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Pm webinar-sep2010

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Pm webinar-sep2010

  1. 1. Product Management The Social Media Way Transforming Customer Feedback & Product Launches<br />
  2. 2. Speaker Introduction<br />Axel Schultze is the founder and president of the Social Media Academy. With seven years experience in the social web, he founded the Academy in 2009. He was one of the first advisors to LinkedIn in 2003 one of the first executive blogger, one of the first user on Twitter and helped large organizations implement Social Media in business to business organizations.<br />Axel is a frequent speaker at industry events, a book author a patent holder and a serial entrepreneur and won the SF Entrepreneur Award in 2008.<br />Axel SchultzePresident<br />
  3. 3. Academy Intro <br />Social Media Academy started in Jan 2009 <br />The mission is to provide the most comprehensive social media education<br />We had over 3,000 participants from 24 countries in our various education programs<br />International: (HQ Palo Alto), Europe (London) and Australia (Melbourne)<br />Faculty are all active practitioner<br />A methodical, strategic approach<br />
  4. 4. Agenda<br />Social Media Impact On Business<br />The model of influence has changed<br />Product requirements gathering / crowd sourcing <br />Demystification of “Co-Creation Strategies”<br />Let customers help design “their product”<br />Understand why they engage<br />Product launch <br />Buzz creation <br />Influencer identification <br />Customer integrations <br />Relationship development <br />Plan development <br />Process management <br />
  5. 5. Social Media Impact On Business<br />
  6. 6. The model of influence changed in its foundation<br />Lead flow as an indicator how customers get engaged.<br />Leads typically represented the start of a process ending with an “Educated Purchase Decision” – it was the begin of a sales process<br />BUT - The customer education process changed, the lead flow dried out!<br />+ Internet reg. pages<br />+ TV commercials<br />+ Tradeshows <br />+ Bill boards<br />????<br />News paper<br />
  7. 7. The new product discovery model<br />
  8. 8. Social media is where customers meet customers forexperience, skill development, failure prevention…<br />
  9. 9. Why social media IS business<br />“Has anybody experience with…”<br />60%-80% of purchases are based on recommendations. Business teams need to be part of that “recommendation chain”<br />“I have problems with…”<br />Over 80% of user problems are solved in groups. Service & PM teams need to be part of that circle.<br />“Did you see that? Not bad…”New products are primarily discussed in the social web – not based on a TV commercial.<br />Product management need to understand the dynamics in the social web<br />
  10. 10. The Product Management Disconnect<br />The way most companies launch products - still today:<br />Buy contact lists<br />Do mail shots to installed base<br />News letters and webinars<br />Advertise on Google, up to bill boards<br />Traditional press releases<br />Most businesses didn’t change<br />The way we inform ourselves<br />You read blogs<br />You check forums or online groups<br />You get some feedback in Twitter or other tools<br />You ask friends in your social network<br />When you are “ready to buy” your brand and product decision is pretty much set in stone<br />Most of us ignore advertising<br />Most of us hate cold calls<br />Most email ends up in spam filters<br />Most of us have changes<br />
  11. 11. Product Managementneeds to break through that old wall<br />Customer collaboration<br />Influencer engagement<br />Partner activation<br />New media leverage <br />
  12. 12. The single biggest mistakes in social media<br />You can NOT “automate” your customer communication through social media<br />Social media is NOT just another channel to blast out your message<br />You can NOT outsource the “social media thing” because you cannot outsource your relationships<br />If you have no time to personally and individually engage with your customers, partners and influencer – social media is completely useless, maybe even counter productive<br />
  13. 13. Product Co-Creation Strategy<br />
  14. 14. Co-Creation demystified<br />Leading consulting companies develop co-creation strategies which cost north of $5 Million and take more than 2 years!<br />A Co-Creation initiative cost you less than $10,000, can be executed with your existing resources and be implemented in 3 month!<br />All it takes:<br />A bit of customer relationship<br />A concept for constant feedback<br />Openness to ask for ideas – BEFORE you develop a new product<br />Common sense<br />
  15. 15. Co-Creation<br />Let me play with you<br />Customers want to solve (their) problems<br />Customers want their voice to be heard<br />Customers are the most experienced users<br />Customers are creative<br />Customers are proud users<br />Customers love to take ownership<br />If you only include 1% of the customer base, you may get 100 times the force of your product management team --- use it! <br />
  16. 16. Co-Creation is emerging<br />The results can be very powerful.<br />Lego Mindstorms<br />Salesforce.com Idea Exchange and the App-Exchange<br />Xeesm Integrated Feedback System<br />Threadless<br />Open Source movement<br />Threadless is perhaps one of the most well-known cases. An organization who have built their business model on community product design. The concept is simple but effective. You can upload your T-shirt designs, the community votes on the designs and comments on them and every couple of weeks ten of the most popular designs are chosen and printed. You can then buy these t-shirts. The concept is simple and the execution effective. By involving the community fully in the product design process, and in fact letting them take the lead, Threadless is able to build loyalty for its designs and concepts and to some extent guarantee a market for the T-shirts it produces. A relatively high proportion of those who comment on or vote for a design may want to purchase it when it is printed.<br />
  17. 17. Xeesm – Accidental Co-Creation<br />Xeesm was built to consolidate a list of social media links into one URL – like http://xeesm.com/AxelS<br />A few hundred friends used it to and provided feedback<br />Over 1,000 ideas and feature requests created the foundation of an entirely new application – even application platform. <br />
  18. 18. Be approachable<br />Let your customers tell you what they want<br />
  19. 19. Let your clients vote on ideas<br />Test the REAL interest in new features<br />Have your customers engage in what you are supposed to build for them<br />Make sure you move from a “My Product” mentality to a “My Customers Product” thinking.<br />Do it the social way,<br />Be open and sharing.<br />Allow competitive thinking in the group.<br />Let your customersmobilize othercustomers to voteon their ideas<br />Co-Creationthe social way<br />
  20. 20. What you get<br />You get much more than you can pay for<br />Reduce risk of product failure<br />Get free creative resources<br />Get advocates who help promote your product<br />Get product validation<br />Get free beta tester<br />Get reference customers<br />Get testimonies<br />You get your most powerful product launch team<br />Think what else you can do with your new fans<br />
  21. 21. How else Xeesm users provided feedback<br />
  22. 22. Co-Creation Check List<br />Create a simple feedback page (add to product sticker, manual, advertising…)<br />Use social networks for random feedback<br />Have the feedback get straight to you<br />Have a *dialog* with your users and prospects<br />Avoid surveys !<br />Make sure your customers get a response !!!<br />If the amount of feedback is overwhelming you: deal with it when you get there ;)<br />Setup a voting page for your customers($50/month for software – 50 minutes setup)<br />Simplicity is king – complexity is stupid<br />“Speed is more important than perfection”<br />
  23. 23. Product Launch by Social Media<br />
  24. 24. A fictitious launch of a non sexy product<br />Let’s assume you have to launch yet another wireless router<br />Cost for collateral material, mailings, dealer packs, press release, advertising… $1 Million<br />Take 10% ($100,000) and give 1,000 routers away for free to experts and opinion leaders around the world<br />Encourage them to publicly communicate their opinions and how they compare it over the previous model<br />
  25. 25. Product launch with social media <br />Influencer identification<br />Customer integration<br />The external launch team assembly (X-Team)<br />Networks and tools selection<br />Buzz creation<br />Results measurement<br />The product launch is the first “customer experience” with the new product.<br />
  26. 26. Influencer Identification<br />Search for blogs that talk about topics you are interested in (search engine)<br />Setup Google Alerts for the key topics to see what is picked up by Google and get to know your influencer<br />Check importance by:<br />Number of comments on their blog<br />Number of references and mentions<br />Kind of people commenting<br />Review their profile and networks<br />Get a feel for their level of influence<br />Add all contacts to your “social address book” <br />Create a “Flight!” andstay in touch<br />
  27. 27. Influencer identification<br />Focused on Blogger and Authorities<br />Review their profiles<br />Understand their customer landscape<br />Understand their connections<br />Build the relationship at least 3 month prior to your launch<br />Do not disclose anything as yet<br />Be helpful and provide knowledge<br />Stay in touch <br />Once you established the relationship: Keep it<br />
  28. 28. Customer integration<br />Let customers speak<br />Select engaged, experienced customers<br />Let customers help with a launch of the product they support<br />They speak on a video clip, on a webinar, can talk to other customers, comment on posts, tweet…<br />Customer have a vested interest in you being successful<br />
  29. 29. The external launch team assembly (X-Team)<br />Create a launch advisory board<br />Somewhere between 5 – 20 people<br />Involve selected customers<br />Involve influencer you have a relationship with<br />Involve selected business partners<br />Have a plan in mind but ask for inputs first<br />Do an advisory board meeting<br />ASK FOR HELP<br />Consider the following:<br />Everybody should know the product like your sales team, including pricing information<br />Everybody should have an idea what the logistics are (product availability etc.)<br />The rest of your organization need to know about the launch initiative <br />
  30. 30. Networks and tools selection<br />You know where your customers, partners and influencer are<br />Facebook, MySpace, Twitter, Groups…<br />Some tips<br />It’s not about YOU – it’s about where your market is most active<br />Product specific groups or pages may not be a good idea<br />Some influencer blogs may be part of the mix<br />Have a hash tag to use for fast communication<br />Consider physical locations and events such as meet-ups and tweet-ups <br />Select the tool to measure success early on<br />Google alerts<br />Social media monitoring tool<br />
  31. 31. Three Golden Rules – to outsmart your competition<br />Let others speak for you – and you amplify<br />You cannot sell your own ideas<br />You are not the most trusted voice<br />Your advocates are<br />Create initiatives that motivate others to involve their contacts<br />It’s not the old “engage your customers”Instead find ways that customers engage others<br />Let them promote their own ideas<br />Let them invite their network<br />Honor their engagement big time<br />Be approachable and social with your X-team<br />You need to be available for them at all times<br />Make sure they get to you easily<br />Break down old barriers !!!<br />
  32. 32. Buzz creation<br />Drum up the buzz <br />Every single launch will be different<br />Think “Methodology” to begin with and “Creativity” at plan creation<br />Let the launch team come up with ideas<br />Involve a creative team<br />Think simplicity<br />Contests where friends of contender vote<br />Buzz is when others do the noise<br />You are the amplifier (Amplification Strategy)<br />You are the sponsor for their activities<br />
  33. 33. We engaged and asked people to talk<br />
  34. 34. Product Launch Check List<br />Have a well developed list of <br />Influential blogger, analysts, authorities<br />Advocating customers<br />Partners and alliances<br />Create your launch team<br />Incorporate customer ideas<br />Build your social presence<br />Groups, pages, communities, networks<br />Keep three golden rules in mind<br />Let others speak for you – and you amplify<br />Create initiatives that motivate others to involve their contacts<br />Be approachable and social with your team<br />Keep your team informed, provide feedback and reporting results<br />
  35. 35. Managing all your contacts<br />Social means – we have conversations with people<br />You will need a tool to manage all your connections<br />Customers and their social presence<br />Partners and how find them in the web<br />Influencer to keep in touch and build relationships<br />You will need a tool to help organize your social engagement<br />Influencer relationship development<br />Launch activity management<br />Event coordination<br />
  36. 36. Your “Social Address Book”<br />
  37. 37. Social Address Book<br />Keep all your contacts with their respective social presence<br />Know when was your last visit to his/her site<br />Know how often did you visit<br />Know where you were and what you did<br />Keep contacts in groups / categories(customer, influencer…)<br />Keep a complete profile of each social relationship<br />
  38. 38. Xeesm Flights!™<br />
  39. 39. Influencer Relations Flight<br />Sample Flight<br />Start (Objective 1)Listen and learn<br />Touch (Objective 2)Comment and respond<br />Milestone (Objective 3)Connect with the person<br />Engage (Objective 4)Socialize<br />Goal (Objective 5) Arrange for an appointment<br />Estimate 10 days to develop a relationship<br />
  40. 40. Creating a product launch flight<br />Sample Flight – Product launch <br />Start (Objective 1)Socialize the concept<br />Touch (Objective 2)See event participation<br />Milestone (Objective 3)Agree to test and communicate experience<br />Engage (Objective 4)Feedback and response<br />Goal (Objective 5) Won as advocates<br />Estimate 2-4 weeks to develop some advocates<br />
  41. 41. Creating an event management flight<br />Sample Flight - Win 500 event attendees<br />Start (Objective 1)Confirmed support<br />Buy in (Objective 2)Brainstorm – get buy in<br />Milestone (Objective 3)Agree on a set of initiatives<br />Engage (Objective 4)Inviting all connections<br />Goal (Objective 5) Active engagement<br />Estimate 6 weeks to achieve your ultimate goal<br />
  42. 42. Flights Home<br />All Flights<br />Terminated<br />Completion<br />Copy<br />Add new<br />Members<br />Team<br />Owner<br />
  43. 43. Social Engagement<br />
  44. 44. Engagement and Socializing<br />
  45. 45. Your social engagement<br />Activities per contact:<br />Day 1 review all sites<br />Day 2 listen / read several posts<br />Day 3 chime into a conversation<br />Day 4 commenting on relevant blogs<br />Day 5 commenting on a group question<br />Day 6 making an introduction to someone <br />Day 7 suggesting an interesting site or post<br />Day 8 invitation to your own group<br />Day 9 Have a conversation over the phone<br />Day 10 Bring others to the conversation<br />Do care – but do not pitch<br />Build mutually beneficial relationships<br />
  46. 46. Personalized emails to flight members (PRO only)<br />
  47. 47. Managing Flights<br />Sharing Flights with others(PRO only)<br />Share with team mates<br />Share with advocates<br />Share it with partners<br />Share it with customers<br />Export Flight Members(PRO only)<br />Into CSV file<br />Leaving a flight<br />Only invited crew can<br />Terminating a flight<br />Only the owner can do that<br />
  48. 48. Reporting on your dashboard<br />You see how often you visited your connections<br />You see the number of notes you made – number of connections you had<br />And you see how many Flight Objectives you completed<br />In the FlightPlan you see Flight Completion<br />
  49. 49. Social Product Lifecycle<br />Co-Creation / Crowd Sourcing<br />Develop and build what the market wants<br />Reduce design failure and market risks<br />Build advocacy right into the product<br />Product Launch<br />Include early users to launch a product<br />Let others speak for your product<br />Amplify what others say and their experience<br />Build a product management network early on<br />Quality Assurance<br />Ongoing customer involvement<br />Differentiate between defects and feature request<br />An “always on” PM responsibility<br />
  50. 50. Masters Class – Certified Social Media Strategist<br />Social media methods, models and frameworks<br />14 Session spread over several weeks<br />Real life project exercises between session<br />Collaborative team engagement<br />All sessions are instructor led online classes<br />Sessions start at 08:00am (PST) / 16:00 (GMT) <br />Twice a week, two hours a day<br />Exercises are discussed in a collaborative learning community<br />Exercises, session tests and final exam<br />Price: US$ 2,990 / person<br />Register at: http://www.socialmedia-academy.com<br />
  51. 51. Questions & Answers<br />Q + A<br />
  52. 52. Thank You<br />(650) 384-0057<br />#Xeesm<br />info@socialmedia-academy.com<br />© 2009 Social Media Academy. All rights reserved. This content is protected under the copyright law of the United States. It is prohibited to make full or partial copies or extractions of this documentation without the explicit written approval from the Social Media Academy. <br />All materials contained herein are the property of the Social Media Academy and its faculty and may only be used, by an enrolled student for his or her own educational benefit.<br />Social Media Academy | 228 Hamilton Ave. | Palo Alto, CA 94301 | (650) 384-0057<br />