And on twitter, which is growing by 1444% (nearly 19 Mln users)
I was at Dave Evans seminar organised by 2020 Media (#2020media on twitter) on 22nd June 2009. Quite good things at the event and unlike ones organised by IAMAI. The participation was from traditional marketing teams such as Pepsico, PR agencies and Traditional Agencies. Good turn-out to start with, but didn’t get to meet active guys at the twitter forum, except Gaurav Misra (@gauravnomics).
Maybe I need to be more active on Twitter.
So what is in for a service oriented e-commerce enabled travel intermediary, focused on providing lowest airfares to its visitor in social media. True to it’s performance DNA, measures ROI and benchmarks conversion and uses state of the art optimisers, tools. More over e-commerce as a category is one of the largest spenders on Google and has liaisons with other ad networks which gives it close to 20% reach in the digital world.
Life is good. Product managers are making the user experience better.
Not just loads of academic social media MARKETING concept at the event, there were few sparks of implementable solutions.
Two of these I found blog-able…
1. The Social Flywheel
Traditional Purchase cycle ends at conversion. Look at this cycle…
Acquisition —-> Consideration —-> Purchase/conversion
Marketers work at every stage of this funnel and a traditional business would “optimise” every step. Conversion once done, the retention cycle (classic CRM) takes over. Customer repeat rate or satisfaction index would be a measure of the marketing efficiency. This is our traditional marketing cycle.
Dave has extended this cycle, and in the realm of new media opportunity, this becomes…
Acquisition —-> Consideration —-> Purchase/Conversion —–> Product Trial —-> Word of Mouth/Recommendation —–> Purchase/Conversion
The last part of this funnel, Daves calls as the “Social Flywheel”, and has a positive impact on the conversions. The social media plan works on this flywheel and keeps it going to better the conversion. Not just acquisitions but also post purchase word of mouth is the key to strong competitive.
2. Marketing and Operations don’t work in silos, they have areas in common.
Marketing doesn’t end once the costumers has purchased the product, it is only the start of the experience. More true in service category where the product is not tangible. Traditional Marketing companies have embraced this fact and are first to realise the customer needs and wants. Pay a huge emphasis on customer needs and wants and listens to customer conversations.
Service companies, relies on the CRM and after sales support for the same objective. Here, marketing can’t wash it’s hands off and needs to equally connect with customer so that it positively influences the purchase cycle.
Take for example a typical case of flight ticket purchase from a typical website. The onus of marketing wouldn’t just finish after the new customer acquisition; it would need to put a similar effort to resolve any issues related to date change, refunds upon flight cancellation to create a great word of mouth. Else the customer would get a sense of being fleeced.
Two great actionable points and worth trying out, I thought.. Like a complete strategy. To start with, I’m active on Facebook.
It is all about conversations!