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Stitching Marketing Conference 2009 presentation on December 5, 2009 in Ghent, Belgium, "Thriving In Turbulent Times With The Help Of Your Friends"
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Thriving In Turbulent Times With The Help Of Your Friends Charlene Li Altimeter Group 5 December 2009 Twitter: #SMC2009 For a copy of slides, send an email to slides@altimetergroup.com
Meet Dave Carroll Source: davecarrollmusic.com
Success in the groundswell requires Open Leadership Have the confidence to let go and still inspire results When people get what they need from each other 4
It’s about relationships
Open Leadership Having the confidence and humility to give up the need to be in control, while inspiring commitment from people to accomplish goals. Photo: Kantor, http://www.flickr.com/photos/kantor
Goals define your strategy Dialog Learn Support Innovate
Always start with Learn Dialog Learn Support Innovate
Dialog with your community Dialog Learn Support Innovate
The Engagement Pyramid Curators Producers Commenters Sharers Watchers
Engagement scores of 100 brands +18% revenue +15% gross margin growth +5% revenue +3% gross margin growth +10% revenue +1% gross margin growth -6% revenue -11% gross margin growth 16 Source: EngagementDB.com
Help your members support each other Dialog Learn Support Innovate
Premier Farnell supports engineers and employees with “OurTube” 18
Reviews from friends support sales Note: This is a mock-up, not an actual product Source: Razorfish
Goals define your strategy Dialog Learn Support Innovate
#1 Start small, start now Understand audience “Socialgraphics” Set a clear goal
#2 Understand the benefits of openness “We tend to overvalue the things we can measure, and undervalue the things we cannot.” - John Hayes, CMO of American Express 26
Fans have value only if you do something with them. Buy more Coke Tell others how much they love Coke 4 million fans 27
Use metrics to manage openness Net Promoter Score How likely are you to recommend this to someone you know? Lifetime Value Lifetime revenue Cost of acquisition Cost of retention Customer referral value (CRV)
Making decisions with metrics Find more fans with large networks Refers Large network Doesn’t refer Fans Refers Small network Doesn’t refer Encourage fans to make more referrals 29
#3 Build trust and manage risk The Sandbox Covenant
#4 Plan to fail well Identify the top 5-10 worst case scenarios. Encourage risk taking and forgive failures. 31
New rules of open leadership Respect that your customers and employees have power Embody sharing to build trust Nurture curiosity and humility Hold openness accountable Forgive failure 32
Thank You Charlene Li Altimeter Group charlene@altimetergroup.com blog.altimetergroup.com Twitter: @charleneli For slides, send an email to slides@altimetergroup.com 33 Copyright © 2009 Altimeter Group