driving revenue from social media: six buying behaviors that will change your strategy

6 Consumer Buying Behaviors That Will Change Your Social Strategy

Wendy Lea CEO Get Satisfaction

#MonetizeSMM #SMM

@Getsatisfaction #MonetizeSMM 2

“…Event: #MonetizeSMM

2Incyte, “To Monetize Open Social Networks, Invite Customers to Be More Than Just “Friends”, 7/2012, http://www.incytegroup.com


1Gartner, “Gartner Says Worldwide Social Media Revenue Forecast to Reach $16.9 Billion in 2012”, 7/25/2012, www.gartner.com/it/page.jsp?id=2092217

$17B Spend for 20121


“…and the investment return has been dismal.”2


@Getsatisfaction #MonetizeSMM

What is Customer Engagement?

5


True Engagement Addresses Both Consumer and Brand “Wants”

6

Consumers want to: •  Learn about new products

and services •  Make good purchase

decisions •  Buy the right thing at the

right price •  Get value •  Build expertise •  Share

Brands want to: •  Make their products known to

consumers •  Educate consumers on how

to buy •  To influence consumers’

evaluation criteria •  Help consumers use products •  Build a strong and loyal

customer base •  Tap advocates’ passion

Adv

ertis

ing

w

orks

her

e E

ngag

emen

t sc

ales

her

e


Engagement is About Every Stage of Customer Lifecycle

7

Advocate

Discover

Evaluate

Experience

Buy Bond


Advocates Bring New Customers

8

Advocate

Discover

Evaluate

Experience

Buy Bond


9

The Missing Piece - What Engages You?

9

What drives you to engage with brands in social media?

Games?

Contests?

Digital Ads? Creative

Campaigns


" Understand market landscape

" How consumers want to interact with brands

" Build the right product

10

Why Incyte Research?


Only 20% of consumers use social networks to research products vs. 81% use company website

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Social Networks Not the Primary Place People Go to Research Products

What Consumers do to Learn about a Product or Service


“Consumers want company websites to be more like their experiences on social

networks.”3 3Incyte, “To Monetize Open Social Networks, Invite Customers to Be More Than Just “Friends”, 7/2012, http://www.incytegroup.com


89% of consumers use company websites as primary source to research products

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Company Websites are the Primary Place for Information on Purchase Decisions


“What was interesting was consumers’ preference for branded customer

communities over open social networks when seeking information to make a

purchase.” 4

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" 85% preferred content vetted by consumers " Only 15% preferred content vetted in some manner by

companies

Consumers Show a Strong Preference for Branded Customer Communities

Fit in my car?


“When making a purchase decision consumers care about content that has

been vetted by other consumers.”5

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58% of consumers have joined an internet community based on a friend’s Facebook post

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Social Media is the Door into Brand’s Customer Community


“Consumers are clearly saying that customer community allows them to quickly access

information that is relevant and accurate.”6

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Relevant Content is What Drives Consumers to Prefer Branded Communities over Social Networks

Top Reasons Consumers Par9cipate in a Branded Customer Community


“Consumers prefer it when information is provided by other people like them.”7

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83% of Consumers are Very Willing to Become Brand Advocates

" 83% of consumers are very willing to become on-line brand advocates

" 42% of consumers are willing to be on-line advocates without incentive


“Advocacy at scale is the “holy grail” for marketers.”8

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The Key to Driving Revenue from Social is a Branded Customer Community

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Take Action to Boost the Revenue Impact of Your Social Media Investments

Ac-on #1: Look at social throughout customer life cycle

Ac-on #3: Leverage customers as brand advocates

Ac-on #2: Use customer communi9es to make your website more “Social”


Panel of Marketing Experts

Adam Kleinberg Trac-on, CEO

Amy Love

NetApp, CMO

Chris Carfi, Ant's Eye View, VP Social Strategy

Evan Grossman athenahealth, VP Product Management

Jascha Kaykas Mindjet, CMO

@adamkleinberg

@amydlove

@ccarfi

@evangrossman

@kaykas

Wendy Lea, Get Sa-sfac-on, CEO

Ray Wang, Constella-on Research Group, CEO

@WendySLea

@rwang0


Learn More

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hDp://www.youtube.com/user/getsa9sfac9on/featured

driving revenue from social media: six buying behaviors that will change your strategy

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