social influence marketing trends for 2010
DESCRIPTION
Here are my top Social Influence Marketing Trends for 2010. Important trends and strategies to consider for your brandTRANSCRIPT
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The purpose of a business is to create a customer– Peter Drucker
“”
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The purpose of a business is to create a customer who creates customers
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Leaving your only job to be taking care of your existing customers
Trust me, that’ll be harder not easier…
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BRAND MARKETING
DIRECT RESPONSE
SOCIALINFLUENCE MARKETING
TREND1
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This is a new dimension of marketing and it cannot be ignored anymore. It is not a channel or a tactic
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Dare you practice Social Influence Marketing?
•Allow the community to shape and evolve your brand
•Market to the community and not just the individual
•Use technology to bring you closer to customers, not further
•Let go of your content and the sanctity of your product pages
•Bring in the social graph and not just the customer
TREND1
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Practicing SIM produced measurable business results for Mattel. Revenue increased during the course of the effort
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Do you need more of a justification for SIM? Pepsi using social instead of the Super Bowl ads for marketing purposes
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It is not just about a platform, yours or anyone else's
TREND2
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72% of internet users say they are exposed to too much advertising
TREND2
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Are you doing anything about that?
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CUSTOMER
TREND2
We haven’t know how to reach these people
And these have typically been ignored
These continue to get the most attention
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Do you know who your key, social and peer influencers are?
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Savvy Auntie is a social influencer for Disney’s customers. They partnered with her in 2009 to reach their target audiences. Who are your Savvy Aunties?
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Here are some others. Are you paying attention to these people? Do you know how to reach them? They matter more than you realize.
@shivsingh http://goingsocialnow.com
TREND2
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Brand Voices
• Singular company voice
• Reflects the brand personality
• Everybody follows the brand voice
• Appears in all brand touch points
• Usually unique to the company
• Sometimes manifested in a person
• Used everywhere –signage to ads
SIM Voices
• Multiple, authentic individual voices
• Transparent and googleable
• Engaging and conversational
• Appears where conversations are
• Unique to the person not the company
• Manifested in a real person
• Used only by real people
TREND3
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You’ve probably spent a 100 years developing strong brand voices. Now its time to develop strong SIM voices
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Once a upon a time Best Buy only advertised like this. The way many other companies continue to advertise
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But then it started developing SIM Voices starting with the CMO, Barry Judge and other members of his team
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Now they’ve taken their whole brand social – social influence marketing voices are the face of their brand across every channel and platform
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Brand Voice Social Voice Social Brand
TREND3
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Where are you on this continuum? Where do you need to be?
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Also remember, you must make your community core
Your Community
Your Brand
TREND3
Your Brand
Your Community
@shivsingh http://goingsocialnow.com
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3,000,000
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That’s the number of tweets a day. But what are they about?
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More than 20% of car recommendations by influencers are followed… even for such a personal purchase.
Source: Yahoo! Advocacy Research.
CATEGORY AUTOS CONSUMER ELECTRONICS HOTELS
Recommended their purchase to a friend 67% 83% 59%
At least one friend purchased the recommended brand 14% 21% 15%
Social influencing matters in the car industry
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Connected consumers will tell 20 PEOPLE on average. How many people did you tell about your purchase?
20.3
14.7 11.1
Source: Yahoo! Advocacy Research.
As a new car is a key conversation topic
AUTOS CONSUMERELECTRONICS
HOTELS
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1 IN 10 IS USING SOCIAL NETWORKS OR ONLINE FORUMS TO SHARE INFORMATION ABOUT PRODUCTS THEY LIKE.
Source: Forrester Research
21% OF CONSUMERS ARE LIKELY OR VERY LIKELY TO HAVE ONLINE SOCIAL INTERACTIONS WITH A CAR MANUFACTURER.
ADULTS
With brand conversations increasing online
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The point is you’re never going to buy a car again alone.
You’re influencing and are being influenced everyday
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What’s your SIM Score?SIM Score = Conversation Share + Sentiment*
*Adjusted for influence
TREND5
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This can be the single brand health metric you use to manage your brand in the social web. Ad Age and Forrester think this is worth looking into.
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Company Share of Voice Net Sentiment SIM ScoreBank of America 31.6% 66% 32
JPMorgan Chase 20.7% 62% 20
Wells Fargo 13.5% 71% 15
Citibank 13.6% 66% 14
Capital One 9.19% 69% 10
Wachovia 11.1% 62% 10
Company Online Share of Voice
Offline Share of Voice
Online Net Sentiment
Offline Net Sentiment
Bank of America 31.6% 33% 66% 66%
Capital One 9.19% 5% 69% 74%
Citibank 13.6% 16% 66% 55%
JPMorgan Chase 20.7% 17% 62% 64%
Wachovia 11.1% 16% 62% 50%
Wells Fargo 13.5% 14% 71% 73%
IDEA 5
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You can manage it against real world word of mouth too
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Mutual Funds: SIM Score over three weeks
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And track it over time to understand how you’re indexing against competitors
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SIM Score questions to ask yourself
• How does advertising impact the SIM Score?
• How does the SIM Score change during the lifetime of a campaign?
• Can you put a program in place to manage the SIM Score overtime?
• Does the SIM Score adjust appropriately for varying levels of influence?
• How does the SIM Score relate to other business metrics?
• Can the SIM Score serve as a leading indicator for sales?
IDEA 5
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4The final question are you evolving at the pace SIM is?
1Experiments
The nephew tests
2Social Platform Rush for Brands
3 SIM Strategy
Integrated Marketing
4Social Brands
Becoming more human
5Real time Brandswith real time products
6Managing the
Community Model
You’re somewhere on this continuum
And probably need to move into these areas too
@shivsingh http://goingsocialnow.com
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5 Trends for Social Influence Marketing
1. SIM enters the mainstream
2. Social influencers drive sales
3. Putting people before brands
4. Every decision becomes social
5. Measuring it all
@shivsingh http://goingsocialnow.com