reinventing your company in a customer-driven marketplace 2 nd annual federation of mutual fund...

Reinventing Your Company in a Customer-Driven Marketplace

2nd Annual Federation of Mutual Fund Dealers Conference

Mike Dover

May 7, 2013REINVENTING YOUR COMPANY IN A CUSTOMER-DRIVEN MARKETPLACE

REINVENTING YOUR COMPANY IN A CUSTOMER-DRIVEN MARKETPLACE

REINVENTING YOUR COMPANY IN A CUSTOMER-DRIVEN MARKETPLACE

Key concepts

REINVENTING YOUR COMPANY IN A CUSTOMER-DRIVEN MARKETPLACE

Data Overload: every 60 seconds....

•4 Million Web searches

• 500k Content Shares

•100k Product Shares

• 40k Links Shortened

• 40k Tweets Shared

REINVENTING YOUR COMPANY IN A CUSTOMER-DRIVEN MARKETPLACE

The amount of data created per person

•After 5 years ...10 x

•After 10 years... 100

x

•After 20 years ...

10,000 x

Doubles every 18-24 months

REINVENTING YOUR COMPANY IN A CUSTOMER-DRIVEN MARKETPLACE

Person of the Year

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Harnessing Mass Collaboration

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Scientific Exploration

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Why Now?Top 5 arguments for

WikibrandingSocial/Collaboration/

Engagement

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1. The Need for Authenticity and Transparency - 42%2. The rise of social networks - 38%3. Increasing role of wireless/mobile - 35%4. Customers waning attention spans - 25%5. Media fragmentation - 22%6. Change in mass marketing effectiveness - 20%

#1 Business Models / Culture: The Need to Be Genuine

REINVENTING YOUR COMPANY IN A CUSTOMER-DRIVEN MARKETPLACE

“Something you Own” “Something you Trust” “Something you Want”

“Something you Prefer” “Something you Love”“Something you Participate In”

#2 The Changing Brand: Participation is the New Currency

REINVENTING YOUR COMPANY IN A CUSTOMER-DRIVEN MARKETPLACE

“Brand building today is so different than what it was 50 years ago.

50 years ago you could get a few marketing people in a small room and decide, ‘this is what our brand will be’, and then spend a lot of money on TV advertising — and that was your brand.

Today anyone, whether it is an employee or a customer, if they have a good or bad experience with your company they can blog about it or Twitter about it and it can be seen by millions of people. It’s what they say now that is your brand.”

–Tony Hsieh, CEO, Zappos.com

Control of Your Brand Changes

REINVENTING YOUR COMPANY IN A CUSTOMER-DRIVEN MARKETPLACE

1.6 Billion Social Networkers GloballyFacebook – > 1 billion million*, 130 friends each,

1,000+ fans per pageWikipedia – 26 million articles, 75,000 active editorsTwitter – 500 million users, 340 million Tweets/dayLinkedIn – 200 million users, $20 billion market capYouTube - 1 billion views for Gangham StylePinterest – launched in 2010, valued at > $2 billionFoursquare – over 3 billion check-insAmazon – $64 billion annual revnue $115 billion market

capQuora – Top Q&A site

#3 Media Shifts: The World is Connected and Engaged

REINVENTING YOUR COMPANY IN A CUSTOMER-DRIVEN MARKETPLACE

Q: What is your impression of the following networks in their importance to your organization ?

(23 social network/social sharing options)

Q: What is your impression of the following networks in their importance to your organization ?

(23 social network/social sharing options)

TOP SOCIAL NETWORKS/PLATFORMS – “MOST ESSENTIAL” RANKED - % AGREED

#2 TWITTER #3 LINKEDIN #4 YOUTUBE

#7 HOOTSUITE /TWEETDECK

#8 GOOGLE + #9 INSTAGRAM

#5 WORDPRESS

#10 PINTEREST

#1 FACEBOOK

#6 MOBILE APPS

REINVENTING YOUR COMPANY IN A CUSTOMER-DRIVEN MARKETPLACE

Q: What is your impression of the following networks in their importance to your organization ?

(23 social network/social sharing options)

Q: What is your impression of the following networks in their importance to your organization ?

(23 social network/social sharing options)

TOP SOCIAL NETWORKS/PLATFORMS – “MOST UNDERRATED” RANKED - % AGREED

#2 LINKEDIN #3 YOUTUBE #4 MEETUP/UPCOMING/ EVENTBRITE

#7 PINTEREST #8 INSTAGRAM #9 MOBILE APPS

#5 GOOGLE +

#10 KICKSTARTER

#1 SLIDESHARE

#6 TUMBLR

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LinkedIn Networing

REINVENTING YOUR COMPANY IN A CUSTOMER-DRIVEN MARKETPLACE

Quora – Expertise Marketplace

REINVENTING YOUR COMPANY IN A CUSTOMER-DRIVEN MARKETPLACE

Engaged brands drive value +18%

Non-engaged brands decrease in

value -6%

Source: Interbrand 2010 Best Global Brands report

#4 Economics: Engagement Sells

REINVENTING YOUR COMPANY IN A CUSTOMER-DRIVEN MARKETPLACE

C-Suite Interest – The CEO's #2 and #3 priorities are customer service and experience;

Advertising and promotion rank #12 and #14.

Source: Microsoft Roundtable Study

#5 It’s what your boss cares about (or should)

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Culture Change Required

REINVENTING YOUR COMPANY IN A CUSTOMER-DRIVEN MARKETPLACE

The Net Generation

REINVENTING YOUR COMPANY IN A CUSTOMER-DRIVEN MARKETPLACE

Net Generation Norms

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Digital Natives

REINVENTING YOUR COMPANY IN A CUSTOMER-DRIVEN MARKETPLACE

Tech Deprivation Collage

The Net Gen Life Without Technology

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Changing Expectations

Source: InformationWeek

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Policy on Personal Mobile Devices

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Active Listening

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Q: Which industries will be affected most by advancing technology, collaboration and digital culture over the next 3-5 years (max. 3 answers)? (26 INDUSTRY

options provided)

Q: Which industries will be affected most by advancing technology, collaboration and digital culture over the next 3-5 years (max. 3 answers)? (26 INDUSTRY

options provided)

TOP 10 TECHNOLOGY-AFFECTED INDUSTRIES HIGHEST RANKED (% RESPONDED TOP 3 CHOICES)

#1 EDUCATION #2 ENTERTAINMENT #3 MEDIA #4 ECOMMERCE #5 HEALTH CARE

#6 RETAIL #7 FINANCE/BANKING #8 TELECOMMUNICATIONS

#10 NOT-FOR-PROFITS

#9 CONSUMER GOODS

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Brand Advocacy (Marketing)- Word of mouth- Referral/recommendation- Badging- Sales/traffic- Reduction in media budgets

Six Benefits of Wikibranding

REINVENTING YOUR COMPANY IN A CUSTOMER-DRIVEN MARKETPLACE

The emperor's fanbois

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Brand Perception (PR)- Awareness/exposure/SEO- Affinity- Empathy/respect- Lead industry conversation

Six Benefits of Wikibranding

REINVENTING YOUR COMPANY IN A CUSTOMER-DRIVEN MARKETPLACE

Old Spice Social Media

REINVENTING YOUR COMPANY IN A CUSTOMER-DRIVEN MARKETPLACE

Brand Content (Media/Customer Experience)- Co-innovation/solutions- User-generated Creative- User-generated content- Reviews/ratings

Six Benefits of Wikibranding

REINVENTING YOUR COMPANY IN A CUSTOMER-DRIVEN MARKETPLACE

Fan participation

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Prosumers – Doritos Crash the Super Bowl Contest

REINVENTING YOUR COMPANY IN A CUSTOMER-DRIVEN MARKETPLACE

REINVENTING YOUR COMPANY IN A CUSTOMER-DRIVEN MARKETPLACE

Brand Insight (Research and Innovation)- Idea stimulus- Beta-testing- Market research/polling- Industry/competitive- intelligence

Six Benefits of Wikibranding

REINVENTING YOUR COMPANY IN A CUSTOMER-DRIVEN MARKETPLACE

Your Childhood Lego?

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Brand Serendipity (The Unexpected)- Stories/Inspiration-Traditional media interest- Requires a good sense of humour

Six Benefits of Wikibranding

REINVENTING YOUR COMPANY IN A CUSTOMER-DRIVEN MARKETPLACE

Brand Support (Customer service)- Customer service- Education/ advice- Value-add experience- Lead industry conversation

Six Benefits of Wikibranding

REINVENTING YOUR COMPANY IN A CUSTOMER-DRIVEN MARKETPLACE

Intuit: B2B Community Wikibrand

REINVENTING YOUR COMPANY IN A CUSTOMER-DRIVEN MARKETPLACE

Channeling Tom Sawyer

REINVENTING YOUR COMPANY IN A CUSTOMER-DRIVEN MARKETPLACE

COMMUNITY MANAGEMENT“who will lead the conversation?”

REINVENTING YOUR COMPANY IN A CUSTOMER-DRIVEN MARKETPLACE

#1 - Company culture #2 - Lack of executive/managerial support #3 - Too controlling #4 - Lack of authenticity/genuine engagement #5 - Lack of community leadership #6 - Ineffective measurement #7 - Lack of relevant skills of people involved #8 - No clear purpose #9 - Lack of ongoing strategy/plan #10 - Lack of investment

Source: Agent Wildfire

Organization Hurdles

REINVENTING YOUR COMPANY IN A CUSTOMER-DRIVEN MARKETPLACE

#1 - The customer/member experience provided Execution

#2 - A conversation worthy idea/concept Strategy

#3 - Clear objective/mission/value statement Culture

#4 - Expert moderation/dialogue management Execution

#5 - Great service/responsiveness Execution

#6 - A great product/brand Strategy#7 - The quality of the members who participate

Execution#8 - The culture of a company Culture#9 - A strong community-building process

Execution #10 - Ability to demonstrate value Strategy

Source: Agent Wildfire

Organizational Success Factors

REINVENTING YOUR COMPANY IN A CUSTOMER-DRIVEN MARKETPLACE

1. Leadership/charisma 2. Diplomacy/Patience 3. Customer/member empathy 4. Persistence 5. Social/Networking 6. Communication Skills 7. Technology Skills 8. Passion for company/brand 9. Change Agent 10. Creativity 11. Leads the lifestyle of the customer

Source: Agent Wildfire 2010 Community Management Survey

Top Skills of Wikibrand Leaders

REINVENTING YOUR COMPANY IN A CUSTOMER-DRIVEN MARKETPLACE

METRICS, MEASUREMENT, INSIGHTS & ROI“what do we measure and look for?”

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A Different Yardstick

REINVENTING YOUR COMPANY IN A CUSTOMER-DRIVEN MARKETPLACE

Key Takeaways

•Customer expectations are higher than ever•Active listening and data analysis is crucial in every industry•If you ask for a conversation, you must participate•It is OK to fight back•Measure the applause not the attendance•Harness cognitive surplus

REINVENTING YOUR COMPANY IN A CUSTOMER-DRIVEN MARKETPLACE

Mike Dovermike@mikedover.com(416) 305-9080

linkedin.com/in/mikedoverfacebook.com/mike.dovertwitter.com/doverd4s

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