Posts Tagged ‘awarenessinc’

The Shopper EconomyThere is a new economic model – one that rewards the consumer for behaving a certain way that has far-reaching repercussions for your brand online. Companies that understand this new method of currency, value, and reward can reap the benefits of higher recall and increased consumer loyalty. Liz Crawford provides an analysis of this new model in The Shopper Economy: The New Way to Achieve Marketplace Success by Turning Behavior into Currency. With 20 years of experience as a brand manager and consultant focused on strategic innovation, Liz is uniquely qualified to identify this new shopper behavior-driven economic phenomenon. In anticipation of our Shopper Economy webinar next week, we sat down with Liz for some Q and A.

Your book, The Shopper Economy, describes an emerging economy where behavior is currency. What led you to investigate this topic?
I thought it was fascinating that digital technology, especially mobile technology, was enabling new kinds of transactions between buyers and sellers.  In addition to shoppers purchasing brands, brands were purchasing shopper behavior.  I believe this is a relatively new phenomenon.

In the book, I try to make clear that I am not referring to a conventional buy-more-get-more promotion.  And I don’t mean a deferred discount, like a cents-off-next-purchase.

Instead, I am pointing out a new dynamic where a shopper can actually earn value in exchange for one of four behaviors: paying attention, participating, advocating, or committing.  None of these behaviors directly involve purchase. The shopper can earn value by simply behaving.

This earned value can come in various forms – Shopkick Kicks, Facebook Credits, miles, points, etc. You will notice that this value is digital scrip (not straightforward fiat currency in most cases). The digital scrip is currency in that it is – 1. recorded,  2. stored and banked, and 3. redeemable at the discretion of the shopper, across channels. Shoppers can aggregate all manner of scrip in a clearinghouse website like www.points.com. This website allows shoppers to exchange hundreds of forms of scrip for fiat currency (dollars and cents), which may be deposited into a Paypal account.

Which industries are leading the way in understanding this new activity-based marketplace?
At this point, I believe that retailers are leading the way, along with financial services.

Retailers who are rewarding behavior are reaping the benefits.  There are various platforms which effectively use shopper participation to drive traffic and conversion.  These platforms include: http://www.scvngr.com/ , www.checkpoints.com/ , http://shopkick.com/ among others. These are platforms, which shoppers download onto their smartphones as apps.

American Express, of course, is a leader in the area. Their points system is both the granddaddy of digital scrip, as well as the continued frontrunner. One of the big reasons for their massive success is their extensive network of partners.  Shoppers who acquire points can redeem them in virtually any way they please, including simply using points to supplement/replace payments at a digital point of sale (www.americanexpress.com). I believe that with Google Wallet or ISIS type technologies, we will see frictionless, fungible exchanges of scrip with fiat currency, for everything. This really opens the door to the Shopper Economy.

How can small businesses take advantage of the concepts in The Shopper Economy?
Many smaller or independent retailers can begin to experiment with incenting behaviors by signing up with one of the platforms already mentioned (Checkpoints, Shopkick, SCVNGR, etc).  These mechanisms are used by hundreds of local merchants to drive traffic. In some cases the rewards are simply deferred discounts, like Foursquare rewards (“free coffee next visit” for example).  In other cases, the earned value is scrip which is redeemable at the discretion of the shopper.

For small business, advocacy is an important behavior to reward. Groupon and Living Social both reward shopper-to-shopper advocacy, and of course are used extensively by local merchants, like salons and restaurants.

In this new economy where shopper behaviors create units of value, how can marketers quantify a specific value to a shopper behavior?
This is a detailed subject.  The book devotes a chapter on valuation for each of the four shopper behaviors.  Some behaviors like Attention and Participation should be evaluated in comparison to more traditional communication and promotional expenditures, respectively.  So, if a shopper is watching an ad in exchange for scrip, does that shopper score higher on recall and persuasion scores?  It is the effectiveness of these efforts that need to be assessed. It is a trade-off of investment dollars.

The same evaluation process can be used to assess Participation programs.  For example, how effective is a SCVNGR game at driving store traffic, in comparison to other efforts?  This will help a business owner optimize marketing investments.  Participation also usually has a conversion component. That will help with understanding the financial return of the program.

The book also cites specific formulae to quantify some behaviors such as Advocacy.

What does the future look like in the shopper economy?
Shoppers will become increasingly sophisticated in understanding the worth of their labor.  This means that they will evaluate transactions with brands and retailers with a sharper eye to their own advantage.

For more insights from Liz Crawford, be sure to attend next week’s free Awareness webinar: The Shopper Economy. You can also download chapter 1 of The Shopper Economy: The New Way to Achieve Marketplace Success by Turning Behavior into Currency.

It’s time marketers stop collecting data for data’s sake and start it for culling insights. That’s where social analytics comes in. Social analytics is the evolving business discipline that studies social media metrics to help marketers use the findings to drive business intelligence. If you’re new to this, have no fear. Look to the 15 influencers listed below for guidance on the topic. They can help you get started or finesse your approach. Here are the Top Social and Web Analytics Experts to follow (in alphabetical order):

 

Gary Angel, president of Semphonic.  Recipient of the Digital Analytics Association’s Award for Excellence as the Most Influential Industry Contributor.

Don’t miss: 3 Paths to Digital Optimization: Zen and the Art of Enterprise Analytics

Key Takeaway: To get the greatest value from analytics, you need an integrated approach.

 

Connie Bensen, Senior digital strategist at Dell

Don’t miss: Best Practices for Social Media Monitoring ROI

Key Takeaway: Great tips on how to avoid spam and noise: add exclusion criteria to your searches.

 

Keith Burtis, co-founder of MeasureMob

Don’t miss: Getting Started in Analytics From Tape Measure to #Measure

Key Takeaway: Three resources to get you started with analytics.

 

Alistair Croll, principal analyst for Bitcurrent, contributing author to Web Operations, Complete Web Monitoring and Managing Bandwidth.

Don’t miss: Writings: December 2011/January 2012

Key Takeaway: A sampling of Alistair’s thinking, including 2012 trends and how companies should think about big data.

 

Susan Etlinger, industry analyst at Altimeter Group

Don’t miss: Research Report: A Framework for Social Analytics

Key Takeaway: Measure your company’s performance against the Social Media Measurement Compass.

 

Nathan Gilliatt, principal at Social Target, co-founder at AnalyticsCamp, founder at SocialMediaAnalysis.com

Don’t miss: Applying Intelligence and Analytics to Online Statements

Key Takeaway: Insightful matrix of Intelligence/Analytics plotted against Fact/ Opinion

 

Taulbee Jackson, CEO and president of Raidious

Don’t miss: Social Media Analytics – AMA Michiana

Key Takeaway: At the end of the day, you are trying to determine ‘how good is the content?’

 

Avinash Kaushik, digital marketing evangelist at Google and author of Web Analytics 2.0 and Web Analytics: An Hour A Day

Don’t miss: Beginner’s Guide to Web Data Analysis: Ten Steps to Love & Success

Key Takeaway: An excellent getting started guide to web analytics.

 

John Lovett, senior partner at Web Analytics Demystified Inc, author of Social Media Metrics Secrets

Don’t miss: You’re Using the Wrong Social Media Metrics

Key Takeaway: Understand corporate goals, align business objectives, tie metrics to measures of success and then define operational tactics.

 

Jonas Klit Nielsen, CEO and founder of Mindjumpers

Don’t miss: Executive Series: Listening on Social Media is about Insight Management and Analyzing Data

Key Takeaway: Listen first to relevant conversations, then break down the data to relevant insights.

 

Katie D. Paine, CEO & founder of KD Paine & Partners; author of Measure What Matters

Don’t miss: KDPaine’s How-To-Get-Good-Data Checklist

Key Takeaways: Both humans and computers make mistakes, so check your data regularly.

 

Eric Peterson, CEO and founder of Web Analytics Demystified Inc., author of Web Analytics Demystified, Web Site Measurement Hacks and The Big Book of Key Performance Indicators

Don’t miss: Finally! Standards Come to Web Analytics

Key Takeaway: Google Analytics has become the de facto standard for web analytics.

 

Sean Power, data scientist at Cheezburger; contributing author to Web Operations, and Complete Web Monitoring

Don’t miss: Complete Web Monitoring, (O’Reilly, 2009)

Key Takeaway: Learn everything from why, what and how to implement measurement in your organization.

 

Jim Sterne, founder of eMetrics Marketing Optimization Summit and the Digital Analytics Association and author of Social Media Metrics: How to Measure and Optimize Your Marketing Investment

Don’t miss: eMetrics Marketing Optimization Summits

Takeaway: Learn from Jim in person at a summit near you.

 

Marshall Sponder, senior analyst and founder of WebmetricsGuru.com and author of Social Media Analytics: Effective Tools for Building, Interpreting, and Using Metrics

Don’t miss: Lack of Processes (or the Wrong Processes) biggest problem in Social Media Reporting and ROI

Key Takeaway: You need a standard process for measurement.

 

 

To learn more about what social analytics and how you can approach it, consult with our new position paper Social Analytics for Marketing and Sales Effectiveness.

Let’s hear it from you, marketers: Did we list all your top analytics gurus? Did we miss anyone who deserves to be included? Sound off on Twitter, Facebook, LinkedIn and on Pinterest.

Last week I caught up with Erik Qualman@equalman on Twitter – and author of Socialnomics and all around good guy.  We spent some time over lunch chatting about  his book as well getting some advice on social media marketing.  Check out the video below for the full discussion and pay special attention to the shirt Erik is wearing.  He has inspired a new line of clothing from Awareness (details coming soon!)

If you would like to check out Socialnomics for yourself, Awareness, Inc. has partnered with Erik to offer you a free chapter download to get a sneak peak of the latest release of the book – download it here

 

foursquareA few weeks back our CTO Dave Carter released two eBooks on the State of Foursquare and the Top 10 Ways Enterprise Marketers can Leverage Foursquare.  If you haven’t had a chance to view them yet, check them out, they are both great reads.  During that same time Awareness released Foursquare Perspectives, a free tool that allows marketers to research announced new functionality that provide brands with valuable and useful insights about how Foursquare users are interacting with their physical locations. In addition, we announced that the Awareness Social Marketing Hub supports publishing tips to multiple Foursquare channels.  The message is we believe Foursquare is an underutilized tool in the enterprise and when used correctly it can be a powerful part of an enterprise social media strategy.

I have also been asked to put together a presentation that talks to the challenges and benefits of Foursquare which is below.  The presentation kind of took on a life of it’s own and has grown into an extended graphical version of Dave’s eBook. It uses some of the information included in Dave’s eBooks but goes deeper into case studies and tools utilizing other resources and references.

I’d love to hear from you with any feedback you have on the presentation.  Hope you enjoy it.

In 2009 Awareness hosted 19 webinars featuring a wide range of marketing topics presented by a host of social media thought leaders.  These sessions grew in popularity over the course of the year, attracting thousands of viewers and featuring entertaining and thought provoking conversations.  There was a ton of value in every session and here is my list of the Top 5 Sessions of 2009 (along with some honorable mentions):

  1. End the Hype!!” A Live Panel from IMS with Jason Falls, Paul Gillin, C.C. Chapman, Chris Brogan, and Brian Solis
    Picture by Derek Wilmot

    Photo by Derek Wilmot

    What could top a rock-star panel streamed live from the floor of the Inbound Marketing Summit at Gillette Stadium? This session was particularly exciting for me for a couple of reasons.  First, it was live streamed, which adds a completely new dimension (as well as a new level of stress) to a traditional webinar.  Not only does it mean people tuning in are watching you instead of a set of PowerPoint slides, but it also means there are a ton of technological hurdles you need to consider.  Luckily, Matthew Mamet and the video gurus at Visible Gains stepped up and handled the technology component.  Second, it featured an all-star panel of individuals that I have a lot of respect for in the social media space: Jason Falls, Paul Gillin, C.C. Chapman, Chris Brogan, and Brian Solis.  As the host, it put a ton of pressure on me to ask good questions, facilitate good conversations and to make sure I give each presenter enough air time.  In the end, we had a great conversation, shared some interesting case studies and had a deep discussion on metrics and social media ROI.

    A link to the live session is here

  2. Scott Monty, Ford’s Social Media Strategy, From Zero to 60
    monty_fordI learned more from Scott Monty in 45 minutes than some people I talk to for hours.  It’s rare for a company the size of Ford to provide such a detailed look inside their social media strategy.  Paraphrasing Woody Allen, where he said ”90% of life is just showing up,” Scott Monty, Head of Social Media at Ford Motor Company shared with us how Ford subscribes to the Woody Allen philosophy of social media which is “90% of social media is just showing up.” Its about being where people expect you to be.  Showing up is easy, its the other part that is hard and is often where the majority of corporations fail. Well Ford is certainly doing more than just showing up. With Scott to guide them, the corporation that has experienced its share of challenges,  is now seeing significant success in their social media efforts through their many campaigns. Proof of this success could possibly be attributed to the company’s recently posted profits of nearly $1 billion in its third quarter.Here is a link to the slides and recording (written by Christine Major)
  3. Larry Weber, “Marketing on the Social Web”
    weber224-thumbI have probably seen Larry Weber speak 5 or 6 times and I have read all his books (”The Provocateur”, “Marketing to the Social Web‘ and most recently, “Sticks & Stones“).  I continue to be amazed at how much I learn from him and I continue to be a fan of how he thinks.  This session set a couple of records for Awareness sessions.  First is was the session with the highest pre-registration – over 3000 people signed up to tune in.  Second, it’s our most downloaded set of slides on slideshare (currently has 11,500 views, 118 favorites and 42 embeds).  Finally, this was one of our most active conversations on Twitter.  We received hundreds of comments and questions throughout the session leaving me scrambling to keep up.  I said this on the call and I’ll say it again, if you haven’t read “Marketing to the Social Web” pick it up, its a great read from a guy with a ton of insight on the space.

    View the slides from Larry’s Session here

  4. Mitch Joel, “Six Pixels of Separation
    MitchJoelI had the chance to read Mitch’s book, “Six Pixels of Separation“, the weekend prior to the webinar and had tons of my own questions I wanted to ask.  My only disappointment was that because we received so many questions from listeners on Twitter I never had the chance to get to any of my questions.  Mitch spent time discussing how the world of new media and how to market with a brand-new perspective that is driven by compelling results. The smarter entrepreneurs and top executives are leveraging digital channels to get their voice “out there”-connecting with others, becoming better community citizens, and, ultimately, making strategic business moves that are increasing revenue, Awareness, and overall success in the marketplace-without the support of traditional mass media.

    Click here to view the recording of the session

  5. (Tie) Jason Falls, “My Agency Doesn’t Get Social Media… Who Does?” & C.C. Chapman, “Passion is Contagious”falls_chapman
    Both of these sessions we great because, first, the content rocked.  They weren’t the typical sessions talking about dialog, transparency, and general social media B.S. , they both talked about actually things you can use in your business and gave great advice.  Second, neither session needed a deck, etc.  We could have had a discussion for 45 minutes without relying on decks.  Both C.C. and Jason are expert presenters who have great experiences and backgrounds, but more important is they are great guys who are very easy to talk with.Jason led a discussion called “My Agency Doesn’t Get Social Media… who does???“  and focused on the successes and failures of social media within marketing agencies. He talked about the right questions to ask agencies as you engage them to define and manage your social media strategy and, most importantly, what to look for as you select an agency.

    I have known C.C. Chapman for a couple of years.   We first met when we were both speakers at the New Marketing Summit (now the Inbound Marketing Summit).  Actually, I think our first “in person” meeting was just before I  interviewed him for New Marketing T.V. What’s really interesting is that while we both graduated from Bentley University (granted it was at different times – C.C. is WAY older than me ;-) ) and shared several friends (shout out to @bostonsarah), we first connected through social media. It’s true, social media actually works!  The  first time we actually “spoke” was months before we met in person when we began chatting on Twitter and Facebook.  Since our first meeting at NMS I have seen him speak 5 or 6 times and I always learn something new from him.  This session was no exception.

    (Photo Credit: Jason Falls)

Honorable Mentions:

  1. Chris Brogan, “Trust Agents
    This will go down as the webinar that almost wasn’t.   Our original session was going to be a traditional webinar delivered by Chris focusing on his new book, “Trust Agents“.  Unfortunately, there were some technical issues and we were forced to cancel the session (want the detailed story, click here).  The good news is we were able to coordinate a live session with Chris few weeks later.   The session streamed live from the Visible Gains offices in Waltham.  It’s always great chatting with Chris and this session was no exception. He has some great case studies and really interesting insights on how to use social media as part of your marketing mix and how to grow vibrant communities.  Check out the session here.
  2. Brian Solis, Socializing your Corporate Brand
    Brian’s session focused on “Socializing your Corporate Brand”. I had not had the chance to meet Brian prior to the session but had read his book “Putting the Public back in Public Relations” and have seen him speak on a couple of occasions. What I like most about this discussion was his use of actual, real-life, tactical examples that marketers can use today to start communicating in the social web. The session didn’t focus on theory and spent time addressing the tactical questions of the audience which made for an excellent session.  Check out the session here.
  3. Adam Broitman, Innovative Marketing
    Adam Broitman is founder and ringleader at Circ.us. I met Adam for the first time at New Marketing Summit (now the Inbound Marketing Summit) when we sat down for an interview on the state of new marketing (click here to view it). Adam has great insight into the agency world (spending some time at Digitas, Morpheus and Crayon) and has a very unique (some may say “innovative”) way of thinking about marketing and social media. He’s also a lot of fun to chat with and, as you we see in the recording, he’s both an entertaining and thought provoking speaker.
  4. Rachel Happe, “The Community Maturity Model
    Rachel Happe and Jim Storer of The Community Roundtable along with Adam Zawel, XPC Community Facilitator at Palladium Group presented “The Community Maturity Model.”  During the webinar, Rachel brought us through the different phases of The Community Maturity Model while Adam shared his first-hand experiences building and managing Palladium Group’s community.  According to Rachel, community is about the relationships between the people in your community and not just a content-rich website (the “audience” Brogan referred to). It is these relationships that drive engagement, passion and long term relationships. Reminds me of Ford Motor Company and their success in using social media to drive that passion for its vehicles.

We have some great speakers already lined up for 2010!  Check out the latest and greatest schedule at our website.  Got ideas for a speaker or topic?  DM me @bostonmike or email me mike.lewis(at)awarenessnetworks.com

Here is a segment of my session at Web 2.0The Elephant in the Room: Social Media ROI.  While the session was on Social Media ROI this segment focused on the 7 Misconceptions of Social Media (Truth be told, this could have been be a session in itself).  I had a blast delivering it and heckling some of local Yankees fans.  All I can tell you is when a group of Yankees fans can appreciate a Sox fan has to say about social media you know all is right with the world.  I hope you enjoy it as well.

The top 7 list mentioned in my presentation are:

  1. Build it and they will come
  2. Use social media to BROADCAST, not listen
  3. What if it all goes wrong?
  4. It’s FREE!!!!!
  5. We only use the FREE social web
  6. We are tracking the wrong stuff
  7. We have no plan or objective

What do you think… Are there any misconceptions I missed?

Mitch Joel

Mitch Joel, Six Pixels of Separation

Is it important to be connected? Mitch Joel, Author of Six Pixels of Separation and President of TwistImage believes we no longer live in a world of six degrees of separation. In fact, we’re now down to only six pixels of separation, which changes everything we know about doing business.

Last week we had the chance to sit down for a session with Mitch who discussed how the world of new media and how to market with a brand-new perspective that is driven by compelling results. The smarter entrepreneurs and top executives are leveraging digital channels to get their voice “out there”-connecting with others, becoming better community citizens, and, ultimately, making strategic business moves that are increasing revenue, awareness, and overall success in the marketplace-without the support of traditional mass media.

It’s was great chatting with Mitch and I, personally, learned a ton during this session.  He has great insight and case studies and has a unique way of simplifying social media marketing in a way the makes it easy to understand the benefits as well as how to get started.  We talked a little bit about the future of social media, how to build vibrant online communities and how marketers can be successful using social media.  The recording is below, I hope you enjoy it.

The conversation on Twitter was also terrific.  Here are my top 10 observations from some of the people joining the conversation on Twitter:

  1. @JayFleischman: 48% of leisure time is spent online
  2. @elysa every single day 20% of ALL searches on Google are searches that have NEVER been done before #awarenessinc
  3. @MVMNT_Mike: If you want to enter social media, do something now! Don’t worry about mistakes, learn along the way #awarenessinc
  4. @REMdreamtime: strategy component is sorely missing from digital agencies via @mitchjoel #awarenessinc
  5. @NunesThompson: Always ask WHY! Say why you’re on #SM, not the fact that you’re on it. #awarenessinc
  6. @AprilMPhillips: “It’s more about your attitude and not about your age.” // @mitchjoel on social media // So true! #awarenessinc
  7. @elysa: 6 things you can do RIGHT now: 1)acceptance 2)digital augments not instead of traditional marketing #awarenessinc (cont) 3)every opt is chance to build/share/grow 4)open up and share more 5)it’s about your attitude not your age #awarenessinc
  8. @garyasanchez: brands need to create online strategy: why are they on twitter rather than just being on twitter – build community! #awarenessinc
  9. @RonArden: #awarenessinc The shiny new objects are just a bunch of tools. You need to decide what to do with these tools to make them useful.
  10. @tamadear: Why are peer reviews trusted more? Because we think our peers’ motivation is closer to our own. #awarenessinc