On June 20, all who follow social business and how social is changing how we do business and internal business structures, gathered in London for the Dachis Social Business Summit. In addition to Oracle SVP Product Development, Reggie Bradford, brands and thought leaders posed some thought-provoking ideas and figures. Here are some of the most oft-tweeted points, and our thoughts that they provoked.
Tweet: The winners will be those who use data to improve performance.
Thought: Everyone is dwelling on ROI. Why isn’t everyone dwelling on the opportunity to make their product or service better (as if that doesn’t have an effect on ROI)? Big data can improve you…let it.
Tweet: High performance hinges on integrated teams that interact with each other.
Thought: Team members may work well with each other, but does the team as a whole “get” what other teams are doing? That’s the key to an integrated, companywide workforce. (Internal social platforms can facilitate that by the way).
Tweet: Performance improvements come from making the invisible visible.
Thought: Many of the factors that drive customer behavior and decisions are invisible. Through social, customers are now showing us what we couldn’t see before…if we’re paying attention.
Tweet: Games have continuous feedback, which is why they’re so engaging. Apply that to business operations.
Thought: You think your employees have an obligation to be 100% passionate and engaged at all times about making you richer. Think again. Like customers, they must be motivated. Visible insight that they’re advancing on their goals helps.
Tweet: Who can add value to the data? Data will tend to migrate to where it will be most effective.
Thought: Not everybody needs all the data. One team will be able to make sense of, use, and add value to data that may be irrelevant to another team. Like a strategized football play, the data has to get sent to the spot on the field where it’s needed most.
Tweet: The sale isn’t the light at the end of the tunnel, it’s the start of a new marketing cycle.
Thought: Another reason the ROI question is fundamentally flawed. The sale is not the end of the potential return on investment. After-the-sale service and nurturing begins where the sales “victory” ends.
Tweet: A dead sale is one that’s not shared. People must be incentivized to share.
Thought: Guess what, customers now know their value to you as marketers on your behalf. They’ll tell people about your product, but you’ve got to answer, “Why should I?” And you’ve got to answer it with something substantial, not lame trinkets.
Tweet: Social user motivations are competition, affection, excellence and curiosity.
Thought: Your followers will engage IF; they can get something for doing it, love your culture so much they want you to win, are consistently stunned at the perfection and coolness of your products, or have been stimulated enough to want to know more.
Tweet: In Europe, 92% surveyed said they couldn’t care less about brands.
Thought: Oh well, so much for loving you or being impressed enough with your products & service that they want you to win. We’ve got a long way to go.
Tweet: A complaint is a gift.
Thought: Our instinct where complaints are concerned is to a) not listen, b) dismiss the one who complains as a kook, c) make excuses, and d) reassure ourselves with internal group-think that they’re wrong and we’re right. It’s the perfect recipe for how to never, ever grow or get better. In a way, this customer cares more than you do.
Tweet: 78% of consumers think peer recommendation is the best form of advertising. Eventually, engagement is going to eat advertising.
Thought: Why is peer recommendation best? Trust. If a friend tells me how great a movie was, I believe him. He has credibility with me. He’s seen it, and he could care less if I buy a ticket. He’s telling me it was awesome because he sincerely believes that it was. That’s gold.
Tweet: 86% of customers are willing to pay more for a better customer experience.
Thought: This “how mad can we make our customers without losing them” strategy has to end. The customer experience has actual monetary value, money you’re probably leaving on the table.