Social Product Management Presentation - TPMA - Jan31/12

Social Product Marketing &
Management

Paul Dombowsky Anastasia Valentine
CEO - Ideavibes CEO – Sandbox PM

About Us!
The Ideavibes Crowd Engagement Platform™ enables
organizations to create crowdsourcing and
crowdfunding campaigns that use the power of social
media and tapping into the wisdom of crowd to
strengthen relationships through engagement and
participation. It’s about starting innovative projects,
building better products, setting new directions and
being more crowd- or community-focused, funding
worthy initiatives and sparking social change.

Sandbox PM, an idea to launch company provides all sizes of
organizations with support and services from idea through to
launch. Taking the role of your extended team, Sandbox PM
will play a hands on role in your success in introducing your
company, products and services to the market.

Copyright ©2012 Sandbox PM. Reproduction in whole or part not permitted without written consent.

The Product Manager is the hub of
information and activity for any products
company.


Social Business Strategy

It is not enough to be present, you
must engage & be engaging!”

 Visible  Reliable
 Accessible  Valuable
 Mobile  Trusted


People are talking
Events Trends

Company Innovation

People Features

Services Pain points

Products Conversations Competition

Are you listening?

Traditional OLD Engagement
Known
Customers

Product
Surveys Usability tests
Management

Beta
Programs


Direct Mail

Mobile eMail

Virtual Physical
Events Events

Marketing
Reach
Telemarket
SEO
-ing

Online
Influencer Social
Media
(s)

Blogs Online Ads


Customer
s
Advisory
Analysts
Boards

Influencer Technolog
s y Trends

Product
Industry
Investors Managemen Trends
t

Stake- Competitio
holders n

Crowd
Partners
sourcing
Prospects


Product Management Gets
Social
 Create social media conversations for:
◦ Idea/Requirements gathering
◦ Validation (strategy, requirements,
usability +)
◦ Use Cases, User Stories
◦ Persona development
◦ Beta recruitment
◦ Success stories
◦ Testimonials
◦ Usability / Product Appeal
◦ Scalability

“An outside-in approach increases
the likelihood of product success.”
- Pragmatic Marketing


When and How To Get
Social?
 When – ALL THE TIME
 How?
◦ Target
◦ Join in
◦ Listen & Observe
◦ Attract & Engage
◦ Repeat


Target
 Target your ideal crowd of:
◦ Influencers
◦ Like minded
◦ Prospects
◦ Customers
◦ Partners
◦ Competitors
 How?
◦ Profiling
◦ Research

The Social Media Influencer
 Credibility in the market
 Large, qualified following
 Heavily engaged with their audience
 Reliable & consistent
 Information consistently shared by
following
 Trusted by your targets
Don’t underestimate the power and
value of a social media influencer.
Copyright ©2012 Sandbox PM. Reproduction in whole or part not permitted without writ.ten consent.

GO! Join in!
 Ask your crowd where they go
 Research where your
industry/competitors go
 Focus & only go where your targets go
◦ Join
◦ Like
◦ Follow
◦ Connect
◦ Share

Listen & Observe
 Listen for:
◦ Market needs / pain
◦ Trends (technology & industry)
◦ Feature requests
◦ “delight the customer” opportunities
 Observe for:
◦ Influencers
◦ New players
◦ Tactics that work / & don’t
◦ Competitor #fails

Listen & Observe
 Most popular
listening/observation posts:

◦ Twitter
 Follow your target(s)
 Monitor their hashtags (#)

◦ Linkedin
 Join all industry & subject matter
groups
 Connect to all of your known peers
 Follow target companies


Attract & Engage!
Create a reliable pattern of engagement
◦ Ask meaningful questions (daily)
◦ Answer relevant (high visibility) questions (daily)
◦ Provide meaningful information (daily)
◦ Declare a call to action (daily)
◦ Follow up & follow through
◦ Invite to participate


Be Socially Responsible!
“YOU SAID WHAT?!?”

 Right person in the social role
 Clear rules of engagement
 Empowered & trusted to respond
 Keep it Simple Sir/Sista (KISS)

Social Product Management
ROI
 Measure Numbers! (they never lie)
◦ Followers
 # of followers, likes, people in circles, etc.
◦ Ideal Follower
 # of qualified followers, likes, people in circles, etc.
◦ Influencers
 # of influencers in your space
◦ Reach
 # of shares, +1’s , tweets, favorites, etc…
◦ Conversions
 # of signups, transactions, revenue, attendance,
etc..

Social Product – ROI – How
To!
1. Create your social campaign
2. Create some educated measures of
ROI
3. Let the campaign run for 2 weeks
4. Measure your ROI
5. Course correct & refine ROI goals
6. Be RUTHLESS. & measure often
Measure well If it isn’t generating
value or converting, it is COSTING you
money.
KILL IT & try something else!

Social Product – ROI – How
To!
Time to invest (Time) Money to spend (Money)
 Research  Tools / Platform
 Campaign  Promotions / Advertising
 Engagement  Memberships

Time + Money = INVESTMENT

Conversions = RETURN

RETURN – INVESTMENT = ROI

If ROI is >0 Then Keep GOING!
If ROI is <0 Then STOP & RETUNE


Positive Social Disruption!
 Follow all of your competitors SM Accounts
 Monitor all competitive
◦ Forums
◦ Hashtags
 Get on your competitors
◦ Mailing lists
 Attend your competitors
◦ Webinars
◦ Tradeshows
◦ Twitter chats
◦ Google Hangouts
◦ Etc.


Disrupt Business as Usual
NOT FOR THE FAINT OF HEART
OR THE CONSERVATIVE
 Respond to competitive feature requests
 Positive engagement on competitive
hashtags
 Monitor competitor weaknesses/complaints
 Provide solutions to competitive product
problems
Positive Disruption is great.
Negative disruption is bad business.


Fixing a #FAIL


WHAT TO DO IN A “SITUATION”

ACKNOWLEDGE

OWN

ADDRESS

REPORT BACK


What is Crowdsourcing?
Defined
Crowdsourcing is an engagement process whereby organizations seek input
from either open or closed communities of people, either homogenous or
not, to contribute ideas, solutions, or support in an open process whereby the
elements of creativity, competition and campaigning are reinforced through
social media to come up with more powerful ideas or solutions than could be
obtained through other means.

Why Bother?
Organizations have a difficult time engaging with their communities to
strengthen their relationship and be citizen focused. Internal or external, the
community has ideas that can be harnessed that come from diverse
backgrounds, experiences and education.

31

Who is your crowd?

Internal
Experts

Emergent Experts
(online community leaders,
Engagement product advocates)
Targets

Customers &Prospects

32

Does your brand matter?
Strong brands foster active crowds
• Element of trust
• It only takes one disingenuous campaign to cause
problems for you
• Transparency fosters participation
• Social media footprint does matter
• Prospects may have bought into your brand but not
your products yet – how are you keeping them
engaged?

33

The Appeal
• Crowdsourcing surfaces new perspectives
• Invites participation from nontraditional
sources
• Infuses real energy into the process of generating ideas
• Empowers people when they feel their voice is being heard
• Technology can enable participation by disenfranchised
(ie. PCs in libraries/shelters with citizen engagement
campaigns)
• Builds engagement and relationships with new audiences

34

Crowdsourcing Pros and Cons
PROS CONS
• Reduced time to market • Less control
• Reduced risk due to early customer • Needed trust not easily come by in
input
some organizations
• Increased customer lifecycle value
• Requires community management
• Broader source of innovation
• Suffers if crowd is too narrow
• Strengthened brand through
participation • Disruptive to traditional timelines for
• Organizations can’t have all the product roll outs
brightest people on staff • First attempt is risky until you
• Ideas don’t have to be discovered by understand your crowd
internal R&D teams to be capitalized • Need to know your target audience
upon
• Benefits from varied experiences

35

Example 1: Innovation from the Crowd
IdeaStorm was created to give a direct
voice to Dell’s customers and an
avenue to have online “brainstorm”
sessions to allow them to share ideas
and collaborate with one another and
Dell. Their goal through IdeaStorm is to
hear what new products or services
you’d like to see Dell develop.

In almost three years, IdeaStorm has
crossed the 10,000 idea mark and
implemented nearly 400 ideas!

36

Example 2: Product Development from the Crowd

Quirky is an all in one
product development
shop for inventors.

37

Example 3: Product Selection by the Crowd
Threadless runs regular
campaigns to select
designs that are then
produced and sold to a
ready-made market that
participated in the product
selection.

38

Example 4: Product Selection by the Crowd

Starbucks uses the same platform as Dell and
Salesforce.com for their social product development.

39

Example 5: Salesforce
What do your current
customers want to see on
your roadmap?

What features are needed
to turn prospects into
customers?

Democracy?
1 vote = 1 customer
40

Best Practices
• Have a clear strategy for using crowdsourcing
• IP Ownership
• Competitive visibility
• Break things down so crowd is clear what you are looking for
• Build trust
• Be open in your communications about the crowd’s role in the
process
• Do what you say you are going to do
• ABEYC – always be expanding your crowd
• The crowd needs to be big enough – but not too big
• ABRYC – always be refining your crowd
• Creating diversity is as important as creating size

41

Build a Social Product Strategy
• Reach customers & prospects where they live – join in the
conversations that are happening already
• Capitalize on valuable customer and prospect insight
• Develop a culture of collaboration
• Implement the right social technology to get the job done
• Communicate results and intentions and be open as
possible
• Let conversations happen in the open
• Be crowd friendly on an ongoing basis

42

Ideavibes Crowd Engagement Platform
• Easy to set-up and deploy
• Able to run multiple campaigns at once
• Can run Crowdsourcing and Crowdfunding Campaigns
• Build stickiness and community around those that engage
(sign-in and see past votes, comments, ideas)
• Hosted solution (in Canada)
• Able to be implemented on existing website or set-up in new,
destination site
• Social Media connected
• One of few sub $1000/month solutions

43

How Does Ideavibes Compare?
• Enterprise Collaboration or Idea Management
– Large – multi-functioning platforms for Idea Management
– Integrated into change management and process improvement
lifecycles
– Chaordix, Bright Idea, etc.
• Middle-tier Focused Crowdsourcing Apps
– Purpose-built customizable apps focused on crowdsourcing
– Narrow or wide focus
– Multiple crowdsourcing and crowdfunding campaigns
– Ideavibes, Spigit
– Note – Ideavibes is only white label crowdfunding platform available
• Ad-hoc website or Social Media widgets
– Developed by web teams with basic functionality
– Functionality as opposed to business process driven

44

Resources
• The Wisdom of Crowds – James Surowiecki
• Crowdsourcing – Jeff Howe
• Crowdsourcing.org
• Crowdsortium.org
• The Daily Crowdsource

• Presentation will be on Slideshare by end of day today.

45

10 Day Product Launch Strategy
• Free @ www.sandboxpm.com

• Target your ideal customer
• Develop marketing messages
• Soft launching & customer testimonials
• Pricing
• Incentives & offers
• Your marketing campaign
• Spreading the word
• Media attention
• Systems go!
• Launch day

45

Calls to Action
• Download Ideavibes whitepapers on crowdsourcing and crowdfunding
www.ideavibes.com
• Sign-up for a 45-Day Free Trial of the Ideavibes Platform at
www.ideavibes.com
• Sign-up for the Sandbox PM Product Launch Program
• Start a conversation with us about social product management or open
innovation and how it could work for your organization
 Paul Dombowsky
Ideavibes
+1.613.878.1681
paul@ideavibes.com
www.ideavibes.com
 Anastasia Valentine
Sandbox PM
+1.613.219.3020
avalentine@sandboxpm.com
www.sandboxpm.com

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Social Product Management Presentation - TPMA - Jan31/12

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