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Stanford Breakfast: Creating Winning Social Media Strategies

Presentation by Charlene Li at the Stanford Breakfast Briefing Series, Wednesday, September 9, 2009

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Stanford Breakfast: Creating Winning Social Media Strategies

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  1. Creating Winning Social Media Strategies Charlene Li Altimeter Group September 9, 2009 For a copy of slides, send an email to info@altimetergroup.com

  2. What engagement often looks like today 2

  3. Meet Dave Carroll Source: davecarrollmusic.com

  4. Welcome to the Groundswell When people get what they need from each other A power shift, catalyzed by social technologies 5

  5. Technologies can be confusing Source: Wordle.net

  6. It’s about the relationship

  7. Focus on relationships, not technologies What kind of relationship do you want? Transactional Occasional Impersonal Short-term Passionate Constant Intimate Loyal

  8. Goals define your strategy Dialog Learn Help Innovate

  9. Always start with Learn Dialog Learn Help Innovate

  10. Learn with monitoring tools

  11. Radian6 enables learning organizations

  12. How Oracle encouraged feedback 13

  13. Dialog with your community Dialog Learn Help Innovate

  14. The Engagement Pyramid Curators Producers Commenters Sharers Watchers

  15. HP actively encourages sharing

  16. At Southwest, a planner talks Post received 98 comments over 10 days In the future, everyone is a marketer

  17. Driving sales with Twitter

  18. Help your members support each other Dialog Learn Help Innovate

  19. Comcast provides support via Twitter

  20. Goals define your strategy Dialog Learn Help Innovate

  21. Starbucks innovates across the organization

  22. Getting started What’s stopping you? “We don’t have the time, money, or people.” “People will abuse it.” “Our boards/volunteers are short-term focused.” “IT/Legal won’t let us.” “I’m afraid of losing control.”

  23. #1 Start small, start now Audience Goal Revolutionary

  24. Deal with different mindsets Fearful Skeptic Cautious Tester Realist Optimist Transparent Evangelist Find the “moments of truth” and “moments of crisis” for each mindset

  25. Wal-mart failed many, many times before they figured it out

  26. #2 Measure the right things Your goals determine your metrics Use the same metrics as your strategic goals

  27. Example “micro” metrics Goal Metric Value Learn # of customer feedback Impact of faster, better insights Dialog # of comments # of referrals Greater loyalty Faster, more closes Help Innovate # of issues addressed # of implemented ideas Increased satisfaction Faster development

  28. Higher order metrics to consider Net Promoter Score How likely are you to recommend this to someone you know? Lifetime Value Lifetime revenue Cost of acquisition Cost of retention Customer referral value (CRV)

  29. #3 Give up the need to be in control Photo: Kantor, http://www.flickr.com/photos/kantor

  30. Deciding how open to be Your goals Your The audiences’ needs competition 31

  31. How to give up control and be in command The Sandbox Covenant

  32. The Red Cross handbook/policies help keep order http://sites.google.com/site/wharman/social-media-strategy-handbook

  33. Summary • Focus on the relationships, not the technologies • Start by learning from the conversations • Prepare to let go … … of the control you never had

  34. Thank You Charlene Li Altimeter Group charlene@altimetergroup.com blog.altimetergroup.com Twitter: @charleneli For slides, send an email to info@altimetergroup.com 35 Copyright © 2009 Altimeter Group

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