Driving Revenue From Social Media: Six Buying Behaviors That Will Change Your Strategy
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The document outlines changing consumer buying behaviors that influence social media strategies, highlighting the need for brands to engage consumers as more than just friends on social networks. It emphasizes the importance of branded customer communities for consumer engagement, as 89% of consumers prefer company websites for research and prefer content vetted by peers. The report encourages brands to leverage customer advocacy and enhance their websites to reflect social media experiences to drive sales.
Driving Revenue From Social Media: Six Buying Behaviors That Will Change Your Strategy
- 1. 6 Consumer Buying Behaviors That Will Change Your Social Strategy Wendy Lea CEO Get Satisfaction #MonetizeSMM #SMM
- 2. “…Event: #MonetizeSMM 2Incyte, “To Monetize Open Social Networks, Invite Customers to Be More Than Just “Friends”, 7/2012, http://www.incytegroup.com @Getsatisfaction #MonetizeSMM 2
- 3. $17B Spend for 20121 1Gartner, “Gartner Says Worldwide Social Media Revenue Forecast to Reach $16.9 Billion in 2012”, 7/25/2012, www.gartner.com/it/page.jsp?id=2092217 @Getsatisfaction #MonetizeSMM 3
- 4. “…and the investment return has been dismal.”2 2Incyte, “To Monetize Open Social Networks, Invite Customers to Be More Than Just “Friends”, 7/2012, http://www.incytegroup.com @Getsatisfaction #MonetizeSMM 4
- 5. What is Customer Engagement? @Getsatisfaction #MonetizeSMM 5
- 6. True Engagement Addresses Both Consumer and Brand “Wants” Brands want to: Consumers want to: • Make their products known to • Learn about new products consumers and services Advertising works here • Educate consumers on how • Make good purchase to buy decisions • To influence consumers’ • Buy the right thing at the evaluation criteria right price • Help consumers use products • Get value Engagement scales here • Build a strong and loyal • Build expertise customer base • Share • Tap advocates’ passion @Getsatisfaction #MonetizeSMM 6
- 7. Engagement is About Every Stage of Customer Lifecycle Discover Advocate Evaluate Bond Buy Experience @Getsatisfaction #MonetizeSMM 7
- 8. Advocates Bring New Customers Discover Advocate Evaluate Bond Buy Experience @Getsatisfaction #MonetizeSMM 8
- 9. The Missing Piece - What Engages You? What drives you to engage with brands in social media? Games? Contests? Digital Ads? Creative Campaigns @Getsatisfaction #MonetizeSMM 9
- 10. Why Incyte Research? " Understand market landscape " How consumers want to interact with brands " Build the right product @Getsatisfaction #MonetizeSMM 10
- 12. Social Networks Not the Primary Place People Go to Research Products Only 20% of consumers use social networks to research products vs. 81% use company website What Consumers do to Learn about a Product or Service @Getsatisfaction #MonetizeSMM 12
- 13. “Consumers want company websites to be more like their experiences on social networks.”3 3Incyte, “To Monetize Open Social Networks, Invite Customers to Be More Than Just “Friends”, 7/2012, http://www.incytegroup.com @Getsatisfaction #MonetizeSMM 13
- 14. Company Websites are the Primary Place for Information on Purchase Decisions 89% of consumers use company websites as primary source to research products @Getsatisfaction #MonetizeSMM 14
- 15. “What was interesting was consumers’ preference for branded customer communities over open social networks when seeking information to make a purchase.” 4 4Incyte, “To Monetize Open Social Networks, Invite Customers to Be More Than Just “Friends”, 7/2012, http://www.incytegroup.com @Getsatisfaction #MonetizeSMM 15
- 16. Consumers Show a Strong Preference for Branded Customer Communities " 85% preferred content vetted by consumers " Only 15% preferred content vetted in some manner by companies Fit in my car? @Getsatisfaction #MonetizeSMM 16
- 17. “When making a purchase decision consumers care about content that has been vetted by other consumers.”5 5Incyte, “To Monetize Open Social Networks, Invite Customers to Be More Than Just “Friends”, 7/2012, http://www.incytegroup.com @Getsatisfaction #MonetizeSMM 17
- 18. Social Media is the Door into Brand’s Customer Community 58% of consumers have joined an internet community based on a friend’s Facebook post @Getsatisfaction #MonetizeSMM 18
- 19. “Consumers are clearly saying that customer community allows them to quickly access information that is relevant and accurate.”6 6Incyte, “To Monetize Open Social Networks, Invite Customers to Be More Than Just “Friends”, 7/2012, http://www.incytegroup.com @Getsatisfaction #MonetizeSMM 19
- 20. Relevant Content is What Drives Consumers to Prefer Branded Communities over Social Networks Top Reasons Consumers Par9cipate in a Branded Customer Community @Getsatisfaction #MonetizeSMM 20
- 21. “Consumers prefer it when information is provided by other people like them.”7 7Incyte, “To Monetize Open Social Networks, Invite Customers to Be More Than Just “Friends”, 7/2012, http://www.incytegroup.com @Getsatisfaction #MonetizeSMM 21
- 22. 83% of Consumers are Very Willing to Become Brand Advocates " 83% of consumers are very willing to become on-line brand advocates " 42% of consumers are willing to be on-line advocates without incentive @Getsatisfaction #MonetizeSMM 22
- 23. “Advocacy at scale is the “holy grail” for marketers.”8 8Incyte, “To Monetize Open Social Networks, Invite Customers to Be More Than Just “Friends”, 7/2012, http://www.incytegroup.com @Getsatisfaction #MonetizeSMM 23
- 24. The Key to Driving Revenue from Social is a Branded Customer Community @Getsatisfaction #MonetizeSMM 24
- 25. Take Action to Boost the Revenue Impact of Your Social Media Investments Ac-on #1: Ac-on #2: Ac-on #3: Look at social Use customer communi9es Leverage customers as throughout customer to make your website more brand advocates life cycle “Social” @Getsatisfaction #MonetizeSMM 25
- 26. Panel of Marketing Experts Wendy Lea, Ray Wang, Get Sa-sfac-on, CEO Constella-on Research Group, CEO @WendySLea @rwang0 Adam Kleinberg Amy Love Chris Carfi, Ant's Evan Grossman Jascha Kaykas Trac-on, CEO NetApp, CMO Eye View, VP athenahealth, VP Mindjet, CMO Social Strategy Product Management @adamkleinberg @amydlove @ccarfi @evangrossman @kaykas @Getsatisfaction #MonetizeSMM 26
- 27. Learn More hDp://www.youtube.com/user/getsa9sfac9on/featured @Getsatisfaction #MonetizeSMM 27