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e-business me-business we-business: . How the Social Data Revolution Changes the Way Consumers Make Decisions. Digital Day China Shanghai, 22 Nov 2011. Why this revolution? It addresses the 3 deep needs:. A pproval B elonging C ommunication. What is the revolution?. - PowerPoint PPT Presentation
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e-businessme-businesswe-business:
How the Social Data Revolution Changes the Way
Consumers Make DecisionsDigital Day China
Shanghai, 22 Nov 2011
Approval
Belonging
Communication
Why this revolution?It addresses the 3 deep
needs:
Irreversible shift in mindset of customers about who they are, how they relate, how they make decisions
What is the revolution?
e-businessme-businesswe-business
e-business(company focus, Web 1.0)
• Website provides controlled information
• Website possibly allows for transactions
me-business(user focus, Web 2.0)
• Consumer in the center• Self-expression, 晒 (shai, show off)
we-business(community focus, Web 3.0)
• Collective intelligence• The social consumer
SocialLocal
Mobile
• Friends: People who like you– Offline– Online
• Peers: People like you– Similar background– Similar situation
• Experts
USA: Who do Consumers Trust?
average (1-10 scale)
| China: Credibility
8.5 | Friends and family8.0 | Internet word of
mouth7.0 | News and
authorities5.3 | Sales person5.0 | Ads
Source: CIC 2010 Efluencer Survey
Two meanings of “social”
1. Social graph Who is connected with whom?
2. Social data
Case study: What data for targeting a new phone product?
Connection data
• Who called who?
Traditional segmentation
• Demographics• Loyalty
Connection data
Traditionalsegmentation
0.28%
Adoptionrate
1.35%
4.8x
Amazon.com Share the Love
Result: Amazing conversion rates
since customer chooses
Content (the item)
Context (she just bought that item)
Connection (she asked Amazon to email her friend)
Conversation (information as excuse for
communication)
1. Social graph 2. Social data Consumer create and share data Knowingly and willingly
Two meanings of “social”
Or is information justan excuse for
communication?
Purpose of communication:to transmit information?
Customers- engage- connect- 3 times per week on average
Nike+
Rooms to Avoid:
01, 21
08, 17
Rooms Ending in:
Possible Ice Machine / Elevator Noise
Limited View Rooms
Corner / Oversized Rooms:
04
24
Oversized, Corner Room, Quiet RoomOversized, Corner Room with North Times Square Views (Higher Floors are Preferred
Rooms Ending in:
SocialLocal
Mobile
Local Absolute: Place, time
• Individual: Identity, History• Aggregate: Insights
Relative: Distance• To a business: Advertising• Between people: Dating• Between devices: Risk
Location HistoryGoogle Latitude
SocialLocal
Mobile
“SoLoMo”
MobileContext, situation• Sound• Light
Customers interact• Tag• Scan
Situation• Geo-
location• Device
Attention• Clicks,
Transactions
Intention• Search
Connection• Social
graph
User generated• Reviews
Question:
What is the biggest changein the last 5, 10 years
you have seen?
The amount of data a person creates
doubles every 1.5 years• after five years x 10• after ten years x 100
Social Data Growth is EXPONENTIAL
Data = Digital Air
10,000,000 Web searchesAd requestsText messages
1,000,000 Facebook posts
100,000 Product searchesTweets
In the last Minute…
Fundamental Shift in Communication
One-way Two-way
Asynchronous SynchronousPlanning Interaction
List FlowPrivate Public
A. Production: Everybody creates data.
B. Distribution: Everybody shares data.
C. Consumption: Everybody uses data.
• The study of the consumer has changed
• The consumer has changed
Consumer Decision Making
Marketer-generated
awareconsider
buy useopinion
share
Consumer-generated
Funnel Megaphone
“Tina Jiang is my go to LV person”
Top 8 Brands (by number of posts)
Source: The Voice of the Luxury (4.5M posts in CIC luxury panel 2011.Q1)
Category (by number of posts)
Source: The Voice of the Luxury (4.5M posts in CIC luxury panel 2011.Q1)
Topic (number of posts)
Content (by number of posts)
Who Can You Get To Work For You?
100M Customers
100k Employees
100 Specialists
Company
Customers
Product
Customer
Brand
Help people make better decisions
Make it trivially easy for them to
contribute
Give people an excuse to connect
Note: Products/services that use social data improve over timeTake the test yourself http://socialdatalab.com/intelligence
Product Culture
Do not have Somewhere already
Cannot get Can! User will give
Must not use Embrace it
Be secretive Be transparent
Information asymmetry
Information symmetry
Data Culture
1. Facebook Designed for contribution and distribution
2. Google Take whatever you can get
3. Amazon Customer-centric: Help them make decisions
Company Culture (“DNA”)
Advertising
Branding
Corporate Communication
Ingredients for engagement:
Approval
Belonging
Communication
Ingredients for engagement:
Two Monologues are not a Dialogue!
Twitter: The Illusion of an Audience?
1993
“On the Internet, nobody knows you’re a dog”
2011
“On the Internet, everybody knows you’re a dog”
e-businessme-businesswe-business
[email protected]+86 138 1818 3800www.weigend.com
Dr. Andreas Weigend, Social Data Lab