This post was originally featured on http://blog.sociomantic.com, published on March 23, 2010. Since the website will be relaunched and the post removed, I have relocated the tutorial to my personal page so that the SNA and online marketing communities can continue to benefit from it.
I’ve just returned from Paris, where we had the pleasure of attending the M2C at the ESCP Europe campus. There were lot of really wonderful presentations from many great brands and companies, so we wanted to share some of our biggest takeaways from the conference.
Manish Metha, Dell
Intimacy and Scalabilty: Using Social Media To Manage Your Brand
- As a brand’s social media model grows, they often lose their ability to interact intimately with their customers. Metha suggests reconciling this negative relationship through “conversation clusters” — break down the conversations that are happening into distinct spheres of interest to better manage the interactions. Segmenting the conversations into different clusters will help provide more and better conversations.
- For B2B, social media should be about connecting “subject matter experts,” engaging the blogosphere, participating in the conversation
Emmanuel Vivier, Vanksen
6 Rules to Fail With Social Media
- “Marketing is like karma,” you have to give something if you want to get something. You have to offer customers value to make your social media strategy work.
- He offered the following update to Forrester’s 2007 “POST” strategy for social media marketing:
- Profile: understand the activities of your audience
- Objectives: Decide what you want to accomplish
- Strategies: What is the creative idea? message?
- Tools: What tools, formats, platforms?
- Evaluate: What metrics and KPI?
- My two cents: I found “evaluation” to be a big thing missing from a lot of the social media talk at the conference. It’s clear that companies should be using social media to engage customers, but it wasn’t always clear what they could show the boss at the end of the day. This is where social network analysis and related analysis of customer lifetime value comes in.
Steve Knox, Tremor (Proctor & Gamble)
Perspectives on Innovative Word-of-Mouth Advertising — P&G Learnings and Future Outlook for Brand Markers
- Amplification of your brand without advocacy of your brand is a waste. (Don’t be caught with a “successful” viral marketing scheme that no one associates with your company.)
- A brief lesson in cognitive theory: To save brainpower, our minds operate in terms of “schema” — patterns that determine our expectations of a situation. Our attention can be grabbed when a schema is interrupted (things happen in an unexpected way) OR when two schema are combined in a “conceptual blend.” Brands must work to make their marking “mildly, not wildly, incongruous” with our existing schema if they want to get our attention.
Pauline Ores, IBM
Influence Starts @ Home
- As a B2B company, in order to influence, you must be influenced. Be knowledgeable, respond quickly, and don’t forget to react.
- The potential insights you gain by “listening” to your customers on the social web can only make an impact on your business if you turn around and feed that information inside, then grow upon it internally. At IBM, they use a highly successful internal social networking to drive innovation and improvement. No matter how big your company is, it’s essential for the internal communication to react rapidly to the external communication in order to see results.
- (Pauline, if you’re reading this — thanks for your insight and conversation! It was a pleasure to meet you and to hear about the interesting and innovative initiatives you’re helping to lead at IBM.)
Carlos Diaz, Blue Kiwi
Successfully Tie In Traditional Social Media Techniques Within Your Existing Multi-Channel Marketing Strategies
- You need to have an engagement strategy, not just a social media marketing strategy. How will you get your customers and potentials to interact with your brand in a meaningful way?
- Conversation from influencers is the most important for ROI. Find a way to filter out the “best” (most valuable) conversations and focus on these conversations.
Mike Butcher, TechCrunch Europe
Will the Next Wave Be Intention?
- In Web 2.0, marketing has gone in waves: social marketing > viral marketing > location-based. Is “intention based” the next wave?
- My two cents: One of the main downfalls of existing social media monitoring systems is that they often provide conversation (complaints, feedback, wishes) to which companies can react, but they are seldom empowering brands to proactively pursue their customers and potentials.
Barak Libai, Tel Aviv University
How Can We Assess the Real Value of Word-of-Mouth for Brands and Marketing
- “Social Value” is the monetary value a customer adds due to their social interactions. There are two dimensions in which to calculate this model. The first by the value of the product that the person buys because of a social interaction. The second, and far more complex, dimension has to do with the value of the people who are influenced to buy the product by this person.
- Determining customer lifetime value: In the social spectrum, we move from a measurement model of customer acquisition (now we have another customer because of marketing effort X) to a model of customer acceleration (we have another customer sooner because of marketing effort X)
- There is no simple way to calculate these values — there are issues such as of the number of friends influencing a single person (influence from multiple nodes), the amount of chatter surrounding any influential conversation, etc.
- Net Present Value (NPV) of cash streams: academics have learned that clusters of people (friends, people united by similar interests, etc.) tend to have similar lifetime values. So in order to determine how valuable any one customer may be, they could use what Libai called the “It’s a Wonderful Life” approach, in which they build a model to determine how customer lifetime value might be affected if a single person were removed from the bigger picture. This is the approach they’re taking now:
- Collect data on real social networks
- Run simulations on these model networks (think Sims 3)
- Conduct experiments in these model networks (removing nodes — notice the difference between removing an influencer versus a non-influencer)
- What have they learned? Influencers are definitely important, but random seeding is good, too
Sumaya Kazi, YoProCo (formerly of Sun Microsystems)
- Big companies should think like startups when it comes to social media marketing. Startups benefit from having a united voice, and this is what big companies need. Startups have to use social media because they don’t have big budgets for marketing; big companies should take the frugal approach to social media marketing instead of waiting for big budgets to pass through the upper tiers.
- Great ideas from Sumaya:
- Designed a Sun Microsystems Facebook group that promises “bytes” of info on a regular basis
- “Sun Social U” training courses for Sun Microsystems to teach employees about Sun’s social media guidelines
- Shared a conference they attended by distributing 100 (or so) Flip video cameras and having users upload their content in the form of one minute video interviews of people from the conference
The big question at the end of the conference is how to harness the two-way-communication marketing trend. How can we make these all these conversations actionable? What do you think?
Below are some great resources folks have posted to document and comment on the conference. We’ll update this post as more materials become available:
Hilarious video (“Send Us Your Reckons”) shared during the panel about the role of journalism in a Web 2.0 world