How the Social Data Revolution Changes the Way Consumers Make Decisions Digital Day China Shanghai 22 Nov 2011 A pproval B elonging C ommunication Why this revolution It addresses the 3 deep needs ID: 650715
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Slide1
e-businessme-businesswe-business:
How the Social Data Revolution Changes the Way Consumers Make Decisions
Digital Day China
Shanghai, 22 Nov 2011Slide2
ApprovalB
elongingCommunication
Why this revolution?
It addresses the 3 deep needs:Slide3
Irreversible shift in mindset of customers about
who they are, how they relate, how they make decisions
What
is
the revolution?Slide4
e-business
me-business
we-business Slide5
e-business(company focus, Web 1.0)Website provides controlled information
Website possibly allows for transactionsSlide6
me-business(user focus, Web 2.0)Consumer in the center
Self-expression, 晒 (shai, show off)Slide7
we-business(community focus, Web 3.0)
Collective intelligenceThe social consumerSlide8
Social
LocalMobileSlide9
Friends: People who like youOffline
OnlinePeers: People like youSimilar
background
Similar situation
Experts
USA: Who do Consumers Trust?Slide10
average
(1-10 scale)
| China:
Credibility
8.5
| Friends and
family
8.0
| Internet
word of mouth
7.0
|
News and authorities
5.3
| Sales person
5.0
| Ads
Source:
CIC 2010
E
fluencer
S
urveySlide11
Two meanings of “social”Social graph
Who is connected with whom?2. Social dataSlide12
Case study: What data for
targeting
a
new phone product?
Connection
data
Who called who?
Traditional
segmentation
Demographics
LoyaltySlide13
Connection
data Traditionalsegmentation
0.28%
Adoption
rate
1.35%
4.8xSlide14
Amazon.com
Share the LoveSlide15
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)Slide16
Social graph Social data
Consumer create and share data Knowingly and willinglyTwo meanings of “social”Slide17
Or is
information justan
excuse for
communication
?
Purpose of
communication
:
to
transmit information
?Slide18
Customers- engage
- connect
- 3 times per week
on average
Nike+Slide19
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 Room
Oversized, Corner Room with North Times Square Views (Higher Floors are Preferred
Rooms Ending in:Slide20
Social
LocalMobileSlide21
Local
Absolute:
Place, time
Individual: Identity, History
Aggregate: Insights
Relative
:
Distance
To
a business:
Advertising
Between people
:
Dating
Between
devices: RiskSlide22
Location History
Google LatitudeSlide23
Social
LocalMobile“SoLoMo
”Slide24
Mobile
Context, situationSound
Light
Customers interact
Tag
ScanSlide25
Situation
Geo-location Device
Attention
Clicks, Transactions
Intention
Search
Connection
Social graph
User generated
ReviewsSlide26
Question:
What is the biggest changein the last 5, 10 years
you have seen?
Slide27
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 EXPONENTIALSlide28
Data =
Digital AirSlide29
10,000,000
Web searches
Ad requests
Text
messages
1,000,000
Facebook
posts
100,000
Product
searches
Tweets
In the last
Minute
…Slide30
Fundamental Shift in Communication
One-way
Two-way
Asynchronous
Synchronous
Planning
Interaction
List
Flow
Private
PublicSlide31
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 changedSlide32
Consumer Decision MakingSlide33
Marketer-generated
aware
consider
buy
use
opinion
share
Consumer-generated
Funnel
MegaphoneSlide34Slide35Slide36
“Tina
Jiang is my go to
LV person” Slide37
Top 8 Brands (by number of posts)
Source:
The Voice of the Luxury
(4.5M posts in CIC luxury panel 2011.Q1)Slide38
Category (by number of posts)
Source:
The Voice of the Luxury
(4.5M posts in CIC luxury panel 2011.Q1)Slide39
Topic (number of posts)Slide40
Content (by number of posts)Slide41
Who Can You Get To Work For You?Slide42
Company
CustomersSlide43
Product
CustomerBrandSlide44
Help people make better decisionsMake it trivially easy for them to contribute
Give people an excuse to connectNote: Products/services that use social data improve over timeTake the test yourself http://socialdatalab.com/intelligence
Product
CultureSlide45
Do not have
Somewhere already
Cannot
get
Can! U
ser will give
Must not use
Embrace
it
Be secretive
Be
t
ransparent
Information
asymmetry
I
nformation
symmetry
Data
CultureSlide46
1. Facebook Designed for contribution and distribution2. Google
Take whatever you can get3. Amazon Customer-centric: Help them make decisions
Company
Culture (“DNA”)Slide47
AdvertisingBranding
Corporate Communication
I
ngredients for engagement:Slide48
ApprovalB
elongingCommunication
I
ngredients for engagement:Slide49
Two Monologues are not a Dialogue!
Twitter: The Illusion of an
Audience
?Slide50
1993
“On the Internet, nobody knows you’re a dog”Slide51
2011
“
On the Internet,
everybody
knows you’re a dog”Slide52
e-businessme-businesswe-business
aweigend@stanford.edu+86 138 1818 3800www.weigend.com
Dr. Andreas
Weigend, Social Data Lab