social innovation: dr. natalie's speech at the spigit conference on crowd and customer...
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The ROI of Acknowledgement and
Social Innova8on
www.DrNatalieNews.com
@drnatalie
Social Innova8on Conference
My First Job: GE Carbology Division
Tungsten Carbide Tool Bits
To increase the hardness & wear resistance: Chemical Vapor Deposi?on of Thin Films
Aluminum-‐Oxide
TiN
The thin films were….
Periodic Chart of Essen?al Elements The elements we used to make beLer products
Aluminum-‐Oxide TiN
In my first mee?ng with Sales…
& Engineering
The Decision?
More gold or
more gray coated tool bits?
Sales said – “Look at the figures
we are selling more gold ones! We want more gold ones to be produced!”
Engineering said – “But the gray ones last much longer!
We want more gray ones!”
I raised my hand and asked…
“Have we asked our customers
what they want?”
They burst into laughter
“Why would we do that?”
I wanted to crawl under a rock and die
And then I heard my grandpa’s voice, “You are a smart girl! Trust yourself.”
I asked my boss if I could take some tool bits
And ask some machinists their opinion
I asked my boss if I could take some tool bits
And ask some machinists their opinion
He said, “Yes, but check-‐out. I’m not paying you for this 8me.”
This was my first mini focus group
vs
The results were…
The customers liked the gold ones
Because they made the machinists feel…
Because they made the machinists feel…
Happier.
Yep, Happier.
THAT EXPERIENCE LEFT AN INDELIBLE MARK
ON A YOUNG ENGINEER
THE B.I.G. IDEA? ACKNOWLEDGEMENT OF THE CROWD’S / CUSTOMER’S
CONTRIBUTION
ESSENTIAL ELEMENTS OF A GREAT BUSINESS?
1. LISTEN TO YOUR EMPLOYEES
& CUSTOMERS…
2. CONNECT PEOPLE WHO MAKE DECISIONS WITH PEOPLE WHO KNOW THE ANSWERS
EMPOWER THE CROWD
Copyright © 2012 @DrNatalie Petouhoff The Social Business Course™ ® © All Rights Reserved
FLASH FORWARD….
Copyright © 2012 @DrNatalie Petouhoff The Social Business Course™ ® © All Rights Reserved
I GET TO BE PART OF A COMMUNITY THAT IS DEDICATED TO ACKNOWLEDGING THAT THERE
IS A BETTER WAY… TO DO BUSINESS… THAT’S ALL OF YOU…
GO BACK IN TIME… PEOPLE WERE PREDICTING THIS…
There would be… A place in time Where the customer‘s voice The employee’s voice Would start to mean something… And there would be an enabling technology We are here now… This is your opportunity as businesses…
Copyright © 2012 @DrNatalie Petouhoff The Social Business Course™ ® © All Rights Reserved
MANY SCHOLARS HAD ADVOCATED TO
LISTEN TO CUSTOMERS, EMPLOYEES, PARTNERS…
As an engineer I…
Copyright © 2012 @DrNatalie Petouhoff The Social Business Course™ ® © All Rights Reserved
GO BACK FURTHER…
MARY ELLEN HEARD THE CALLING…
iRobot
MARY ELLEN BEGAN ACKNOWLEDGING...
• What her customers were saying in social media • What employees were saying in social media
• It was not posi?ve • She gathered screenshots
• Put them in a powerpoint • Gave them to her CEO
WE CALL THAT…
WE CALL THAT… The Witness Factor™
MARY ELLEN TOOK CHARGE OF THE
CUSTOMER / EMPLOYEE FEEDBACK…
SHE HAD THE ESSENTIAL
ELEMENTS TO…
The CEO appointed her the lead
…to completely transform business…
With less – Politics and resistance – “Not invented here” or “not my problem”
An empowered crowd of employees
& customers- dedicated
to make a difference
Crowd sourced information lead to transformation of: – Engineering – Product Development – QA – Fulfillment – Order Management – Marketing – PR – Advertising – Sales – Customer Service
How would you calculate ROI? of customer feedback… of employee feedback…
Chalk it up to the “Witness” factor
ROI = Benefits -‐ Costs x 100 Costs
What are the benefits of Creating products & services with input from the “crowd”
Creating products customers asked for means… • Reducing the cost of PR & Marketing • Increasing the lead conversion rates • Reducing the cost of sales • Reducing returns and/or churn • Increasing customer lifetime value • Reduced employee attrition • Increased employee productivity
The So What is…
AND
Because the customer: - Feels heard - And they are getting what they need and want… - They have ownership towards a company’s
product / services because they had input into - Having their voice heard / being acknowledged
drives engagement… – Increased positive online ratings – Increased customer loyalty – Increased customer advocacy – Increased customer referrals via WOM – Increased sales Chalk it up to the “Witness” factor
How would you calculate ROI?
Chalk it up to the “Witness” factor
ROI = Benefits -‐ Costs x 100 Costs
Benefits: $2.5M
Costs: People, process & technology $300K
ROI?
Chalk it up to the “Witness” factor
ROI = $2.5M – $300K x 100 $300K
ROI = 733%
NOW LET’S GET BACK TO THE ROI OF
ACKNOWLEDGEMENT… THE END OF MY STORY?
PWC Management Consultant
A Top Forrester Analyst
Chief Strategist for Social Media & Digital Communications PR & Marketing Agency
Analyst Rankings: A Ph. D.
Engineering From UCLA
Instructor at Center for Entertainment, Media and Sports Summer Institutes at UCLA Anderson
I pursued a path to continue providing customers the essential elements of business…
by believing what my grandpa said…
And my dedica?on to the essen?al elements of learning, listening and
collabora?ng….
Allows me now to help companies calculate the ROI of things they thought were too squishy or couldn’t be calculated…
ROI of Human Capital
Innova8on Social Media…
With Dynamic ROI Visualizer Calculators
& Dashboards…
Dr. Natalie L. Petouhoff @drnatalie
For more informa?on on ROI – videos, ebooks, whitepapers..
www.DrNatalieNews.com/Blog
THANKS TO MY GRANDPA
WHO LISTENED &
ACKNOWLEDGED MY SMARTS
MY ROI? PRICELESS
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