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Connect Champions Day October 2010

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Hamill Associates Ltd
Hamill Associates Ltd

The document discusses using social media for business growth. It provides an example of a safety harness company that used social media and frameworks like the Customer Value Matrix and Quality Customer Growth Program to identify potential customers in neuroscience and optogenetics and position them on a matrix based on attractiveness and probability of success. This allowed the company to develop a targeted social media strategy to engage with and build relationships with the most valuable prospects.

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Connect Champions DaySocial Media for Sustained Business GrowthDr. Jim Hamill jim.hamill@ukonline.co.ukAlan Stevensonast3v3nson@gmail.comOctober, 2010
Remit/BackgroundTalk about non-traditional routes to market – especially international markets (my background is export marketing and international business)Used effectively, social media can help to break down SME growth barriers/ barriers to internationalization
Remit/BackgroundPotential business benefits are wide rangingMarket/Customer Knowledge & InsightEngagement & Reputation ManagementEnhanced Customer Experience and LoyaltySales/Marketing Effectiveness, Efficiency and ROIOperations/ Internal Processes (open source and hosted apps)But the key words are ‘used effectively’
Remit/BackgroundInterest and enthusiasm in SM among SMEs is growing rapidlyChannels are being set upBut there is a lack of ‘strategic thinking’Most SMEs do not have a clear social media vision or strategy; objectives are often undefined; little emphasis on KPIs, targets, ROI or on-going performance measurement Lack of attention paid to organization, people, resource issues critical to on-going SM successSocial Media Planning PaysFocusGeneral presentations/advice on social media – www.energise2-0.comFor today – a more focused approach
AgendaKey point summaryA case example – using our ‘Customer Value Matrix’ and ‘Quality Customer Growth Programme’General advice – ‘Things to remember about social media’‘Getting there’ – social media planning paysSocial media is not just for B2C
B2B Use of Social Media93% of business buyers believe all companies should have a social media presence85% of business buyers believe companies shouldn’t just present information via social media – they should also interact and engage with themSource: Buzz Marketinghttp://www.futurelab.net/blogs/marketing-strategy-innovation/2010/09/17_compelling_and_highly_usabl.html?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+Futurelab+%28Futurelab%27s+Blog%29
Key Point Summary
Key Point SummaryOK – so we have a great new product or service; but how do we market and promote it? How do we ‘create the buzz’?Option 1: The Traditional Marketing 101 (‘4Ps’) approachProduct development – Price/Differentiate – Market and Promote – Sell/PlaceProblem is... does anybody listen any more?Traditional/mainstream approaches to sales and marketing are declining in effectiveness
Source: The Future of Advertising, APA, 17/02/09 as published on Slideshare (www.slideshare.com)
Connect Champions Day October 2010
New Approaches RequiredThe Social Media Revolution has led to a POWER SHIFT
New business models and new approaches to sales/marketing are required - based on:
Communities, networks, openness, peering, sharing, collaboration, customer empowerment, ‘think and act’ globally
Engage and energise – marketing as a two-way conversation
‘Create the Buzz’
Requires new performance measures – the ‘4Is’Performance Measures - The ‘4Is’Involvement – network/community numbers/quality, time spent, frequency, geography
Interaction – actions they take – read, post, comment, reviews, recommendations
Intimacy – affection or aversion to the brand ; community sentiments, opinions expressed etc
Influence – advocacy, viral forwards, referrals and recommendations, social bookmarking Social Media Monitoring Tools –Audit, Assess, Impact
Monitor the ConversationsUse Social Media Monitoring Tools to monitor online conversations relevant to your brandNo or low cost tools such as Google Alerts, Yahoo Pipes, Social Mention, IceRocket, Blogscope, Blogpulse and ViralHeatMore expensive and sophisticated tools such as Radian6, Alterian SM2, Sysomos Heartbeat and Infegy SocialRadar 
The Three Key Questions
Three Simple QuestionsWho are our customers?Where do they hang out in social media?How can we best engage with and energise them?
www.mashable.com
New Approaches RequiredEspecially true in International Marketing.....The Safety Harness Example
Safety Harness CompanyAbout Us: I am a manufacturer of safety harnesses for industrial use. My belay system is an innovative design It ensures that users (injured or not) are returned to ground safely.My target customers: Health & Safety Equipment Resellers; Health & Safety Consultants; Health & Safety Representatives My target industries: Utilities, Construction; Other industries that require height work
Mainstream Export Marketing AdviceMarket research and country screeningLong list of potential countriesShort list of the most attractive marketsDecide which market(s) to enter Concentration v. spreadingIdentify the range of foreign market entry strategies available e.g. indirect/direct exporting; licensing; joint ventures; strategic alliances; FDICosts/benefitsChoose the entry strategyIdentify agents.....etc etc etcetcetcetcetc.........
A New ApproachHow can I do this differently?How can I break down these barriers? Leading to more rapid internationalization at lower cost
Safety Harness Company
Safety Harness Company
A Case ExampleUsing Social Media to Build a Quality International Customer Base/ A Quality Network (4Is)
The CompanyA new business start-upSupplier of hi-tech solutions to the neurotechnology and optogenetic sectorsWikipedia Definition: a combination of optical and genetic technologies to probe neural circuits at high speedsProject TaskIdentify most attractive potential customers and a communications plan for engagementWho, Where, How?
The FrameworkQuality Customer Growth Programme
QCGPA systematic, professional approach to identifying and acquiring the right type of customer, managing and growing the relationship with them Will ensure that your sales, marketing and relationship building efforts are targeted at `quality' customers and sales prospects (high value, high growth potential, high probability of success customers)
QCGPThis will improve the effectiveness (ROI) and efficiency (costs) of sales, marketing and relationship building efforts
Will ensure that your future growth is built on a solid foundation of rock rather than sand
QCGP is a very flexible tool. It can be used to evaluate the quality of a company's existing customer base; sales prospects; target markets and sectorsThe Customer Value Matrix
Customer Value MatrixA strategic framework for positioning different customers, sales prospects, markets and sectors according to their relative importance to the company.
Two main criteria:`Customer Attractiveness' - the current and future value of a particular customer (sales prospect, market or sector) taking into account sales value, customer acquisition and service costs, short and long term customer profitability etc. `Probability of Success' - the likelihood that the company can win, retain and grow that customer's business
Customer Value Matrix
Quality Customer Growth Programme
So how did we use this approach?
QCGPStart with a ‘Customer Mapping ExerciseIdentified 3 main customer groupsIndividuals in neuroscienceNeuroscience/optogenetic institutes, firms and clustersIndividuals in optogeneticsUsed Linkedin for building a customer database.....Then position on the Customer Value MatrixCommunications strategy emerged from this.......
QCGP27,000 neuroscience profiles on Linkedin100 neuroscience institutes, firms, clusters50 neurotechnology companies50 individuals in optogeneticsFurther filtered to identify the Top 50 ‘best sales prospects’Updated yesterday........
39,666 Neuroscience People
246 Neuroscience Companies
22 Optogenetics People
Society of Neuroscience 2,889 Members
Things to Rememberabout Social Media
The Essence of Social MediaIt’s socialA key feature is online democracy – with content being provided by the network for the network – represents a fundamental and revolutionary change in online behaviour, expectations and the online customer experience. The end of the ‘read only’ internetPower shiftSocial media empowers customers, empowers the network. Recognizing this shift is the cornerstone of future success Declining effectiveness of traditional approaches Does anyone listen to sales/brand messages anymore?
The Essence of Social MediaPull v pushConsumers/users decide what information they wish to accessNew ‘mindsets’ are requiredMarketing as a conversation with your customers, a conversation with your network – dialogue not broadcastingBut this is something that most of us are not very good at doingWe prefer ‘telling’ peopleSM ‘winners’ and ‘losers’‘Winners’ will be those organisations who fully utilise the interactive power of Web 2.0 technology for engaging with and energising customer and network relationships
Connect Champions Day October 2010
Connect Champions Day October 2010
The Essence of Social MediaNew performance measuresRequires new performance measures Quality of your networkRelationship strengthAbility to leverageSocial media monitoring tools  Redefines the concept of a web siteThe need for new business/marketing models
Built Using Wordpress
Embeds SM Channels
Embeds SM Channels
We use it
CMS and Stats
‘Getting There’
Next StepsGet InvolvedGoogle Alerts, Linkedin, Social Media MonitoringLearn moreDevelop a strategyImplementMonitor
SM Strategy Development Strategic objectives
Targets
Key performance indicators (KPIs)

More Related Content

Connect Champions Day October 2010

  • 1. Connect Champions DaySocial Media for Sustained Business GrowthDr. Jim Hamill jim.hamill@ukonline.co.ukAlan Stevensonast3v3nson@gmail.comOctober, 2010
  • 2. Remit/BackgroundTalk about non-traditional routes to market – especially international markets (my background is export marketing and international business)Used effectively, social media can help to break down SME growth barriers/ barriers to internationalization
  • 3. Remit/BackgroundPotential business benefits are wide rangingMarket/Customer Knowledge & InsightEngagement & Reputation ManagementEnhanced Customer Experience and LoyaltySales/Marketing Effectiveness, Efficiency and ROIOperations/ Internal Processes (open source and hosted apps)But the key words are ‘used effectively’
  • 4. Remit/BackgroundInterest and enthusiasm in SM among SMEs is growing rapidlyChannels are being set upBut there is a lack of ‘strategic thinking’Most SMEs do not have a clear social media vision or strategy; objectives are often undefined; little emphasis on KPIs, targets, ROI or on-going performance measurement Lack of attention paid to organization, people, resource issues critical to on-going SM successSocial Media Planning PaysFocusGeneral presentations/advice on social media – www.energise2-0.comFor today – a more focused approach
  • 5. AgendaKey point summaryA case example – using our ‘Customer Value Matrix’ and ‘Quality Customer Growth Programme’General advice – ‘Things to remember about social media’‘Getting there’ – social media planning paysSocial media is not just for B2C
  • 6. B2B Use of Social Media93% of business buyers believe all companies should have a social media presence85% of business buyers believe companies shouldn’t just present information via social media – they should also interact and engage with themSource: Buzz Marketinghttp://www.futurelab.net/blogs/marketing-strategy-innovation/2010/09/17_compelling_and_highly_usabl.html?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+Futurelab+%28Futurelab%27s+Blog%29
  • 8. Key Point SummaryOK – so we have a great new product or service; but how do we market and promote it? How do we ‘create the buzz’?Option 1: The Traditional Marketing 101 (‘4Ps’) approachProduct development – Price/Differentiate – Market and Promote – Sell/PlaceProblem is... does anybody listen any more?Traditional/mainstream approaches to sales and marketing are declining in effectiveness
  • 9. Source: The Future of Advertising, APA, 17/02/09 as published on Slideshare (www.slideshare.com)
  • 11. New Approaches RequiredThe Social Media Revolution has led to a POWER SHIFT
  • 12. New business models and new approaches to sales/marketing are required - based on:
  • 13. Communities, networks, openness, peering, sharing, collaboration, customer empowerment, ‘think and act’ globally
  • 14. Engage and energise – marketing as a two-way conversation
  • 16. Requires new performance measures – the ‘4Is’Performance Measures - The ‘4Is’Involvement – network/community numbers/quality, time spent, frequency, geography
  • 17. Interaction – actions they take – read, post, comment, reviews, recommendations
  • 18. Intimacy – affection or aversion to the brand ; community sentiments, opinions expressed etc
  • 19. Influence – advocacy, viral forwards, referrals and recommendations, social bookmarking Social Media Monitoring Tools –Audit, Assess, Impact
  • 20. Monitor the ConversationsUse Social Media Monitoring Tools to monitor online conversations relevant to your brandNo or low cost tools such as Google Alerts, Yahoo Pipes, Social Mention, IceRocket, Blogscope, Blogpulse and ViralHeatMore expensive and sophisticated tools such as Radian6, Alterian SM2, Sysomos Heartbeat and Infegy SocialRadar 
  • 21. The Three Key Questions
  • 22. Three Simple QuestionsWho are our customers?Where do they hang out in social media?How can we best engage with and energise them?
  • 24. New Approaches RequiredEspecially true in International Marketing.....The Safety Harness Example
  • 25. Safety Harness CompanyAbout Us: I am a manufacturer of safety harnesses for industrial use. My belay system is an innovative design It ensures that users (injured or not) are returned to ground safely.My target customers: Health & Safety Equipment Resellers; Health & Safety Consultants; Health & Safety Representatives My target industries: Utilities, Construction; Other industries that require height work
  • 26. Mainstream Export Marketing AdviceMarket research and country screeningLong list of potential countriesShort list of the most attractive marketsDecide which market(s) to enter Concentration v. spreadingIdentify the range of foreign market entry strategies available e.g. indirect/direct exporting; licensing; joint ventures; strategic alliances; FDICosts/benefitsChoose the entry strategyIdentify agents.....etc etc etcetcetcetcetc.........
  • 27. A New ApproachHow can I do this differently?How can I break down these barriers? Leading to more rapid internationalization at lower cost
  • 30. A Case ExampleUsing Social Media to Build a Quality International Customer Base/ A Quality Network (4Is)
  • 31. The CompanyA new business start-upSupplier of hi-tech solutions to the neurotechnology and optogenetic sectorsWikipedia Definition: a combination of optical and genetic technologies to probe neural circuits at high speedsProject TaskIdentify most attractive potential customers and a communications plan for engagementWho, Where, How?
  • 32. The FrameworkQuality Customer Growth Programme
  • 33. QCGPA systematic, professional approach to identifying and acquiring the right type of customer, managing and growing the relationship with them Will ensure that your sales, marketing and relationship building efforts are targeted at `quality' customers and sales prospects (high value, high growth potential, high probability of success customers)
  • 34. QCGPThis will improve the effectiveness (ROI) and efficiency (costs) of sales, marketing and relationship building efforts
  • 35. Will ensure that your future growth is built on a solid foundation of rock rather than sand
  • 36. QCGP is a very flexible tool. It can be used to evaluate the quality of a company's existing customer base; sales prospects; target markets and sectorsThe Customer Value Matrix
  • 37. Customer Value MatrixA strategic framework for positioning different customers, sales prospects, markets and sectors according to their relative importance to the company.
  • 38. Two main criteria:`Customer Attractiveness' - the current and future value of a particular customer (sales prospect, market or sector) taking into account sales value, customer acquisition and service costs, short and long term customer profitability etc. `Probability of Success' - the likelihood that the company can win, retain and grow that customer's business
  • 41. So how did we use this approach?
  • 42. QCGPStart with a ‘Customer Mapping ExerciseIdentified 3 main customer groupsIndividuals in neuroscienceNeuroscience/optogenetic institutes, firms and clustersIndividuals in optogeneticsUsed Linkedin for building a customer database.....Then position on the Customer Value MatrixCommunications strategy emerged from this.......
  • 43. QCGP27,000 neuroscience profiles on Linkedin100 neuroscience institutes, firms, clusters50 neurotechnology companies50 individuals in optogeneticsFurther filtered to identify the Top 50 ‘best sales prospects’Updated yesterday........
  • 47. Society of Neuroscience 2,889 Members
  • 48. Things to Rememberabout Social Media
  • 49. The Essence of Social MediaIt’s socialA key feature is online democracy – with content being provided by the network for the network – represents a fundamental and revolutionary change in online behaviour, expectations and the online customer experience. The end of the ‘read only’ internetPower shiftSocial media empowers customers, empowers the network. Recognizing this shift is the cornerstone of future success Declining effectiveness of traditional approaches Does anyone listen to sales/brand messages anymore?
  • 50. The Essence of Social MediaPull v pushConsumers/users decide what information they wish to accessNew ‘mindsets’ are requiredMarketing as a conversation with your customers, a conversation with your network – dialogue not broadcastingBut this is something that most of us are not very good at doingWe prefer ‘telling’ peopleSM ‘winners’ and ‘losers’‘Winners’ will be those organisations who fully utilise the interactive power of Web 2.0 technology for engaging with and energising customer and network relationships
  • 53. The Essence of Social MediaNew performance measuresRequires new performance measures Quality of your networkRelationship strengthAbility to leverageSocial media monitoring tools  Redefines the concept of a web siteThe need for new business/marketing models
  • 60. Next StepsGet InvolvedGoogle Alerts, Linkedin, Social Media MonitoringLearn moreDevelop a strategyImplementMonitor
  • 61. SM Strategy Development Strategic objectives
  • 65. The key social media actions and initiatives required for ‘getting there’
  • 66. Organisational, people and resource issuesEnsure that your social media strategy is fully aligned with andsupportive of your overall strategic goals and objectives withclear targets and ROI criteria
  • 69. Each Step is being covered in detail on our blog at www.energise2-0.com
  • 70. Five Key AreasExternal Analysis: Evaluate Your Social Media LandscapeInternal Analysis: Evaluate Your ‘Readiness to Engage’Develop Your Social Media Strategy and Action Plans for ‘Getting There’Evaluate Your Social Media Performance and ROIOrganization, People and Resource Issues
  • 71. The Three Key Questions
  • 72. Three Simple QuestionsWho are our customers?Where do they hang out in social media?How can we best engage with and energise them?
  • 74. Continue the discussion at www.energise2-0.com
  • 76. Bob DylanCome gather 'round peopleWherever you roamAnd don’t criticiseWhat you can't understandYour sons and your daughtersAre beyond your commandYour old road isRapidly agin‘Then you better start swimmin’Or you'll sink like a stoneFor the times they are a-changin’