the corporate social media ecosystem
DESCRIPTION
Increasingly, corporations are looking for ways to tap into Social Media as a way to engage with their customers, reduce marketing spend, and gain competitive advantage. Entrepreneurs too realize the potential and in the past year alone, we have seen an explosion of startups who create Social Media solutions—from widgets and add-ons to full community management platforms. But what does social media mean to a corporation? What does it mean to its customers? And even more importantly—what does it mean to entrepreneurs who want to gain competitive advantage in this space?About Ravit Lichtenberg –Ravit Lichtenberg, Founder and Chief Strategist of Ustrategy LLC, is an expert in the fields of customer experience strategy and product marketing. Ravit’s interdisciplinary approach assisted countless startups and larger corporations like Hewlett-Packard to implement best-practice processes that analyze and affect consumer psychology to improve the customer experience and improve bottom line profitability.This presentation was given at the Social Media Club of San Francisco and the Silicon Valley in May 2009.TRANSCRIPT
Focus on relationships, not technologiesThe Corporate Social Media Ecosystem
Ravit Lichtenberg, Ustrategy, LLCMay 19, 2009
Not for commercial use; please reference source as: Ravit Lichtenberg, Ustrategy, LLC.
March 2008 “The CRM 2.0 Imperative”
The Corporate Ecosystem is Evolving
March 2008 “The CRM 2.0 Imperative”
The Corporate Ecosystem is Evolving
Now can be also a startup!
The Social Media Corporate Ecosystem
Corporation
CustomerStartup/ Partner
Marketing
Capabilities
•Interact and share•Learn•Express their voice
•Create relationships•Listen •Learn•Converse•Sell
•Make money•Be known
What is Social Media Again?An umbrella term for tools used by people to connect to others, and by companies to connect to their existing and new customers using Web and related technologies.
Engagement
Conversation
Expression
Tracking / Observing
It sometimes looks like this…
Or, like this…
But mostly….
http://goeastyoungwomantodubai.wordpress.com/2008/11/19/66/
But mostly, people feel this…
Customers People
People Increasingly Interact with Social Media
Over 60% of Americans regularly use Social Media
Source: RWW/Cone researchCompete.com
People Want to Interact With Their Favorite Brand
93% believe a company should have presence on Social Media sites
42% of adults and 55% of youth want to interact with their favorite brand through one or more social media tools.
Sources: RWW/Cone ResearchForrester Research
But HOW They Want to Interact Varies
When asked how they prefer to learn about their favorite brands:
26% of adults prefer online discussion forums
21% prefer videos
15% prefer profiles on social networking sites like Facebook
Only 12% prefer blogs
Less than 10% listen to podcasts
Source: Forrester Research
Corporations Care About Social Media!
Brands are trying… HP spends 50% of budget on Marketing
Brands who use Social Media spend 10%-25% of their Marketing dollars on Social Media campaigns
Sources: Hewlett-Packard Co.Forbes
Some Are Getting it Right…
Procter & Gamble- BeingGirl
Walmart- Buyers’ Blog
Nike’s MashUP
But Most Brands…Do Not
More than 50% of brand campaigns fail.
Worst Ad Campaign: HP Pay Per Post, Subway, Walmart Across America.
Unable to articulate ROI or measure it.
“Throw and see what sticks.” (Charlene Li)
Source: SXSW blogForrester Research
Startups Know There’s a Need
Some Succeed…But Most Don’t Solution is generic or…too
customized
Poor business model
Lacking consistency, dependability
Inability to integrate
Lower quality of interaction
Unable to understand customer benefits
Difficulties reaching decision makers
So Now What…
To Turn the Corporation Social…Corporations must move from selling to caring! Focus on relationships—not selling
Get to know customers!
Go to places where customers spend time
Develop meaningful communication
Create an exchange: a dialog
Make it easy
Give tools to the advocates
Reward the enthusiasts
Turn boring into exciting
Enlist the right SMEs
Bring on board the right solutions
Each Player in the Ecosystem Cares About Different Things
•How to measure ROI?•What tools are best?•How to get IT’s buy-in?•Are the old ways best?
•What do I get?•Why should I spend time here?•Will I have control over privacy?
•Will we get a deal?•Will we beat our competition?•Are we creating a need to fill?
Corporation
CustomerStartup/ Partner
Without addressing each Player’s needs, you don’t have a strategy!
Corporations Must Have a Strategy!Starter steps:
Agree on the business objectives
Understand customers’ objectives
Identify the relevant channels
Establish relevant metrics
Have the right people on board
Align with ongoing marketing strategy
Prioritize!
Develop a plan
Identify the right tools for the job
Implement
About Ustrategy, LLC We are a boutique consultancy out of the Silicon Valley, California,
specializing in linking customer psychology with business objectives for maximum results.
Ustrategy, LLC. was founded by Ravit Lichtenberg, a 15-year tech veteran who works with startups, Fortune50 corporations and anything in between. Ravit was a customer experience strategist with Hewlett-Packard’s Corporate Marketing division. She is an advisory board member for a number of organizations.
Ustrategy, LLC. partners with strategic resources for best results. Some of our partners include eStorm, Uxcentric, and IDEO. Clients include large corporations as well as US and foreign-based startups.
Ravit Lichtenberg, Ustrategy Founder and Chief Strategist, is a sought speaker, writer, and analyst. You can find out more at www.ustrategy.com
Recent Articles 10 Ways Social Media Will Change in 2009,
ReadWriteWeb
-What's Wrong with Facebook: When Strategy Fails to Meet Execution, ReadWriteWeb
-What Every European Startup Should know: 10 Keys to Presenting Your Startup in the US, Mashable
Thank you!
Ravit Lichtenberg, Ustrategy, LLChttp://ustrategy.com
http://ravitlichtenberg.com@ravit_ustrategy