Summary of Lecture 1 – 13/08/2012

On August 13, we commenced the new trimester (technically lasts for just 5 weeks) at ESSEC Singapore campus. I delivered my first lecture on social media marketing to 42 ESSEC students who have come from France and one NTU student, who is a Singaporean.

I have not yet decided whether I will make my slides public. However, the syllabus is available for download from here. I had asked students to read up three articles before coming to the class. I am not sure whether anyone read it. Anyway, the highlights from the session are as follows:

1) The course is divided into thee broad segments. First segment focuses on the most critical strategy aspect. The second segment involves implementation of that strategy, and the third segment is about monitoring and measuring the social media effectiveness.

2) Under the strategy aspect, I introduced 5 Cs of social media marketing. I will write a separate blog post about this. The 5 Cs are community, conversations, channels, content, and collaboration (or cocreation). Like all the marketers, I believe in “know your customer” mantra. In social media, I would say “know your community.” I chalked out a vague mapping between 4 Ps of marketing (product, price, promotion, and place) and 5 Cs of social media marketing. there is no clear cut mapping, which indicates that social media marketing is a distinct concept.

3) I discussed two readings, one from McKinsey Quarterly and the other from MIT Sloan Management Review (see the syllabus for the titles). McKinsey article makes an argument that marketers should use consumer purchase decision process (information gathering, evaluation, purchase, experience, brand advocacy, and bonding with the brand) as various touch points. Depending on what you want to do with social media–monitor, respond, amplify, and lead–marketers should use different responses. For example, brand monitoring can be done at all the six stages in the consumer decision journey. Various social media analytics services are available and should be used for such purposes. Monitoring also includes early warning systems, which should reduce or eliminate the impact of a crisis situation. After a customer experiences the product, turns into an advocate, and creates a bond with the brand, marketers could lead engagement by involving the customer into decision making process. For example, the customer could provide rich feedback to improve the experience, or even to design a new product. Starbucks has been running such a co-creation experiment for some time now.

4) The second article talks about how to convince CEOs of large companies to adopt “Enterprise 2.0”. Such a social media effort requires engaging with employees internally and customers, suppliers, and developers externally. The article identifies several impediments to adoption of Enterprise 2.0. The ones that I have personally come across involve threat of competitor espionage due to the exposure of vital information in a public forum. The second important hindrance is the legal issues involved in sharing of information. For example, what if the information that the firm releases breaches some contracts with another party? The article, which is in the form of an interview, lays down five potential solutions to these problems. First, you could explain the CEO that by creating an online community of the employees and developers, the firm could unleash a vast amount of information to be used by the firm. Second, social media create a large number of weak ties, which have great usefulness (this is based on Mark Granovetter’s seminal paper [PDF]). Third, point out to the CEO that the demographics are changing fast (“look at your kids, big fella!”). The consumer usage of technology has dramatically shifted. Fourth, listen to all the objections, fears, and counterarguments from various company executives. Then prepare a proposal grounded in research, case studies, etc. to mitigate these concerns. In other words, don’t hard sell and remember that “Talk is cheap.” Finally, take a note that in many cases the middle management, rather than the top management, is the one opposing Enterprise 2.0. Therefore emphasize to them that the social media is not going to challenge existing internal hierarchy. The decision making will still remain with the few. However, Enterprise 2.0 will ensure that the input is coming from many.

5) We didn’t have time to go over Deloitte sponsored Tribalization of Business study (note- there is a typo in the syllabus). The study has some nice charts explaining the social media usage across different firm sizes. It is instructional to see the studies from 2008, 2009, and 2010 to observe the shift.

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IBM CMO Study

Last year IBM conducted a study interviewing 1,700 CMOs across the globe. Some key finding from the report –

“Our interviews reveal that CMOs see four challenges as pervasive,universal game-changers: the data explosion, social media, proliferation of channels and devices, and shifting consumer demographics. But CMOs from outperforming organizations address these challenges differently from other CMOs”

I was curious to know what the successful CMOs do different. And lo and behold, there are three things that we keep on teaching to our students all the time and still many never seem to appreciate them –

1. The most proactive CMOs are trying to understand individuals as well as markets

2. CMOs in the most successful enterprises are focusing on relationships, not just transactions

3. The outperformers are committed to developing a clear “corporate character”

Finally, something my marketing analytics students will appreciate –

“Our research shows the measures used to evaluate marketing are changing. Nearly two-thirds of CMOs think return on marketing investment will be the primary measure of their effectiveness by 2015. But proving that value is difficult. Even among the most successful enterprises, half of all CMOs feel insufficiently prepared to provide hard numbers.”

Read the full report here –

My Five Favorite iPhone Apps

Many of you would have received an iPhone 4/4S or iPad 2 as a Christmas gift. Choosing from the thousands of apps from Apple App Store is a tough job. There is a plethora of articles on the net recommending which apps you should install. I read these articles regularly and try the free apps first to see which ones I will use often. From my last six months’ usage, I have identified five apps for iPhone and iPad each, which I use frequently. These apps are my favorite not only because they are useful but also because they have very nice user interfaces. In this post I will tell you which iPhone apps are my favorite and why. In a follow up post I will talk about iPad apps.

There is no specific order I am following here.

1. Instagram

Instagram is a photography app which is rated as the number 1 app of 2011. It has upward of 10 million users and it is growing fast.

Why do I like it?

There are two reasons. First, Instagram has awesome collection of filters that you can use to enhance your photos. You can take the pictures using the app or you can use an existing photo in your photo library and apply the filters. The filters are nice and very easy to use. This snappy app lets you almost instantaneously apply various filters and see which ones give you the best effect. Second, you can share pictures with the world or your social network on Facebook and Twitter. You can maintain a small Instagram only friend circle too. Ease of sharing for me is critical and Instagram excels at that.

Where can you get the app?

Download Instagram for free from here.

Whiskers

Whiskers sitting on the sofa

2. Dropbox

Another awesome app! When you sign up with Dropbox, you get 2 GB free storage in the cloud. If you have a .edu email id, then you actually get more storage. Further, whenever you recommend Dropbox to your friends and they sign up, you get 250 MB extra storage.

Why do I like it?

First, Dropbox is the work of a genius. It is so damn clever that there is no other option but to like it! You can upload anything on Dropbox and access it from anywhere – your iPhone, iPad, Mac, or Windows computer. On your computers Dropbox creates an entry as a disc right into the Finder on Mac and Explorer in Windows. This means when you are saving a file, your computer gives you an option to save it to Dropbox!

Second, Dropbox files are updates almost instantaneously. This means almost no delay between the time you upload something from your iPhone and then access it from other devices. Many times I take pictures from Instagram and tweak them a bit on my computer. The file transfer between the two devices is always via Dropbox. I stopped using flash drives for a while now and I have tons of them still lying around in their original packaging!

Third, Dropbox is now getting support from other peripheral apps that are using Dropbox as a hard drive. For example, I use SongBox Player, a music streaming app to play songs which I have stored on my Dropbox folder! None of these songs gets downloaded on my iPhone leaving enough space for my Audible audiobooks.

Where can you get the app?

Download Dropbox for free here.

3. Flipboard

Flipboard is a news reading app. It was first introduced on iPad and only recently it made its debut on iPhone. This app is just wow!

Why do I like it?

First, Flipboard is an amazingly good-looking app! It has one of the cleanest interfaces I have ever seen on any electronic device. Ease of use, great colors, nice typography, and the “flip” action to turn the pages, all make this app one of the coolest one out there. Second, Flipboard lets you link all your news sources such as blogs (TechCrunch, All things D, etc.), social networks (Facebook, Twitter, LinkedIn, etc.), and feed readers (Google Reader, etc.) to this one account. Thus, you can use Flipboard as a single dashboard from where you can access everything happening around you. Further you can share stuff on Facebook, Twitter, and Read It Later, among other thing.

Where can you get the app?

Download Flipboard from here.

A screenshot of Flipboard app

4. CardMunch

CardMunch is a LinkedIn app. Do you meet many people and exchange business cards with them? If yes, then this app is for you. As a PhD student, I collected barely 50 business cards over those five years. After I took the job with Essec and moved to Singapore last June, I have collected more than 100 business cards! I just don’t know how to organize them and carry them with me all the time. Enters CardMunch. It allows you to take picture of the business card, which it uploads on its servers for optical character recognition. It extracts all the important information and returns various fields such as name, title, company, phone number, etc. to you in digital form.

Why do I like it?

First, CardMunch is fairly simple to use and does a great job of character recognition. I rarely have to correct any data that it recognizes. It also keeps the original picture of the business card. Second, it fetches the person’s LinkedIn public profile and displays it alongside all the information it extracted form the business card! This is awesome because this means you now have the person’s picture (if it is available on LinkedIn) and other information such as work experience and education, which people usually share on their LinkedIn profiles.

Where can you get the app?

Download CardMunch from here.

5. Wenzani

Do you like to eat out a lot? I don’t. But after we moved to Singapore, we started eating out quite frequently. There are a few really awesome restaurants in Singapore. The problem that we face is that there are actually so many restaurants here that it is difficult to know which place is good even before you try it (Singapore seems to have the highest number of restaurants per capita). Luckily Lonely Planet comes to the rescue with this awesome app Wenzani. The app uses your location, which you should let it identify, and shows the restaurants and their reviews written by the Lonely Planet community.

Why do I like it?

First, as all the above apps, Wenzani is easy to use and has a very clean user interface. It lets you select from a menu of different types of outlets such as restaurants, shops, night clubs, etc. Second, it has information on almost every place that you will find in any area. They update is quite frequently too. All in all, this helps a lot if you have little idea about your city.

Where can you get it?

Download Wenzani from here.

Wenzani welcome page

iPad 2 Prices Across the World

I was a bit bored yesterday. So I put together these slides comparing iPad 2 prices in 35 different countries. You may find this on other websites and perhaps with more details. But I am including the screenshots of the Apple Store webpages. Note that all the prices are for the base iPad 2 model.

Application of Facebook to Local Marketing

I found this video on this blog. It is interesting because Dennis Yu works in the local application of Facebook marketing. I think there is a tremendous need for even workshops for such things. I have designed one, in fact. But I don’t think my b-school will ever offer it! Essec is a premium brand. Anyways, enjoy!

The Rise and Fall of Groupon

I made this presentation for my class. I had many more things to discuss and several numbers to show but finally I decided to put only these many slides. Please feel free to comment on the slides. I would like to get your feedback to improve this presentation as much as possible. Thanks!