Post on 23-Feb-2016
description
Leading Change in Turbulent TimesExecutive Education Seminar
BRINGING ‘MARKET’ INTO MARKETING: MARKET CHANGES, VALUE CREATION AND SOCIAL MEDIA
Raj Agnihotri, PhDAssistant Professor of Marketing Director of Research at the Schey Sales Centrewww.Agnihotri-Raj.comOctober 2013
3
2
1Understanding the current market environment
Exploring social media as a business tool
Outlining a social media startegy
Discussiontopics
Today’s AgendaNa ordem do dia de hoje
Let’s Do Some Thinking!Vamos pensar um pouco!
Discuss within your group/table and come up with one of the ‘social media marketing trends’ that can be perceived as new and innovative!
What Would You Do?O que você faria?
“A global bank executive recently described to us a challenge for our times. It turns out that a customer who normally would qualify for the lowest level of service has an impressive 100,000 followers on Twitter. The bank isn’t doing much yet with social media and has no formula for adapting it to particular customers, but the executive still wondered whether the customer’s “influence” might merit special treatment.”
From: What’s Your Social Media Strategy?Wilson and colleagues (2011), Harvard Business Review
CustomerValue
Organization’sSocial Capital
Social Capital… What?
Structural DimensionInteractions to maintainSocial Structure
Relational DimensionInteractions to Build & Maintain Trust/Trustworthiness
Cognitive DimensionInteractions focused toward Vision Sharing
Social MediaUse
(Kothandaraman, Agnihotri, and Kashyap 2011)
A Social Capital PerspectiveUM Capital Social Perspectiva
So, the question becomes…How can we Co-Create
the value?Como podemos Co-Create
o valor?
-The answer is...
Organization ConsumerProductt
Organization Productt+1Consumer
Value Co-Creation
Value Co-Creation
Market Evolution
CollaboratorCollaborator
Collaborator Collaborator
(Agnihotri and Hu 2009)
Co-Evolution
EXAMPLES: http://cloroxconnects.com/pages/homehttp://mystarbucksidea.force.com/
Generate Social RevenueSocial gerar receita?
http://fiestamovement.com/
• Ford Fiesta Movement, a campaign to promote the Fiesta model
• Giving cars to 100 social “agents” and let them promote vehicle through Social Media
• All without spending a dollar on traditional media
Results of six month campaign - 4.3 million YouTube views - 500,000+ Flickr views- 3 million+ Twitter impression- 50,000 interested potential customers, 97% of
which don’t own a Ford currently.
A Social Media Framework for Sales Organizations
Developing/Assessing Business Specific Social Strategy Elements
Formulating/Assessing Business Specific Value Drivers
Establishing/Assessing Business Specific Performance Metrics
Social-Strategy
Elements
ValueDrivers
PerformanceMetrics
Social Media
Organization
Customers
A Strategic ApproachUma Abordagem Estratégica
Finding a FitDiagnóstico a aplicar
(From: Agnihotri et al. 2012)
InformationSharing
CustomerService
TrustBuilding
SOCIAL CONTENT ENABLER[Blogs, Micro-blogging (Twitter), Etc.]
SOCIAL NETWORK ENABLER[Networking Websites (Facebook, LinkedIn),
Online communities/ Discussion forums]
ORGANIZATION ACTIONS
Customer Perceived
Value
OrganizationPerceived
Value
Fit between Social Media Use & Service Actions to “Pull’ Customers towards Firm Generated Content
Fit between Social Media Use & Actions to “Push” Information through Expanding Networks of Connections
VALUE CREATION
https://www-304.ibm.com/connections/blogs/
http://www.youtube.com/watch?feature=player_embedded&v=F5CF1FEm_oA#t=12
ROI: commonly used metrics*ROI: métricas comumente usadas *
73%Customer Acquisition rate
*Gleansight: social media marketing, November 2010
Organizations can set milestones in terms of –i) Marketing efforts (e.g., number of tweets posted per week,
number of blogs written and followed, etc.) ii) Outcomes (e.g., number of leads generated through blogs)
Performance evaluation should include -iii) Objective (e.g., changes in service support costs) iv) Subjective criteria (e.g., number of referrals and/or positive
recommendations by existing customers through social networks)
86%Audience growth rate
-e.g., # of facebook fans, twitter followers, etc., per
week
77%Volume of relevant
posts/comments
81%Customer engagement rate
-e.g., # of click-thrus, registrations, etc., per week
73%Customer Acquisition rate
• Do your research before investing in SM
• Remember the ‘Market’ in marketing strategy
• Create value
….and finally
• Connect with people because nothing can replace
the - personal touch
Tips to RememberDicas para lembrar
Thank You and Good Luck!
Obrigado e boa sorte!