Keynote: Three Ways Social Business Must Scale

transcript

What's Next: The Three Trends Companies Must Invest in for Social Business

For Social Media SummitJune 11, 2010

Jeremiah OwyangPartner

The conversation has shifted off domain

Source: Pew Resource Center’s Internet and American Life Project (October 8, 2009)

Facebook is second biggest site in US

Source: Compete.com (January 2010)

50 million tweets a day on Twitter

Source: Twitter (February 22, 2010)

Image by atomicShed used with Attribution as directed by Creative Commons http://www.flickr.com/photos/atomicshed/161716855

Image by atomicShed used with Attribution as directed by Creative Commons http://www.flickr.com/photos/atomicshed/161716498

7Image by Dominique Sanchez used with Attribution as directed by Creative Commons http://www.flickr.com/photos/bakou67/3689024981

The first company.

9Image by IronRodArt - Royce Bair used with Attribution as directed by Creative Commons

http://www.flickr.com/photos/ironrodart/4154904299

10Image by Martin Deutsch used with Attribution as directed by Creative Commons http://www.flickr.com/photos/teflon/415484129

The second company.

12Image by citizensound used with Attribution as directed by Creative Commons http://www.flickr.com/photos/citizenbay/3772390381

13Image by dontthink.feel used with Attribution as directed by Creative Commons http://www.flickr.com/photos/dontthinkfeel/2788417078

The future of social business requires companies to scale

Harness the Rings of Influence

Develop Peer to Peer Systems

Invest in Social CRM

3 Ways for Companies To Scale15

Rings of Influence

Rings of social influence17

Traditional – but limited communication18

The corporate press release often does not influence customers

CEOs not credible among most US consumers

Source: Edelman Trust Barometer, 2010

Yet long term executive voices can make a difference

The company voice is the mainstay of corporate communications, yet to increase trust, augment with respected and trusted executives.

Enable executives to speak on their own –yet aid them with resources (podcast, video) analytics and advice.

Brands that have consumer affinity already may have brand zealots (Facebook fan pages, like Coke) develop a strategy to activate their participation.

Best practices: Brand Ring22

Companies enable employees to use social23

Intel employees blog give customers an “inside look”

“Blogs@intel offer an ‘inside look’ at Intel’s

operations and provides opportunities for you to exchange ideas directly

with our employees.”

“A collective force” of thousands of Best Buy employees support customers

Establish guardrails to protect both employees and the company

Offer internal training courses, (like Intel’s certification program) and recurring training

Offer an internal water cooler where they can talk in a safe place and plan: Yammer, Socialcast, Community Platforms

Best practices: Employee Ring26

Companies enable customers – ratings27

DSW customers recommend products

Real moms advocate for Walmart29

Microsoft recognizes Most Valuable Professionals

Starbucks partners with Foursquare to empower check-in advocates

Google SideWiki Shifts Power to Customers

For better or worse, customers are already talking about you – how can you aggregate their voices closer to your brand?

Develop an advocacy program to recognize and reward your top customers.

Chance your mindset to understanding that critical feedback is an opportunity for product and service improvements –then use to increase loyalty and WOM.

Best practices: Customer Ring33

Prospects are influenced by other rings34

Monitor what prospects are saying about you

American Express’s ‘Workstyle’ Community

To reach prospects, engage them in their life and workstyles.

Conduct a “build vs join” analysis to see which will be most appropriate. (Hint: the answer is “yes”)

Launch using a ‘lightly branded’ approach, by focusing on their needs –not that of the brand.

Best practices37

Develop Peer to Peer Systems

Image by Pieter Musterd used with Attribution as directed by Creative Commons http://www.flickr.com/photos/piet_musterd/1858568495

Q&A Tools and Communities

Ratings, Rankings, and Reputation

Develop Peer to Peer Systems39

Adobe users trouble-shoot with product-focused Q&A41

MS Office users seek Mac specific help 42

Dell customers make shopping decisions based on customer ratings

TurboTax users rank “Best Answers”45

Oracle super users recognized on leader board46

Social CRM Will Enable Efficiencies

Image by Slowtron used with Attribution as directed by Creative Commons http://www.flickr.com/photos/fuckr/91530309

Existing customer records will tie with social networks.

This will lead to companies being able to anticipate customers –or respond quickly.

Dell, Comcast are using brand monitoring, a CRM dashboard to quickly identify customers and then respond.

This process will lead to a holistic customer experience and customer intelligence.

Social CRM Concepts and Examples48

Start with the Five 5Ms49

Marketing SalesService & Support

Innovation CollaborationCustomer

Experience

2. Social Marketing Insights

3. Rapid Social

Marketing Response

4. Social Campaign Tracking

1. Social Customer Insights: The 5M’s

5. Social Event

Management

6. Social Sales Insights

7. Rapid Social Sales Response

8. Proactive Social Lead Generation

9. Social Support Insights

10. Rapid Social

Response

11. Peer-to-Peer Unpaid

Armies

12. Innovations

Insights

13.Crowdsourced

14. Collaboration

Insights

15. Enterprise Collaboration

17. Seamless Customer

Experience

18. VIP Experience

16. ExtendedCollaboration

The 18 Use Cases of Social CRM

0.00 1.00 2.00 3.00 4.00 5.000.00

I1: Innovation Insights

M3: Social Campaign Tracking

C1: Collaboration Insights

CX2: Seamless Social

M4: Social Event Management

I2: Crowdsourced R&D

C3: Extended CollaborationS2: Rapid Social Sales Response

CX1: VIP Experience

S1: Social Sales Insights

M2: Rapid Social Marketing Response

C2: Enterprise Collaboration

M1: Social Marketing Insights S3: Proactive Lead Generation

SP3: P2P Unpaid Armies

F1: Social Customer Insights

SP2: Rapid Social Response SP1: Social Support Insights

Vaporware

Early Movers

Early Adoptions

Evangelizables

Near Tipping Points

Prototypes Early Adoption

Beta Ready Market Ready

Critical Mass

Tech Maturity

Over 32 mos.

24-32 mos.

12-18 mos.

6-12 mos.

Under 6 mos.

18-24 mos.

Not All 18 Social CRM Use Cases are Market Ready

1. Take inventory of all your current social assets.

2. Start to develop new fields in your CRM system.

3. Populate these fields manually, or by using automated systems.

4. Train employees at every customer touch point to understand how these systems work.

How to get started in Social CRM52

Remember, employees cannot scale for social business –customers will always outnumber you

Leverage all the voices in your ‘rings’, not just the traditional trained voices. Yet recognize the most trusted rings have the least control

Use the crowd to self support not just in customer service but also in marketing. Change your mindset to be an enabler of customer voices.

Develop a Social CRM roadmap by downloading the Social CRM report, google “Social CRM Report”, this is an automated way to scale.

Summary and Next Steps53

Jeremiah Owyangjeremiah@altimetergroup.co

web-strategist.com/blog

Twitter: jowyang

THANK YOU

With assistance from Christine Tran, Researcher

Altimeter Group is a Silicon Valley-based strategy

research and

consulting firm that provides companies with a

pragmatic

approach to disruptive technologies. We have four

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focus: Leadership and Management, Customer Strategy,

Enterprise Strategy, and Innovation and Design.

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