CLV

Reflections on The Dachis Group/SOMESSO Social Business Summit by Nathaniel Hansen

(Held on March 18, 2010 at Limkokwing University in the Mayfair District, London, UK)

Published originally on May 17, 2010 in Marketing Week, Greece’s leading marketing publication. www.marketingweek.gr

On March 18, 2010, I was the sole representative of Greece in the External Customer Facing Social Solutions case study group at the SOMESSO Social Business Summit in London. The summit was a invitation-only event for leaders in social business theory, solutions and practice. I was invited due to the pioneering work I have been involved in within Athens, a true blue-ocean environment for social business integration. At the summit, our joint project in the External Group centered around providing a solution for a large bank. After the session, I had many confirmations of what businesses need as they enter the social fabric of the internet.

OVERARCHING THEMES:

• Businesses need simple, efficient solutions, which tie internal, external and eco-system elements together.

• De-mystification of the social business process and education in the possibilities.

• Our businesses must be customer-centric vs. brand or product-centric.

EXTERNAL FACING SOCIAL SOLUTIONS:

• MARKETING: Creation of simple, effective and proven strategies for social media marketing success. A blended approach with traditional media is advised. Marketing projects must always begin with a Digital Brand Assessment, where intelligence about where the brand is currently functions as a baseline for achieving gains in social equity and understanding of the CLV (customer lifetime value).

Marketing Departments and advertising organizations MUST understand the importance of getting their customers and audiences involved in the co-creation of their offerings.

• PR: Training of existing PR staff in simple monitoring software and remedial techniques for reputation management.

INTERNAL BUSINESS PROCESS SOCIAL SOLUTIONS:

• HR: Training of HR Director on what to look for in an adept Community Manager, Online Brand Ambassador, and Chief Customer Officer. Training of existing staff in social networking best practices while at work and out of the office, instituting company-wide rewards for employees who act as brand ambassadors.

In the social oriented business, the CCO plays a central role in communicating to brand managers what the customer wants.

• sCRM: Training of COO and Executive staff through one-day seminars on how to use their existing databases for quickly building their social equity (eg.- followers and fans in specific social properties + what serves this community).

In the coming 12-24 months, Greece and the Balkans will see a deepening involvement in social business due to an overwhelming migration of audiences from traditional gathering points. Studying best-practices and successful case studies from mature social markets will be an essential action toward creative solutions geared toward Greek and Balkan audiences.