turning social media into a competitive advantage
DESCRIPTION
Title: “Turning Social Media into a Competitive Advantage”Author: Alain Portmann, Founding Partner & Head of Strategy, Web LiquidWith the growing opportunities surrounding Social Media, how can brands transform this corner of the digital landscape into a competitive asset? Inside Alain covers a number of concepts including: * Social Proof: To resolve uncertainty of what to do and buy we look at what others are doing or have done. * Service Over Solicitation. Promoters and detractors are shaped on the basis of the value you provide. * Social Media as a Listening Exercise: It is about listening to the conversation and empower people to tell THEIR story. After all, every good conversation starts with good listening! * Engagement: Degree of engagement is more important than the size of fan/connection/follower base * And finally, the six components to derive a competitive advantage from Social Media: 1. The Earpiece: Monitor Word Of Mouth 2. The Proposition: Statement Of Purpose & Intent 3. The Rulebook: Governance & Resource 4. The Playbook: Tactics & Plan 5. The Scorecard 6. The Training PlanTRANSCRIPT
Turning Social Media into a competitive
advantage Alain Portmann
Founding Partner, Head of Strategy Web Liquid
LinkedIn connections 6,858
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Kudos to Sarah Zimmer!
SOCIAL PROOF: To resolve uncertainty of what to do and buy we look at what others are doing or have done.
SERVICE OVER SOLICITATION. Promoters and detractors are shaped on the basis of the value you provide.
IT IS A LISTENING EXERCISE: It is about listening to the conversation and empower people to tell THEIR story. After all, every good conversation starts with good listing!
IT IS ABOUT ENGAGEMENT: Degree of engagement is more important than the size of fan/connection/follower base
Social media has changed the traditional notion of competitive advantages
like defining your points of differentiation to a greater degree.
Yet it highlights the need to focus on fundamental marketing imperatives
Biggest barrier to turning Social Media into a competitive advantage. Placing tactics before strategy.
The proof? IBM Study. Gap between what brands think consumers want versus what consumers really want.
“Most firms have “made a start” with Social Media....the impera7ve now is to reinforce ini7a7ves with clarity from the top-‐down and to iden7fy a framework and bespoke toolkit that is aligned with Corporate Objec7ves”
Six components to derive a competitive advantage from Social Media
# 1 THE EARPIECE: MONITOR WORD OF MOUTH
• Volume of conversation • Source of conversation • Topic definition of conversation • Influencer analysis of conversation • Sentiment of conversation
• Competitive intelligence • Shape strategy & tactics • Address service issues
WHY?
There are over 500 word of mouth monitoring tools out there. Find the right one for you.
Conversation insight. High demand for minivans (group bookings) as opposed to “two-seater convertibles”
Tiffany’s Key collection product placement – use insight and conversation to shape time of day targeted paid search
Monitoring word of mouth before launch to understand needs of specific segments.
Advertising got really good at speaking in 30 second chunks to a captive audience
Then quickly found most brands had nothing to say on the 31st
# 2 THE PROPOSITION: STATEMENT OF PURPOSE & INTENT
• Leverages your existing competitive advantage
• Focuses resources
• Statement that guides all efforts • Statement that shapes tone of voice and content development
• Storytelling
WHY?
+ -
Build a statement of intent by understanding your consumers and your internal assets.
Apply the “Avis human touch” to identify, acknowledge and address the needs of our customers.
Bring waste management services to the main street by connecting with local businesses.
# 3 THE RULEBOOK: GOVERNANCE & RESOURCE
• Critical Risk Assessment - development of most likely online crisis scenarios
• Policy - Development of policies on the use of SocMed by employees
• Competency & Resource – internal and external resource requirements
• Guidelines for engagement • Achieve buy-in • Nurture resource
WHY?
* “The bigger the business
problem, the more trust we must build.”
Consultants are empowered to
become “Heroes of Business
Intelligence”
# 4 THE PLAYBOOK: TACTICS & PLAN
• Content: what are you going to say? • Platforms: what platforms are you going
to engage in. • Acquisition: how will you grow and
engage your audience?
• Competitive intelligence • Shape strategy & tactics • Address service issues
WHY?
SOCIAL MEDIA HUB
Style Community
Social Networks
Life-stream Micro-blog
Product Reviews
Business Networks
Photo Sharing
Video Sharing
Q&A Communities
With your word of mouth monitoring in hand leverage a “HUB & SPOKE” approach
Launched in 2007 with a four person team, including members from marketing, customer service and revenue
Culminated in an award for the ‘Most Innovative Product in Customer Service’ at the UK National Customer Service Awards
Average conversion rate of a blog visitor is 200% higher than a non-blog visitor
Average transaction value of a blog visitor is 22% higher than a non blog visitor
Leveraging your community and network. Ask them what they think! Empower them
to guide you.
Thank you for your Yme!
Alain Portmann Founding Partner, Head of Strategy Direct: +44 (0) 207 954 3751 Main: +44 (0) 207 253 4133 Mobile: +44 (0) 7940 966 304 Fax: +44 (0) 207 657 4747 eMail: [email protected]
50 Buttesland Street Hoffman Square London, N1 6BY