Social Retail – The Evolution

Currently one of many concerns for the retailer is getting the best product and the best price to its customer. Could the evolution of Social Retail develop a new relational model to offer clients valuable services together (recipes, nutritional info, personalized recommendations for dietary and much more) to bring a healthier and more comfortable life.

Learn more: HERE

 

Category: IBM, Retail

Unlocking value and productivity through social technologies

The social economy: Unlocking value and productivity through social technologie:

There’s plenty of research and comment around topics such as finding new customers, customer satisfaction, collaboration, building value, individual benefits from embracing Social technologies…    This report demonstrates that IBM is ahead of the curve for adoption (own use) and for solutions for firms embracing (for their use).

Key findings include :

The speed and scale of adoption of social technologies by consumers has exceeded that of previous technologies.
– Several distinct properties of social technologies make them uniquely powerful enablers of value creation. The most fundamental is to endow social interactions with the speed, scale, and economics of the Internet.
– Based on in-depth analysis of usage in sectors that represent almost 20 percent of global industry sales, we identify ten ways in which social technologies can create value across the value chain.
– Companies that rely heavily on consumer insights for product development and marketing purposes have an opportunity to create value by engaging with consumers on social media and monitoring social media conversations to generate consumer insights and market intelligence.
– Individuals and the communities they form will derive much of the benefits of social technologies.
– Giving social interactions Internet scale, speed, and economics carries risks. These risks include identity theft, loss of intellectual property, violations of privacy, abuse, and damage to reputations. Social technologies also can disrupt traditional business models.
– The benefits of social technologies will likely outweigh the risks for most companies.

Download the full report HERE

Mgi the social economy full report mckinsey from Ben Martin Social_Ben.
If you have any questions or want to explore the benefits of being a social business, contact me.

Using Sport to Inspire Careers in Science and Technology

Reading this press release from IBM (full article) I do enjoy being part of an inspiring company.

IBM Hursley hosted one hundred Year eight girls, from ten different schools around Hampshire and the surrounding counties, for a two day camp known as think.IT. The aim of the camp, which was repeated twice over the week, is to encourage girls to continue studying Science, Technology, Engineering and Mathematics (STEM) and eventually consider careers within the IT industry.

Split into teams so that no two girls from the same school worked together, the girls were tasked with designing and marketing a brand new product, this year in the field of Technology in Sport, before presenting their idea to a team of judges in the form of IBM executives and  Master Inventors.

The camps began with a brainstorming session during which the girls explored ideas and selected one to take to market. The girls were then taught the basics of marketing and the importance of branding and applied this knowledge to their product by developing a business plan and creating a brand logo, slogan and designing a web site. Team building exercises and mentoring on presentation skills helped them prepare for their final presentation to the judges.

Local MP for Romsey and Southampton North, Caroline Nokes, who returned again this year to watch the girls commented: “I was very impressed with the inspirational speakers and the enthusiasm shown for IT during my visit. A thoroughly enjoyable morning.”

The two winning ideas were:
–    Training Buddy. “Working out how to work out” – A smartphone application designed to offer injury prevention, treatment and nutrition advice to athletes.
–    Leaf. “The personal best trainer” – A silicone ear piece that moulds to the ear of the user, and allows an athlete to communicate wirelessly with their coach whilst training.

The runners up were:
–    Morfs – An innovative sports shoe that uses interchangeable soles, so that the same pair of shoes can be used for a variety of sports.
–    My Grip – A multi-functional grip constructed from a combination of memory foam and a non-slip rubber surface, that moulds to the shape of an athlete’s hands.

I think these are fantastic ideas they came up with, what do you think?

Get Social Selling ROI in 2012

I have been in sales before I even left college, my first sales job was selling ice cream on a bike and then I moved to being an estate agent role, we were loved in those days. Twenty years later I am still in sales and still enjoy it. Sales is not a dirty word.

Selling on social media does not exclude the idea of having some fun, of which I do, and no, success is not as easy as being engaging and having personality.

The global economy and financial markets are about to collapse, jobs are scarce, and consumer spending remains weak. Enter the promise of social media. We’re nearly five years into the social media revolution, but most businesses are agonising, not revolutionising. If you are one of them you’re not alone. Yet despite what all the experts and research companies keep telling us, there are proven cases of social media usage generating a direct and measurable return on investment (ROI) for businesses. What’s their secret? They’re defining ROI as S-A-L-E-S generated from social media marketing, not engagement. And you can, too.

The Problem is Engagement

Want to remain in your current job forever or watch your business struggle to profit? Keep on engaging passively, without defining a worthwhile outcome. The truth is there are two schools of thought on how to use social media to generate ROI:

  1. Social media is a better way to influence, not sell. Hence, we work to create “brand preference” through repetition (reach and frequency) and engagement.
  2. Social media is a better way to create and capture demand, leading to a sale. Logically, this involves using relevant calls to action and direct response tactics when it is appropriate.

Whether a customer’s need is in early stages (latent) or advanced, social media can help bring sales to fruition faster because it is inherently interactive. The trick is to avoid wasting time influencing people (in hopes of earning purchases) and begin designing to sell.

For instance, ask yourself, “Are we developing ways to help customers’ understand their problems, goals or needs more clearly?” Take this simple step to assess your own perspective. Continue to explore your own, personal context by recalling a time in your life when you became more clear on what it is you really needed after doing some research. Consider how you suddenly felt better equipped to navigate toward answers, products, and services that met your needs. This is how social media can shine for your business.

The Solution is Simple: Sell

Executive leaders say marketers over-focus on the latest trends, “because they believe they represent the new marketing frontiers. However, they can rarely demonstrate how these trends will help them generate more business for the company. Marketers state their top marketing challenge is “acquiring a large number of new customers.” Next is “increasing retention rates and revenues from current customers,” followed by “increasing the quality and quantity of leads for field sales forces.”

If these are the challenges, then what are the goals? More importantly what does this say about fixing the problem?

Want to stand out from this crowd and demonstrate tangible ROI? Get back to basics. Sell!

Get Started Today

Here is a simple technique to create social ROI:

  1. Defining sales as the goal, not engagement
  2. Earning insights on customers’ pains or goals using tools like Facebook and blogs
  3. Answering very basic, common questions in ways that drive more discussion about that pain or goal to reveal and sometimes nurture purchase intent.

Remember: when customers understand their problems more clearly, they’re more equipped (and willing) to be gently escorted toward the answers they need—your products and services. They’re more prone to see a purchase as a pain reliever or means to achieve a goal.

“Our approach to getting going—attracting local customers and netting leads with our blog—was simple,” says River Pools and Spas chief marketer, Marcus Sheridan, who says this is a great way to get started right now.

“We’re successful at generating leads because we wrote down every question that’s ever been asked to us by customers. We didn’t care how generic or broad the questions were. These quickly became the titles of blog posts that continue to pay sales dividends over time when matched with calls to action for tools that solve even more problems.” Sheridan, like others using this technique, is leveraging how customers use search engines in early buying stages.

Join the Social Media Evolution

“It’s all about the relationship.” Phooey. It has always been about the relationship, trust (“social currency”), and listening. These concepts aren’t new. Let’s stop pretending that they are and earn the respect of CEOs again.

Yes, the reason most businesses aren’t achieving sales with social media has a lot to do with all the hype. Most of us are reacting to social media, getting sidetracked by the excitement of a false revolution rather than focusing on evolution.

The rush to “just do” social media has served to redefine our goals away from sales and toward tactics like retweets, friends, fans, and likes. I say false revolution because I see so few examples of social-media-revolutionized businesses and because those who are innovating and thriving are evolving, not reinventing.

Have you designed your 2012 social media strategy to sell by focusing on translating customers’ needs into problems they need to have solved? If so, when giving solutions, do you compel customers to take action in ways that give insight and allow you to nurture need to fruition?

Category: Sales, Social Media

Don’t Confuse Audience with Influence

The biggest issue is that we tend to confuse audience with influence. Having a lot of Twitter followers doesn’t give you the power to drive action, it gives you the power to drive awareness. Those are different abilities with unequal degrees of usefulness, just like the power to fly (Superman) is better than the power to swim fast and talk to fish (Aquaman).

Category: Social Media