The ROI of competitive intelligence

Posted on July 20, 2009 by marc meyer

Rachel Happe is hosting this weeks #socialmedia session. I bring her up for a reason, which you’ll soon see. For those of you that are unaware of what #socialmedia is, I will quickly explain and then get to my point. Every Tuesday at Noon EST, Jason Breed of Neighborhood America and myself host a one hour Twitter session around the business of social media. Every week we have a different host to moderate a session wrapped around some of the hottest social media issues revolving around business. They’re job? To challenge and question and probe participants to reach higher in their assumptions about what social media is. The list of people that have hosted over the past few months is like a who’s who of social media practitioners. They include Jason Falls, Geoff Livingston, Toby Bloomberg, Lee Odden, Mack Collier, Danny Brown, David Alston and Beth Harte, to name a few.

Now more to my point. In one of Rachel’s recent posts on her new project blogsite The Community Roundtable, which I highly suggest you check out, she does a snap shot view of how community managers use Twitter. She highlites Connie Bensen, Dirk Shaw, Guy Martin, and herself. In each case, we see how each person manages to monitor the twit streams in their space. In every case, they all manage to monitor the sandbox or boxes in which they play. Why? Because it gives them more information, knowledge and data. And the best part, it’s free and for the most part passive.

Call it competitive intelligence or call it consumer intelligence, call it whatever intelligence you want; but don’t dismiss the value of this information. On the surface it may not deliver the troika that I constantly talk about when talking about hard ROI in social media- make money, save money, or increase equity but if I were going to place a value on competitive intelligence I would say, to use a few sports analogies- It’s the 6th man in basketball, the utility club in golf, the setter in volleyball, the pitcher with the rubber arm in baseball, or the slotback in football. Simply put, don’t underestimate or discount the value of competitive intelligence.

To not take advantage of competitive intelligence that is freely available is more like giving the competition a constant headstart. Or better yet, if you are a hitter in baseball, you’re starting with a strike before you even step in the batters box.

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Crowdsourcing-Social Media Listening Grids

Posted on May 24, 2009 by marc meyer

Over the last 8 weeks @jasonbreed and I have had some tremendous #socialmedia Unpanels at Hashtagsocialmedia.com. Last Tuesday, David Alston of Radian 6, hosted a session titled Developing Corporate Listening Grids. the comments and the discussion was at such a high level, that developing a deck from it was a no-brainer. But obviously it doesn’t happen without the participation of the attendees and their voices.

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Hashtag social media launches

Posted on March 31, 2009 by marc meyer

One of the great things about collaboration, social media, and the power of truly thinking outside the box, is that when you put words into action the finished product can be oh so cool. That is the case with Hashtagsocialmedia.com.

The idea for this came out of roughly 2-3 meetings with Jason Breed of Neighborhood America. It bubbled up over a desire to really try and extend the social media conversation beyond the boundaries it was currently taking place in, and do it in a collaborative and open environment.

6 weeks later, here we are.

The premise is simple. Using the #journchat theme of a hosted discussion we’ve decided to structure 1 hour per week (Tuesdays at 12pm eastern) around hot topics and issues that concern #socialmedia. With a guest host/moderator to keep the discussion moving forward, we hope to create some unique perspectives and POV’s on social media business issues.

So our first guest host is none other than Beth Harte Beth brings a tremendous amount of passion, experience and tell it like it is attitude to everything that she talks about, writes about and does as it pertains to social media and marketing. She is the perfect first choice.

We hope you can join us every Tuesday at 12 noon est. To help us take the business of social media into new directions

Social Media – The Melting Pot

Posted on December 27, 2008 by marc meyer

My friend Jason Breed who is the senior director of business development at Neighborhood America, which probably has one of the best developed social networking platforms in the industry, sent me a great post about the melting pot that is social media. Jason has a wonderful perspective and insight into what “large” companies perceive and what they want and ultimately what they need. Herein are is thoughts.

It’s very intriguing to me in my travels to listen to people discuss the term “social media”. People of all types and experience levels in the corporate space relate it, mostly as a negative connotation, to existing social networks like Facebook, MySpace, Bebo, Hi5, etc or they relate it, still with negative connotation, to consumer marketing flops dating back to the GM “tell me what you think about Suburbans” snafu to more recently the Motrin Moms incident.

Other areas where social media gets used a lot is with web 2.0 initiatives. First, anyone still referring to versions of the internet have their own issues, next, the majority of the population still does not understand exactly what a blog, forum or certainly a wiki is or does. Why should they? They are a series of features and tools not solutions. When is the last time you woke up and said to your loved one, “can’t wait to forum today!”? While the tool sets have some social elements to them, there are many corporate blogs still run by the marketing department that are far from social. In fact, many still use them to self publish push messaging while fully moderating comments and publishing selected content. Something about lipstick and pigs come to mind here.

So what is social media, well it does include much of what is mentioned above however it also includes a whole world of opportunities that takes a bit more creativity to understand the possibilities.

To me, social media is simply a term of interaction. It has become a container term for a lot of things however it all comes down to enabling interactions. The ability to develop a cycle of communications between two or more parties either through online or mobile. Understanding this as a framework, you can apply this interaction to employee communications, consumer transactions, partners, CRM, BPM, shareholders, etc or any mix therein. In fact any department from construction to office management to sales, development, customer support, logistics management, public relations, human resources, and any other department you can think of can use the construct of developing better interactions (ie. Social media) to begin to solve traditional business issues.

When you get beyond simple marketing and word-of-mouth campaigns, it becomes much easier to understand how applying social elements to traditional processes can save time, costs or even increase revenues. Consider the traditional sales cycle that is manually touched 4-5 times before it gets into a sales funnel or CRM package. Using social elements, even a small sales team could manage a lot more information from customers with better purchasing metrics if you had a creative way to allow customers to automatically feed the CRM system on the front end through a professional (social) interaction.

For those who understand the construct that the social environment has allowed us to create though improved interactions beyond the obvious consumer marketing tactics, 2009 will truly be a very constructive and profitable year for businesses of all shapes and sizes

Discontinuous change in social media marketing and marketing for 2009

Posted on December 19, 2008 by marc meyer

In 2009 you have a choice you can either do what you did in 2008 or you can look at 2009 as a chance to get it right. Everything is upside down, including the way we used to market to consumers and the way consumers used to listen to marketers.

If you’re relying on the way you “used to do things” then stop. If you think you have a robust social media marketing presence, because you have a lot of “friends” and “followers” then stop. Seth Godin likes to quote that this is the “imitation of turbulent activity” .You are in the echo chamber and your clients (if you have any) aren’t in there and chances are they not listening to you anyway. But you wouldn’t know that because of your personal social media involvement-and the fact you might have your self important blinders on.

You’re “moving for the sake of motion” as my friend Jason Breed over at Neighborhood America would say. And that will get you nowhere. We need you to change. You need to change and you need to adapt now to even newer rules of marketing that are evolving before our very eyes. Realize the current situation for what it is.

ROI vs. ROE -I did not do a good enough job selling social media.

Posted on November 16, 2008 by marc meyer

I had my biggest challenge of trying to sell ROI for a social media project this past week and I lost. Passion lost. Clarity of message lost, and the power of the conversation lost out to the following unspoken sentiment, “I can’t pay for something where I can not see a clear 1:1 ratio of money spent and money earned.

I’ll be honest, my my own private little thought cloud right then and there was,”Oh yea? What did I spend? Hours of work, sweat equity if you will, on learning everything I could on why social media would make sense for you, mister client, and the irrefutable argument that went with it, and you can’t see it?”

On a side note: There is not a social media practitioner, marketer or evangelist out there, who would not agree that this person and their current business model would not have benefited from a solid injection of web 2.0 sensibilities.

Not only did I do my homework but I also spent hours on the phone with the conduit/project manager, who not only had bought my vision, but had also in the same process, drank the social media Kool-ade. I educated him to the extent that he totally got what I was saying. He GOT IT. Which to a lesser degree is a huge win. Why? Because we met through a 140 character conversation on Twitter. That’s right, this whole process and opportunity came about because of Twitter. The conduit in Austin, me in Naples, and the client in Phoenix.

At the end of the day though, after the nearly 2 hour Saturday conference call with the prospect, it became painfully obvious that he was not willing to spend what it would take to transform his personal brand and what he does for a living, into something more viable, accessible, and transparent- he wanted solid ROI. Not the hope of notion or perceived ROI. His thing was, “lets sell something that makes money, and I’ll pay you if I make money”.

All was not lost. First, I made a friend in Austin, who has passion, vision, and Get’s it. And whenever you meet someone who gets it- the potential for more opportunities like the one mentioned above will always exist.

Second, I learned some more lessons. I say more because I’ve been learning a lot of them lately. Failing forward if you will. I’ve been given some great indirect lessons from my peers through blog comments and tweets, individuals like Jim Storer, Paul Chaney, Valeria Maltoni and Jason Breed. Some lessons that are human and tangible. Lessons learned on the client side and lessons learned from the community. A win win..

So here’s the thing- Ultimately, I have to ask myself, did I do a good enough job of presenting tangible proof on why social media makes sense? I don’t know. I may be too close to the subject to answer that objectively. But The question does arise and will arise again; and this was a concern Friday night when I had completed the proposal and had attached a dollar value to it. Did I show enough proof? A proof of concept to justify the cost that would eventually increase ROI through engagement?

The bottom line is I guess not. Because the bottom line right now is very prominent, very front and center. Managers want to see ROI. They need ROI. I think what they don’t understand, is that if I’m going to embark on a social media campaign for a client, it involves a time suck and a commitment from the client and the person rolling out the project- the cost is labor and time, both of which I think are measurable and ultimately can be charged for. I’m sorry but I value my knowledge and my time and I’m going to charge for it. Ok… I’m starting to get a little fired up again so I’m going to stop here. But here are my parting words-

When you pitch the social media project of any scope and scale, Be thorough, and understand that all managers are going to really, really focus on the investment and the return, no matter how well YOU get the big picture. But you know what? One loss does not define a season. They’ll be more and I’ll do better.

11 thoughts from the last 3 days

Posted on November 4, 2008 by marc meyer

So every once in awhile I have these stream of consciousness moments that I need to share on a larger scale instead of just the Twitter platform. Here are some good ones from the past couple of days, at least I thought they were good:

-How many of you understand that one of the true underlying features or aspects of social media is that it really boils down to reciprocity?

-Raise your hand if social media is transforming the way you do business.

-What level of “digital intimacy” would you say we all share via twitter? We’ve all gotten to at least first base here, right?

-The whole election process is a macro-conversation that in the end, boils down to a micro-interaction between you & the candidate. David Armano your thoughts?

-What has been the effect of social media on this year’s election?

-In the looming age of measuring all things related to social media-how transactional should your conversations be? Or how transactional will they eventually become?

-Sacrifice usability at the altar of sexiness-I have to credit Avanish Kaushik for that one, but I love the meaning of it.

-4 things you will struggle with throughout your life : saying no, saying goodbye… saying I can’t, and saying I don’t know.

-Valeria Maltoni is the definition of class. she cares and she is deeply insightful… and she is a game changer.

-The difference between communities is not people but individuals but social media is about individuals being authentically individual.

-The network based on trust begets value which in turn brings a higher ROE return on engagement

Feel free to blog about these, or use them as topics for discussion. I’d love to see all of them become blog posts one day but alas, that’s up to you! Words of advice, keep the yellow legal pad close by!

Hey people, let’s step it up.

Posted on October 7, 2008 by marc meyer

I was sitting in the stands of a basketball gym a few nights ago and talking to one of the major movers of one of the top social media companies in the country, and I had asked him what’s going on at work. I like to see where they’re at sometimes since they are right in the thick of it usually, and I’m always impressed in the directions they head. He told me that they were looking to do more and to do bigger and better things with companies rather than just to pitch or create wikis, and blogs and communities and what not.

Don’t get me wrong, they “do” do more, it’s just that the perception or thought right now with other large companies wanting to get into the social media game is “this is what works with others-so lets do that”. He said they were looking to expand their reach and their depth of what that can do instead of offering component driven solutions on large scales. Great strategy.

This made complete sense to me. In fact I had been mulling over that corporate perception and social media perception of late with the posts I had been reading in my reader and on some social sites I frequent.

My thinking was it had become somewhat static, one dimensional and monotone like in its themes. Or maybe stale? Tired? Repetitive?

Think about it, we are creatures of habit and we do what the pack is doing. We see what works and we do the same. Isn’t that the way certain companies are approaching pitching social media solutions to large companies. They see what has been successful elsewhere and then take the same approach and basically say we can do that to? Yawwwwwwwwn. Go ahead and do that. But how bout you stretch out and take a chance on doing something bold and different?

Which was the essence of what my friend was saying and I applaud their thinking for this. We, and they are only limited by our collective thinking of what social media can do. Right now we’re implementing what we know what works instead of turning it inside out and attacking it from a completely different vantage point.

I implore that tact with some of the incredible collection of thinkers that I subscribe to. I personally believe that we have only scratched the surface of what social media can do and I plead with you to step back and really think about the ways and means in which we can take this piece of clay that is social media and shape it into things that we have not even begun to fathom as being possible. Let’s eliminate… the echo.

In social media, What’s more important? The technology or the user experience?

Posted on August 19, 2008 by marc meyer

Recently, I had the opportunity to sit down with Kim Kobza, the CEO of Neigborhood America. If you are not familiar with NA, they are one of the top players in the social media platform space. To say that it was interesting is putting it mildly. We kept taking the dry erase pen from each other constantly in the course of an hour to drive our points home on a white board about our thoughts on all things community and social media related.

My take away points were many but I kept thinking about one thing even 3 days later. That being-What drives the community? What is more important in the social media communities that we swim in? Is it the user experience or the user interface? Kim and I discussed what makes the community thrive and there are some interesting variables that determine this. Not the least being if we look at the 6 degrees of seperation theory, the sixth person is as important as the primary or focal person in the chain. Kim’s point that if you has a brand champion, this person is important yes, but the others on the peripheral are as well. In my head the best way I can wrap my arms around this is to perhaps think of worker bees being as important to the community as the queen is. They are integral to the survival of the colony.

My point to Kim, was that I could have this new and shiny social community ready to launch, and in my mind I totally got it, it made sense to me perfectly, and my thinking would be it would totally rock the social media space. My thinking and hope being that the buzz would bring in some fantastic members and thrive, quickly. But what if the technology was too slick? Could it have too many bells and whistles. Absolutely!

Which brings me to my point-Isn’t the user experience as important if not more than the platform? I don’t like to say dumb it down, but as technology people, we are exposed to cool tech stuff everyday and we get it. But put yourself in the shoes of the stay at home mom or the somewhat savvy electrician who has a familiarity with Myspace or Facebook for example. Will they get it? Maybe , maybe not? Do you want to take the chance that they “might” get it?

The user experience and the user interface are each predicated and determined by the other in my mind. If you have the technology but it’s broken and doesn’t perform, then you can forget it. If you have a community ready to go but they can’t understand how to use the technology, then they are gone. If you have a community that can grasp the technology quickly, and the technology is solid. Guess what? The user experience is elevated. With that being said, as managers and developers of communities, we need to walk that fine line between what works for the user and what the user can work with