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Reinventing Your Company in a Customer-Driven Marketplace

Reinventing Your Company in a Customer-Driven Marketplace. 2 nd Annual Federation of Mutual Fund Dealers Conference Mike Dover May 7, 2013. REINVENTING YOUR COMPANY IN A CUSTOMER-DRIVEN MARKETPLACE. Key concepts. Data Overload: every 60 seconds. 4 Million Web searches 500k Content Shares

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Reinventing Your Company in a Customer-Driven Marketplace

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  1. Reinventing Your Company in a Customer-Driven Marketplace 2nd Annual Federation of Mutual Fund Dealers Conference Mike Dover May 7, 2013 REINVENTING YOUR COMPANY IN A CUSTOMER-DRIVEN MARKETPLACE

  2. Key concepts

  3. Data Overload: every 60 seconds.... • 4 Million Web searches • 500k Content Shares • 100k Product Shares • 40k Links Shortened • 40k Tweets Shared

  4. The amount of data created per person Doubles every 18-24 months • After 5 years ...10 x • After 10 years... 100 x • After 20 years ... 10,000 x

  5. Person of the Year

  6. Harnessing Mass Collaboration

  7. Scientific Exploration

  8. Why Now? Top 5 arguments for Wikibranding Social/Collaboration/Engagement

  9. #1 Business Models / Culture: The Need to Be Genuine 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%

  10. #2 The Changing Brand: Participation is the New Currency “Something you Want” “Something you Trust” “Something you Own” “Something you Participate In” “Something you Love” “Something you Prefer”

  11. Control of Your Brand Changes “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

  12. #3 Media Shifts: The World is Connected and Engaged 1.6 Billion Social Networkers Globally Facebook – > 1 billion million*, 130 friends each, 1,000+ fans per page Wikipedia – 26 million articles, 75,000 active editors Twitter – 500 million users, 340 million Tweets/day LinkedIn – 200 million users, $20 billion market cap YouTube - 1 billion views for Gangham Style Pinterest – launched in 2010, valued at > $2 billion Foursquare – over 3 billion check-ins Amazon – $64 billion annual revnue $115 billion market cap Quora – Top Q&A site

  13. TOP SOCIAL NETWORKS/PLATFORMS – “MOSTESSENTIAL” RANKED - % AGREED #3 LINKEDIN #2 TWITTER #4 YOUTUBE #1 FACEBOOK #5 WORDPRESS #7 HOOTSUITE /TWEETDECK #8 GOOGLE + #6 MOBILE APPS #9 INSTAGRAM #10 PINTEREST Q: What is your impression of the following networks in their importance to your organization ? (23 social network/social sharing options)

  14. TOP SOCIAL NETWORKS/PLATFORMS – “MOST UNDERRATED” RANKED - % AGREED #3 YOUTUBE #4 MEETUP/UPCOMING/ EVENTBRITE #2 LINKEDIN #1 SLIDESHARE #5 GOOGLE + #10 KICKSTARTER #7 PINTEREST #8 INSTAGRAM #6 TUMBLR #9 MOBILE APPS Q: What is your impression of the following networks in their importance to your organization ? (23 social network/social sharing options)

  15. LinkedIn Networing

  16. Quora – Expertise Marketplace

  17. #4 Economics: Engagement Sells Engaged brands drive value +18% Non-engaged brands decrease in value -6% Source: Interbrand 2010 Best Global Brands report

  18. #5 It’s what your boss cares about (or should) 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

  19. Culture Change Required

  20. The Net Generation

  21. Net Generation Norms

  22. Digital Natives

  23. The Net Gen Life Without Technology Tech Deprivation Collage

  24. Changing Expectations Source: InformationWeek

  25. Policy on Personal Mobile Devices

  26. Active Listening

  27. TOP 10 TECHNOLOGY-AFFECTED INDUSTRIES HIGHEST RANKED (% RESPONDED TOP 3 CHOICES) #1 EDUCATION #2 ENTERTAINMENT #3 MEDIA #4 ECOMMERCE #5 HEALTH CARE #6 RETAIL #9 CONSUMER GOODS #7 FINANCE/BANKING #8 TELECOMMUNICATIONS #10 NOT-FOR-PROFITS 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)

  28. Six Benefits of Wikibranding • Brand Advocacy (Marketing) • Word of mouth • Referral/recommendation • Badging • Sales/traffic • Reduction in media budgets

  29. The emperor's fanbois

  30. Six Benefits of Wikibranding • Brand Perception (PR) • Awareness/exposure/SEO • Affinity • Empathy/respect • Lead industry conversation

  31. Old Spice Social Media

  32. Six Benefits of Wikibranding • Brand Content (Media/ • Customer Experience) • Co-innovation/solutions • User-generated Creative • User-generated content • Reviews/ratings

  33. Fan participation

  34. Prosumers – Doritos Crash the Super Bowl Contest

  35. Six Benefits of Wikibranding • Brand Insight (Research and Innovation) • Idea stimulus • Beta-testing • Market research/polling • Industry/competitive • intelligence

  36. Your Childhood Lego?

  37. Six Benefits of Wikibranding • Brand Serendipity (The Unexpected) • Stories/Inspiration • Traditional media interest • Requires a good sense of humour

  38. Six Benefits of Wikibranding • Brand Support (Customer service) • Customer service • Education/ advice • Value-add experience • Lead industry conversation

  39. Intuit: B2B Community Wikibrand

  40. Channeling Tom Sawyer

  41. COMMUNITY MANAGEMENT “who will lead the conversation?”

  42. Organization Hurdles #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

  43. Organizational Success Factors #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

  44. Top Skills of Wikibrand Leaders • Leadership/charisma • Diplomacy/Patience • Customer/member empathy • Persistence • Social/Networking • Communication Skills • Technology Skills • Passion for company/brand • Change Agent • Creativity • Leads the lifestyle of the customer Source: Agent Wildfire 2010 Community Management Survey

  45. METRICS, MEASUREMENT, INSIGHTS & ROI “what do we measure and look for?”

  46. A Different Yardstick

  47. 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

  48. Contact Information linkedin.com/in/mikedover facebook.com/mike.dover twitter.com/doverd4s Mike Dover mike@mikedover.com (416) 305-9080 Join us at wiki-brands.com

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