engagement: the key to success in 2010
DESCRIPTION
While many companies struggled to maintain their figures over the last year to eighteen months, others have grown - even in these tough economic times. One significant factor in their success appears to be the level of engagement with customers and stakeholders. Sally Falkow (APR) Social Media Strategist at Expansion Plus, and Rebecca Lieb, VP North America, Econsultancy will discuss research that shows how important engagement has become and how it is tied to financial success. They'll present case studies that show that this applies just as much to small and medium businesses as it does to large corporations.TRANSCRIPT
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Engagement: The key to success in 2010
How engagement affects your bottom line
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Presenters
• Sally FalkowPR Trainer of the Year
• Rebecca LiebVP, Econsultancy.com
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Why Engage?
“If we trust our customers, we can actively listen to what they’re saying.
“We can build the right product for our customers, instead of finding the right customers for our products.”
− Steven Covey, author, The Seven Habits of Highly Effective People
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ENGAGEMENTdb Study
Key finding: those companies with the highest engagement factor also had the best financial results over the last year
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• We’re not talking about a presence in the online social sphere
• It’s not using these channels to broadcast messages
• Engagement is deep and meaningful social interaction with your stakeholders
What is Engagement?
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• People talking about your brand/product/company
• Storing and sharing content
• Visiting more frequently
• Giving feedback
• Leaving comments
• Referring your company to their friends
• Loyalty to your brand
What Shows Engagement?
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• The type of behavior most likely to help organizations is the recommendation of product, service or brand
• However, marketers are benefiting more from the relationship‐building aspects of customer engagement, rather than the more direct financial benefits
Benefits of an Engaged Customer
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Interest in Customer Engagement
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• 26 percent of these companies are active on Twitter• 37 percent are on LinkedIn• 11 percent have a Facebook page• Just over a half have a newsroom on their website• Only 7 percent optimize their news content for search
• Just 16 percent are actively engaging their customers
EntrepreneurMagazine’s “Hot 100”
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• 25 percent are active on Twitter
• 46 percent are on LinkedIn
• 31 percent have a Facebook Page
• 19 percent are engaging with customers
Inc. Magazine’s 500
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• 54 percent have a Twitter feed
• 94 percent use it for news and announcements
• 47 percent are on LinkedIn
• 32 percent have a blog
• 44 percent have a Facebook page
• Only 17 percent use all three
• 22 percent are actively engaging customers
Fortune 100
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The engagement gap refers to the difference between the influence of the internet in consumer decision‐making and the amount of spending, and effort, by corporations and organizations in trying to interact with and shape the thinking behind those decisions
CMO Engagement Gap
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The move to quantify “customer affinity” and increase “customer advocacy” has become a new measure of effectiveness
‐‐ CMO Council
Key Finding
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• Most marketers and corporations are now looking to reduce costs in order to improve the bottom line
• Current economic indicators point to a vital need for business revitalization through better customer engagement and analytics
‐‐ CMO Council
Focus on the Bottom Line
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• There are thousands of social media channels, each with a slightly different value proposition
• It’s a daunting task to objectively evaluate various marketing efforts across all social mediums
• Engagement is the best criterion
− The Wetpaint/Altimeter Group ENGAGEMENTdb Report
New Measurement of ROI: Engagement
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As the number of channels increases, overall engagement increases at a faster rate
Engagement
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Companies that are both deeply and widely engaged in social media surpass their peers in terms of the two most meaningful financial performance metrics –revenue and profit –by a significant difference
− The Wetpaint/Altimeter Group
Engagement: The Lifebelt
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• These highly engaged companies grew, on average, 18 percent in revenues over the past 12 months, compared to the least engaged companies who, on average, saw a decline of 6 percent in revenue during the same period
• The same holds true for two other financial metrics, gross margin and net profit
− The Wetpaint/Altimeter Group
What is the Bottom Line?
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• Engagement can’t be skin‐deep, nor is it a campaign that can be turned on and off
• True engagement means full engagement in the channels where you choose to invest
• So make sure you pick correctly and wisely
Why You Need a Strategy
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Those brands that are deeply engaged have sustained strong revenue and margin growth in spite of the current economy
Revenue and Profit
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• Small team of 6 people• Launched MyStarbucksIdea.com• Involve people throughout the organization• Understand the various channels of engagement• Consistency of approach and experience• C‐suite champions
Starbucks
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• 35 people on social media team• Managing a community of 1.7 million users• Opened the platform to anyone and everyone• Two‐thirds of contributors represent customers, thought leaders, analysts, and partners from the broader SAP ecosystem
• Encourage employees to use social media for work• Engage in new channels where people already are
SAP
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• Started from crisis mode – “Dell Hell”• Very conversational• IdeaStorm.com• Social media becomes part of the job – like email• Synchronized content across channels• Went from worst to first
Dell
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• Listen to your customers, users, readers and stakeholders
• Find detractors and evangelists• Learn from them• Let them contribute• Be open to their ideas and comments• Respond, answer comments
The Strategy
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Find Communities and Identify Influencers
600 Beauty Bloggers(US only)
26 in Head
106 in Magic Middle
460 in Long Tail
Top 60 Map
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• Use what you learn in the listening phase• Find the right influencers for your space• Audit your current content assets• What can you make digital?• What tools make sense?
The Strategy
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Find Communities and Identify InfluencersMagic Middle Map
Cluster View Brand View
1 Color = 1 Cluster Orange=Lancome, Green=Clinique, Yellow=Both, Blue=None
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Engagement
What will engage your audience?
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Engage and Facilitate Conversations
Track your engagement
Engage for
Best ROI
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Engage and Facilitate Conversations
Share of voice Share of conversationShare of mind
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Case Study: David’s New “Rock‐and‐Sling”How Service‐now.com is Beating Goliath
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• Great product, visible CEO, early customer wins• Limited:
• Collateral• Tradeshow footprint• Webinar activity• PR
• Lead generation limited to cold calling and four industry events
• No social media
Service‐now.com Two Years Ago
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• Competing against Goliaths• The Gmail of big business service desk software• “Sling” = disruptive technology• “Stones”= customer champions• Rapid growth
Situation
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• Listening to prospective customers• Knowing the buyers• Knowing the competition • Finding the “slings” to make headway in the market• Identifying market champions to tell their stories
Campaign Research
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Sources of Exposure
social media
execbriefings
website
emailwhitepapers
pressanalysts
salesprospecting
webinars
communityindustryevents
regionalevents
list imports
wiki
onlinedemo
topical / demo
local user groups
ITtoolbox
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• Mass media have changed▪ Print newspapers▪ Magazines or pamphlets?
• Marketing is questioned▪ Who do you trust?▪ LinkedIn is social media‐speak for Rolodex▪ The power of a customer reference▪ A plug at a trade show
• Information has been democratized and individualized
▪ One‐to‐many is now one‐to‐one▪ This is Web 2.0
Social Media Levels the Playing Field
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Legitimacy + authenticity = relationships
• Identify yourself
• Be respectful
• Stranger danger
• Add value
• Permanency can be good and bad
• Stay relevant
• Listen to the market
Battlefield Strategy
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• BloggingCommunity, Wiki, ForumCreate content, link, tweet, comment, repeat Policies regurgitate common social sensibilitiesEncourage customers and partners
• TwitterMicrobloggingGetting started
• Your Twitter name• See who other people are following• Follow folks and engage• What aren’t you doing?
• A sampling of others: Facebook, LinkedIn, YouTube, Slideshare
“Slings”
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FY 10080706 09marketmarketredefinedredefined
ITSM providerITSM providerleadingleading
standardstandardITSMITSM
ITSMITSMorchestrateorchestrate
$1.8M
$8.8M
$13.9M
$28M
Current FY goal = $50M+
customerscustomerssolid productsolid product
entranceentrancemarketmarket
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webinars
industryevents
Q3 ’09Q2 ’09Q1 ’09Q4 ’08Q3 ’08Q2 ’08Q1 ’08Q4 ’07
white papers
webregistration
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• Press releases take on a different role
• Industry validation
• Lead generation and promotion efficiencies
• Global and regional events – to go where they are
• Monthly newsletters
• Video training
What’s Next?
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Add RSS Feeds
Syndicate the Content
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Court Social Media Traffic
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Case Study: Skin MD Natural
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• Launching a new kind of lotion
• New category
• No public awareness at all
Situation
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• Consumers are using search engines to research products and services
• The most trusted forms of advertising today are word‐of‐mouth from other consumers, opinions posted online and branded websites
• One of the top five influences prior to purchase is reading an article
Campaign Research
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• The campaign aimed to reach consumers online through high search rankings on specific keywords and phrases, articles, blogs, newsgroups and forums
• Create a new search term – “shielding lotion”
• Create awareness of the brand Skin MD Natural with dermatologists and the public
Objectives
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Consumer Education
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• More than 400 bloggers talking about their products
• Conversations in targeted forums and blogs
• Increased traffic to the website
• Product in over 5,000 pharmacies across the US
• Partners in many other countries
Payoff
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Current economic indicators point to a vital need for business revitalization through better customer engagement and analytics
Engagement is the Key
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Download now at:
www.marketwire.com/mkt/PDF/Marketwire_White_Paper_Engagement.pdf
or:
download from thank‐you email
White Paper
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• Expansionplus.com• Press‐feed.com• Proactivereport.com• [email protected]
• Marketwire.com• Marketwireblog.com• www.SM10X30.com
Resources
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Q & A