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
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web: http://powered.com
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
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Moderator
To all participants in today's #sm59 chat, check out the bowtie: http://bit.ly/9eVz9K
elaborate? you mean acquisition vs retention? See here: http://bit.ly/9eVz9K #sm59
how about the pub where we can engage in "non-media"? #sm59
I'm referring to predominantly using it as an acquisition replacement i.e. teaching old dog new tricks #sm59
...and by #flipthefunnel, they can turn retention into the new acquisition i.e. growing business from the inside-out #sm59
Thanks - I'm back now so will do my best to answer any additional questions #sm59
It's hard to follow so many fragmented conversations (even with a #sm59)
bye :) #sm59
Also...check out my blog http://bit.ly/1415xh and video show http://bit.ly/Bx8Lf #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
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
"social media" as a phrase is an oxymoron....or perhaps the real morons are those that are misusing/abusing it #sm59
Employees are FACE of the brand; *literally*; not a 30-second spot; implications: increase recruitment, hiring, training #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
agreed; #sm will complement and enhance e-mail, 800-numbers, FAQ's...but also crowdsourced and Yahoo! Answer like DIY's #sm59
It's going to be critical to level the playing fields between employees and customers; also connect employees w/other employees #sm59
#bestbuy's Twelpforce and #blueshirtnation are terrific examples of employees flipping the funnel; too of course #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
100%; the paradox of customer service; the lower down the corp totem pole, the gr8ter frequency of customer interaction #sm59
A of Activation : #makersmark Ambassadors, #Nike's Human Race, #atkins branded community (disclosure: client) #sm59
I of Incentivization = Dunkin' Donuts has a Fan of the Week on their Facebook page; gr8 example of recognizing "Status" #sm59
agreed. This is not new; just like word of mouth, but the "megaphone" is amplified big time cc: #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
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
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
RT : intelligent/ruthless segmentation starting with your 1% most engaged - almost a whisper like campaign to your cognescenti #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
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
In the book I cover #zappos, #obama, #umpquabank, #bestbuy, #customink, #coldplay, #dell and more #sm59
can you elaborate? Are you essentially segmenting levels of loyalty? In which case I agree #sm59
- here's a sound byte, "How do you scale humanity?" #sm59
...with huge "social media" implications in terms of listening or "commitment to conversation" and "Voice of the Customer" investment #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
The idea behind retention as new acquisition is this is no longer passive/back office/static/defensive i.e. countering churn/attrition #sm59
...and 3. The REAL role of social media is Retention. #sm59
Hello everyone...there are 3 key hypotheses in #flipthefunnel: 1. Retention becomes the new acqusiiton 2. customer service becomes key #sm59
me too and I'm the guest today ;) #sm59