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 Developing a Social Strategy

Charlene Li Jeremiah Owyang


Altimeter Group Altimeter Group


February 24, 2010


© 2010 Altimeter Group
#socialstrategy

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 A 3-part series
§ Research is the foundation of any strategy.
§ Our first webinar (Part 1) of this series focused on
how to use socialgraphics to create your own
Engagement Pyramid.
§ This webinar (Part 2) will focus on developing a
social strategy based on business goals.
§ The next webinar (Part 3) will explain how to get
your company ready to execute a social strategy.
§

© 2010 Altimeter Group


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 It’s not about the technologies

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 Focus on relationships, not technologies

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Social Strategy

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Four goals define your strategy,


but always start with learn

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 Learn with monitoring tools

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 Paid services provide monitoring

Other providers

Buzzmetrics
Cymfony
Dow Jones
Scout Labs
Techrigy/Alterian
Visible
Technologies

From Radian 6

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 Ethnographic research using Delicious

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 Dialog with your community

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 Engagement Pyramid: Focus on Watching and Sharing

Curating

Producing

Commenting

Sharing

Watching

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 At Southwest, a planner engages

This post received 98 comments over 10 days. In the future, eve

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 DellOutlet drives sales with Twitter

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 Kohl’s engages directly with customers

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 Help your members support each other

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 Wells Fargo Supports Customers

eir bankers hours tradition. Rather than hide behind a logo, they use real human voices and names, increasin

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Premier Farnell supports engineers with community, and


employees with “OurTube”

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 Starwood guests help each other

f views each. Starwood guests are visiting the forum and finding answers, while Starwood collects market int

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Microsoft’s MVP Experts Support –and Advocate

essionals once a year. This unpaid army supports other customers –and becomes community advocates

* Disclosure: Microsoft is an Altimeter Client, learn more about our disclosure policy at
http://www.altimetergroup.com/disclosure

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 Innovate with customer feedback

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 Gauging interest for Bacon Salt

their new product. Baconaisse and bacon-flavored sunflower seeds were later created after listening to custo

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Fiat gathers product and market intelligence

Contributors submit ideas, and can include pictures and embed videos. Fiat gets valuable ideas fo

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 P&G used ratings & reviews to improve

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 Dell innovates across the organization

Use new listening platforms, identify in-house and external experts, and k

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What to do first

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 #1 Start small, start now

At the least, listen to learn

Pick a goal

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Where to start? Align social with


strategic goals

Examine your 2010 goals

Pick one where social


can have an impact

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 #2 Understand the value


What’s the value of a fan or follower?

16,965 followers

+4 million fans
© 2010 Altimeter Group
 The new lifetime value calculation, based on your goals

Percent that refer


+ Value of purchases Size of their networks
- Cost of acquisition Percent of referred
+ Value of new customers people who purchase
from referrals Value of purchases
+ Value of insights
Percent that provide
+ Value of support
support
+ Value of ideas Frequency and value of
= Customer lifetime value
the support

© 2010 Altimeter Group


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 Make decisions with metrics

Find more fans with large networks

Encourage fans to make more referrals

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 #3 Prepare for new workflows

Social technologies will disrupt


traditional organization structures

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 Organize for different types of openness

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#4 Practice Open Leadership


When people get what they Have the confidence to let


need from each other go and still inspire results

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 Open Leadership

Having the confidence


and humility to give up
the need to be in control,
while inspiring commit-
ment from people to
accomplish goals.

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 10 elements of openness

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 Social + open = competitive advantage

+2,200 Best Buy employees answer questions s

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 Plan to fail well – Wal-Mart case study

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 Buyer blog hit the right note

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 Build trust and manage risk

The Sandbox Covenant


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 Summary
§ Like any relationship, the best ones are best on built
on listening and understanding.
§ Pick one goal and master that, then layer on more.
§ When choosing a social strategy goal, align it with your
business goals and those of your customers.
§ Benchmark your progress based upon your business
goals, not “engagement” data.
§ Change your mindset: letting go will yield
more results.
§

© 2010 Altimeter Group


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Thank you

Charlene Li Jeremiah Owyang


charlene@altimetergroup.com jeremiah@altimetergroup.com
blog.altimetergroup.com web-strategist.com/blog
Twitter: charleneli Twitter: jowyang

© 2010 Altimeter Group


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About Us

Altimeter Group is a strategy consulting firm that provides


companies with a pragmatic approach to disruptive technologies.
We have four areas of focus: Leadership and Management,
Customer Strategy, Enterprise Strategy, and Innovation and Design.

Visit us at http://www.altimetergroup.com or contact


info@altimetergroup.com.

© 2010 Altimeter Group

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