Pm webinar-sep2010

© Copyright Xeequa Corp. 2008

Product Management The Social Media Way

Transforming Customer Feedback & Product Launches

2© Copyright Social Media Academy 2009-2010 Copying or distribution is prohibited

Speaker Introduction

Axel SchultzePresident

Axel Schultze is the founder and president of the Social Media Academy. With seven years experience in the social web, he founded the Academy in 2009. He was one of the first advisors to LinkedIn in 2003 one of the first executive blogger, one of the first user on Twitter and helped large organizations implement Social Media in business to business organizations.

Axel is a frequent speaker at industry events, a book author a patent holder and a serial entrepreneur and won the SF Entrepreneur Award in 2008.


Academy Intro

Social Media Academy started in Jan 2009 The mission is to provide the most comprehensive social media educationWe had over 3,000 participants from 24 countries in our various education programsInternational: (HQ Palo Alto), Europe (London) and Australia (Melbourne)Faculty are all active practitionerA methodical, strategic approach


Agenda

Social Media Impact On BusinessThe model of influence has changed

Product requirements gathering / crowd sourcing Demystification of “Co-Creation Strategies”Let customers help design “their product”Understand why they engage

Product launch Buzz creation Influencer identification Customer integrations Relationship development Plan development Process management


Social Media Impact On Business


The model of influence changed in its foundation

Lead flow as an indicator how customers get engaged.Leads typically represented the start of a process ending with an “Educated Purchase Decision” – it was the begin of a sales processBUT - The customer education process changed, the lead flow dried out!

1960 1970 1980 1990 2000 20100

100

200

300

400

500

600

700

800

900

Lead / inquiry flow over time

News paper

+ Bill boards

+ Tradeshows

+ Internet reg. pages

+ TV commercials

????


The new product discovery model


Social media is where customers meet customers for

experience, skill development, failure prevention…


Why social media IS business

“Has anybody experience with…”60%-80% of purchases are based on recommendations. Business teams need to be part of that “recommendation chain”

“I have problems with…”Over 80% of user problems are solved in groups. Service & PM teams need to be part of that circle.

“Did you see that? Not bad…”New products are primarily discussed in the social web – not based on a TV commercial.

Product management need to understand the dynamics in the social web


The Product Management Disconnect

The way we inform ourselvesYou read blogsYou check forums or online groupsYou get some feedback in Twitter or other toolsYou ask friends in your social networkWhen you are “ready to buy” your brand and product decision is pretty much set in stone

Most of us ignore advertisingMost of us hate cold callsMost email ends up in spam filtersMost of us have changes

The way most companies launch products - still today:Buy contact listsDo mail shots to installed baseNews letters and webinarsAdvertise on Google, up to bill boardsTraditional press releases

Most businesses didn’t change


Customer collaborationInfluencer engagementPartner activationNew media leverage

Product Managementneeds to break through that old wall


The single biggest mistakes in social media

You can NOT “automate” your customer communication through social mediaSocial media is NOT just another channel to blast out your messageYou can NOT outsource the “social media thing” because you cannot outsource your relationships

If you have no time to personally and individually engage with your customers, partners and influencer – social media is completely useless, maybe even counter productive


Product Co-Creation Strategy


Co-Creation demystified

Leading consulting companies develop co-creation strategies which cost north of $5 Million and take more than 2 years!

A Co-Creation initiative cost you less than $10,000, can be executed with your existing resources and be implemented in 3 month!

All it takes:A bit of customer relationshipA concept for constant feedbackOpenness to ask for ideas – BEFORE you develop a new productCommon sense


Co-Creation

Let me play with you

Customers want to solve (their) problemsCustomers want their voice to be heardCustomers are the most experienced usersCustomers are creativeCustomers are proud usersCustomers love to take ownership

If you only include 1% of the customer base, you may get 100 times the force of your product management team --- use it!


Co-Creation is emerging

The results can be very powerful.Lego Mindstorms Salesforce.com Idea Exchange and the App-ExchangeXeesm Integrated Feedback SystemThreadlessOpen Source movement

Threadless is perhaps one of the most well-known cases. An organization who have built their business model on community product design. The concept is simple but effective. You can upload your T-shirt designs, the community votes on the designs and comments on them and every couple of weeks ten of the most popular designs are chosen and printed. You can then buy these t-shirts. The concept is simple and the execution effective. By involving the community fully in the product design process, and in fact letting them take the lead, Threadless is able to build loyalty for its designs and concepts and to some extent guarantee a market for the T-shirts it produces. A relatively high proportion of those who comment on or vote for a design may want to purchase it when it is printed.

http://outsideinnovation.blogs.com/pseybold/2006/03/the_story_of_le.html

http://outsideinnovation.blogs.com/pseybold/2006/03/the_story_of_le.html

http://ideas.salesforce.com/

http://www.salesforce.com/appexchange/

http://www.threadless.com/


Xeesm – Accidental Co-Creation

Xeesm was built to consolidate a list of social media links into one URL – like http://xeesm.com/AxelS

A few hundred friends used it to and provided feedbackOver 1,000 ideas and feature requests created the foundation of an entirely new application – even application platform.

http://xeesm.com/AxelS


Be approachable

Let your customers tell you what they want


Let your clients vote on ideas

Test the REAL interest in new featuresHave your customers engage in what you are supposed to build for themMake sure you move from a “My Product” mentality to a “My Customers Product” thinking.

Do it the social way,Be open and sharing.

Allow competitive thinking in the group.Let your customersmobilize othercustomers to voteon their ideas

Co-Creationthe social way


What you get

You get much more than you can pay for

Reduce risk of product failureGet free creative resourcesGet advocates who help promote your productGet product validationGet free beta tester

Get reference customersGet testimoniesYou get your most powerful product launch team

Think what else you can do with your new fans


How else Xeesm users provided feedback


Co-Creation Check List

Create a simple feedback page (add to product sticker, manual, advertising…)Use social networks for random feedbackHave the feedback get straight to youHave a *dialog* with your users and prospectsAvoid surveys !Make sure your customers get a response !!!If the amount of feedback is overwhelming you: deal with it when you get there ;)

Setup a voting page for your customers($50/month for software – 50 minutes setup)

Simplicity is king – complexity is stupid“Speed is more important than perfection”


Product Launch by Social Media


A fictitious launch of a non sexy product

Let’s assume you have to launch yet another wireless router

Cost for collateral material, mailings, dealer packs, press release, advertising… $1 Million

Take 10% ($100,000) and give 1,000 routers away for free to experts and opinion leaders around the world

Encourage them to publicly communicate their opinions and how they compare it over the previous model


Product launch with social media

Influencer identificationCustomer integrationThe external launch team assembly (X-Team)Networks and tools selectionBuzz creationResults measurement

The product launch is the first “customer experience” with the new product.


Influencer Identification

Search for blogs that talk about topics you are interested in (search engine)Setup Google Alerts for the key topics to see what is picked up by Google and get to know your influencerCheck importance by:

Number of comments on their blogNumber of references and mentionsKind of people commentingReview their profile and networksGet a feel for their level of influence

Add all contacts to your “social address book” Create a “Flight!” andstay in touch


Influencer identification

Focused on Blogger and AuthoritiesReview their profilesUnderstand their customer landscapeUnderstand their connections

Build the relationship at least 3 month prior to your launch

Do not disclose anything as yetBe helpful and provide knowledgeStay in touch

Once you established the relationship: Keep it


Customer integration

Let customers speak

Select engaged, experienced customers

Let customers help with a launch of the product they support

They speak on a video clip, on a webinar, can talk to other customers, comment on posts, tweet…

Customer have a vested interest in you being successful


The external launch team assembly (X-Team)

Create a launch advisory boardSomewhere between 5 – 20 people

Involve selected customersInvolve influencer you have a relationship withInvolve selected business partners

Have a plan in mind but ask for inputs firstDo an advisory board meetingASK FOR HELPConsider the following:

Everybody should know the product like your sales team, including pricing informationEverybody should have an idea what the logistics are (product availability etc.)The rest of your organization need to know about the launch initiative


Networks and tools selection

You know where your customers, partners and influencer areFacebook, MySpace, Twitter, Groups…Some tips

It’s not about YOU – it’s about where your market is most activeProduct specific groups or pages may not be a good ideaSome influencer blogs may be part of the mixHave a hash tag to use for fast communicationConsider physical locations and events such as meet-ups and tweet-ups

Select the tool to measure success early onGoogle alertsSocial media monitoring tool


Three Golden Rules – to outsmart your competition

Let others speak for you – and you amplifyYou cannot sell your own ideasYou are not the most trusted voiceYour advocates are

Create initiatives that motivate others to involve their contacts

It’s not the old “engage your customers”Instead find ways that customers engage othersLet them promote their own ideasLet them invite their networkHonor their engagement big time

Be approachable and social with your X-teamYou need to be available for them at all timesMake sure they get to you easilyBreak down old barriers !!!


Buzz creation

Drum up the buzz Every single launch will be differentThink “Methodology” to begin with and “Creativity” at plan creation

Let the launch team come up with ideasInvolve a creative teamThink simplicityContests where friends of contender vote

Buzz is when others do the noiseYou are the amplifier (Amplification Strategy)You are the sponsor for their activities


We engaged and asked people to talk


Product Launch Check List

Have a well developed list of Influential blogger, analysts, authoritiesAdvocating customersPartners and alliances

Create your launch teamIncorporate customer ideasBuild your social presence

Groups, pages, communities, networks

Keep three golden rules in mindLet others speak for you – and you amplifyCreate initiatives that motivate others to involve their contactsBe approachable and social with your team

Keep your team informed, provide feedback and reporting results


Managing all your contacts

Social means – we have conversations with peopleYou will need a tool to manage all your connections

Customers and their social presencePartners and how find them in the webInfluencer to keep in touch and build relationships

You will need a tool to help organize your social engagement

Influencer relationship developmentLaunch activity managementEvent coordination


Your “Social Address Book”


Social Address Book

Keep all your contacts with their respective social presenceKnow when was your last visit to his/her siteKnow how often did you visitKnow where you were and what you didKeep contacts in groups / categories(customer, influencer…)

Keep a complete profile of each social relationship


Xeesm Flights!™


Influencer Relations Flight

Sample FlightStart (Objective 1)

Listen and learnTouch (Objective 2)

Comment and respondMilestone (Objective 3)

Connect with the personEngage (Objective 4)

SocializeGoal (Objective 5)

Arrange for an appointment

Estimate 10 days to develop a relationship


Creating a product launch flight

Sample Flight – Product launchStart (Objective 1)

Socialize the conceptTouch (Objective 2)

See event participationMilestone (Objective 3)

Agree to test and communicate experienceEngage (Objective 4)

Feedback and responseGoal (Objective 5)

Won as advocates

Estimate 2-4 weeks to develop some advocates


Creating an event management flight

Sample Flight - Win 500 event attendeesStart (Objective 1)

Confirmed supportBuy in (Objective 2)

Brainstorm – get buy inMilestone (Objective 3)

Agree on a set of initiativesEngage (Objective 4)

Inviting all connectionsGoal (Objective 5)

Active engagement

Estimate 6 weeks to achieve your ultimate goal


Flights Home

All FlightsTerminated

CompletionCopyAdd new

MembersTeamOwner


Social Engagement


Engagement and Socializing


Your social engagement

Activities per contact:Day 1 review all sitesDay 2 listen / read several postsDay 3 chime into a conversationDay 4 commenting on relevant blogsDay 5 commenting on a group questionDay 6 making an introduction to someone Day 7 suggesting an interesting site or postDay 8 invitation to your own groupDay 9 Have a conversation over the phoneDay 10 Bring others to the conversation

Do care – but do not pitchBuild mutually beneficial relationships


Personalized emails to flight members (PRO only)


Managing Flights

Sharing Flights with others(PRO only)

Share with team matesShare with advocatesShare it with partnersShare it with customers

Export Flight Members(PRO only)

Into CSV file

Leaving a flightOnly invited crew can

Terminating a flightOnly the owner can do that


Reporting on your dashboard

You see how often you visited your connectionsYou see the number of notes you made – number of connections you hadAnd you see how many Flight Objectives you completed

In the FlightPlan you see Flight Completion


Social Product Lifecycle

Co-Creation / Crowd SourcingDevelop and build what the market wantsReduce design failure and market risksBuild advocacy right into the product

Product LaunchInclude early users to launch a productLet others speak for your productAmplify what others say and their experienceBuild a product management network early on

Quality AssuranceOngoing customer involvementDifferentiate between defects and feature requestAn “always on” PM responsibility


Masters Class – Certified Social Media Strategist

Social media methods, models and frameworks14 Session spread over several weeksReal life project exercises between sessionCollaborative team engagementAll sessions are instructor led online classesSessions start at 08:00am (PST) / 16:00 (GMT) Twice a week, two hours a dayExercises are discussed in a collaborative learning communityExercises, session tests and final examPrice: US$ 2,990 / person

Register at: http://www.socialmedia-academy.com

http://www.academy.xeequa.com/


Questions & Answers

Q + A


Thank You

© 2009 Social Media Academy. All rights reserved. This content is protected under the copyright law of the United States. It is prohibited to make full or partial copies or extractions of this documentation without the explicit written approval from the Social Media Academy.

All materials contained herein are the property of the Social Media Academy and its faculty and may only be used, by an enrolled student for his or her own educational benefit.

Social Media Academy | 228 Hamilton Ave. | Palo Alto, CA 94301 | (650) 384-0057

(650) 384-0057#Xeesm

[email protected]

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