WHAT’S THE VALUE OF AN IDEA IN THE ERA OF SOCIAL MEDIA?
2010 - Laurent Françoishttp://twitter.com/lilzeon
About meHead of Marketing & Development @Express Roularta Services (2010-now) �
Head of 360° Digital Influence practice @ Ogilvy (until 2010)Blogger & cofounder of Tout Ca Magazine (http://citizenl.net & http://www.tout-ca.com ) �
ESCP Europe (MEB) �
Sciences Po
UCLA
to get in touch:
http://twitter.com/lilzeon
http://pearltrees.com/lilzeon
Few things on the world
we live in
Liquid Modernity (Zygmunt Bauman)�
• End of « solid institutions » like churches, classic pyramidal families
–> a need for new ways to get solutions
• privatization of ambivalence
–> tests are made by the individuals themselves, who directly « feel » & experience global issues
• Uncertainty everywhere
–> as there's no longer absolute truth, a need to get reinsurance
• Nomadism everywhere
–> in life (collapse of long-term wedding, disruptive work-life...) �
“Luckily, with these changes has come an increasing openness to doing new things. Online dating has grown so much in part as a response to these societal changes, having become the third most important way we meet our significant
others, even though it didn’t even exist 15 years ago.” »Greg Blatt, chief executive
of Match.com
Attention economy
• Less & less time to solve more & more problems
• distance matters less than time
• price is not only dependent on the transformation process (input / process / output) but on attention-based principles
"...in an information-rich world, the wealth of
information means a dearth of something else: a scarcity of whatever it is that information consumes. What information consumes is rather obvious: it consumes the attention of its recipients. Hence a wealth of information creates a poverty of attention and a need to allocate that attention efficiently among the
overabundance of information sources that might consume it"
(Simon 1971, p. 40-41) �What the most important asset
is: access to relevant information” Herbert Simon
In this environment, good ideas are threatened by an environment of constraints and by personal lack of time…
Environment of risks• Uncertainty everywhere• Purchasing power in disgrace
Personal strategies • Lack of overal knowledge• Time constraint
“Americans conducted 14.8 billion core searches in April 2009“comScore
…which tries to be solved through the internet.It may be a massive online problem solving system…
“of the customers who shop for high-end merchandise online, 78 percent of them did so in order to find the best price while nearly as many, 77 percent, did so to compare brands”BrandWeek, January 2010
…but it’s much more than a
super-computer
It’s not only a magic generation issue.It’s the economics, society, technics, ethics, needs, ideas,
entrepreneurs, history, whatever
(stupid)�
…as if we were amplified and if our thoughts, feelings and actions were opportunities of conversations…
So what could be the value of an idea in the
era of Social Media?
Value: an ambigous notion
• Basically:– Value is dependent on
your need– Value is dependent on the
way you express it– Value is highly dependent
on the context– Value is highly dependant
on the time– Value is something highly
personalized
« a fair return or equivalent in goods, services, or money for something
exchanged
the monetary worth of something : market price
relative worth, utility, or importance <a good value at the price> <the value
of base : a numerical quantity that is
assigned or is determined by calculation or measurement <let x
take on positive values> <a value for
the age of the earth>something (as a principle or quality)
intrinsically valuable or desirable <sought material values instead of
human values — W. H. Jones>
Merriam-Webster
So value is only SOMETIMES directly linked to money
The state of ROI in Social Media Marketing
• TV influenced the way marketing metrics are shaped– Audience based
– Static based
• A strong debate btw advertisers, media agencies, social media players & at the end: brands
“Say an advertiser wants to buy 20
gross rating points. When network television audiences were larger, this
might be accomplished by buying one
30-second spot. Today, buying those same 20 gross rating points might
require buying multiple spots, which
means the advertiser is using up more of a finite resource — the amount of
airtime on the broadcast networks. Scarcity heightens demand, and
heightened demand raises prices.
That’s how the marketplace justifies its
price increases. Even if the logic is
cock-eyed —there are plenty of other ways to reach people besides TV
commercials, after all — it creates a rationale the marketplace can deal
with”
Catharine P. Taylor
Wrong principles
• People are more & more empowered
• They're not passive anymore in the way TV could consider it
• People are more & more linked through interests than through their ages or sex– Because they look for
information– Because they're liquid
• People can consolidate horizontal clusters against vertical communication– Nestlé bad buzz
“The basis for this tension between
operational issues and constraining analytic tool choice is often that analyst
think that they are done when the model
is "right". Many analysts seem to believe that they can declare victory
and pat themselves on the back when the model is accurate, statistically valid,
highly predictive etc. They will often
talk about all sorts of statistical measures that "prove" the model is a
good one. Yet, in fact, the only results
that matter are business results. If the model is accurate but impractical to
implement then it adds no business value and should, therefore, be
considered a bad model. ”
James Taylor
Value lies in communities of interests
Why communities matter to value an idea
• The value of an idea lies in the using of it » Thomas Edison
• People are now both the “audience”, the stakeholders and the amplifiers of the ideas
• The bone of contention:– Trying to get metrics from human
interactions & conversations
– Trying to quantify what is highly complicated to do
« It can only begin to have value
when it’s an idea + execution. Till
then, it’s still just an idea. When you combine an idea + great team +
execution, it can start to have potential but the real value remains
zero, until it gets tested/evaluated by
real customers. That’s when you can start to estimate the real potential of
“the whole package” again not the
idea alone. »Valto Loikkanen
Uniqlo understood it!
« Statusphere »
Trendwatching
Entering social metrics
• The world is neither flat in Social Media norperfectly equal:– Mapping communities is
key to understandingwhich public are outreached by individuals
– It’s then important to measure the importance of your idea-relatedtopics in these groups
« blackboxing is the way
scientific and technical work
is made invisible by its own
success. When a machine
runs efficiently, when a
matter of fact is settled, one
need focus only on its inputs
and outputs and not on its
internal complexity. Thus,
paradoxically, the more
science and technology
succeed, the more opaque
and obscure they become. »
Bruno Latour
• An example of modelization of communities
Social metrics should not bestatic
• Conversations amongpeople are dynamic– The fuel of this dynamic
is the relevance people give to a topic or another
– It’s utterly important to position your idea in thismoving system
”It's a process, not an event.
Dating is a process. So is
losing weight, being a public
company and building a brand.
On the other hand, putting up a
trade show booth is an event.
So are going public and having
surgery.
Events are easier to manage,
pay for and get excited about.
Processes build results for the
long haul”
Seth Godin
• Therefore ideas should beable to touch people depending on the ties they’re ready to manage with them– Strong ties (your close
buddies)– Weak ties (your groups of
interests)– Temporary ties (when people
are over-active to reach a goal)
• At the end, we can onlymanage 150 ties accordingto Paul Adams (UX Google lead)
“We care about the direct relationship with the "one" but count
on the effect of the one passing along to their many either explicitly
or more subtly”John Bell, MD & ECD 360°Digital
Influence, Ogilvy
Metrics me
Ogilvy 360o Digital Influence Conversation Impact™Model: Summary
• Allows cross-channel / media mix & campaign optimization
• Evaluates influencer and end user campaign impact
• Segments metrics around key marcom funnel points:
• Reach & Positioning
• Audience exposed to message
• Brand positioning
• Preference
• Audience preference for brand
• Action
• Sales & other action
• Examples on the right �
Campaign 1. Influencer Impact (Preference)
Share of Positive Voice
Campaign 2. End User Impact (Positioning/Preference)
In-Category Awareness, Purchase Intent, Sentiment
Conversation Impact Dashboard - Overview
Metric / Funnel Goal > Data Aware-ness
Considera-tion
Prefer-ence Action Loyalty
Reach/Positioning
• UMV – blogs, site, microsite, applications, other, total # / % change
Real-time to weekly
• Volume of online conversation, #/% change, Cost per Online Conversation Generated (CPICG)
Real-time to daily
• Share of voice in category (=Volume for brand / volume for category), # / % change, Cost per Increase in Share of Voice (CPISV)
Real-time to daily
• Search visibility (for relevant keywords) Real-time to weekly
Preference
• Sentiment index of online conversation (% positive - % negative), # / pts change, consumers reached vs. all, Cost Per Increase in Sentiment Index (CPISI)
Daily
• Share of [net] positive voice in category (=[Net] positive brand mentions / [net] positive category mentions), # / % change, consumers reached vs. all, Cost per Increase in Share of Positive Sentiment (CPISP)*
Daily
• Relative net promoter score (NPS) in category (=brand NPS / category NPS), # / % change, consumers reached vs. all, Cost per Point Increase in NPS (CPINP)
Monthly/Quarterly survey
Action
• Registration: RPA, CPA, $, # Daily to weekly
• Sale: RPA, CPA, $, # Real-time to weekly
• Advocacy: RPA, CPA, $, # Real-time to weekly
*Net positive voice is defined as positive – negative mentions
Rethinking the idea of
value: reputation as the new currency to
achieve great ideas
People: shareholders of the value of an idea
• As seen before, the waypeople demonstrate theiraddiction to an idea isexpressed throughconversations & positive share of voice
• Main objective for an idea-maker: managing, increasing and improving reputationaround its idea
”As Obama says, we are the
ones we’ve been waiting for
(…). In other words, we need
fewer old leaders, and more
love”
David Weinberger
A methodology to make an
idea worth it in the era of social media
”The purpose of a business is to create a customer”
Peter Drucker
“the purpose of a business is to
serve a customer who
creates customers" (Razorfish VP Shiv Singh)
Ogilvy Big Ideal
• Transform an ideainto an ideal– Dynamic approach– Focus on a specific
society need
• A way to includepeople’s attention to your message– Because it may
feed their daily life– Because they can
take part to thisideal
« Simply stated, a Big Ideal is a
universal, enduring theme that a brand stands for. It’s the emotional center. And
we have found that the best way to locate
this emotional center is to start with a deep understanding of what your brand
is really great at – your brand’s best self
– and then to connect this to an important cultural truth or trend that is
going on in society. This is a place whereyou will fi nd energy and passion »
Brian Fetherstonhaugh. Chairman & Chief
Executive Officer OgilvyOne Worldwide
Step 1: listening
• Using Social Media free tools to start listening to online conversations– Identification of key words or equations of key-words
that people are using• Google ad word tools• Experience blogsearch
– Set up of alerts– Dive into the deep web in niche communities
(specialized networks of blogs like TumlbR etc.)• If you have some money, try professional tools
like:– Trendy buzz– eCairn– Radian6…but it’s another story
Step 2: Big Ideal your idea
• Try to check which society needs could befilled thanks to your idea– SWOT analysis based on your step 1
– Brainstorming on what your ideal really is
• Try to transform your Big Ideal into an idealplatform:– Key pillars
• Which ideas could achieve your pillars (services, products, design, signature…)
Step 3: Structure your story (360°Digital Influence Model)
Passive Passive
listeninglistening(= (= getget the the
relevant relevant
information information
dependingdepending on on
youryour fieldfield))
Engagement Engagement
programmes programmes
towardstowards keykey--
influencersinfluencers
(= a (= a
significantsignificant
story in story in whichwhich
youryour keykey
opinion opinion
leaders leaders cancan
increaseincrease & &
improveimprove the the
reputationreputation of of
youryour ideaidea))
Active Active listeninglistening (= (= prepareprepare youryour
organisation to organisation to respondrespond to to
conversations to conversations to transformtransform
opportunitiesopportunities intointo value & value &
threatsthreats intointo control)control)
CampagneCampagne
ExperienceExperience
Social Social platformplatform
(= a place in (= a place in whichwhich youyou cancan drive drive youryour publics & host publics & host
theirtheir conversations & conversations & ownown ideasideas))
CampagneCampagne
ExperienceExperience
CampagneCampagne
ExperienceExperience
CampagneCampagne
ExperienceExperience
WordWord--ofof--MouthMouth acceleratorsaccelerators
Perrier: oops, Dita did it again
Step 4: frequently measure & optimize through dashboards
• Dashboards in orderto track share of voice, positive coverage & potentialopportunities
• A way to keep an history of yourreputation and to manage the nextsteps
It’s your turn
• Next session: – A recommendation for one of the 2 following
cases• Context analysis
• Conviction
• Strategic approach
• Tactics
• Metrics
# 1 Arteest
• How to make Arteest the #1 fashionplatform at a worldwide level?
# 2 Architurn
• How to seduce a wider audience to makeArchiturn profitable?
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