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Your Brand Advocates- How to Find Them and What They Are Worth
The document discusses brand advocates and their value to companies. It reports the results of a poll showing that most companies believe brand advocates are worth 2-5 times as much as average customers. However, less than half of companies have identified their brand advocates or are utilizing them. The document advocates finding and empowering brand advocates through social media engagement and providing valuable experiences. It provides examples showing that brand advocates generate higher lifetime value and can yield a 10x return on advocacy marketing programs through new customers and media value.
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Your Brand Advocates- How to Find Them and What They Are Worth
- 1. Complete the BrandAdvocate poll: http://bit.ly/Zpoll Your Brand Advocates- How to Find Them and What They Are Worth July 28, 2010
- 2. Meet the PanelFrank Eliason Senior Director of National Customer Operations at Comcast Esteban Contreras Social Media Manager at Samsung Electronics Kety Esquivel VP of Digital Influence at Ogilvy Rob Fuggetta Founder and CEO of Zuberance
- 3. Brand Advocate PollResults How much is a Brand Advocate worth to your company? (Compared to an average customer) Twice as much as average customers: 7.7% Three times as much as average customers: 15.4% Four times as much as average customers: 3.8% Five times as much as average customers: 15.4% Over five times as much as average customers: 15.4% I don’t know: 38.5% Brand Advocates and average customers are worth the same: 3.8% Has your company identified its Brand Advocates? Yes: 30.8% No: 46.2% I don’t know: 23.1% Is your company currently utilizing its Brand Advocates to do anything on behalf of the brand? Yes: 26.9% No: 46.2% I don’t know: 26.9%
- 4. Identifying + IgnitingBrand Advocates
- 5. Less than 25% of people say they trust emails they sign up for. 1 in 3 people come to a brand through a recommendation. Consumers mention 56 brands in conversation per week. Keller Fay 2/3rds of the economy is influenced by personal recommendations. McKinsey & Company The most recommended company in any given category grows 2.5x the category average. Bain & Co . Weber Shandwick 62% of these discussions are positive. 40% of advocates answer, comment, or give opinions online several times each week . Yahoo! and Comscore Each peer recommendation reaches 150 people on the social web. Forrester 20% of consumers are key influencers of purchasing activities of 74% of the pop. Gartner
- 6. Brand Advocate involvedinfluencer independent supporter forgiving spender engaged recommender credible friend passionate vocal authentic honest customer fan loyal proactive contributor invested adopter consumer expert demanding enthusiast ADVOCATE CUSTOMER CRITIC participant active empowered believer knowledgeable promoter leader aware connected
- 7. Advocacy has alwaysbeen a Social Activity “ Social” should be a Long-Term Commitment Increasing Advocacy should be a Long-Term Goal Identifying Advocates : Immersion in the Social Web: Being part of the Community Truly listening to comments, likes, @replies, reviews, ratings, etc. Actively monitoring, measuring and tracking Buzz / Sentiment / Impact Scores: NPS: Likelihood to recommend BAQ: Brand Advocacy Quotient OPS: Online Promoter Scores TAS: % Advocates / % Critics Empowering + Encouraging + Inspiring + Igniting Advocacy : Engaging in On-Going Conversations Consistently Providing Valuable and Memorable Experiences Being Human: Personality, Generosity, Creativity, Fun, Empathy, etc. Thinking of the 5 C’s from their Perspective Enabling Sharing Identifying Influencers and the Influencers’ Influencers Having a Service-Mindset towards everyone Developing Social CRM Nurturing relationships
- 8. Slides will beposted soon at www. socialnerdia.com twitter.com/ samsungesteban twitter.com/ socialnerdia facebook.com/ estebancontreras linkedin.com/in/ juanestebancontreras e-mail: socialnerdia @ gmail . com
- 9. YOUR BRAND ADVOCATESHow to Find Them and What They Are Worth Kety esquivel Vice President, Digital Influence Ogilvy Public Relations Worldwide
- 10. Who Are the Brand Advocates? Social Media Brand Advocates - Defined Usually bloggers, these folks can also be influential folks on FB, Twitter, YouTube or other SM platforms.
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- 12. The Opportunity Theopportunity finding, engaging and activating brand advocates in social media This could include folks who are already loyal to the brand It could also include new folks folks that could be supportive of the brand given their interests
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- 14. The Numbers Accordingto a recent article, 76% of online shoppers rely on feedback from other buyers when making product purchases This is even true in niche markets like the Latino community which historically had relied on in person recommendations from family and friends A recent study by AOL and Cheskin found that Latinos have more confidence in online product ratings than their friends’ opinions (78%: 28%)
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- 16. What Is theCurrent State? Increasingly more folks in the business, government and non-profit sectors are seeing the value of harnessing social media on behalf of the brand Although more orgs are investing in brand advocacy through social media, this is still a very new space for most The upside can be great but the rules of engagement for success are not necessarily intuitive to these new players and without the right strategy and stewardship it can be a confusing space
- 17. That’s Why ItsImportant to Have a Great Team that Gets It Check it out! Our blog: http://blog.ogilvypr.com/ The Ogily PR feed on Twitter: http://twitter.com/ogilvypr Several twitter lists following the Ogilvy team: @Lauren_Turner/ ogilvy @serenamay/ ogilvy @mikemangi/ opr @sarahmarchetti/ ogilvy Happy Birthday @ unterekless !
- 18. KETY ESQUIVEL VicePresident, Digital Influence Ogilvy Public Relations Worldwide Twitter: @KetyE
- 19. Finding & ValuingBrand Advocates Rob Fuggetta Zuberance Founder & CEO July 28, 2010
- 20. Loyal Customers (1 in 5 are Detractors) Brand Advocates Brand Advocates Distinct Segment Fans, Followers Pro-active recommenders Recommendations drive sales Value to Your Business
- 21. “ Ultimate Question”Very likely Extremely Unlikely 0 1 2 3 4 5 6 7 8 9 10 Detractors Passives Advocates “ How likely are you to recommend us to a friend or colleague?” 40% Source: Zuberance
- 22. Advocates 5X MoreValuable than Average Customers Spend Value Advocacy Value 3X Spend Value 2X Average Customers Brand Advocates Favorable Ratings & Reviews Positive Testimonials Positive comments on FB, Twitter, blogs, online forums, and more Offline recommendations Shared offers with social networks
- 23. Hotel Advocate Worth$3,000 Customer Type Spend Value (Average Spend over lifetime) Advocacy Value Total Lifetime Value of Customer or Brand Advocate Average Customer $600 (3 stays x $200 per stay) $0 $600 Brand Advocate $1,200 (6 stays x $200 per stay) $1,800 (9 stays x $200 per stay) $3,000
- 24. 10X Return on Advocacy (ROA) 3-Year Investment in Brand Advocate Marketing Program Value of New Customers Brought in by Brand Advocates Media Value of Brand Advocates Lead (Click) Value Return on Brand Advocate Marketing Program $750,000 $6,800,000 (20,000 new customers brought in as a direct result of Brand Advocate Recommendations x $340 average lifetime value per customer) $495,000 (4,950,000 impressions @$100 CPM) $300,000 (150,000 clicks @$2 cost per click) $7,595,000
- 25. Talk to aBrand Advocate Expert Now Matt Elders (415) 264-1821 [email_address] Blog: http://blog.zuberance.com Twitter: http://twitter.com/Zuberance Facebook: http://www.facebook.com/zuberance
Editor's Notes
- #20 . Thank you Jocelyn. Today I’m going to share with you some of the results of our real-world research and experiences with Brand Advocates: the world’s most powerful consumers.
- #21 This Groundswell of consumer influence poses huge threats and opportunities for enterprises. Negative WOM - Amplified Angry customers are bashing Norton & Putnam Lexus on sites like Amazon, C-Net, and Yelp.. This is hurting their sales and their hard-earned reputations. These companies don’t know how many sales they’re losing by this negative WOM. And yet, both Norton and Putnam Lexus have thousands of highly-satisfied customers. Norton has twice as many Promoters as Detractors and 70% of their customers have referred others. Putnam Lexus also has thousands of loyal customers. I’m one of them. Where is the voice of these Advocates? Positive WOM On the other hand, there are companies that have mostly positive WOM. They also have thousands of passionate Fans. The reality is this: the companies mentioned here – and thousands of others – are missing a huge opportunity to fully leverage their Fans to amplify positive WOM and boost sales. What’s missing? Until now, there hasn’t been a systematic solution that makes it easy to: Identify “Brand Advocates” Mobilize and monetize them Track results in real-time.
- #22 Identify your advocates by asking brief online surveys that feature the “Ultimate Question” for customer loyalty: “On a scale of 0-10, how likely are you to recommend us to a friend or colleague?” Customers who answer 9 or 10 are considered advocates and can be invited to join an your advocate community.
- #23 . Thanks Charles. And thanks Jeremiah and Diane for those great insights. WOM is proven to be the world’s most powerful form of communications. My topic today is how you can turn WOM into sales now.
- #24 There are three main messages for my talk today. My first message is that Advocates are your most valuable customers. They go out of their way to evangelize your brand and products to others, serving as a Volunteer Salesforce. My second message is that Advocates are a large segment of consumers and business buyers --- over 100 million strong worldwide. Empowered by social media, Advocates have tremendous reach and influence. They can make or break your brand and your reputation. My third message is that you can cost-effectively increase sales now by energizing your Advocates. Mobilizing your Advocates is the most cost-effective way to boost sales in a down economy, or any economy.
- #25 There are three main messages for my talk today. My first message is that Advocates are your most valuable customers. They go out of their way to evangelize your brand and products to others, serving as a Volunteer Salesforce. My second message is that Advocates are a large segment of consumers and business buyers --- over 100 million strong worldwide. Empowered by social media, Advocates have tremendous reach and influence. They can make or break your brand and your reputation. My third message is that you can cost-effectively increase sales now by energizing your Advocates. Mobilizing your Advocates is the most cost-effective way to boost sales in a down economy, or any economy.