connect champions day october 2010
DESCRIPTION
TRANSCRIPT
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Connect Champions DaySocial Media for
Sustained Business Growth
Dr. Jim Hamill [email protected]
Alan [email protected]
October, 2010
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Remit/Background
• Talk about non-traditional routes to market – especially international markets (my background is export marketing and international business)
• Used effectively, social media can help to break down SME growth barriers/ barriers to internationalization
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Remit/Background
• Potential business benefits are wide ranging– Market/Customer Knowledge & Insight– Engagement & Reputation Management– Enhanced Customer Experience and Loyalty– Sales/Marketing Effectiveness, Efficiency and ROI– Operations/ Internal Processes (open source and hosted
apps)
• But the key words are ‘used effectively’
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Remit/Background
• Interest and enthusiasm in SM among SMEs is growing rapidly
• Channels are being set up• But there is a lack of ‘strategic thinking’• Most SMEs do not have a clear social media vision or
strategy; objectives are often undefined; little emphasis on KPIs, targets, ROI or on-going performance measurement
• Lack of attention paid to organization, people, resource issues critical to on-going SM success
Social Media Planning Pays
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Focus
• General presentations/advice on social media – www.energise2-0.com
• For today – a more focused approach
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Agenda
• Key point summary
• A case example – using our ‘Customer Value Matrix’ and ‘Quality Customer Growth Programme’
• General advice – ‘Things to remember about social media’
• ‘Getting there’ – social media planning pays
Social media is not just for B2C
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B2B Use of Social Media
• 93% of business buyers believe all companies should have a social media presence
• 85% of business buyers believe companies shouldn’t just present information via social media – they should also interact and engage with them
Source: Buzz Marketing• http://www.futurelab.net/blogs/marketing-strategy-innovat
ion/2010/09/17_compelling_and_highly_usabl.html?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+Futurelab+%28Futurelab%27s+Blog%29
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Key Point Summary
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Key Point Summary
• OK – so we have a great new product or service; but how do we market and promote it? How do we ‘create the buzz’?
• Option 1: The Traditional Marketing 101 (‘4Ps’) approach• Product development – Price/Differentiate – Market and
Promote – Sell/Place
• Problem is... does anybody listen any more?
• Traditional/mainstream approaches to sales and marketing are declining in effectiveness
ENERGISE2-0.COMSource: The Future of Advertising, APA, 17/02/09 as published on Slideshare (www.slideshare.com)
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New Approaches Required
The Social Media Revolution has led to a POWER SHIFT
New business models and new approaches to sales/marketing are required - based on:
Communities, networks, openness, peering, sharing, collaboration, customer empowerment, ‘think and act’ globally
Engage and energise – marketing as a two-way conversation ‘Create the Buzz’
Requires new performance measures – the ‘4Is’
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Performance Measures - The ‘4Is’
Involvement – network/community numbers/quality, time spent, frequency, geography
Interaction – actions they take – read, post, comment, reviews, recommendations
Intimacy – affection or aversion to the brand ; community sentiments, opinions expressed etc
Influence – advocacy, viral forwards, referrals and recommendations, social bookmarking
Social Media Monitoring Tools –Audit, Assess, Impact
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Monitor the Conversations
• Use Social Media Monitoring Tools to monitor online conversations relevant to your brand
• No or low cost tools such as Google Alerts, Yahoo Pipes, Social Mention, IceRocket, Blogscope, Blogpulse and ViralHeat
• More expensive and sophisticated tools such as Radian6, Alterian SM2, Sysomos Heartbeat and Infegy SocialRadar
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The Three Key Questions
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Three Simple Questions
• Who are our customers?
• Where do they hang out in social media?
• How can we best engage with and energise them?
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New Approaches Required
• Especially true in International Marketing.....
• The Safety Harness Example
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Safety Harness Company
– About Us: I am a manufacturer of safety
harnesses for industrial use. My belay
system is an innovative design It ensures
that users (injured or not) are returned to
ground safely.
– My target customers: Health & Safety
Equipment Resellers; Health & Safety
Consultants; Health & Safety
Representatives
– My target industries: Utilities,
Construction; Other industries that require
height work
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Mainstream Export Marketing Advice
• Market research and country screening• Long list of potential countries• Short list of the most attractive markets• Decide which market(s) to enter • Concentration v. spreading• Identify the range of foreign market entry strategies
available e.g. indirect/direct exporting; licensing; joint ventures; strategic alliances; FDI
• Costs/benefits• Choose the entry strategy• Identify agents.....• etc etc etc etc etc etc etc.........
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A New Approach
• How can I do this differently?
• How can I break down these barriers?
• Leading to more rapid internationalization at lower cost
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Safety Harness Company
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Safety Harness Company
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A Case Example
Using Social Media to Build a Quality International Customer Base/ A Quality
Network (4Is)
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The Company
• A new business start-up• Supplier of hi-tech solutions to the neurotechnology and
optogenetic sectors– Wikipedia Definition: a combination of optical and genetic
technologies to probe neural circuits at high speeds• Project Task
– Identify most attractive potential customers and a communications plan for engagement
• Who, Where, How?
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The Framework
Quality Customer Growth Programme
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QCGP
• A systematic, professional approach to identifying and acquiring the right type of customer, managing and growing the relationship with them
• Will ensure that your sales, marketing and relationship building efforts are targeted at `quality' customers and sales prospects (high value, high growth potential, high probability of success customers)
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QCGP
• This will improve the effectiveness (ROI) and efficiency (costs) of sales, marketing and relationship building efforts
• Will ensure that your future growth is built on a solid foundation of rock rather than sand
• QCGP is a very flexible tool. It can be used to evaluate the quality of a company's existing customer base; sales prospects; target markets and sectors
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The Customer Value Matrix
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Customer Value Matrix
• A strategic framework for positioning different customers, sales prospects, markets and sectors according to their relative importance to the company.
• Two main criteria:
– `Customer Attractiveness' - the current and future value of a particular customer (sales prospect, market or sector) taking into account sales value, customer acquisition and service costs, short and long term customer profitability etc.
– `Probability of Success' - the likelihood that the company can win, retain and grow that customer's business
Customer Value Matrix High
Customer Attractiveness
Medium
Low
High Value, High Growth, LowProbability of
Success
High Value, High Growth, High Probability of
Success
Low Value, Low Growth, Low Probability of
Success
Low Value, Low Growth, High Probability of
Success
Low Medium High
Probability of Success
Quality Customer Growth Programme High
Customer Attractiveness
Medium
Low
Build Brand Awareness
Target for Development
Build Strategic Relationship
Defend Minimally
Selectively Develop Defend Against the Competition
Withdraw? Service Minimally
Retain Minimally
Low Medium High
Probability of Success
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So how did we use this approach?
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QCGP
• Start with a ‘Customer Mapping Exercise
• Identified 3 main customer groups– Individuals in neuroscience– Neuroscience/optogenetic institutes, firms and clusters– Individuals in optogenetics
• Used Linkedin for building a customer database.....• Then position on the Customer Value Matrix• Communications strategy emerged from this.......
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QCGP
• 27,000 neuroscience profiles on Linkedin• 100 neuroscience institutes, firms, clusters• 50 neurotechnology companies• 50 individuals in optogenetics
• Further filtered to identify the Top 50 ‘best sales prospects’• Updated yesterday........
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39,666 Neuroscience People
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246 Neuroscience Companies
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22 Optogenetics People
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Society of Neuroscience 2,889 Members
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Things to Rememberabout Social Media
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The Essence of Social Media
• It’s social– A key feature is online democracy – with content being provided
by the network for the network – represents a fundamental and revolutionary change in online behaviour, expectations and the online customer experience. The end of the ‘read only’ internet
• Power shift– Social media empowers customers, empowers the network.
Recognizing this shift is the cornerstone of future success
• Declining effectiveness of traditional approaches – Does anyone listen to sales/brand messages anymore?
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The Essence of Social Media
• Pull v push– Consumers/users decide what information they wish to access
• New ‘mindsets’ are required– Marketing as a conversation with your customers, a
conversation with your network – dialogue not broadcasting– But this is something that most of us are not very good at doing– We prefer ‘telling’ people
• SM ‘winners’ and ‘losers’– ‘Winners’ will be those organisations who fully utilise the
interactive power of Web 2.0 technology for engaging with and energising customer and network relationships
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The Essence of Social Media
• New performance measures– Requires new performance measures
• Quality of your network• Relationship strength• Ability to leverage
• Social media monitoring tools • Redefines the concept of a web site
• The need for new business/marketing models
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Built Using Wordpress
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Embeds SM Channels
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Embeds SM Channels
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We use it
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CMS and Stats
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‘Getting There’
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Next Steps
• Get Involved– Google Alerts, Linkedin, Social Media Monitoring
• Learn more• Develop a strategy• Implement• Monitor
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SM Strategy Development
Strategic objectives Targets Key performance indicators (KPIs) Customer segments The key social media actions and initiatives required for ‘getting
there’ Organisational, people and resource issues
Ensure that your social media strategy is fully aligned with andsupportive of your overall strategic goals and objectives with
clear targets and ROI criteria
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Social Media Development Cycle
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SM Development Cycle
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Each Step is being covered in detail on our blog at www.energise2-0.com
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Five Key Areas
• External Analysis: Evaluate Your Social Media Landscape• Internal Analysis: Evaluate Your ‘Readiness to Engage’• Develop Your Social Media Strategy and Action Plans for
‘Getting There’• Evaluate Your Social Media Performance and ROI• Organization, People and Resource Issues
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The Three Key Questions
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Three Simple Questions
• Who are our customers?
• Where do they hang out in social media?
• How can we best engage with and energise them?
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Thank You
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Bob Dylan
Come gather 'round peopleWherever you roamAnd don’t criticise
What you can't understandYour sons and your daughters
Are beyond your commandYour old road is
Rapidly agin‘Then you better start swimmin’
Or you'll sink like a stoneFor the times they are a-changin’