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Reinventing Your Company in a Customer-Driven Marketplace
2nd Annual Federation of Mutual Fund Dealers Conference
Mike Dover
May 7, 2013REINVENTING YOUR COMPANY IN A CUSTOMER-DRIVEN MARKETPLACE
REINVENTING YOUR COMPANY IN A CUSTOMER-DRIVEN MARKETPLACE
REINVENTING YOUR COMPANY IN A CUSTOMER-DRIVEN MARKETPLACE
Key concepts
REINVENTING YOUR COMPANY IN A CUSTOMER-DRIVEN MARKETPLACE
Data Overload: every 60 seconds....
•4 Million Web searches
• 500k Content Shares
•100k Product Shares
• 40k Links Shortened
• 40k Tweets Shared
REINVENTING YOUR COMPANY IN A CUSTOMER-DRIVEN MARKETPLACE
The amount of data created per person
•After 5 years ...10 x
•After 10 years... 100
x
•After 20 years ...
10,000 x
Doubles every 18-24 months
REINVENTING YOUR COMPANY IN A CUSTOMER-DRIVEN MARKETPLACE
Person of the Year
REINVENTING YOUR COMPANY IN A CUSTOMER-DRIVEN MARKETPLACE
Harnessing Mass Collaboration
REINVENTING YOUR COMPANY IN A CUSTOMER-DRIVEN MARKETPLACE
Scientific Exploration
REINVENTING YOUR COMPANY IN A CUSTOMER-DRIVEN MARKETPLACE
Why Now?Top 5 arguments for
WikibrandingSocial/Collaboration/
Engagement
REINVENTING YOUR COMPANY IN A CUSTOMER-DRIVEN MARKETPLACE
1. The Need for Authenticity and Transparency - 42%2. The rise of social networks - 38%3. Increasing role of wireless/mobile - 35%4. Customers waning attention spans - 25%5. Media fragmentation - 22%6. Change in mass marketing effectiveness - 20%
#1 Business Models / Culture: The Need to Be Genuine
REINVENTING YOUR COMPANY IN A CUSTOMER-DRIVEN MARKETPLACE
“Something you Own” “Something you Trust” “Something you Want”
“Something you Prefer” “Something you Love”“Something you Participate In”
#2 The Changing Brand: Participation is the New Currency
REINVENTING YOUR COMPANY IN A CUSTOMER-DRIVEN MARKETPLACE
“Brand building today is so different than what it was 50 years ago.
50 years ago you could get a few marketing people in a small room and decide, ‘this is what our brand will be’, and then spend a lot of money on TV advertising — and that was your brand.
Today anyone, whether it is an employee or a customer, if they have a good or bad experience with your company they can blog about it or Twitter about it and it can be seen by millions of people. It’s what they say now that is your brand.”
–Tony Hsieh, CEO, Zappos.com
Control of Your Brand Changes
REINVENTING YOUR COMPANY IN A CUSTOMER-DRIVEN MARKETPLACE
1.6 Billion Social Networkers GloballyFacebook – > 1 billion million*, 130 friends each,
1,000+ fans per pageWikipedia – 26 million articles, 75,000 active editorsTwitter – 500 million users, 340 million Tweets/dayLinkedIn – 200 million users, $20 billion market capYouTube - 1 billion views for Gangham StylePinterest – launched in 2010, valued at > $2 billionFoursquare – over 3 billion check-insAmazon – $64 billion annual revnue $115 billion market
capQuora – Top Q&A site
#3 Media Shifts: The World is Connected and Engaged
REINVENTING YOUR COMPANY IN A CUSTOMER-DRIVEN MARKETPLACE
Q: What is your impression of the following networks in their importance to your organization ?
(23 social network/social sharing options)
Q: What is your impression of the following networks in their importance to your organization ?
(23 social network/social sharing options)
TOP SOCIAL NETWORKS/PLATFORMS – “MOST ESSENTIAL” RANKED - % AGREED
#2 TWITTER #3 LINKEDIN #4 YOUTUBE
#7 HOOTSUITE /TWEETDECK
#8 GOOGLE + #9 INSTAGRAM
#5 WORDPRESS
#10 PINTEREST
#1 FACEBOOK
#6 MOBILE APPS
REINVENTING YOUR COMPANY IN A CUSTOMER-DRIVEN MARKETPLACE
Q: What is your impression of the following networks in their importance to your organization ?
(23 social network/social sharing options)
Q: What is your impression of the following networks in their importance to your organization ?
(23 social network/social sharing options)
TOP SOCIAL NETWORKS/PLATFORMS – “MOST UNDERRATED” RANKED - % AGREED
#2 LINKEDIN #3 YOUTUBE #4 MEETUP/UPCOMING/ EVENTBRITE
#7 PINTEREST #8 INSTAGRAM #9 MOBILE APPS
#5 GOOGLE +
#10 KICKSTARTER
#1 SLIDESHARE
#6 TUMBLR
REINVENTING YOUR COMPANY IN A CUSTOMER-DRIVEN MARKETPLACE
LinkedIn Networing
REINVENTING YOUR COMPANY IN A CUSTOMER-DRIVEN MARKETPLACE
Quora – Expertise Marketplace
REINVENTING YOUR COMPANY IN A CUSTOMER-DRIVEN MARKETPLACE
Engaged brands drive value +18%
Non-engaged brands decrease in
value -6%
Source: Interbrand 2010 Best Global Brands report
#4 Economics: Engagement Sells
REINVENTING YOUR COMPANY IN A CUSTOMER-DRIVEN MARKETPLACE
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
#5 It’s what your boss cares about (or should)
REINVENTING YOUR COMPANY IN A CUSTOMER-DRIVEN MARKETPLACE
Culture Change Required
REINVENTING YOUR COMPANY IN A CUSTOMER-DRIVEN MARKETPLACE
The Net Generation
REINVENTING YOUR COMPANY IN A CUSTOMER-DRIVEN MARKETPLACE
Net Generation Norms
REINVENTING YOUR COMPANY IN A CUSTOMER-DRIVEN MARKETPLACE
Digital Natives
REINVENTING YOUR COMPANY IN A CUSTOMER-DRIVEN MARKETPLACE
Tech Deprivation Collage
The Net Gen Life Without Technology
REINVENTING YOUR COMPANY IN A CUSTOMER-DRIVEN MARKETPLACE
Changing Expectations
Source: InformationWeek
REINVENTING YOUR COMPANY IN A CUSTOMER-DRIVEN MARKETPLACE
Policy on Personal Mobile Devices
REINVENTING YOUR COMPANY IN A CUSTOMER-DRIVEN MARKETPLACE
Active Listening
REINVENTING YOUR COMPANY IN A CUSTOMER-DRIVEN MARKETPLACE
Q: Which industries will be affected most by advancing technology, collaboration and digital culture over the next 3-5 years (max. 3 answers)? (26 INDUSTRY
options provided)
Q: Which industries will be affected most by advancing technology, collaboration and digital culture over the next 3-5 years (max. 3 answers)? (26 INDUSTRY
options provided)
TOP 10 TECHNOLOGY-AFFECTED INDUSTRIES HIGHEST RANKED (% RESPONDED TOP 3 CHOICES)
#1 EDUCATION #2 ENTERTAINMENT #3 MEDIA #4 ECOMMERCE #5 HEALTH CARE
#6 RETAIL #7 FINANCE/BANKING #8 TELECOMMUNICATIONS
#10 NOT-FOR-PROFITS
#9 CONSUMER GOODS
REINVENTING YOUR COMPANY IN A CUSTOMER-DRIVEN MARKETPLACE
Brand Advocacy (Marketing)- Word of mouth- Referral/recommendation- Badging- Sales/traffic- Reduction in media budgets
Six Benefits of Wikibranding
REINVENTING YOUR COMPANY IN A CUSTOMER-DRIVEN MARKETPLACE
The emperor's fanbois
REINVENTING YOUR COMPANY IN A CUSTOMER-DRIVEN MARKETPLACE
Brand Perception (PR)- Awareness/exposure/SEO- Affinity- Empathy/respect- Lead industry conversation
Six Benefits of Wikibranding
REINVENTING YOUR COMPANY IN A CUSTOMER-DRIVEN MARKETPLACE
Old Spice Social Media
REINVENTING YOUR COMPANY IN A CUSTOMER-DRIVEN MARKETPLACE
Brand Content (Media/Customer Experience)- Co-innovation/solutions- User-generated Creative- User-generated content- Reviews/ratings
Six Benefits of Wikibranding
REINVENTING YOUR COMPANY IN A CUSTOMER-DRIVEN MARKETPLACE
Fan participation
REINVENTING YOUR COMPANY IN A CUSTOMER-DRIVEN MARKETPLACE
Prosumers – Doritos Crash the Super Bowl Contest
REINVENTING YOUR COMPANY IN A CUSTOMER-DRIVEN MARKETPLACE
REINVENTING YOUR COMPANY IN A CUSTOMER-DRIVEN MARKETPLACE
Brand Insight (Research and Innovation)- Idea stimulus- Beta-testing- Market research/polling- Industry/competitive- intelligence
Six Benefits of Wikibranding
REINVENTING YOUR COMPANY IN A CUSTOMER-DRIVEN MARKETPLACE
Your Childhood Lego?
REINVENTING YOUR COMPANY IN A CUSTOMER-DRIVEN MARKETPLACE
Brand Serendipity (The Unexpected)- Stories/Inspiration-Traditional media interest- Requires a good sense of humour
Six Benefits of Wikibranding
REINVENTING YOUR COMPANY IN A CUSTOMER-DRIVEN MARKETPLACE
Brand Support (Customer service)- Customer service- Education/ advice- Value-add experience- Lead industry conversation
Six Benefits of Wikibranding
REINVENTING YOUR COMPANY IN A CUSTOMER-DRIVEN MARKETPLACE
Intuit: B2B Community Wikibrand
REINVENTING YOUR COMPANY IN A CUSTOMER-DRIVEN MARKETPLACE
Channeling Tom Sawyer
REINVENTING YOUR COMPANY IN A CUSTOMER-DRIVEN MARKETPLACE
COMMUNITY MANAGEMENT“who will lead the conversation?”
REINVENTING YOUR COMPANY IN A CUSTOMER-DRIVEN MARKETPLACE
#1 - Company culture #2 - Lack of executive/managerial support #3 - Too controlling #4 - Lack of authenticity/genuine engagement #5 - Lack of community leadership #6 - Ineffective measurement #7 - Lack of relevant skills of people involved #8 - No clear purpose #9 - Lack of ongoing strategy/plan #10 - Lack of investment
Source: Agent Wildfire
Organization Hurdles
REINVENTING YOUR COMPANY IN A CUSTOMER-DRIVEN MARKETPLACE
#1 - The customer/member experience provided Execution
#2 - A conversation worthy idea/concept Strategy
#3 - Clear objective/mission/value statement Culture
#4 - Expert moderation/dialogue management Execution
#5 - Great service/responsiveness Execution
#6 - A great product/brand Strategy#7 - The quality of the members who participate
Execution#8 - The culture of a company Culture#9 - A strong community-building process
Execution #10 - Ability to demonstrate value Strategy
Source: Agent Wildfire
Organizational Success Factors
REINVENTING YOUR COMPANY IN A CUSTOMER-DRIVEN MARKETPLACE
1. Leadership/charisma 2. Diplomacy/Patience 3. Customer/member empathy 4. Persistence 5. Social/Networking 6. Communication Skills 7. Technology Skills 8. Passion for company/brand 9. Change Agent 10. Creativity 11. Leads the lifestyle of the customer
Source: Agent Wildfire 2010 Community Management Survey
Top Skills of Wikibrand Leaders
REINVENTING YOUR COMPANY IN A CUSTOMER-DRIVEN MARKETPLACE
METRICS, MEASUREMENT, INSIGHTS & ROI“what do we measure and look for?”
REINVENTING YOUR COMPANY IN A CUSTOMER-DRIVEN MARKETPLACE
A Different Yardstick
REINVENTING YOUR COMPANY IN A CUSTOMER-DRIVEN MARKETPLACE
Key Takeaways
•Customer expectations are higher than ever•Active listening and data analysis is crucial in every industry•If you ask for a conversation, you must participate•It is OK to fight back•Measure the applause not the attendance•Harness cognitive surplus
REINVENTING YOUR COMPANY IN A CUSTOMER-DRIVEN MARKETPLACE
Mike [email protected](416) 305-9080
linkedin.com/in/mikedoverfacebook.com/mike.dovertwitter.com/doverd4s
Join us at wiki-brands.com
Contact Information