social and the age of extreme expectations: joe cothrel, chief community officer, lithium
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Joe Cothrel, Lithium’s Chief Community Officer, shared his thoughts on social media and customer expectations during a Thought Leadership Spotlight Presented by Lithium at the 2014 Customer Care Leadership Forum in Denver on Sept. 11. In his presentation, “Social and the Age of Extreme Expectations,” Cothrel pointed out more companies are prioritizing social media, but it is vital for these businesses to care about their customers and set realistic expectations for their organizations too. Cothrel noted that every employee’s actions can affect a company and its customers. In addition, Cothrel pointed out more businesses are attempting to adapt to customers’ needs, which is becoming increasingly important in today’s corporate world: “I think customers are changing and their expectations are changing as well, and we’re finding that companies are trying to adapt to these changing expectations as well.” Reading blogs and doing research on the Internet can help a company better connect with its customers, according to Cothrel. A business that conducts extensive research and is well-connected to resources in its industry often can respond to its customers faster than its rivals, Cothrel said. Becoming a customer-driven company, Cothrel noted, also is key for businesses: “‘We’re going to be a customer-driven company. It’s going to be a two-way relationship with customers where they help us build products’ … You can dabble in it in some of the earlier phases, but I think until you’re creating good, strong operational processes in the other stages it’s really hard to get to transform if you aren’t getting at that excellent level of operations.” - See more at: http://www.argylejournal.com/customer-care/thought-leadership-spotlight-presented-by-lithium-social-and-the-age-of-extreme-expectations-joe-cothrel-chief-community-officer-lithium/#sthash.aoDTnlRW.dpufTRANSCRIPT
Social and the Age of Extreme Expectations
Joe Cothrel, Chief Community Officer
@LithiumTech #ArgyleCCDen
we are lithium
interact on social networks
engage a community of advocates
understand consumer profile & reputation
@LithiumTech #ArgyleCCDen
our software and services help the world’s biggest companies:
yesterday was hard enough
phone
@LithiumTech #ArgyleCCDen
email chat KBportals
Declared vs. delivered
@LithiumTech #ArgyleCCDen
Promotion vs. engagement
@LithiumTech #ArgyleCCDen
Simply Measured (June 2013)Lithium (November 2013)
“How quickly do you expect a
response when you interact with brands
on Twitter?”
within1 hour
within30 min
within15 min
within5 min
0%5%
10%15%20%25%30%35%40%45%
42%
service expectations are rising
53%
72%
when it’s a complaint
@LithiumTech #ArgyleCCDen
EXPERIENCE is the battleground
Lithium Confidential
buyersconsider
evaluate
buyuse & enjoy
advocate
you can also use social to create scale
of search traffic from community
39%
reduction in support costs
10%
increase in conversion rates
25%
increase in spend by
community members
2.5x
social conversation
s
10LITHIUM CONFIDENTIAL
Socially-Infused Website
how brands transform their approach to managing the social customer experience
stage 1foundational
stage 3operationalizing
stage 4extending
stage 5transforming
stage 2experimental
listen to understand the social opportunity
engage on existing social networks
operationalize the conversation
extend the business value to drive business impact
realize world class performance
holistic enterprise social
social media monitoring
branded community
facebook & twitter integrations
enterprise social solutions
build a listening engine build a content engine build a conversation engine build an experience engine build an innovation engine
listen-to-target, focus efforts on improving acquisition of new
customers
listen-to-engage, invest in social channels, activate current & new
customers
listen, incorporate feedback, modify experience, invest on-domain,
improve internal operations
listen, incorporate feedback, design for the customer, enlist external
participants to create brand value
listen, design for the customer, empower customers as trusted
content and business co-creators
@LithiumTech #ArgyleCCDen
25%faster agent
response time
coverage of customer care issues on Twitter and Facebook
100%
250Kposts processed in 90 days
73% of ambassadors are active community members
100+ written testimonials
Generated 200+ self-identified advocates
14 video testimonials
submitted by ambassadors
customer retention improved by25%
$10Malong with other customer experience initiatives, Barclaycard Ring contributed to
decreased customer complaints by50%
in annual benefit
Barclaycard Ring’s innovative levels of simplicity, transparency, and service are impacting the way we do business…we believe this is the way all companies will engage with customers in the future.
Paul WilmoreGeneral Manager Consumer Markets, Barclaycard
Lithium social customer platform
engage
social web
Respond
Publish Measure
analytics
create a content hub
communities
Forums Blogs Ideas ContestsReviews Knowledge
@LithiumTech #ArgyleCCDen
Lithium Confidential
video