SVAMA Speech "Understanding And Capitalizing On The Groundswell"

1. Understanding And Capitalizing On The Groundswell Charlene Li Altimeter Group May 14, 2009 If you would like a copy of the slides, please leave a business card with me.

2. Is this what social media is about? 2 Source: Wordle.net

3. It’s about the relationship 3

4. 4

5. Focus on relationships, not technologies What kind of relationship do you want? Transactional Occasional Impersonal Short-term Passionate Constant Intimate Loyal 5

6. But it’s hard to form relationships 6

7. What you need is a strategy What will you do? What won’t you do? 7

8. Link digital goals to corporate strategy 8

9. Goals define your strategy 9

10. Learn with monitoring tools 10

11. How Oracle encouraged feedback 11

12. Build dialog with the Engagement Pyramid • Edit a wiki • Moderate a forum • Write in a blog – 21% • Upload a video – 18% • Rate a product or service • Comment on a blog post • Write in a discussion forum – 47% of users* • Share online video – 37% • Update profile – 35% • Upload photos – 23% • Watch online video – 59% • Read blogs – 48% • Download podcasts – 23% Base: Global active Internet users (uses the Internet every day/every other day Note: Percent of active Internet users that do this at least weekly Source: Universal McCann Social Media Tracker Wave 3, March 2008 *Source: Lithium Technologies, May 2009 12

13. Let’s talk about taxes For H&R Block, it’s a conversation, not a campaign 13 13

14. Dialog with Frank Eliason, Comcast 14

15. Dawn supports with reviews 15 15

16. Starbucks innovates across the organization

17. Getting started 17

18. 18 #1 Get the right people on the bus 18

19. Find your revolutionaries Lionel Menchaca Dell Paula Drum H&R Block Ed Terpening Wells Fargo 19

20. Have a plan to deal with different social media mindsets Find the “moments of faith” and “moments of crisis” for each mindset 20

21. #2 Measure the right things Your goals determine your metrics Use the same metrics as your marketing goals 21

22. Example “micro” metrics 22

23. 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) 23

24. #3 Get the right help See a list at wiki.altimetergroup.com 24

25. How to find good help 1. Focuses on relationships, not campaigns. 2. Uses social media successfully themselves. 3. Commits resources to learning and training. 4. Has learned from their mistakes. 5. Respects and is humbled by the medium. 25

26. #4 Start small Listen first Experiment 26

27. Convincing your curmudgeon “It’s a fad and waste of time.” - Make it real. “There’s no ROI.” - Tie it to goals. “It’s way too risky.” - Develop worst case scenarios. 27

28. #5 Embrace failure Identify the top 5-10 worst case scenarios. Develop mitigation and contingency plans. Prepare everyone for the inevitable failures. 28

29. Wal-mart failed many, many times 29

30. Buyer blog hit the right note 30

31. Photo: Kantor, http://www.flickr.com/photos/kantor 31

32. An essential tool to have 32

33. Thank You Charlene Li Altimeter Group charlene@altimetergroup.com blog.altimetergroup.com Twitter: @charleneli To get a copy of slides, please leave your business card 33 Copyright © 2009 Altimeter Group