HSM Global-Madrid featuring Charlene Li

Creating A Coherent Social Media Strategy 1 Charlene Li Altimeter Group 2011 April 12 Twitter: @charleneli Email: charlene@altimetergroup.com

2 

It’s time to move past experiments 3

5 Agenda Strategy Lead Prepare<br />

6 Agenda Strategy Lead Prepare<br />

Strategy Process Stages 7 

Strategy Process Stages 8 Set context <ul><li>Determine key objectives

Level of strategy (corporate, biz unit, brand)

Identify key metrics

Assess readiness</li></li></ul><li>Align social with key strategic goals 9 Examine your 2011 goals Pick ones where social will have an impact

Objectives differ by level 10<br />

Ask the Right Questions about Value 11 “We tend to overvalue the things we can measure, and undervalue the things we cannot.” - John Hayes, CMO of American Express © 2011 Altimeter Group

Use appropriate metrics at each level 12 Business metrics: revenue, CSAT, reputation. Social media analytics: Insights, share of voice, resonance, WOM. Engagement metrics: fans, followers, clicks.

Highlight where you are strong, where you need to develop. Don’t create strategies that you can’t execute. Demonstrate impact of strategic work. Categories for readiness assessment Assess your readiness to be social 13 <ul><li>Communication

Mindset

Roles

Stakeholders

Monitoring

Reporting

Customer Profile

Market Analysis

Processes

Organizational Model

Education</li></li></ul><li>Benchmarking Social Readiness (Before) 14<br />December 2009

Benchmarking Social Readiness (After) 15<br />April 2010

Strategy Process Stages - Discovery<br />16 Collect and prioritize strategic options <ul><li>Metrics-based value assessment

Prioritize against objectives</li></li></ul><li>Evaluate each initiative<br />17

Define Your Strategy With Objectives<br />18

How does social media matter to B2B? Chief stakeholders may not be using social media. <ul><li>But lieutenants will be.</li></ul>Social media is impacting how B2B decisions are being made. <ul><li>Background research

Expertise

Search results impact</li></li></ul><li>Why care about social technologies? <ul><li>62% read user ratings/reviews for business products/services

62% visit company profiles on social media sites

55% visit company blogs

51% participate in online business communities or forums

49% ask questions on Q&A sites

29% use Twitter to find or request business-related information </li></ul>Source: 2009 Business.com Business Social Media Benchmarking Study(n=2,393) 20

People in B2B use social media for work 21 Source: 2009 Business.com Business Social Media Benchmarking Study(n=2,393)

22 Agenda Strategy Learn Dialog<br />Support Innovate Lead Prepare

Track brand mentions with basic tools 23 What would happen if every employee could learn from customers?

Integrate monitoring with workflow 24<br />Other providers Alterian BrandsEye Buzzmetrics Cymfony Sysmos Visible Tech. From Radian 6, to be acquired by Salesforce.com

Be sure to track the actual conversations, not just the tweets 25 @JaimieH is a top diabetics advisor who was talking with an insulin pump maker

How KLM listened and surprised flyers 26

Go beyond basic monitoring to analytics 27 Make course corrections nearly real-time. Use predictive analytics to anticipate demand.

Shoppers want to be “known”<br />28 I walk into the store Store knows it’s me Give me offers And plans my visit

Community insight platforms 29 <ul><li>Communispace and Passenger offer online focus groups solutions.</li></li></ul><li>Private communities give better control Get input from specific communities Can target specific hard-to-reach communities But they are hard to create – and maintain Who needs to be included? Excluded? Provide non-monetary incentives/rewards for participating in the community Deserves and requires dedicated community manager Integrate into your company’s support and innovation process Pros and cons of private communities 30

31 Learn also from your employees

Go beyond traditional data to understand your customers 32 Demographic Geographic Psychographic Behavioral Socialgraphic

Where are your customers online?<br />What social information or people do your customers rely on? What is your customers’ social influence? Who trusts them? What are your customers’ social behaviors online? How do your customers use social technologies in the context of your products. Socialgraphics asks key questions 33

Engagement Pyramid 34 

Engagement Pyramid - Watching 35<br />Watch videos Read blog posts Listen to podcasts Read tweets Read discussion forum posts

Engagement Pyramid - Sharing 36<br />Share a link Share photos Share videos Write a status update Retweet

Engagement Pyramid - Commenting 37<br />Comment on a blog Write a review Rate a product Participate in a discussion forum @Reply on Twitter

Engagement Pyramid - Producing 38<br />Write a blog Create videos or podcasts Tweet for an audience

Engagement Pyramid - Curating 39<br />Moderate a wiki or discussion forum Curate a Facebook fan page

Engagement Pyramid Data 40 Source: Global Wave Index Wave 2, Trendstream.net, January 2010

Conduct research to identify the social behaviors of your target customer Also identify: Where are they online: Surveys or brand monitoring Who do they trust: Surveys Who do they influence: Survey or brand monitoring How they use these tools in context of your products: Most often surveys. When you first understand your customers, your marketing efforts will naturally unfold. Putting socialgraphics to work 41

Listen and learn from your customers. Start with basic monitoring tools, but quickly evolve them. Invest in analytics that matter. Use metrics that are relevant to your business. Understand the socialgraphics of your customers. Summary - Learn 42

Conversations, not messages Human, not corporate Continuous, not episodic The New Normal 44

Blogs establish thought leadership 45<br />CEO Richard Edelman has been blogging consistently since Setpember 2004.

SonyEurope rewards Twitter followers with discount that drives significant sales 46 SonyEuropes 10% off VAIO laptops deal to celebrate their 1,000 Twitter follower lead to over €1m worth of product ordered.

VW inserted a tweet analyzing tool into their banner ad to suggest a specific model 47

Spain Tourism used multiple channels to encourage dialog/sharing 48

Kohl’s engages directly with customers<br />49

B2B can also use Facebook<br />50 <ul><li>Develop relationships with job candidates, prospects, and current employees

Insert your content into newsfeed of fans

B2B is really people to people</li></li></ul><li>Encourage commenting to get into the Facebook news feed 51

Premier Farnell supports engineers with community, and employees with “OurTube” 52

Give out Flip cameras/smartphones Set up an internal “OurTube” Transcribe conversations into emails and posts Ask people for best practices, reactions, advice, opinion in areas of passion. Recognize key contributors. Getting people to share within your company 53

Tivo joined an existing community<br />54

55 Advocacy – A five-phase approach

Tesco engages influencer blogs 56<br />Blog post series highlights & drives traffic to blogs by Influencers. Twitter feed encouages engagement too.

Have an authentic conversation with your customers that they want to have. Engage across and through social communities Engage off of your Web site. Recruit an army of customer advocates. Respond to your prospects and customers in real time. Summary - Dialog 57

Support and Innovate With Your Customers 59 Charlene Li Altimeter Group 2011 April 12 Twitter: @charleneli Email: charlene@altimetergroup.com

Vodafone UK uses Twitter to proactively communicate with customers 62 Vodafone UK humanizes their Twitter account by including pictures of their support team and identifying different respondents by an “^” and the team member’s initials.

Ritz-Carlton managers monitor Twitter for real-time service 63 Property manager helped unhappy honeymooners

Support during a crisis 64<br />Used #euva and #ashtag to track conversations Source: simplifying.com

DellOutlet supports sales with Twitter<br />65

Question & Answer sites provide opportunity for support

Q&A encourages dialog too 67<br />

iRobot ties discussion boards into customers support 68 iRobot escalates unanswered questions into support centers

Salesforce.com Service Cloud ties social channels back to customer data 69

Solarwinds’ community is strategic 70<br />

Retailer Best Buy has 2,500 employees providing support via Twitter 71

Real-time isn’t fast enough. Integrate “social” support into your support infrastructure. Scaling support to meet the groundswell will require that you create your own groundswell. Summary - Support 72

P&G uses reviews to improve products 74

Danish bank ask for help to improve mobile banking on Facebook 75

Finnish post created an idea exchange 76

Fiat invites ideas for a new car 77

Archer collects product development ideas in a private community 78

Starbucks involves 50 people around the organization in innovation Over 100 ideas have been implemented

Dell taps employee ideas too<br />

P&G goes outside for innovation<br />81 P&G made outside-in innovation a priority

P&G developed technology from diaper research Reached out to competitor Clorox to form a new joint venture Helped Glad become Clorox’s second largest brand Success story: Glad Press’n Seal 82

ModCloth has customers merchandise new products 83

Innovating can come from any customer or employee interaction. Dedicated innovation communities require significant commitment and nurturing. Extend your firewall to bring customers into your organization. Summary - Innovating 84

Strategy Process Stages 85 Strategy statement <ul><li>What you will do

What you won’t do</li></ul>Scenarios development<br /><ul><li>Implementation roadblocks

Company and leadership implications

Risk identification

Build resilience</li></li></ul><li>What’s the Next Big Thing? 86

87 

88 Identify and prioritizing disruptions that matter User Experience <ul><li>Is it easy for people to use?

Does it enable people to connect in new ways?</li></ul>Business Model <ul><li>Does it tap new revenue streams?

Is it done at a lower cost?</li></ul>Ecosystem Value <ul><li>Does it change the flow of value?

Does it shift power from one player to another?</li></li></ul><li>“How personal relationships, individual opinions, powerful storytelling and social capital are helping brands…become more believable.” 1) Likenomics (credit to Rohit Bhargava) 89 Understand the supply, demand, and thus, value of Likes as social currency See http://bit.ly/rohit-likenomics for Rohit’s take

Likenomics evaluation 90 User experience impact - moderate People with high social currency will enjoy benefits, richer experiences, receive psychic income. People with low social currency will find ways to get it. Business model impact – moderate New economics create opportunity for people who understand Likenomics to leverage gas. The cost of accessing social currency will increase, and raise barriers to entry. Ecosystem value impact – none

91 2) Social Search – Beyond Friends to Interests Social sharing rises as a search ranking signal, esp in the enterprise Create a social content hub to gain traction Use microformats to highlight granularity (e.g. hProduct & hReview)

Social Search evaluation 92 User experience impact - Moderate Search becomes more useful, relevant to people. Business model impact – Moderate SEO takes on a different dimension, rewards companies with social currency, personalized experiences. Ecosystem value impact – Moderate New power brokers are social data/profile players who capture activity data and profiles. Google has little of either.

Social monitoring merges with Web analytics HOT: Omniture, Coremetrics/IBM, Webtrends Technology like Hadoop makes it easy for companies to tap “Big Data” E.g. New York Times making its archives public Twitter archived by Library of Congress Facebook Cassandra, Amazon Dynamo, Google BigTable Data visualization tools make it easy to digest Balancing privacy and personalization 3) Big Data 93

Big Data evaluation 94 User experience impact - Low Most users won’t directly experience Big Data. Business model impact – High New businesses and initiatives can be started at very low cost. Ecosystem value impact – Moderate Owners of Big Data repositories can assert control, demand payments for access.

95 4) Game-ification 

TurboTax used “games” to encourage sharing and support 96 Social design can enter training, collaboration, support, hiring

Gamification evaluation 97 User experience impact – High Experiences get richer, more engaging Business model impact – Moderate Work gets done faster, cheaper. New organizational structures and cultures emerge. Ecosystem value impact – Low Service providers will remain focused, boutique firms.

98 5) Curation 

Curation evaluation 99 User experience impact – Moderate User authority established from better curation, better content is organized well. Business model impact – Moderate Easier for businesses to create their content. Ecosystem value impact – Moderate Individuals challenge media and brands as authorities – and publishers that siphon off ad dollars.

Summary of disruptions 100 

Leading The Open Organization 102<br />Charlene Li Altimeter Group 2011 April 12 Twitter: @charleneli Email: charlene@altimetergroup.com

Open Leadership 109 Having the confidence and humility to give up the need to be in control, while inspiring commitment from people to accomplish goals

10 elements of openness 110<br />

Explaining strategic decisions 111 Open book management Managing leaks

112 Updating with every day stuff

Kohl’s has conversations on Facebook<br />113

Open Mic: When people contribute<br />114

Crowdsourcing new Walkers flavour 115<br />

Open platforms make it easy to partner and share 116 Open architecture Open data access

117 Centralized Democratic Distributed Consensus<br />Decision making models

170 employees 100 modules with “module owners” One person makes the final decision in each module Social technologies make distributed decision making possible 118 Manage complex tasks Organizing for speed <ul><li>65,000 employees

16 Councils, 50 Boards make strategic decisions

Joint leadership of each group</li></li></ul><li>Determine how open you need to be with information to meet your goals 119 Openness audit available at http://bit.ly/opennessaudit

Complete the Openness Audit 120<br />

Traits of Open Leaders 121<br />Authenticity Transparency

Transparency as an imperative 122<br />

How Best Buy became open and social 123

Best Buy’s First Social Media Experts 124 Steve Bendt & Gary Koelling

The Executive Advocate 125 Barry Judge CMO of Best Buy

Barry’s first post 126 

The Premier Black Fiasco 127<br />6.8 million emails sent instead of 1,000 test

“You can imagine the Chatterati creating as much value as an SVP in the organization by sharing their institutional knowledge and expertise - and we should look at compensation structures with that in mind.” - Marc Benioff, CEO of Salesforce.com © 2010 Altimeter Group

#1 Create a Culture of Sharing 131

#2 Discipline is Needed to Succeed 132 Take reasonable action to fix issue and let customer know action taken Negative Positive Yes Yes No Assess the message Evaluate the purpose Do you want to respond? Does customer need/deserve more info? Unhappy Customer? No Response Yes Are the facts correct? Gently correct the facts Yes No No No Can you add value? DedicatedComplainer? Are the facts correct? Yes Yes No No Yes Respond in kind & share Thank the person Comedian Want-to-Be? Explain what is being done to correct the issue. Is the problem being fixed? Yes No Yes Adapted from US Air Force Comment Policy Let post stand and monitor. © 2011 Altimeter Group

Five ways companies organize around social media 133

#3 Ask the Right Questions about Value 134 “We tend to overvalue the things we can measure, and undervalue the things we cannot.” - John Hayes, CMO of American Express © 2011 Altimeter Group

The new lifetime value calculation<br /><ul><li> Percent that refer

Size of their networks

Percent of referred people who purchase

Value of purchases</li></ul>+ Value of purchases <ul><li>Cost of acquisition</li></ul>____________________ = Customer lifetime value + Value of new customers from referrals + Value of insights <ul><li> Percent that provide support

Frequency and value of the support</li></ul>+ Value of support + Value of ideas Spreadsheets for all calculations available at open-leadership.com

35% increase in LTV captured<br />136

Find more fans with large networks Encourage fans to make more referrals Make decisions with metrics 137

Structure your risk-taking and failure systems to create resilience 140 Conduct pre- and post-mortems. E.g. Johnson & Johnson after Motrin Moms. Identify the top 5-10 worst case scenarios. Develop mitigation and contingency plans. E.g. Ford’s “lost” Fiesta. Build in responsiveness. E.g. Best Buy’s Black reward card. Prepare yourself for the personal cost of failure.

Audit the last few failures you and your organization experienced. 25% - what happened. 25% - what you learned. 50% - what you will do next. Keep a failure file. Identify risk-taking training needs. Build failure into your planning and operating processes. Create support networks for the inevitable failures. Action plan to prepare for failure 141

Charlene Li charlene@altimetergroup.com charleneli.com/blog Twitter: charleneli For slides, send an email to slides@altimetergroup.com For more information & to buy the book visit open-leadership.com © 2011 Altimeter Group

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