Slide 1: TRUST DRIVES TRANSACTIONS:
Why marketing must go social
ERIC WEAVER, Brand Dialogue
PHOTO: FLICKR @JOE NANGLE
Slide 2: In a down economy…
Risk is avoided at all costs The known supercedes the unknown Management retreats to fail-safes As marketers or social media proponents, we’ll face hesitation as we propose new tools and approaches to the market during a down economy. So let’s look at a set of arguments to push the hesitant past their risk aversion.
Slide 3: WHERE WE ARE YESTERDAY
The Outbound Voice
Highly refined Entire industries built around channel tools
Specialist agencies that gave way to the idea/promise of integrated marketing firms
Buzzword bingo Effective voice + market impact = job security
Slide 4: “Oooh, yummeh!!”
Slide 7: Let’s look at consumers.
Attention-deficit Fragmented by niche interests Feeling time-starved Girl Scouts merit badge Cell phone in the john Distrustful of advertising Spoiled by customization and media options “Snack-media” consumers
Slide 8: Wake-up call: the powershift.
SEARCH lets consumers find people, products, information and media of interest & relevance EXPRESSION through blogs, podcasts, opinion sites, online communities SHARING items of value or interest – globally Items they love…. and hate
THE REALITY: To get what they want, consumers generally don’t need marketing, advertising or PR.
!
Slide 9: “As he eyed his goal, he was confronted by a daunting array of SKYSCRAPERS, INTERSTITIALS, VIDEO PRE-ROLLS and POP-UNDERS.”
Slide 10: NGOs EMPLOYEES CUSTOMERS
TRADE ORGS
The new cacophony.
INVESTORS
MEDIA
ANALYSTS
MARKETERS
GOVERNMENT
Slide 11: With so many voices in the mix…
People turn to peers for recommendations. They also do this when:
Risk is higher More choices to review and filter They have less time to research
Slide 12: In fact, peers are the most credible source of company/product info
58%
believe what “a person like me” says about an organization
(up from 51% in 2007)
LEAST CREDIBLE (IN THE US): corporate or product advertising (22% of ages 25-34)
SOURCE: 2008 Edelman Trust Barometer
Slide 13: Peer trust is selfreinforcing.
78% aged 35-64 and 83%
aged 25-34 were “likely to trust what they have seen, read or heard about a company if someone they know has already mentioned it to them.”*
*SOURCE: 2008 Edelman Trust Barometer
Slide 14: Peer recommendation isn’t just influential. Trust and distrust are widely shared.
56% of those aged 35-64 and 63% aged 25-34
were “likely to share their opinions and experiences about companies they trust or distrust on the web.”*
*SOURCE: 2008 Edelman Trust Barometer
Slide 15: And trust drives preference.
88%
of opinion elites choose to buy from companies they trust. 85% refuse to buy from companies they distrust.*
The bottom line: Trust drives transactions.
*SOURCE: 2008 Edelman Trust Barometer
Slide 16: You don’t need an advertising strategy. You don’t need a “Twitter strategy.” And you don’t need a “social media strategy.”
FLICKR @POWERBOOKTRANCE
YOU NEED A TRUST STRATEGY.
Slide 17: And that would mean…
How do I minimize trust killers?
Change your spend to be found, rather than intrude. Stop pushing, start pulling. Interest in your market, not in your lead targets.
How do I build trust across the value chain?
Corporate social behavior, customer service, delivery, quality. Consumer voice amplifies these issues.
How do I empower the market to spread their trust in my offering?
Give them a voice, amplify their efforts, make value-sharing effortless.
Slide 18: Ways to demonstrate value and empower your market
BLOGGING
Product manager insights CEO media/investor relations Special offers Event buzz
AUDIO (podcasts)
Company storytelling Thought leadership Event planning Product development Shared learnings Distributed work-in-progress Brand awareness Community/CSR discussion Community building Feedback/testing/trials
MICROBLOGGING (Twitter) VIDEO (one-off virals or recurring podcasts)
Product how-to’s Personality pieces Company storytelling Humor
WIKIS
SOCIAL & TOPICAL NETWORKS
WIDGETS
Content distribution/sharing
Slide 19: And a final note: consider your “lens”
Boomers/Tweeners Trained in formalities Don’t offend anyone Be the most acceptable to the largest number of people Privacy highly valued Interested in tech functionality but often overwhelmed by speed of change Gen X/Millenials Formalities ignored More interested in finding those with like minds than worrying about turning off others Less privacy means more ability to be found Digital natives – tech is ubiquitous and easy
Slide 20: In summary
Rethink your entire marketing approach, from outbound monologue to full engagement Build trust by being found, providing value, and not interrupting consumers on their journey to find what they want Use social marketing to leverage the existing trust already established between peers, rather than trying to buy new trust
Slide 21: THANK YOU.
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