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The Incyte Group conducted a study to find out how consumers use the internet to make buying decisions and how they prefer to connect with brands online. The findings shed light on how companies can drive revenue and customer acquisition from social media. These are the slides from Get Satisfaction CEO, Wendy Lea's presentation of the findings.
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6 Consumer Buying Behaviors That Will Change Your Social Strategy
Wendy Lea CEO Get Satisfaction
#MonetizeSMM #SMM
@Getsatisfaction #MonetizeSMM 2
“…Event: #MonetizeSMM
2Incyte, “To Monetize Open Social Networks, Invite Customers to Be More Than Just “Friends”, 7/2012, http://www.incytegroup.com
@Getsatisfaction #MonetizeSMM 3
1Gartner, “Gartner Says Worldwide Social Media Revenue Forecast to Reach $16.9 Billion in 2012”, 7/25/2012, www.gartner.com/it/page.jsp?id=2092217
$17B Spend for 20121
@Getsatisfaction #MonetizeSMM 4
“…and the investment return has been dismal.”2
2Incyte, “To Monetize Open Social Networks, Invite Customers to Be More Than Just “Friends”, 7/2012, http://www.incytegroup.com
@Getsatisfaction #MonetizeSMM
What is Customer Engagement?
5
@Getsatisfaction #MonetizeSMM
True Engagement Addresses Both Consumer and Brand “Wants”
6
Consumers want to: • Learn about new products
and services • Make good purchase
decisions • Buy the right thing at the
right price • Get value • Build expertise • Share
Brands want to: • Make their products known to
consumers • Educate consumers on how
to buy • To influence consumers’
evaluation criteria • Help consumers use products • Build a strong and loyal
customer base • Tap advocates’ passion
Adv
ertis
ing
w
orks
her
e E
ngag
emen
t sc
ales
her
e
@Getsatisfaction #MonetizeSMM
Engagement is About Every Stage of Customer Lifecycle
7
Advocate
Discover
Evaluate
Experience
Buy Bond
@Getsatisfaction #MonetizeSMM
Advocates Bring New Customers
8
Advocate
Discover
Evaluate
Experience
Buy Bond
@Getsatisfaction #MonetizeSMM
9
The Missing Piece - What Engages You?
9
What drives you to engage with brands in social media?
Games?
Contests?
Digital Ads? Creative
Campaigns
@Getsatisfaction #MonetizeSMM
" Understand market landscape
" How consumers want to interact with brands
" Build the right product
10
Why Incyte Research?
@Getsatisfaction #MonetizeSMM
@Getsatisfaction #MonetizeSMM
Only 20% of consumers use social networks to research products vs. 81% use company website
12
Social Networks Not the Primary Place People Go to Research Products
What Consumers do to Learn about a Product or Service
@Getsatisfaction #MonetizeSMM 13
“Consumers want company websites to be more like their experiences on social
networks.”3 3Incyte, “To Monetize Open Social Networks, Invite Customers to Be More Than Just “Friends”, 7/2012, http://www.incytegroup.com
@Getsatisfaction #MonetizeSMM
89% of consumers use company websites as primary source to research products
14
Company Websites are the Primary Place for Information on Purchase Decisions
@Getsatisfaction #MonetizeSMM
“What was interesting was consumers’ preference for branded customer
communities over open social networks when seeking information to make a
purchase.” 4
15
4Incyte, “To Monetize Open Social Networks, Invite Customers to Be More Than Just “Friends”, 7/2012, http://www.incytegroup.com
@Getsatisfaction #MonetizeSMM 16
" 85% preferred content vetted by consumers " Only 15% preferred content vetted in some manner by
companies
Consumers Show a Strong Preference for Branded Customer Communities
Fit in my car?
@Getsatisfaction #MonetizeSMM
“When making a purchase decision consumers care about content that has
been vetted by other consumers.”5
17
5Incyte, “To Monetize Open Social Networks, Invite Customers to Be More Than Just “Friends”, 7/2012, http://www.incytegroup.com
@Getsatisfaction #MonetizeSMM
58% of consumers have joined an internet community based on a friend’s Facebook post
18
Social Media is the Door into Brand’s Customer Community
@Getsatisfaction #MonetizeSMM
“Consumers are clearly saying that customer community allows them to quickly access
information that is relevant and accurate.”6
19
6Incyte, “To Monetize Open Social Networks, Invite Customers to Be More Than Just “Friends”, 7/2012, http://www.incytegroup.com
@Getsatisfaction #MonetizeSMM 20
Relevant Content is What Drives Consumers to Prefer Branded Communities over Social Networks
Top Reasons Consumers Par9cipate in a Branded Customer Community
@Getsatisfaction #MonetizeSMM
“Consumers prefer it when information is provided by other people like them.”7
21
7Incyte, “To Monetize Open Social Networks, Invite Customers to Be More Than Just “Friends”, 7/2012, http://www.incytegroup.com
@Getsatisfaction #MonetizeSMM 22
83% of Consumers are Very Willing to Become Brand Advocates
" 83% of consumers are very willing to become on-line brand advocates
" 42% of consumers are willing to be on-line advocates without incentive
@Getsatisfaction #MonetizeSMM
“Advocacy at scale is the “holy grail” for marketers.”8
23
8Incyte, “To Monetize Open Social Networks, Invite Customers to Be More Than Just “Friends”, 7/2012, http://www.incytegroup.com
@Getsatisfaction #MonetizeSMM
The Key to Driving Revenue from Social is a Branded Customer Community
24
@Getsatisfaction #MonetizeSMM 25
Take Action to Boost the Revenue Impact of Your Social Media Investments
Ac-on #1: Look at social throughout customer life cycle
Ac-on #3: Leverage customers as brand advocates
Ac-on #2: Use customer communi9es to make your website more “Social”
@Getsatisfaction #MonetizeSMM 26
Panel of Marketing Experts
Adam Kleinberg Trac-on, CEO
Amy Love
NetApp, CMO
Chris Carfi, Ant's Eye View, VP Social Strategy
Evan Grossman athenahealth, VP Product Management
Jascha Kaykas Mindjet, CMO
@adamkleinberg
@amydlove
@ccarfi
@evangrossman
@kaykas
Wendy Lea, Get Sa-sfac-on, CEO
Ray Wang, Constella-on Research Group, CEO
@WendySLea
@rwang0
@Getsatisfaction #MonetizeSMM
Learn More
27
hDp://www.youtube.com/user/getsa9sfac9on/featured