of both social networks and business

Transparency

Trust

Credibility

Openness

CareSincerity

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Listen. Hear.

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Listening: Who, What, Where

Who Listening to who’s talking tells you who your advocates are, your influencers, your ranters and your ravers. This forms the basis of all relationship marketing

What What users are talking about gives you your marketing keywords, conversations, messaging points, identifies customer pain points, impacts search results. This is the basis of content marketing.

Where Where customers are talking tells you which platforms you need to create a presence in, market to, amplify messages in and where to put your ad dollars

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Relationship Marketing

Paid Marketing

Content Marketing

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Global Marketing

Social Drivers

1. Make meaningful connections based on shared interests

2. Express themselves

3. Recognition / rewards valued by the community

4. Get advice, validation, and assurance about decisions

5. Solve a specific problem (their own or someone else’s)

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Four Engagement Types

Influencers

Ravers

Experts

Ranters

Highest Priority

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Influencers

Ravers

Experts

Ranters

Highest Priority

Four Engagement Types

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Future of social engagement

Weighted Engagement

Community

Scoring

Brand Site

Ratings

Data Warehouse

Site Analytics

Suggestion Box

Content Marketing

Social 360

CRM Contact Center

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Effective Social Commerce

…than

commercialize

social

It’s better to

socialize

commerce…

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Measuring Social Impact

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Aggregate Enrich Collate Deliver

Dell’s Social Net Advocacy

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• Provides a single aggregated metric (SNA) - net advocacy of social conversations for easy monitoring and tracking

Aggregated Metric

• Gives the ability to drill-down for various aspect of the business in order to uncover positive and problem areas

Drill-down and Uncover

insights

• Enables conversations of interest to be sliced/diced by categories and delivered to different business managers

Targeted Listening

SNAP

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Social Business Index: Overview of Structure

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Social Business Index

Mass – Sub Index

Velocity –Sub Index

Quantity

Quality

Speed

Direction

Social Web Visits

FMS Web Visits

NPS

Research Metrics MMM

Now Next

Business Metrics

Soci

al N

etw

ork

s

Sentiment

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Social Health Index: Current Look

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8/12

/201

3

8/19

/201

3

8/26

/201

3

9/2/

2013

9/9/

2013

9/16

/201

3

9/23

/201

3

9/30

/201

3

10/7

/201

3

10/1

4/20

13

10/2

1/20

13

10/2

8/20

13

11/4

/201

3

11/1

1/20

13

11/1

8/20

13

11/2

5/20

13

12/2

/201

3

12/9

/201

3

12/1

6/20

13

12/2

3/20

13

12/3

0/20

13

1/6/

2014

1/13

/201

4

1/20

/201

4

1/27

/201

4

2/3/

2014

2/10

/201

4

2/17

/201

4

2/24

/201

4

3/3/

2014

3/10

/201

4

3/17

/201

4

3/24

/201

4

0

0.2

0.4

0.6

0.8

1

1.2

1.4

1.6

1.42 1.42 1.421.44

1.48

1.41

1.25

1.15

1.04

0.980.93 0.93

0.99 0.99

0.920.89

0.85 0.87 0.89 0.88 0.870.82

0.770.72

0.65 0.660.71 0.73

0.78

0.850.90

0.980.95

Strong metrics from initial campaign

Some decline as engagement relative to reach isn’t sustained; Reach is paid, not getting engagement

Measures taken to address score reduction

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Future of measuring social business impact

• Social Business Index V2

•Connecting the customer offline to online

•Connecting cross device

•Actual influence models rather than algorithmic ones

• Fractional Attribution Models

• Integration of social and enterprise data

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Source: Altimeter Social Data Intelligence

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Next Gen Tech

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Sensors

Wearables

iBeacon

Internet-of-Things

Third Screen

Social Capital

Vanishing footprints

Social Network Analysis

360 Customer View

Quantified Self

Digital Convergence

Digital/Physical BlurOnline Fractional Attribution

Contextual Marketing

3d Printing

Distributed Problem Solving

Business Drones

Personal Robotics

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Building Relationships

Will Always

Build Business

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Thank You

Questions?