the abcs of whats next humber
DESCRIPTION
Sean Moffitt, Agent Wildfire, shares his insight with marketing PR class at Humber on June 12,2009.TRANSCRIPT
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Agentwildfire.com [email protected] 416-255-4500
– The Trends that are Going to Drive Business ….and Your Career Forward -
What’s Next in Marketing, Communications & Media
A Presentation by Agent Wildfire to Humber College
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Agentwildfire.com [email protected] 416-255-4500
Who Am I – Sean Moffitt
The Most Interesting Man in the World
The Most Interesting Word of MouthMan in the World
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Agentwildfire.com [email protected] 416-255-4500
Our Mission @ Agent Wildfire
“Get Noticed”
“Get Talked About”
“Get Advocated”
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Buzz Marketing Social MediaCustomer Collaboration Brand Communities
Influencer Marketing
User Generated Content
Product Seeding Social Networks Referral Programs
Grassroots/CauseMarketing
ExperientialMarketing
Viral Marketing
Attention OverloadAgent Wildfire…We Do This…We Do It
Well
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Agentwildfire.com [email protected] 416-255-4500
We heart PR
“Advertising has no credibility with consumers, who are increasingly skeptical of its claims and whenever possible are inclined to reject its messages.
Publicity, on the other hand, provides the credentials that create credibility…. To get something going from nothing, you need the validity that only third party endorsements can bring.”
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Agentwildfire.com [email protected] 416-255-4500
An Unbelievable Offer
26 Bankable Trends15 Pieces of
Career Advice36 Reasons Why
People Talk
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9
WH
AT’s N
EX
T IN
SO
CIA
L ME
DIA
, WO
RD
OF M
OU
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& C
OM
MU
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Y B
UILD
ING
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1. What forms of social media/WOM will experience the biggest growth in the next few years?
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1. What forms of social media/WOM will experience the biggest growth in the next few years?
1. Social Network Marketing 36%2. Social Media (blogs/podcasts) 35%3. Mobile Marketing 34%*4. Customer/User Generated Content 30%*5. Influencer marketing 27%6. Brand communities/networks 21%*7. Brand entertainment/advergaming 16%
Source: Agent Wildfire Buzz Report 2009
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2. The biggest changes in culture, media and the marketplace causing a rise in social media/WOM?
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2. The biggest changes in culture, media and the marketplace causing a rise in social media/WOM?
1. Rise of Social Networks 36%*2. Rise in New Tech./Media 29%3. Web 2.0/Prosumer 27%4. Media fragmentation/clutter 27%5. Mass marketing effectiveness down 26%6. Loss of trust/credibility 23%7. Waning attention to media/messages 23%
Source: Agent Wildfire Buzz Report 2009
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3. The biggest obstacles that continue to exist in implementing social media/WOM in your company/clients?
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3. The biggest obstacles that continue to exist in implementing social media/WOM in your company/clients?
1. Inability to measure 40%2. Lack of budgets 31%3. No accepted standards/benchmarks 29%*4. Fear of loss of control 29%5. Inability for culture to accept 25%6. Technical skills/expertise not in place 23%*7. Do not understand diff. bet. Mass marketing 21%*
Source: Agent Wildfire Buzz Report 2009
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4. The biggest sins of the social media practitioner?
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4. Biggest sins of a social media/WOM practitioner :
1. Lack of authenticity 65%*2. Lieing about identity 51%3. Not creating 2-way dialogue 47%4. Not having a strategy 38%*5. Not measuring what happens 35%*6. No link to business objectives 29%7. Not changing company practice because of it 28%
Source: Agent Wildfire Buzz Report 2009
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5. The Most Important Word of Mouth Attributes?
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5 Most important Word of mouth attribute (in order of priority):
1. Conversation worthy idea/concept*2. Great product/brand3. Customer/member experience provided4. The People who Participate*5. The Culture of a company*6. A strong word of mouth generation process7. Research/analysis/learning
Source: Agent Wildfire Buzz Report 2009
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6. Most frequently stated objective for launching a social media/WOM initiative?
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6. Most frequently stated objective for launching a social media/WOM initiative:
1. Awareness/buzz/publicity 39%*2. Leads/referrals/members 33%3. Loyalty/affinity/lifetime value 29% 4. Participate in dialogue/conversation 28%*5. Seed influencers/incubate ambassadors 24%6. Launch products/services/ideas/news 22%7. Build better customer experiences 21%8. Accelerate sales/revenue 18%*9. Target specific tough to reach audiences 18%
Source: Agent Wildfire Buzz Report 2009
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22
7. Beliefs:
Beliefs Strongly Agree Agree
Agencies need to radically reinvent themselves to stay competitive
39% 44%
Managing the customer experience is the key battleground for business
32% 50%
We will be able to track conversations much more accurately over the next decade
28% 48%
The marketing will become much more important to their org. by leveraging SM/WOM
20% 54%
Radically new social media and word of mouth tactics will be adopted in the next few years
20% 51%
Source: Agent Wildfire Buzz Report 2009
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Agentwildfire.com [email protected] 416-255-4500
Yikes, Advertising is taking it on the chin…
-Group M forecasts a drop of 3.2% in 2009, Zenith Optimedia 5.7% down and Morgan Stanley could envision a 10% drop
--- the actual drop in first quarter was down 14%
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Agentwildfire.com [email protected] 416-255-4500
How will we carve up the pie…
Well, we’ll be eating less media:- 93% of CMOs believe the economy will have a significant/moderate impact on their budgets- 70% of CMOs plan on reducing their marketing spending
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Agentwildfire.com [email protected] 416-255-4500
Another change you can believe in …
Canadian Marketers plan on spending more/less in 2009:
More Less
Newspaper 5% 32%
Radio 5% 33%
TV 4% 37%
Magazines 3% 39%
Social Media 23% 16%
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Agentwildfire.com [email protected] 416-255-4500
There is hope…
…Don’t Despair, 26 trends to capitalize on
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Agentwildfire.com [email protected] 416-255-4500
Attention Overload
3,000 ads get pushed at us each day - 6 times the volume vs. 40 years ago…the tougher it is to breakthrough, the more we do and invest
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Agentwildfire.com [email protected] 416-255-4500
Attention Overload
More Volume Captive AudienceOvercoming
Filters
…Be the First …Get Clever …Learn SEO,Get networked
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Agentwildfire.com [email protected] 416-255-4500
Brand Community Building
Running - Nike Plus Finance- Wells Fargo Stagecoach Island
Hospitality – My Starbucks Idea
B-to-B - Intuit Quickbooks Community Automotive - Camp Jeep
Travel – Starwood’s The Lobby
Tech – Dell Ideastorm eCommerce – eBay Powersellers
Mobile – Virgin Insiders
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Agentwildfire.com [email protected] 416-255-4500
Customer Centricity
Percentage of executives who
believe the Customer Experience is the new
battleground - 95%
Percentage that believe they are
delivering a positive customer experience
- 80%
Percentage of their customers who agree
- 8%
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CEOs – The Most Critical Driver to Achieving Growth
Business Strategy Customer Service Customer Experience Sales Force Marketing Strategy Product development Pricing Distribution Advertising Promotions
19%
16%
15%
11%
11%
7%
5%
4%
?
?
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Agentwildfire.com [email protected] 416-255-4500
The Rise of User Generated Media
51%
35%
27%
23%
34%
49%
65%
73%
77%
66%
Millenials (13-24)
Generation X (25-41)
Baby Boomers (42-60)
Matures (61-75)
All Respondents
User Generated Media Company Generated Media
Net Generation
Source: Harrison Group
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Agentwildfire.com [email protected] 416-255-4500
Experiences
- of consumers who say majority of customer experiences are “bland” Source: Gallup
69% - Of consumers who say emotions account for ½ of their customer experience Source: Strategic Resource Development Group, 2006
Of consumers who had a negative service experience in the past year AND those that subsequently severed the relationship Source: Customer Focus
96&80%
49%
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Agentwildfire.com [email protected] 416-255-4500
Free Agent Agency Enterprise
0%
10%
20%
30%
40%
50%
60%
70%
80%
Net Generation (13-24)
Other Segments (25-75)
Watching/ReadingContent
Playing OnlineGames
Socializing
Watching VideoStreaming(i.e. YouTube)
Creating PersonalContent
Maintaining/Sharing Photos
Reading/PostingMessage Boards
Keeping a Blog
WatchingTV Online
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Agentwildfire.com [email protected] 416-255-4500
Generation Y ImpactsFreedom
• iTunes, Craigslist, Zipcars
Customization
• Nike ID, My Space, Jones Soda
Scrutiny
• Amazon, RED
Integrity
• Innocent Drinks, Vans, Trader Joes
Collaboration
• John Fluevog, Wikipedia, Doritos
Entertainment
• Red Bull, Axe, You Tube
Speed
• Zara, Calvin Klein, Google
Innovation
• Nokia, Toyota
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Agentwildfire.com [email protected] 416-255-4500
Influencers
“The Ones Who Create Ideas”
“The Ones Who Spot & Scout New Stuff”
“The Ones Who Sell and Lead Opinions”
“The Ones Who ProvideCredibility”
“The Ones Who AttractAttention”
“The Ones Who Connect & Spread the Word”
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Agentwildfire.com [email protected] 416-255-4500
The Law of a Few
- 70% of Wikipedia’s content is produced by 1.7% of its audience
- Top ranked Influencer belief – “I love talking to others about things I’ve just discovered”
- Influencers are 2x more active, more conversational and/or more brand-involved than the mainstream consumer
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Agentwildfire.com [email protected] 416-255-4500
Influencers
Turning Users, Customers andConsumers
Into Authors, Producers, Scouts, Testers and Collaborators & Broadcasters
Into Community Members, Advocates, Ambassadors
and Evangelists
Thinktank/SoundingBoard
Scout/MysteryShopper
AdvisoryCouncil/CauseTorchbearer
SeededAdopter/Beta Tester
Customer
User
Consumer
Collaborator/Producer
Evangelist/Ambassador/Advocate
CommunityMember/VIP Insider
Influencer
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Agentwildfire.com [email protected] 416-255-4500
Online Spending
30%
If we spend 30% of our media time online…
8-12%
…why do we only spend less than 8-12% of our budgets on web media?
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Agentwildfire.com [email protected] 416-255-4500
Transparency/Authenticity
60% of people have a much more negative view of marketing and advertising than a few years ago
27% trust manufacturers
14% trust ads
8% trust celebrities
61% of people claim to buy the same brands as their friends (+28 pts. Vs. 4 years ago)
90% trust their spouse
82% trust their friends
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Agentwildfire.com [email protected] 416-255-4500
Transparency/Authenticity
You supply commodiities- Available
You control goods- Cost
You improve services- Quality
But you render experiences- Authenticity
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Agentwildfire.com [email protected] 416-255-4500
Uber Connectedness- 3.8 billion cell phone users
- 1.6 billion Internet users
- 1.1 billion social network members
- 200+ million blogs
- Ave. No. of Blog links - 12
- Ave. No. of Facebook friends/Twitter Follows – 120/70
- No. of Per Person Brand-Related Conversations Each Year – 4,650
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Agentwildfire.com [email protected] 416-255-4500
Word of Mouth
Expected 5 year Compound Annual Growth Rate
Word of Mouth 27%Internet/Mobile 14%Branded Entertainment 13%Custom Publishing 11%Out of Home 10%
Source: Veronis Suhler Stevenson
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Agentwildfire.com [email protected] 416-255-4500
Future Marketing Tactics
Source: Agent Wildfire
What forms of word of mouth will experience the most growth in the next few years ? (top 3 choices)
Social media marketing 37%Social network marketing 35%Mobile marketing 34%User-generated Content 31%Influencer marketing 28%Brand communities 20%Customer forums 17%Branded entertainment 16%Cause-related marketing 14%Brand microblogging 14%Buzz marketing 13%Corporate/brand blogging 11%
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Agentwildfire.com [email protected] 416-255-4500
Career/Interviewing Advice
• Network like crazy- build a weak tie network
• Get social network deep - Twitter/LinkedIn/Facebook/Flickr/YouTube/Digg
• Be on Facebook, don’t be too drunk on Facebook
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Agentwildfire.com [email protected] 416-255-4500
Career/Interviewing Advice
• Reinvent the Resume (Resume 2.0)
• Volunteer for something good
• Be vigilant on follow up
• Attend events – MESH, CMA, Camps, Twitterbrunch, Netchange, LOKU30
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Agentwildfire.com [email protected] 416-255-4500
Career/Interviewing Advice
• Have a game plan
• Anticipate the big questions
• Do your Google homework
• Take a web course, any web course
• Don’t take a first job beneath you
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Agentwildfire.com [email protected] 416-255-4500
Career/Interviewing Advice
• Meet one new senior person every month
• Negotiate for exposure, but don’t be a pest
• Be different – bring a portfolio, a plan, wear something different, strike a bargain
• If failing, let it hang out, show your passion
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