Social media export session march 2011 v4 final

ENERGISE2-0.COM

‘Creating the Buzz’

Social Media for Sustained Export Growth

Dr. Jim Hamill Alan StevensonVincent Hamill

www.energise2-0.com

March, 2011

http://www.energise2-0.com/

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Thanks to our Partners

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Agenda/Content

• Background – SME Internationalisation• The Social Media Revolution – Key Things to Remember• Social Media and SME Export Barriers• Practical Examples

– Encouraging a global ‘mindset’, building confidence– Social Media Monitoring Tools for Export Market Research,

Insight and Understanding– Building a ‘Quality International Customer Base’

• Social Media Planning Pays• Implications/Discussion

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Slides are available onwww.energise2-0.com


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Agenda/Content

• Social media is marketing as a conversation with your customers – a conversation with your network

• Engagement, two-way dialogue, talk with NOT AT your customers

• If you have a question to ask or a point to make........

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Don’t bother because we’re not interested in what you think or what your experience can contribute to

this session. If you ask a question, or make a comment, we will ignore you

How many companies treat their customers that way?

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Background

• The importance of SME internationalisation to national economic growth is widely recognised in most developed and developing countries

• A range of policy measures are in place......

• But major barriers exist........Psychological, Organisational, Operational, Product/Market

• Used effectively, social media can help to overcome many of these barriers leading to the more rapid internationalisation of the SME sector

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Background

• Important research and policy implications; also for the teaching and practice of International Marketing – the skills and experience required

‘Social Media Planning Pays’

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The Social Media Revolution

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What is Social Media?

The three main components:

ApplicationsFeatures and characteristics

Business impact

International Business 2.0

Web 2.0 Applications

Open sourceOnline Applications/ Web ServicesSocial/ Professional Network SitesSocial Content – Social BookmarkingBlogs or WeblogsWikisPodcasts/ VodcastsVirtual RealitiesMash UpsRSS FeedsMobile Web; Internet TelephonyTwitterCharacteristics

Communities and NetworksOpennessSharingPeeringHosted Services – online applications; the Internet as the platformInteractivitySocial ElementMass CollaborationEmpowermentGlobal

Business Impact

MindsetBusiness IntelligenceCustomer Insight and UnderstandingCustomer InteractionEnhanced Customer Experience –

Rich Internet ApplicationsReputation ManagementSales and Marketing Product Development and R&D e.g.

engage and co-createIT/Software/ApplicationsOperations, Internal Processes and

HRM

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Social Media in Plain English

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How Big Is It?

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Business ImpactKey Things to Remember

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Key Things to Remember

• It’s social– A key feature is online democracy – with content being provided

by the network for the network – represents a fundamental and revolutionary change in online behaviour, expectations and the online customer experience. The end of the ‘read only’ internet. Conversations are taking place relevant to your business

• Power shift– Social media empowers customers, empowers the network.

Recognizing this shift is the cornerstone of future success. Customers increasingly rely on the network for information

• Declining effectiveness of traditional approaches – Does anyone listen to sales/brand messages anymore?

ENERGISE2-0.COMSource: The Future of Advertising, APA, 17/02/09 as published on Slideshare (www.slideshare.com)

http://www.slideshare.net/gamages/the-future-of-advertising-apa-170209?type=powerpoint

http://www.slideshare.com/

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• Pull v push– Customers decide what information they wish to access

• New ‘mindsets’ are required– Marketing as a conversation with your customers/network–

dialogue not broadcasting– But this is something that most of us are not very good at doing.

We prefer ‘telling’ people• SM ‘winners’ and ‘losers’

– ‘Winners’ will be those organisations who fully utilise the interactive power of Web 2.0 technology for engaging with and energising customer and network relationships

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• New performance measures– Requires new performance measures

• Quality of your network• Relationship strength• Ability to leverage

• Social media monitoring tools (see later)

• Redefines the concept of a web site– a blog integrated with your other social network sites

• The need for new business/marketing models

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Performance Measurement

Involvement – network/community numbers/quality, time spent, frequency, geography

Interaction – actions they take – read, post, comment, reviews, recommendations

Intimacy – affection or aversion to the brand ; community sentiments, opinions expressed etc

Influence – advocacy, viral forwards, referrals and recommendations, social bookmarking

Insight – customer insight Impact – business impact

Social Media Monitoring Tools –Audit, Assess, Impact

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The ‘6Is’ Approach

Insight and Impact

Involvement

InteractionIntimacy

Influence

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The need for new business/marketing models

– Traditional approach:• Product development – Differentiate – Market and Promote -

Sell

– New model based on: • Communities, networks, openness, peering, sharing,

collaboration, customer empowerment, ‘think and act’ globally

• Engage and energise• ‘Create the Buzz’

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Potential Business Benefits

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Business Benefits

• Used effectively, social media can deliver the following business benefits– Market/Customer Knowledge & Insight– Engagement & Reputation Management– Enhanced Customer Experience and Loyalty– Sales/Marketing Effectiveness, Efficiency and ROI– Operations/ Internal Processes (open source and hosted

apps)

• But the key words are ‘used effectively’............

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Social Media and SME Export Barriers

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Article Download

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Barriers to SME Exporting

Barrier Role of Social Media (SM) Psychological Barriers

Domestic rather than global orientation SME participation in social/professional networking sites & forums helps to develop a more global ‘mindset’

Short-term perspective Effective use of SM speeds up the SME internationalisation process delivering quicker ROI

Lack of commitment to exporting Active participation in SM promotes greater awareness and enthusiasm for ‘going international’

Exporting seen as ‘too risky’, too time consuming

SM significantly reduces internationalisation costs and risks

Fear SM builds SME confidence in operating internationally

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Organisational Barriers Limited resources (financial, management time etc)

Use of SM as a low cost, but very effective, global marketing, communications and international networking platform

Lack of foreign market knowledge and understanding

Use of Social Media Monitoring Tools for export market research; country screening; identifying overseas sales opportunities

Lack of internationally experienced personnel Leverage ‘crowdsourced’ knowledge and experience; online virtual community for SME exporters

Lack of formal training in export marketing Potential for SM supported International Marketing training and management development

Sources of competitive advantage abroad By reducing international costs and risks, SMEs become more price competitive

Problems in finding the ‘right’ overseas agents/distributors

Use of SM to identify and build relationships with foreign market intermediaries; alternatively, by facilitating direct to customer relationships, SM helps to dis-intermediate the international supply chain

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Operational Barriers Export documentation; management of export operations; language problems; payment delays/risk

Use of open source software and hosted applications to improve operational efficiency and reduce costs. ‘Crowdsourced’ help and support through networks/communities

Product/Market Barriers Product/service may not be suitable for foreign markets; costly product adaptation required

Knowledge gained from Social Media Monitoring supports decision-making in this area

Limited resources available for country market screening/export market research to identify the most attractive foreign markets

Use of SM for export market research; direct to customer relationships reducing the need for country screening

Tariff & non-tariff barriers to trade Social Media Monitoring and participation in social/professional networking sites leads to greater understanding and awareness of barriers to trade

Profitability of exporting By significantly reducing costs and risks, SME exporting becomes more profitable

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Social Media in Action Overcoming the Barriers

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Social Media in Action

• Practical Examples– Encouraging a global ‘mindset’, building confidence– Social Media Monitoring Tools for Export Market

Research, Insight and Understanding– Building a ‘Quality International Customer Base’

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Encouraging a global ‘mindset’, building confidence

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Global 'Mindset', Confidence

• SME participation in export support sites, social/ professional networks & forums etc can help to develop a more global ‘mindset’, generate greater awareness enthusiasm and confidence

• Can help to speed up the internationalisation process leading to quicker ROI

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Support Sites

• Very large number of sites......

– General export support– Online Markets– Industry specific

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General Export Support Sites

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globalEDGE

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Online Markets

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Good Article

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General Marketplaces

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Industry Specific Communities

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BioSpace

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Food

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Drink

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Fashion

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From Web 1.0 to Web 2.0

• Most of these sites will have email newsletters/ RSS Feeds etc to help keep you up-to-date

• But this is a Web 1.0 way of doing things.....

• One of the major trends in recent years has been the emergence of a very wide range of Social Media Monitoring Tools

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Social Media Monitoring Tools and SME Exporting

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SMM and SME Exporting

• Lack of foreign market knowledge and limited resources for export market research/country screening are two of the main barriers to SME internationalisation

• Used effectively, Social Media Monitoring tools can help to overcome these barriers

• Can also support a ‘NEW’ approach to internationalisation

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Social Media Monitoring Tools

• Monitor and evaluate what is being said, by who, where and what impact – delivers actionable insights

• Three stage process– Aggregate what is being said – Natural language analysis – understand the data– Deliver actionable insights

• We have identified more than 100 Companies in this space

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Social Media Monitoring Tools

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Paid - Social Radar

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Paid - Radian6

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Free - Social Mention

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Or Create Your Own

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Social Media Monitoring: Benefits

They provide the following organisational benefits: – Market Knowledge and Intelligence. Where your customers, partners,

competitors and staff are hanging out online. – Customer Insight and Understanding. What your customers and their

influencers are saying about you or your competitors. – Identify and network with high value, high growth prospects.

Identifying key posts and follow-up actions. – Interaction with Key Influencers. Identify influential sources for

incorporation into a wider strategic response. – Reputation Management. Timely identification of potential reputation

issues. – Improved Sales and Marketing. New prospects, customer and market

opportunities. – Improved Performance Monitoring. Support a 4Is approach.

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International Social Media Monitoring

SMM tools can be used to…

(a) Augment a Traditional Market Scanning Approach

(b) Support a New approach

(c) Build a Quality Customer Growth Programme

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(a) Support a Traditional Market Scanning Approach• Research and compare countries, industries, competitors

• Aid understanding, find communities and 'real-time' conversations around “environmental” issues: – Political and Economic environment– Social and Demographic environment– Technological and Technographic environment

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Country Scanning

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Understanding Trends

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Industry Scanning

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Understanding Peaks

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Competitor Analysis

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Political Insight

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Economic Insight

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Socio-Technological Data

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(b) Support a New Approach • Identify Applications, Platforms and Communities of interest

• Find and Engage Customers and Influencers

• Find relevant Conversations and Actionable insights

• For some companies, this new approach provides more immediate benefits

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Applications and Platforms (Nanotech)

On

Topi

c Po

sts

Source #

Blogs 250

Forums 250

Images 25

News 250

Twitter 250

Video 81

Total 1106

0

500

1000

1500

2000

2500

Blogs Forums Images News Twitter Video

Nanotechnology Landscape

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Key Blogs

Sources INFLUENCER NAME INFLUENCER TITLE

ON

TOPIC

POSTS

Blogs recent.articles http://www.NanotechObserver.com/nanotech.news.lines/NanotechObserver.com/recent.articles.rss109Blogs Nanotechnology News from Nanowerkhttp://www.nanowerk.com/nwfeed.xml104Blogs nanopatentsandinnovations.blogspot.comhttp://nanopatentsandinnovations.blogspot.com/52Blogs www.tmpsearchers.comhttp://www.tmpsearchers.com/nanotechnology50Blogs INDUSTRIAL NANOTECH, INC. - PRWeb Press Release Account Feedhttp://www.rsspad.com/rss2a/193346.xml45Blogs AboutNanowires.com http://aboutnanowires.com 35Blogs FrogHeart http://www.frogheart.ca 29Blogs SCIENCE and TECHNOLOGYhttp://mabsj2.blogspot.com/feeds/posts/default25Blogs NanotechIndex.com http://nanotechindex.com 22Blogs www.visionaryfuturst.comhttp://www.visionaryfuturst.com 22Blogs Ace Campaign http://acecampaign.com 22Blogs www.ipscelltherapy.nethttp://www.ipscelltherapy.net 20

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Key Groups (on LinkedIn)

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Key Accounts on Twitter

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…but on Facebook (more B2C)

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Identify Influencers

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Who’s saying what, where…

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Who do the Bloggers RT?

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Follow Tweeps

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Subscribe to Blogs

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Make the “Right” Connections

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Building a Quality International Customer Base/ A Quality Network

Quick Example from Linkedin

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The Company

• A new business start-up

• Supplier of hi-tech solutions to the neurotechnology and optogenetic sectors

• Project Task– Identify most attractive potential international customers

and a communications plan for engagement

• Who, Where, How?

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So how did we use this approach?

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Quality Customer Growth Programme

• Start with a ‘Customer Mapping Exercise

• Identified 3 main customer groups– Individuals in neuroscience– Neuroscience/optogenetic institutes, firms and clusters– Individuals in optogenetics

• Used Linkedin for building a customer database.....• Then position on the Customer Value Matrix• Communications strategy emerged from this.......

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QCGP

• 27,000 neuroscience profiles on Linkedin• 100 neuroscience institutes, firms, clusters• 50 neurotechnology companies• 50 individuals in optogenetics

• Further filtered to identify the Top 50 ‘best sales prospects’• Updated last week........

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39,666 Neuroscience People

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246 Neuroscience Companies

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22 Optogenetics People

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Society of Neuroscience 2,889 Members

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So what progress has been made by Scottish export companies?

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Progress Made

• Interest and enthusiasm for social media is growing rapidly - channels are being set up

• But there is a need for a more ‘strategic’ approach - clear social media vision and strategy, agreed objectives, KPIs, targets, ROI and on-going performance measurement

• More attention needs to be paid to organization, people, resource issues critical to on-going SM success

Social Media Planning Pays

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Some Advice for Moving Forward

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Moving Forward

• The key strategic, management and organizational challenges involved in planning, implementing and managing successful social media strategies for sustained business growth

• ‘Social Media Planning Pays’……. SM success requires sound planning and the application of professional project management procedures …. but not ‘paralysis by analysis’

• Ensure that your SM Strategy is fully aligned behind and supportive of your core business goals and objectives

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Social Media Development Cycle

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SM Development Cycle

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Each Step is being covered in detail on our blog at www.energise2-0.com


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Five Key Areas

• External Analysis: Evaluate Your Social Media Landscape• Internal Analysis: Evaluate Your ‘Readiness to Engage’• Develop Your Social Media Strategy and Action Plans for

‘Getting There’• Evaluate Your Social Media Performance and ROI• Organization, People and Resource Issues

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‘Be Customer Led’

Three key questions:

• Who are our customers, who do we wish to engage with?

• Where do we find them ‘hanging out’ on social media?

• How can we best engage and energise them?

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www.mashable.com

http://www.mashable.com/

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Develop Your Social Media Strategy and Action Plans for ‘Getting There’

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Use a Simplified Balanced Scorecard

• Will ensure that the social media actions and initiatives you take are fully aligned with and supportive of your overall business goals and objectives; that KPIs are agreed for monitoring and evaluating social media performance, business impact and ROI; and all key success factors are considered, especially the organization, people and resource aspects critical to successful strategy implementation

• A Scorecard approach can also be very useful for internal and external communications – a simple framework to present social media goals, objectives, key actions and initiatives to colleagues, partners and other stakeholders

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Social Media Balanced Scorecard

• Not ‘paralysis by analysis’. By providing an agreed framework to follow, the Balanced Scorecard considerably speeds up strategy development and implementation

• The steps involved can be captured in a Social Media Strategy Map

• Five key questions to address……

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Social Media Balanced Scorecard

• What is the overall social media vision for your organization?

• What are the key objectives and targets to be achieved?

• Who are your customers?

• Key Actions and Initiatives

• Organisation, Resource and People Issues

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Social Media Strategy Map

Brief statement of your overall 2.0/Social Media Vision and Mission Strategic Objectives Customer Perspective Internal Management Perspective Organisation Perspective

Strategic Objectives KPIs / Targets

KPIs / Targets KPIs / Targets

KPIs / Targets

Customer Group 1

Customer Group 2

Customer Group 3

Customer Group 4

2.0/Social Media Initiative 1 - Objectives - KPIs - Targets - Actions




Organisation People Resource

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Organization, Resource and People Issues

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Organization, Resource and People

• Organisation, resource and people issues sit at the bottom of your SM Balanced Scorecard NOT because they are the least important issues to address. In fact, the exact opposite is true

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Conclusion

• Social media has become too important to ignore....

• A Social Media supported Export Strategy can help to overcome many of the barriers/obstacles

• But ‘plan the work and work the plan’

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Bob Dylan

Come gather 'round peopleWherever you roamAnd don’t criticise

What you can't understandYour sons and your daughters

Are beyond your commandYour old road is

Rapidly agin‘Then you better start swimmin’

Or you'll sink like a stoneFor the times they are a-changin’

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Continue the discussion at www.energise2-0.com


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Thank You

Discussion

Social media export session march 2011 v4 final

Documents

Transcript of Social media export session march 2011 v4 final