wikibrands social media week
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Wikibrands kickoff presentation to Social Media Week Toronto - February 7th, 2011TRANSCRIPT
Wikibrands - Reinventing Your Company in a Customer-Controlled Marketplace -
February 2011Social Media Week
@wikibrandsSean Moffitt @seanmoffitt
Some justified thank yous…
Some justified thank yous…
Authored by Sean Moffitt and Mike Dover
Published by McGraw-Hill (Dec, 2010) Link
Twitter:@wikibrands
Facebook groupWikibrands
Who is Sean Moffitt….Just A Blonde Guy With a Cause
Who is Mike Dover….Just a Violent Man Going for the Big
Chalice
Everything I learned about Buzz, Customer Engagement and Word of Mouth I learned through
the bottom of a pint…SOCIAL
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Are You Ready To Become Buzzing,
WikibrandEvangelists?
Hashtags
…let’s trend tonight
#wikibrands
#smwto
#MMChat
Forget social media…
…we need social business
Social media is a dirty word and small …
It cheapens the value of how it can benefit your business
Global media industry $600 billion industryDigital Media $90 billion industrySocial Media $14 billion industry
Global internet industry $ 1 trillion annuallyannually
The real Wikibrands challenge…
How do we reinvent some of these industries?
Global education industry $ 2 trillion annually
Global IT and Communications $ 2.6 trillion annually
Global health care industry $ 4 trillion annually
Global energy industry $ 6 trillion annually
Global banking industry $ 7 trillion annually
Business and Brands still Matter….
…but…
• iTunes, Craigslist, ZipcarsFreedom
• Nike ID, My Space, Jones Soda Customization
• Amazon, REDScrutiny
• Innocent Drinks, Vans, Trader JoesIntegrity
• John Fluevog, Wikipedia, DoritosCollaboration
• Red Bull, Axe, You TubeEntertainment
• Zara, Calvin Klein, GoogleSpeed
• Nokia, ToyotaInnovation
A Demanding and Activist Customer Culture has Taken Over
You can either be a monopoly (lucky), commodity (tough) or a wikibrand
The big question – how do you do it? Easy for them.Not so easy for the 82% of us who work in/with
firms with 20+ employees…
Our Challenge?
Wikibrands -The new currency for today’s marketplace:
- Customer participation- Social influence- Digital engagement- Word of mouth- Online community- Grassroots marketing- Connected media- Member collaboration
Equalssuccess in business
We searched far and wide to come up with a fresh argument for social business
Our Particular Mission
Published by McGraw-Hill (Jan 2011 Launch)
Twitter: @wikibrands
Facebook page: Wikibrands
Website: www.Wiki-Brands.com
¼ Wake up Call¼ Strategy Guide
¼ Executional Road Map¼ Continuing Reference
Our Humble Contribution
The Early Buzz is GoodRichard Florida, Best
Selling Author,“A must read for business leaders”
Don Tapscott, Digital pioneer and author, Wikinomics
“This is an important, perhaps seminal
book”
Mathew Ingram, Globe & Mail and
GigaOm“Wikibrands is
required reading for anyone who wants to
thrive in the new landscape”
The Challenge Today – 30-40 MinutesWe will try:
- 7 Reasons Why
- Mill Street, Mill Street
- 10 Key Things to Do It Right
- The Wikibrand Debates
- The Soapbox
Why Now?
Reason #1 – Authentic Relationship Desired
#1 The Need for Authenticity and Transparency - 42%
#2 The rise of social networks - 38%#3 Increasing role of wireless/mobile - 35%#4 Customers/people waning attention spans - 25%#5 Media fragmentation - 22%#6 Change in mass marketing effectiveness - 20%
Agent Wildfire -The Buzz Report, April 2010
1.3 Billion Social Networkers GloballyFacebook - 600 million, 130 friends each, 1,000+ fans per pageWikipedia – 265 million readers. 17 million articlesTwitter – 170 million, 190 followers each (after 2 yrs)LinkedIn – 101 million, 61 friends each, 189 index on post-grad YouTube - 18 million Canadians watch/292 minutes per monthFlickr – 40 million members/5.0 billion photosFoursquare – 6 million/381 million checkinsAmazon – 650 million users annually, $24 billion sales GroupOn – 35 million users annually, $500 milion salesQuora – 600,000 registered users
- Spending 82% more time on social networks than they did last year
Reason #2 – The World is Connected and Engaged
Shifting Conversations – just four years ago, 80% of online engagement happened on the originating website, now 80% happens away from the originating website.
Now, to be noticed and talked about, you need to reach “out there” to be relevant.
Source: Hubspot , 2007-2010 study
Reason #3 – Conversations are Elsewhere
• Operational efficiencies are maxed
• Downsizing/rightsizing reaching limits
• Outsourcing labour is tapped• Globalization of markets is done• Media clutter is here• Technology is ubiquitous
The Customer Experience is What’s Left
Reason #4 - It has to…what’s left…
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
Reason #4 – Plus it’s what your CEO cares about (or should care about)
Reason #5 - Social, Participation, Engagement, Collaboration, Influence,
Community = Smart Business
“Social” is not media, tools or technology, this is about success in business:
Engaged brands drive value +18%
Non-engaged brands decrease in value -6%
Source: Interbrand 2009 Best Global Brand s report
71% of marketers are less/only equally familiar with the use of social media tools than their customers.
Source: Commotion Study/Buzz Report
82% of executives believe their agencies need to radically transform themselves to adapt more competitively to this wikibrand world.
Reason #6 – Our Customers are Currently Better at It…
78% don't have an employee policy for use of social media, more than ½ don’t have a strategy
Brand Advocacy (Marketing)- Word of mouth- Referral/recommendation- Badging- Sales/traffic- Reduction in media budgets
Brand Perception (PR)- Awareness/exposure/SEO- Affinity- Empathy/respect- Lead industry conversation
Reason #7 - Six Big Wikibrand Benefits
Brand Support (Customer service)- Customer service- Education/ advice- Value-add experience- Lead industry conversation
Brand Serendipity (HR/Corporate)- Stories/Inspiration- Corporate social responsibility- Galvanize employees- Traditional media interest
Six Big Wikibrand Benefits
Brand Content (Media/Customer Experience)- Co-innovation/solutions- User-generated Creative- User-generated content- Reviews/ratings
Brand Insight (Research and Innovation)- Idea stimulus- Beta-testing- Market research/polling- Industry/competitive intelligence
Six Big Wikibrand Benefits
The Recipe for Success?
..10 Factors
The Biggest Social Media Sins- Listening, Content and Focus
#1 Culture Change Required
Core Belief #1 - There is a big difference between “Being Social”
Versus “Doing Social”
MASS MARKETING
DIRECT MARKETING
SOCIAL INFLUENCE MARKETING
A Culture Change is Required
Hurdles?
The biggest obstacles that continue to exist in implementing wikibrands 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 2010
Implementation Issue – Lip Service > Action
#2 FOCUS– “Why are we doing this/what are we doing?”
Nike + -Members/Customers Values/Lifestyle/Desires
#3 LANGUAGE, CONTENT & OUTREACH“do I like this/is there enough of this/can I identify with this/do they know me?”
4. INCENTIVES & MOTIVATIONS“what’s in it for me?”
5. RULES, GUIDELINES & RITUALS“what can/can’t I do here?”
6. TOOLS & PLATFORM“how and where does it work?”
7. COMMUNITY MANAGEMENT“who will lead the conversation?”
How to Avoid This…
8. LIFE STAGE OF THE COMMUNITY“when do we need to adapt?”
9. METRICS, MEASUREMENT, INSIGHTS & ROI“what do we measure and look for?”
10. CULTURE & ORGANIZATIONAL CHANGE“how will we be changed?”
Do Brands even Belong in my Social
Spaces!
- 85% of people want companies engaging with their customers in social media
- 56% of people feel a stronger connection with those companies they interact with in social media
- Twitterers are three times more likely to embrace brands than average population
Don’t be fooled, people want social brands…they just don’t want pushy
marketers
The Future?
Types of New Media Future Growth
Source: Y&R Brand Asset valuator
Top 8 Differentiation
Drivers
1. Unique2. Dynamic3. Different4. Distinctive5. Innovative6. Visionary7. Daring8. Progressive
Some Advice - Act different, be different, think different
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Never Forget – Humans are Hard Wired Social Animals
Mill Street Brewery – February 7th Launch
Published by McGraw-Hill (Jan, 2011)
Twitter:@wikibrands
Facebook page and 6 other social extensions
Become an ambassador
Contact us:[email protected]
Let’s Start The Conversation…
Inquire: smoffitt (at) agentwildfire.comnadia (at) agentwildfire.com
Phone: 416-255-4500
URL: www.AgentWildfire.com
Join: www.TheInfluencers.ca Blogs: http://BuzzCanuck.typepad.com/
www.spreadslikewildfire.com
Explore: The Buzz Report (e-newsletter)Signup at www.AgentWildfire.com
Learn: Executive WOM Seminars