Your Brand Advocates- How to Find Them and What They Are Worth
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This is the webinar deck from our webinar on Brand Advocates featuring Kety
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Your Brand Advocates- How to Find Them and What They Are Worth
- 1. Complete the Brand Advocate poll: http://bit.ly/Zpoll Your Brand Advocates- How to Find Them and What They Are Worth July 28, 2010
- 2. Meet the Panel Frank Eliason Senior Director of National Customer Operations at Comcast Esteban Contreras Social Media Manager at Samsung Electronics Kety Esquivel VP of Digital Influence at Ogilvy Rob Fuggetta Founder and CEO of Zuberance
- 3. Brand Advocate Poll Results How much is a Brand Advocate worth to your company? (Compared to an average customer) Twice as much as average customers: 7.7% Three times as much as average customers: 15.4% Four times as much as average customers: 3.8% Five times as much as average customers: 15.4% Over five times as much as average customers: 15.4% I don’t know: 38.5% Brand Advocates and average customers are worth the same: 3.8% Has your company identified its Brand Advocates? Yes: 30.8% No: 46.2% I don’t know: 23.1% Is your company currently utilizing its Brand Advocates to do anything on behalf of the brand? Yes: 26.9% No: 46.2% I don’t know: 26.9%
- 4. Identifying + Igniting Brand Advocates
- 5. Less than 25% of people say they trust emails they sign up for. 1 in 3 people come to a brand through a recommendation. Consumers mention 56 brands in conversation per week. Keller Fay 2/3rds of the economy is influenced by personal recommendations. McKinsey & Company The most recommended company in any given category grows 2.5x the category average. Bain & Co . Weber Shandwick 62% of these discussions are positive. 40% of advocates answer, comment, or give opinions online several times each week . Yahoo! and Comscore Each peer recommendation reaches 150 people on the social web. Forrester 20% of consumers are key influencers of purchasing activities of 74% of the pop. Gartner
- 8. Slides will be posted soon at www. socialnerdia.com twitter.com/ samsungesteban twitter.com/ socialnerdia facebook.com/ estebancontreras linkedin.com/in/ juanestebancontreras e-mail: socialnerdia @ gmail . com
- 11. THE OPPORTUNITY
- 13. SO WHAT?
- 15. VISUALIZE IT
- 19. Finding & Valuing Brand Advocates Rob Fuggetta Zuberance Founder & CEO July 28, 2010
- 20. Loyal Customers (1 in 5 are Detractors) Brand Advocates Brand Advocates Distinct Segment Fans, Followers Pro-active recommenders Recommendations drive sales Value to Your Business
- 21. “ Ultimate Question” Very likely Extremely Unlikely 0 1 2 3 4 5 6 7 8 9 10 Detractors Passives Advocates “ How likely are you to recommend us to a friend or colleague?” 40% Source: Zuberance
- 22. Advocates 5X More Valuable than Average Customers Spend Value Advocacy Value 3X Spend Value 2X Average Customers Brand Advocates Favorable Ratings & Reviews Positive Testimonials Positive comments on FB, Twitter, blogs, online forums, and more Offline recommendations Shared offers with social networks
- 23. Hotel Advocate Worth $3,000 Customer Type Spend Value (Average Spend over lifetime) Advocacy Value Total Lifetime Value of Customer or Brand Advocate Average Customer $600 (3 stays x $200 per stay) $0 $600 Brand Advocate $1,200 (6 stays x $200 per stay) $1,800 (9 stays x $200 per stay) $3,000
- 24. 10X Return on Advocacy (ROA) 3-Year Investment in Brand Advocate Marketing Program Value of New Customers Brought in by Brand Advocates Media Value of Brand Advocates Lead (Click) Value Return on Brand Advocate Marketing Program $750,000 $6,800,000 (20,000 new customers brought in as a direct result of Brand Advocate Recommendations x $340 average lifetime value per customer) $495,000 (4,950,000 impressions @$100 CPM) $300,000 (150,000 clicks @$2 cost per click) $7,595,000
- 25. Talk to a Brand Advocate Expert Now Matt Elders (415) 264-1821 [email_address] Blog: http://blog.zuberance.com Twitter: http://twitter.com/Zuberance Facebook: http://www.facebook.com/zuberance
Editor's Notes
- . Thank you Jocelyn. Today I’m going to share with you some of the results of our real-world research and experiences with Brand Advocates: the world’s most powerful consumers.
- This Groundswell of consumer influence poses huge threats and opportunities for enterprises. Negative WOM - Amplified Angry customers are bashing Norton & Putnam Lexus on sites like Amazon, C-Net, and Yelp.. This is hurting their sales and their hard-earned reputations. These companies don’t know how many sales they’re losing by this negative WOM. And yet, both Norton and Putnam Lexus have thousands of highly-satisfied customers. Norton has twice as many Promoters as Detractors and 70% of their customers have referred others. Putnam Lexus also has thousands of loyal customers. I’m one of them. Where is the voice of these Advocates? Positive WOM On the other hand, there are companies that have mostly positive WOM. They also have thousands of passionate Fans. The reality is this: the companies mentioned here – and thousands of others – are missing a huge opportunity to fully leverage their Fans to amplify positive WOM and boost sales. What’s missing? Until now, there hasn’t been a systematic solution that makes it easy to: Identify “Brand Advocates” Mobilize and monetize them Track results in real-time.
- Identify your advocates by asking brief online surveys that feature the “Ultimate Question” for customer loyalty: “On a scale of 0-10, how likely are you to recommend us to a friend or colleague?” Customers who answer 9 or 10 are considered advocates and can be invited to join an your advocate community.
- . Thanks Charles. And thanks Jeremiah and Diane for those great insights. WOM is proven to be the world’s most powerful form of communications. My topic today is how you can turn WOM into sales now.
- There are three main messages for my talk today. My first message is that Advocates are your most valuable customers. They go out of their way to evangelize your brand and products to others, serving as a Volunteer Salesforce. My second message is that Advocates are a large segment of consumers and business buyers --- over 100 million strong worldwide. Empowered by social media, Advocates have tremendous reach and influence. They can make or break your brand and your reputation. My third message is that you can cost-effectively increase sales now by energizing your Advocates. Mobilizing your Advocates is the most cost-effective way to boost sales in a down economy, or any economy.
- There are three main messages for my talk today. My first message is that Advocates are your most valuable customers. They go out of their way to evangelize your brand and products to others, serving as a Volunteer Salesforce. My second message is that Advocates are a large segment of consumers and business buyers --- over 100 million strong worldwide. Empowered by social media, Advocates have tremendous reach and influence. They can make or break your brand and your reputation. My third message is that you can cost-effectively increase sales now by energizing your Advocates. Mobilizing your Advocates is the most cost-effective way to boost sales in a down economy, or any economy.