Wikibrands - Reinventing Your Company in a Customer-Controlled Marketplace -

February 2011Social Media Week

@wikibrandsSean Moffitt @seanmoffitt

Some justified thank yous…

Some justified thank yous…

Authored by Sean Moffitt and Mike Dover

Published by McGraw-Hill (Dec, 2010) Link

Twitter:@wikibrands

Facebook groupWikibrands

Who is Sean Moffitt….Just A Blonde Guy With a Cause

Who is Mike Dover….Just a Violent Man Going for the Big

Chalice

Everything I learned about Buzz, Customer Engagement and Word of Mouth I learned through

the bottom of a pint…SOCIAL

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Are You Ready To Become Buzzing,

WikibrandEvangelists?

Hashtags

…let’s trend tonight

#wikibrands

#smwto

#MMChat

Forget social media…

…we need social business

Social media is a dirty word and small …

It cheapens the value of how it can benefit your business

Global media industry $600 billion industryDigital Media $90 billion industrySocial Media $14 billion industry

Global internet industry $ 1 trillion annuallyannually

The real Wikibrands challenge…

How do we reinvent some of these industries?

Global education industry $ 2 trillion annually

Global IT and Communications $ 2.6 trillion annually

Global health care industry $ 4 trillion annually

Global energy industry $ 6 trillion annually

Global banking industry $ 7 trillion annually

Business and Brands still Matter….

…but…

• iTunes, Craigslist, ZipcarsFreedom

• Nike ID, My Space, Jones Soda Customization

• Amazon, REDScrutiny

• Innocent Drinks, Vans, Trader JoesIntegrity

• John Fluevog, Wikipedia, DoritosCollaboration

• Red Bull, Axe, You TubeEntertainment

• Zara, Calvin Klein, GoogleSpeed

• Nokia, ToyotaInnovation

A Demanding and Activist Customer Culture has Taken Over

You can either be a monopoly (lucky), commodity (tough) or a wikibrand

The big question – how do you do it? Easy for them.Not so easy for the 82% of us who work in/with

firms with 20+ employees…

Our Challenge?

Wikibrands -The new currency for today’s marketplace:

- Customer participation- Social influence- Digital engagement- Word of mouth- Online community- Grassroots marketing- Connected media- Member collaboration

Equalssuccess in business

We searched far and wide to come up with a fresh argument for social business

Our Particular Mission

Published by McGraw-Hill (Jan 2011 Launch)

Twitter: @wikibrands

Facebook page: Wikibrands

Website: www.Wiki-Brands.com

¼ Wake up Call¼ Strategy Guide

¼ Executional Road Map¼ Continuing Reference

Our Humble Contribution

The Early Buzz is GoodRichard Florida, Best

Selling Author,“A must read for business leaders”

Don Tapscott, Digital pioneer and author, Wikinomics

“This is an important, perhaps seminal

book”

Mathew Ingram, Globe & Mail and

GigaOm“Wikibrands is

required reading for anyone who wants to

thrive in the new landscape”

The Challenge Today – 30-40 MinutesWe will try:

- 7 Reasons Why

- Mill Street, Mill Street

- 10 Key Things to Do It Right

- The Wikibrand Debates

- The Soapbox

Why Now?

Reason #1 – Authentic Relationship Desired

#1 The Need for Authenticity and Transparency - 42%

#2 The rise of social networks - 38%#3 Increasing role of wireless/mobile - 35%#4 Customers/people waning attention spans - 25%#5 Media fragmentation - 22%#6 Change in mass marketing effectiveness - 20%

Agent Wildfire -The Buzz Report, April 2010

1.3 Billion Social Networkers GloballyFacebook - 600 million, 130 friends each, 1,000+ fans per pageWikipedia – 265 million readers. 17 million articlesTwitter – 170 million, 190 followers each (after 2 yrs)LinkedIn – 101 million, 61 friends each, 189 index on post-grad YouTube - 18 million Canadians watch/292 minutes per monthFlickr – 40 million members/5.0 billion photosFoursquare – 6 million/381 million checkinsAmazon – 650 million users annually, $24 billion sales GroupOn – 35 million users annually, $500 milion salesQuora – 600,000 registered users

- Spending 82% more time on social networks than they did last year

Reason #2 – The World is Connected and Engaged

Shifting Conversations – just four years ago, 80% of online engagement happened on the originating website, now 80% happens away from the originating website.

Now, to be noticed and talked about, you need to reach “out there” to be relevant.

Source: Hubspot , 2007-2010 study

Reason #3 – Conversations are Elsewhere

• Operational efficiencies are maxed

• Downsizing/rightsizing reaching limits

• Outsourcing labour is tapped• Globalization of markets is done• Media clutter is here• Technology is ubiquitous

The Customer Experience is What’s Left

Reason #4 - It has to…what’s left…

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

Reason #4 – Plus it’s what your CEO cares about (or should care about)

Reason #5 - Social, Participation, Engagement, Collaboration, Influence,

Community = Smart Business

“Social” is not media, tools or technology, this is about success in business:

Engaged brands drive value +18%

Non-engaged brands decrease in value -6%

Source: Interbrand 2009 Best Global Brand s report

71% of marketers are less/only equally familiar with the use of social media tools than their customers.

Source: Commotion Study/Buzz Report

82% of executives believe their agencies need to radically transform themselves to adapt more competitively to this wikibrand world.

Reason #6 – Our Customers are Currently Better at It…

78% don't have an employee policy for use of social media, more than ½ don’t have a strategy

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

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

Reason #7 - Six Big Wikibrand Benefits

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

Brand Serendipity (HR/Corporate)- Stories/Inspiration- Corporate social responsibility- Galvanize employees- Traditional media interest

Six Big Wikibrand Benefits

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

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

Six Big Wikibrand Benefits

The Recipe for Success?

..10 Factors

The Biggest Social Media Sins- Listening, Content and Focus

#1 Culture Change Required

Core Belief #1 - There is a big difference between “Being Social”

Versus “Doing Social”

MASS MARKETING

DIRECT MARKETING

SOCIAL INFLUENCE MARKETING

A Culture Change is Required

Hurdles?

The biggest obstacles that continue to exist in implementing wikibrands in your

company/clients?

1. Inability to measure 40%2. Lack of budgets 31%3. No accepted standards/benchmarks 29%4. Fear of loss of control 29%5. Inability for culture to accept 25%6. Technical skills/expertise not in place 23%7. Do not understand diff. bet. Mass marketing 21%

Source: Agent Wildfire Buzz Report 2010

Implementation Issue – Lip Service > Action

#2 FOCUS– “Why are we doing this/what are we doing?”

Nike + -Members/Customers Values/Lifestyle/Desires

#3 LANGUAGE, CONTENT & OUTREACH“do I like this/is there enough of this/can I identify with this/do they know me?”

4. INCENTIVES & MOTIVATIONS“what’s in it for me?”

5. RULES, GUIDELINES & RITUALS“what can/can’t I do here?”

6. TOOLS & PLATFORM“how and where does it work?”

7. COMMUNITY MANAGEMENT“who will lead the conversation?”

How to Avoid This…

8. LIFE STAGE OF THE COMMUNITY“when do we need to adapt?”

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

10. CULTURE & ORGANIZATIONAL CHANGE“how will we be changed?”

Do Brands even Belong in my Social

Spaces!

- 85% of people want companies engaging with their customers in social media

- 56% of people feel a stronger connection with those companies they interact with in social media

- Twitterers are three times more likely to embrace brands than average population

Don’t be fooled, people want social brands…they just don’t want pushy

marketers

The Future?

Types of New Media Future Growth

Source: Y&R Brand Asset valuator

Top 8 Differentiation

Drivers

1. Unique2. Dynamic3. Different4. Distinctive5. Innovative6. Visionary7. Daring8. Progressive

Some Advice - Act different, be different, think different

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Never Forget – Humans are Hard Wired Social Animals

Mill Street Brewery – February 7th Launch

Published by McGraw-Hill (Jan, 2011)

Twitter:@wikibrands

Facebook page and 6 other social extensions

Become an ambassador

Contact us:smoffitt@agentwildfire.com

Let’s Start The Conversation…

Inquire: smoffitt (at) agentwildfire.comnadia (at) agentwildfire.com

Phone: 416-255-4500

URL: www.AgentWildfire.com

Join: www.TheInfluencers.ca Blogs: http://BuzzCanuck.typepad.com/

www.spreadslikewildfire.com

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