Is Retention the new acquisition in social media?


TOPIC QUESTIONS
Q1) What might "retention is the new acquisition" refer to in social media?
Q2) What are some of the ways to get customers to purchase again and become ambassadors?
Q3) How can you use existing customers to gain new ones?
   Event Details
Event Date:
     2010-05-11
Event Time:
     12PM - 1 PM EST
Participants:
     64
Tweets:
     657


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Moderator
joseph-jaffe.jpg
Joseph Jaffe
twitter:
BIO: One of the most sought-after consultants, speakers and thought leaders on marketing , new media and social media, Joseph Jaffe is Chief Interruptor of Powered, the newly created full-service social media agency with scale. Previously, Joseph founded and ran a strategic consulting practice called crayon, which was recently acquired by Powered. crayon's clients included The Coca-Cola Company, Panasonic, Kraft Foods and H&R Block. Prior to launch ...more
Filter out Re-tweets
  • RT : FYI 2day at noon EST hosts #socialmedia tweetchat topic? Is retention the new acquisition in social media #sm59
    Posted by: - 05/11/2010 11:38:01 AM
  • This will be my first time taking part in one of these! I'm pretty pumped! :) #sm59
    Posted by: - 05/11/2010 11:52:02 AM
  • me too and I'm the guest today ;) #sm59
    Posted by: - 05/11/2010 11:53:03 AM
  • Less than 10 minutes to having Joseph Jaffe aka lead the charge 4 2days #socialmedia tweetchat. Use #sm59 to join
    Posted by: - 05/11/2010 11:56:02 AM
  • RT : FYI 2day at noon EST hosts #socialmedia chat topic? Is retention the new acquisition in social media #sm59
    Posted by: - 05/11/2010 11:59:00 AM
  • Less than 10 minutes to having Joseph Jaffe aka lead the charge 4 2days #socialmedia tweetchat. Use #sm59 to join
    Posted by: - 05/11/2010 11:59:00 AM
  • to my followers - I'm jumping into a chat, please don't unfollow just ignore for the next hour. Or join in! #sm59
    Posted by: - 05/11/2010 12:00:01 PM
  • I'm in. Howdy folks. :) #sm59
    Posted by: - 05/11/2010 12:00:07 PM
  • sorry, i can't understand you with that accent :P #sm59
    Posted by: - 05/11/2010 12:00:50 PM
  • Hello everyone! #sm59
    Posted by: - 05/11/2010 12:01:04 PM
  • I am joining the #SocialMedia chat with (retention & social) http://bit.ly/hxYFo #sm59. Ignore me to erase the chatter!
    Posted by: - 05/11/2010 12:03:01 PM
  • I want to welcome as our host 4 todays #socialmedia tweetchat. The topic? Is retention the new acquisition in social media #sm59
    Posted by: - 05/11/2010 12:03:01 PM
  • Reminder: instead of the usual 3?'s (1 every 20 mins) we will do 4?'s today (1 every 15 mins) remember to include #sm59
    Posted by: - 05/11/2010 12:03:01 PM
  • Twitter is chocking up...hope I can still follow #sm59
    Posted by: - 05/11/2010 12:04:04 PM
  • Hello everyone...there are 3 key hypotheses in #flipthefunnel: 1. Retention becomes the new acqusiiton 2. customer service becomes key #sm59
    Posted by: - 05/11/2010 12:04:04 PM
  • ...and 3. The REAL role of social media is Retention. #sm59
    Posted by: - 05/11/2010 12:05:03 PM
  • RT : There are 3 key hypotheses in #flipthefunnel: 1. Retention becomes the new acqusiiton 2. customer service becomes key #sm59
    Posted by: - 05/11/2010 12:05:31 PM
  • : Very interesting hypotheses... #sm59
    Posted by: - 05/11/2010 12:05:31 PM
  • The idea behind retention as new acquisition is this is no longer passive/back office/static/defensive i.e. countering churn/attrition #sm59
    Posted by: - 05/11/2010 12:05:31 PM
  • Switching it up! RT instead of the usual 3?'s (1 every 20mins) we will do 4?'s today (1 every 15mins) remember to include #sm59
    Posted by: - 05/11/2010 12:05:54 PM
  • RT : ...and 3. The REAL role of social media is Retention. #sm59
    Posted by: - 05/11/2010 12:05:55 PM
  • #sm59 should be very interesting today...talking with about customer retention as the new acquisition - join us
    Posted by: - 05/11/2010 12:05:55 PM
  • Switching it up! RT instead of the usual 3?'s (1 every 20mins) we will do 4?'s today (1 every 15mins) remember to include #sm59
    Posted by: - 05/11/2010 12:06:03 PM
  • There are related themes i.e. loyalty, customer service, CRM, eCRM or Social CRM...and ultimately "customer experience" #sm59
    Posted by: - 05/11/2010 12:07:03 PM
  • RT : idea behind retention as new acquisitionis no longer passive/back office/static/defensive;countering churn/attrition #sm59
    Posted by: - 05/11/2010 12:07:03 PM
  • Joining in for #sm59 topic: Is retention the new acquisition in social media
    Posted by: - 05/11/2010 12:07:03 PM
  • ...or put differently, instead of "ending" with a customer purchase (traditional funnel), *start* with the purchase (flipped funnel) #sm59
    Posted by: - 05/11/2010 12:07:03 PM
  • 1-Yes, 2-Only if scalable models r discovered, 3-YES :) #flipthefunnel #sm59
    Posted by: - 05/11/2010 12:07:03 PM
  • ...with huge "social media" implications in terms of listening or "commitment to conversation" and "Voice of the Customer" investment #sm59
    Posted by: - 05/11/2010 12:07:50 PM
  • RT : 1-Yes, 2-Only if scalable models r discovered, 3-YES :) #flipthefunnel #sm59
    Posted by: - 05/11/2010 12:07:50 PM
  • #sm59 How does everyone actually define "eCRM" or "Social CRM" - I feel those terms are not universally applied/used.
    Posted by: - 05/11/2010 12:09:44 PM
  • always glad to share my finds! good to see you #Tweetgrid #sm59
    Posted by: - 05/11/2010 12:09:44 PM
  • exactly. #sm59
    Posted by: - 05/11/2010 12:09:44 PM
  • VOC is where the power of social media is realized both for the customer and for the engaged brand #sm59
    Posted by: - 05/11/2010 12:09:44 PM
  • Retention the new acquisition in social media is today's topic on #sm59
    Posted by: - 05/11/2010 12:09:44 PM
  • RT : ...or put differently, instead of "ending" with a customer purchase (traditional funnel), *start* with the purchase (flipped funnel) #sm59
    Posted by: - 05/11/2010 12:09:44 PM
  • - here's a sound byte, "How do you scale humanity?" #sm59
    Posted by: - 05/11/2010 12:09:44 PM
  • Q1 , I think we need to think about 2 types of retention: retention as buyer and as advocate #sm59
    Posted by: - 05/11/2010 12:09:44 PM
  • RT : Hello everyone...there are 3 key hypotheses in #flipthefunnel: 1. Retention becomes the new acqusiiton 2. customer service becomes key #sm59
    Posted by: - 05/11/2010 12:09:44 PM
  • RT : ...or put differently, instead of "ending" with a customer purchase (traditional funnel), *start* with the purchase (flipped funnel) #sm59
    Posted by: - 05/11/2010 12:09:44 PM
  • Nice find - def going 2 check this out RT Finally learning how 2 master #Tweetgrid b4 #sm59 - VERY COOL http://bit.ly/c9qTfP
    Posted by: - 05/11/2010 12:09:44 PM
  • can you elaborate? Are you essentially segmenting levels of loyalty? In which case I agree #sm59
    Posted by: - 05/11/2010 12:10:03 PM
  • #sm59 will be interesting today...chat with about customer retention as the new acquisition - join us
    Posted by: - 05/11/2010 12:10:03 PM
  • RT Instead of "ending" with a customer purchase (traditional funnel), *start* with the purchase (flipped funnel) #sm59
    Posted by: - 05/11/2010 12:11:03 PM
  • In the book I cover #zappos, #obama, #umpquabank, #bestbuy, #customink, #coldplay, #dell and more #sm59
    Posted by: - 05/11/2010 12:11:03 PM
  • scrm will help for a while, but then will bcome facilitator of non audience focused "efficiencies" #sm59
    Posted by: - 05/11/2010 12:11:03 PM
  • well, if they are a customer already, they are the low hanging fruit when it comes to retention focus (laser focus) #sm59
    Posted by: - 05/11/2010 12:11:03 PM
  • #sm59 Is retention more like acquisition b/c competition is so high, coupled with buyer access to info not from the brand?
    Posted by: - 05/11/2010 12:11:03 PM
  • Step 1. Scale humanity by adding more humans, not more robots. Step 2. Equip them to be effective. #sm59
    Posted by: - 05/11/2010 12:11:03 PM
  • Joining #socialmedia chat with on the real role of social media=retention. Please excuse/filter if this isn't your thing #sm59
    Posted by: - 05/11/2010 12:11:03 PM
  • Load 20 More
Moderator
me too and I'm the guest today ;) #sm59
Hello everyone...there are 3 key hypotheses in #flipthefunnel: 1. Retention becomes the new acqusiiton 2. customer service becomes key #sm59
...and 3. The REAL role of social media is Retention. #sm59
The idea behind retention as new acquisition is this is no longer passive/back office/static/defensive i.e. countering churn/attrition #sm59
There are related themes i.e. loyalty, customer service, CRM, eCRM or Social CRM...and ultimately "customer experience" #sm59
...or put differently, instead of "ending" with a customer purchase (traditional funnel), *start* with the purchase (flipped funnel) #sm59
...with huge "social media" implications in terms of listening or "commitment to conversation" and "Voice of the Customer" investment #sm59
- here's a sound byte, "How do you scale humanity?" #sm59
can you elaborate? Are you essentially segmenting levels of loyalty? In which case I agree #sm59
In the book I cover #zappos, #obama, #umpquabank, #bestbuy, #customink, #coldplay, #dell and more #sm59
yeah but companies are always trying to automate or self-service customer service; they need scale #sm59
gr8 question....4 reasons: rise of socmed, new customer activism (consumerism), recessionary pressure & accountability #sm59
RT : Step 1. Scale humanity by adding more humans, not more robots. Step 2. Equip them to be effective. #sm59
good point: CRM vs eCRM vs Social CRM (think Wikipedia defines as CRM + social media + Web 2.0 technology) #sm59
RT : VOC is where the power of social media is realized both for the customer and for the engaged brand #sm59
agreed; and other "new" metrics/KPI from tenure, loyalty, passion to content creation, conversation & commendations #sm59
I partially agree....but disagree that we should be focused on influencers who are *not* customers #sm59
yeah but companies are always trying to automate or self-service customer service; they need scale #sm59
gr8 question....4 reasons: rise of socmed, new customer activism (consumerism), recessionary pressure & accountability #sm59
RT : Step 1. Scale humanity by adding more humans, not more robots. Step 2. Equip them to be effective. #sm59
good point: CRM vs eCRM vs Social CRM (think Wikipedia defines as CRM + social media + Web 2.0 technology) #sm59
RT : VOC is where the power of social media is realized both for the customer and for the engaged brand #sm59
agreed; and other "new" metrics/KPI from tenure, loyalty, passion to content creation, conversation & commendations #sm59
I partially agree....but disagree that we should be focused on influencers who are *not* customers #sm59
RT : intelligent/ruthless segmentation starting with your 1% most engaged - almost a whisper like campaign to your cognescenti #sm59
RT : Defining it is part of the challenge:) But yes-token economies, acknowledgement like said, (link 2 their blog) #sm59
RT : A2: Have a killer product, solid processes and awsome customer service and people will come back. #sm59
I have some pretty amazing data from #satmetrix and #forrester's customer experience research #sm59
A of Acknowledgement - #coldplay did this by giving away a free album to their customers online #sm59
A of Acknowledgement : THANK YOU; ala Avatar, "I see you" cc #sm59
thanks! RT : looking 4ward to reading - did order it at Amazon and encourage the rest of you too http://amzn.to/d6JPpB #sm59
I feel strongly that companies should not ignore the positive w-o-m (esp. that which is driving sales) #sm59
I introduce a process called A.D.I.A. = Acknowledgment, Dialogue, Incentivization and Activation #sm59
In the book, I Introduce the 3-C model using a new concept called "universal currency" to reward + recognize #sm59
I actually define "evangelist" as an informal evolution of advocate and "ambassador" as formalization of process #sm59
Here's another thought....how do we a) get existing customers to keep coming back for more & b) get them to tell others? (wordofmouth) #sm59
right....one of the action plans in #flipthefunnel is to transform advocates into ambassadors #sm59
I actually advocate moving away from "traditional" influencer outreach in favor of customer outreach #sm59
customer service is the new crisis communication #sm59
customer service is the new P.R. #sm59
customer service is the new marketing #sm59
RT : intelligent/ruthless segmentation starting with your 1% most engaged - almost a whisper like campaign to your cognescenti #sm59
RT : Defining it is part of the challenge:) But yes-token economies, acknowledgement like said, (link 2 their blog) #sm59
RT : A2: Have a killer product, solid processes and awsome customer service and people will come back. #sm59
I have some pretty amazing data from #satmetrix and #forrester's customer experience research #sm59
A of Acknowledgement - #coldplay did this by giving away a free album to their customers online #sm59
A of Acknowledgement : THANK YOU; ala Avatar, "I see you" cc #sm59
thanks! RT : looking 4ward to reading - did order it at Amazon and encourage the rest of you too http://amzn.to/d6JPpB #sm59
I feel strongly that companies should not ignore the positive w-o-m (esp. that which is driving sales) #sm59
I introduce a process called A.D.I.A. = Acknowledgment, Dialogue, Incentivization and Activation #sm59
In the book, I Introduce the 3-C model using a new concept called "universal currency" to reward + recognize #sm59
agreed. This is not new; just like word of mouth, but the "megaphone" is amplified big time cc: #sm59
I of Incentivization = Dunkin' Donuts has a Fan of the Week on their Facebook page; gr8 example of recognizing "Status" #sm59
A of Activation : #makersmark Ambassadors, #Nike's Human Race, #atkins branded community (disclosure: client) #sm59
100%; the paradox of customer service; the lower down the corp totem pole, the gr8ter frequency of customer interaction #sm59
RT : the ability for large companies to "act small" has never been greater #sm59
which brings us to the 3rd question, the role of employees in Flipping the Funnel #sm59
#bestbuy's Twelpforce and #blueshirtnation are terrific examples of employees flipping the funnel; too of course #sm59
It's going to be critical to level the playing fields between employees and customers; also connect employees w/other employees #sm59
agreed; #sm will complement and enhance e-mail, 800-numbers, FAQ's...but also crowdsourced and Yahoo! Answer like DIY's #sm59
EVERY company will have it's #dellhell, the real question is:, "do you want to be prepared for it or not?" #sm59
point them to #dominos, #toyota, #unitedbreaksguitars and the list continues.... #sm59
Employees are FACE of the brand; *literally*; not a 30-second spot; implications: increase recruitment, hiring, training #sm59
"social media" as a phrase is an oxymoron....or perhaps the real morons are those that are misusing/abusing it #sm59
RT : lets not overlook Incentivization for employees as well #sm59
more so ambassadors as part of "A"ctivation; it is designed for advocates (to reward them AND to harness their influence) #sm59
RT : lets not overlook Incentivization for employees as well #sm59
more so ambassadors as part of "A"ctivation; it is designed for advocates (to reward them AND to harness their influence) #sm59
Everyone, I have to run....I'm in California right now and multi-tasking :) Please check out http://bit.ly/cyCmSj 4 more abt the book #sm59
Also...check out my blog http://bit.ly/1415xh and video show http://bit.ly/Bx8Lf #sm59
bye :) #sm59
It's hard to follow so many fragmented conversations (even with a #sm59)
Thanks - I'm back now so will do my best to answer any additional questions #sm59
...and by #flipthefunnel, they can turn retention into the new acquisition i.e. growing business from the inside-out #sm59
I'm referring to predominantly using it as an acquisition replacement i.e. teaching old dog new tricks #sm59
how about the pub where we can engage in "non-media"? #sm59
elaborate? you mean acquisition vs retention? See here: http://bit.ly/9eVz9K #sm59
To all participants in today's #sm59 chat, check out the bowtie: http://bit.ly/9eVz9K