Building a Business Case for Social Media Engagement
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This document discusses how social media has changed the consumer decision journey. It used to be a funnel process where consumers narrowed choices, but now consumers add and subtract brands during evaluation. After purchase, consumers often have an ongoing relationship with brands and share experiences online. The key stages are now evaluate and advocate. Social media allows word of mouth to spread further. The document provides tips for companies to plan for social media, such as preparing roles and guidelines. Success requires internal alignment and treating social media as part of the organizational culture.
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Building a Business Case for Social Media Engagement
- 1. Building a Business Case for Social Media Jason Sem HBS Chapter of the Harvard Club of Minnesota May 17, 2011
- 2. Agenda Perspective Consumer Decision Journey Social Advocates Planning for Social Where We’re Headed Questions/Answers
- 3. It’s not so much about TECHNOLOGY
- 4. Social Media Is About PEOPLE
- 5. Years Ago We Were Pretty Restricted To The Media We Could Consume + +
- 6. Old Consumer Decision Cycle Then: The Funnel Metaphor For a long time marketers assumed that consumers started with a large number of potential brands in mind and methodically winnowed their choices until they would decide which one to buy. After purchase, their relationship with the brand typically focused on the use of the product or service itself. Source: Harvard Business Review 12/10
- 7. Today We Have Thousands of Different Media at Our Disposal
- 8. New Consumer Journey Now: Consumer Decision Journey New research shows that rather than systematically narrowing their choices, consumers add and subtract brands from a group under consideration during an extended evaluation phase. After purchase, they often enter into an open ended relationship with the brand, sharing their experience with it online. Source: Harvard Business Review 12/10
- 9. New Consumer Decision Cycle Consider & Buy - Marketers often overemphasize the “consider” and “buy” stages of the journey, allocating more resources than they should to building awareness through advertising and encouraging purchase with retail promotions. Evaluate & Advocate - New media make the “evaluate” and “advocate” stages increasingly relevant. Marketing investments that help consumers navigate the evaluation process and then spread positive word of mouth about the brands they choose can be as important as building awareness and driving purchase. Source: Harvard Business Review 12/10
- 10. New Consumer Decision Cycle Source: Harvard Business Review 12/10
- 12. 94% trust Word of Mouth (Forrester)
- 13. Advocates will thrive in your community
- 14. When advocates talk, brands grow
- 15. Average network = 190 followers
- 16. 1.000 advocates=190K direct reach
- 17. 40% consumers recommend brands (ComScore)
- 18. 60% advocates believe that good brands are worth talking about
- 19. 67% of US economy impacted by Word of Mouth (Mc Kinsey & Co)
- 20. 70% conversations include recommendation (Keller Fay)
- 21. 85% tried to contact supplier before complaining (Nielsen)
- 23. How Do You Plan for Social Media
- 24. 80% of success is getting your organization ready --only 20% is about the technologies
- 25. Social Strategist: Responsible for the overall program, including ROI There may be multiple strategists at each spoke Community Manager: Customer facing role trusted by customers Companies may have dozens of community managers 15 Staffing for Social
- 26. Organizational Model Reach Frequency & traffic Influence Conversations & transactions Sentiment Customer service resolution
- 27. Guidelines and Policies 17 Intel updates it’s Social Media policy regularly and offers tips and pragmatic rules of engagement such as “Be transparent,” “Be judicious,” and “Write what you know.”
- 28. 18 Reporting Social Analytics Web Analytics
- 29. 19 To be successful using social technologies, companies must first prepare and align internalroles, processes, and policieswith their business objectives and customer’s decision points. Social business is a profound change that impacts all departments in the organization.
- 32. Amplified voice across social media
- 33. Google indexing critical conversations
- 34. Social customers are trusting amongst their peers
- 35. Companies and brands join Twitter & Facebook
- 36. Engage with the social customer
- 37. Social media teams are formed
- 38. Small budgets are allocated to social media engagement and community building
- 40. Organizational models are formed to include social
- 41. Organization silos are torn down between internal teams
Notes de l'éditeur
- threeparts: understanding your consumers’ decisionjourney; determining which touch pointsare priorities and how to leverage them; andallocating resources accordingly
- Bond - If consumers’ bond with a brand is strong enough, they repurchase it without cycling through the earlier decision journey stages.
- Bond - If consumers’ bond with a brand is strong enough, they repurchase it without cycling through the earlier decision journey stages.
- Advocacy
- Developing a deep knowledge of how consumers make decisions is the first step
- The point I am trying to make with this model is that there is a chronological approach that has forced the evolution of social business. It started with the growing influence of the social customer. The immediate response to the social customer is what is referred to as the social brand (i.e. brands/companies and organizations engaging with the social customer on the social web). Today, the social brand is causing a multitude of challenges internally (i.e. no governance and policies, employees running wild in social media, social media ownership issues, etc.) for many organizations and they are now trying to operationalize social media internally. http://thesocialbusinessbook.com/social-organization/the-social-business-life-cycle/