Date post: | 16-Jul-2015 |
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Business |
Upload: | dr-matt-mcdougall |
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sinotechgroup.com.cn
Topics
• What is Social Media • How to leverage Social Media as a Sales Channel • Develop a Sales Channel with a Strong Framework • Example (Travel Sector) • Getting to grips with Measurement • Recommendations • Fast Facts- SinoTech Group
sinotechgroup.com.cn
What is social media?
Social media combines a wide range of online, word-of-mouth forums including blogs, company sponsored discussion boards and chat rooms, consumer-to-consumer e-mail, consumer product or service ratings websites and forums, Internet discussion boards and forums, and micro-blogs. (Wikipedia)
sinotechgroup.com.cn
Easy to find information
What The Customer Wants
Social network
What The Customer Sees
OTA
What organizations need to do
• Customers wants a product and not just a number of related component • Product research has high transaction costs • Information is available piece-meal & proliferation of social media content sources leads to confusion • Company needs to help rather than confuse – provide clear paths from research to purchase.
Customer Perspective: Info Overload
sinotechgroup.com.cn
Commerce Content
Reach
Social Media Commoditized
• Reach, content or commerce is no longer sufficient on a stand-alone basis • Value has been redefined as “owning” the customer
Industry Perspective: A Value Migration
Search, Websites
sinotechgroup.com.cn
Customer Perspective: Pain Points
Customer Benefits (Your value add) Customer Costs
(pain points) Availability
Reliability
Time
Anxiety
Effort Quality
Transactability
… the size of your user base and what kind of value added components you provide.
Attributes that drive value to the customer
User base
Components
sinotechgroup.com.cn
We need to develop integrated social media solutions
Enabling one-stop product discovery, research, sharing, commenting and transaction is key.
• Wants products, not components
• Transaction costs • Information proliferation • Planning & commerce
facilitation are key
Customer Perspective Industry Perspective
• Content, commerce & reach value poor independently
• Owning the customer relationship
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sinotechgroup.com.cn
Messaging Framework
More Ways of Communicating.
We now have multiple channels for saying things. And many of these
tools allow other people to comment, respond, and spread your message. The challenge is
choosing the right channel for who you want to reach and what you
want to say.
sinotechgroup.com.cn
Media to collaborate and share
Web 2.0 Media
Blogs
API’s/Mashups Audio
Social Software
RSS Wiki’s
Community
Video
Netvibes.com
sinotechgroup.com.cn
Model the Consumer Business Process
Technology Trends
Participation By End Users /
Seamless Information Re-
composition
Rich media/ RIAs /
Improvements in Usability
P2P Reliance In Buying Behavior
Reduction of Information Asymmetry
Social Behaviour
Use Social Media as a Platform
sinotechgroup.com.cn
Putting the Framework’s Together
Brand Message Consumer Media
Feedback
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sinotechgroup.com.cn
Consider the Product Positioning
• Customer purchase patterns in different segments vary in their sensitivity to – Peer opinions – Hard facts • Commodities are fact sensitive; experiences are opinion sensitive • Sharing of opinions impacts experience oriented / less defined products far more
Customized tours
Impa
ct o
f Inf
orm
atio
n
Impact of Customer Opinions/Sentiment -
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Standard tours
Flights
Tickets
Boutique hotels
Event tickets
Cruises
Car rentals
Commodity Purchase
Specialist Purchase
sinotechgroup.com.cn
Value Chain Impact Assessment
Supplier Operator Online Agents / Offline Agents Customer
Impact
Opportunities
Risks
• Greater reach/ visibility
• Disintermediation • Context relevant
distribution / promotion
• Service quality exposed
• Comparability
• Product design based on most popular ratings online
• Customer service becomes key
• Bundling for price opacity
• Service quality exposed
• DIYers can go direct to local suppliers
• Reduction in need/ value of advice
• Comparability
• Personalized marketing / offers to customers on your database
• Go online – Leverage social media tools – Position yourself as an expert
• Further disintermediation
• Biggest beneficiary
• Info overload
• Comprehensive, quick & effective comparison & planning enabled
• Collaboration / group buying made easier
sinotechgroup.com.cn
Value Chain Impact Assessment
• Direct channel to communicate with customers • Customers & critics get an easy platform to discuss organizations. Form cliques • Additional medium beyond traditional PR & marketing
• Participate in community discussions
• Showcase thought leadership • Bypass traditional PR for speed &
customer intimacy • Build deep customer relationships • Leverage word of mouth to
develop the brand
• Corporate indifference to the new Web • Negative blog swarms • Being viewed as plastic / unauthentic
Impact
Opportunities Threats
sinotechgroup.com.cn
Value Chain Impact Assessment
• Define objectives • Understand your timeframes • Identify your measurement criteria • Establish a plan • Execute and contentiously review
Do’s
• Be too “salesy” or pushy • Be un-authentic • Expect fast results
Don’ts
Campaigns
Crisis Management
Success Failure
sinotechgroup.com.cn
Adoption of Social Media by Tourism Companies
• Campaign: “Up Your Budget”
• Tools used: Blogs, Internet Videos
• Spend: < USD 500,000 • Results
– 1m unique visitors – 10m page views
Budget Rent A Car
• Campaign: User submitted video adverts
• Tools used: Blogs, Internet Videos, Company Website
Southwest Airlines Accor Hotels
• Campaign: “Invite a friend”
• Tools used: Micro blogs, Blogs, BBS and SNS
• Duration: 5 weeks • Results
– 25k registered emails
• Examples of companies using social media within travel industry – with impressive results • Adoption increasing as with emergence of platforms / standards emerge & references
sinotechgroup.com.cn
SinoBuzz for Automated Sentiment Analysis
Automatically monitor the sentiment around a product, service or brand.
The sales process is impacted differently by online comments & sentiment depending on the types of products and services are being considered. However, it remains a critical metric for marketers managing products, services the company brand.
sinotechgroup.com.cn
Consumer Review Analysis
Identify the opinions and comments posted on consumer review sites
Consumer review sites hold a significant degree of trust for online netizens. The nature and content of reviews, comments and posts have an effect on the consumer to the extent they will make a sale or not depending on the comments being found online.
sinotechgroup.com.cn
Social Media Analytics
SinoBuzz™ is a social media analytics platform that monitoring and manages online brand, measuring public awareness, sentiment, influence, and tracing authoritative sources.
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sinotechgroup.com.cn
Summary
• Social Media is already impacting all types of industry players
• Online players will need to figure out their strategy along: – Re-assessing customer value proposition – Sharing content and tools: data in and data out (‘co-opetition’)
• Bricks & Mortar players will need to harness social media – To connect to customers, foster loyalty – To understand (and even influence) demand – …and fine tune offering
• There is no single formula. Be prepared to experiment and figure out – Social media should be a core part of your marketing plan
• Measurement and Analytics are critical
sinotechgroup.com.cn
My parting thought
“Our research prompted us to develop this presentation for companies working within the travel and tourism eco-system.
The era of social media is upon us … your only choices are: Am I a passive listener or am I active engager. Either positions can be correct but try to understand the differences and the implications will be critical for your business.
You can learn more about my views on social media marketing by visiting my blog: Digital Marketing Inner Circle
Dr Mathew McDougall CEO, SinoTech Group
sinotechgroup.com.cn
SinoTech Group - Fast Facts
• Heritage in software development
• 95 employees
• Global reach
• Travel & Hospitality Focused
• Offices in Beijing, Shanghai & Hong Kong