Sajal Agarwal, Thibault Dauphin, Evana Eko, Robert Kahuanui III, Ishai Rosenberg, Nana Stephens.

NEW EMERGING BUSINESS MODELS

SOCIAL MEDIA Sajal Agarwal, Thibault Dauphin, Evana Eko, Robert Kahuanui III, Ishai Rosenberg, Nana Stephens

From Flintstones to The Jetsons

Business Model – Flintstone Era

FIRM

End Users

Businesses

(Customers)

Business Model – The Jetsons Era

FIRM

End Users

Businesses

(Customers)

User generated content

User Platforms

Digitization of Business

Virtual communities

What is Social Media Doing?

Bringing un-stoppable CHANGE to the way we do business!

General Business Cycle

Advertise Goods/Services

Sale

s

(Take O

rders

)

Solicit Feedback

Pro

du

ct D

esig

n /

Man

ufa

ctu

ring

General Business Cycle

Advertise Goods/Services

Sale

s

(Take O

rders

)

Solicit Feedback

Pro

du

ct D

esig

n /

Man

ufa

ctu

ring

Product Design Case Study:

Product Design Case Study:

Customers play a key role in product design: Vote for favorite designs Purchase designs they care about

Designers get feedback on their designs Customers can rate T-Shirts

Customers therefore feel a part of the company

By placing emphasis on customer input at the design phase of the business, Threadless.com is able to successfully leverage social media, to customize their designs to

the unique tastes of each of their customers.

What are the possibilities?

Could mainstream fashion designers do this? Can toy makers use this to allow kids to

create their “Next Best Toy”? Could auto-makers request submissions for

car designs? Could the hospitality industry use this to

solicit clients’ input on amenities to have in their next hotel?

Could the government use this to solicit ideas for how to deal with certain issues – have people vote on ideas?

General Business Cycle

Advertise Goods/Services

Sale

s

(Take O

rders

)

Solicit Feedback

Pro

du

ct D

esig

n /

Man

ufa

ctu

ring

General Business Cycle

Advertise Goods/Services

Sale

s

(Take O

rders

)

Solicit Feedback

Pro

du

ct D

esig

n /

Man

ufa

ctu

ring

Marketing Case Study: Pink Nation

Reaching Customers

Through Social Media

Marketing Case Study: Pink Nation

Retail – Flintstone Era: Focus on in-store interactions, focus groups &

sales figures Avenues for obtaining customer feedback - few

and expensive Victoria Secret’s PINK:

PINK Nation, has more interaction than main website

Vote to have Alma Mater on PINK Use Facebook page to get feedback on styles etc One of few to create a fully functional mobile site“Is it better to get MANY people to watch your video, or FEW

of the right people?” Social Media is creating the bridge – making it possible to reach MANY of the RIGHT

people; inexpensively!

What are the possibilities?

Could taste-driven coupons be developed? Could location-based advertising be done? For

e.g. customer enters a store and automatically, receives a text message about store specials

Could consumer focus groups become obsolete? Could the customers become designers – submit

underwear design and let customers vote on the “Design of the Month”?

Could loyalty programs be revamped using tools from social media? For e.g. can I get a list of “Consumers who bought X also bought Y – in the store?”

General Business Cycle

Advertise Goods/Services

Sale

s

(Take O

rders

)

Solicit Feedback

Pro

du

ct D

esig

n /

Man

ufa

ctu

ring

General Business Cycle

Advertise Goods/Services

Sale

s

(Take O

rders

)

Solicit Feedback

Pro

du

ct D

esig

n /

Man

ufa

ctu

ring

Sales Case Study: Online Doctors

Doctors communicate with their patients online – share test results, appointment scheduling.

http://www.kp.org

Sales Case Study: Restaurants

Restaurants accept food orders for pick up or delivery via facebook, twitter, online and via text message.

http://www.grubhub.com

What are the possibilities? Tweet restaurant page to solicit menu

recommendations from customers that are in the restaurant?

Anonymous conversations with strangers at the same restaurant?

Can Zagat ratings become obsolete? Can they be replaced by live and historic customer feedback?

Mobile clinics that go around taking samples etc, and send online doctors data electronically?

Online contractors for “Do-It-Yourself” initiatives? Airlines allow customers to tweet about pre-

flight, in-flight and post-flight activities?

General Business Cycle

Advertise Goods/Services

Sale

s

(Take O

rders

)

Solicit Feedback

Pro

du

ct D

esig

n /

Man

ufa

ctu

ring

General Business Cycle

Advertise Goods/Services

Sale

s

(Take O

rders

)

Solicit Feedback

Pro

du

ct D

esig

n /

Man

ufa

ctu

ring

Feedback Case Study: U.K Govt

Changing the way they govern

Feedback Case Study: U.K Govt

U.K Government is on Facebook!!! Have an application that delivers daily feeds A means by with the Prime Minister sends news and

updates Has a little over 500 fans

U.K Government is also on Twitter!!! Has 1.39 million followers Very news focused

… And on Youtube! The “Ask the Prime Minister” feature Users vote on top questions PM responds

UK Government uses Flickr to share photos of events http://www.ignitesocialmedia.com/Social-Media-Example-21-UK-Government/

Getting Ideas & Feedback

Virtual communities

Companies are using Social Media to get insights directly from the people who matter most - Their customers.

http://mystarbucksidea.force.com/

Feedback – User Communities

•Users can interact with each other. •Ask questions, rate answers, share recipes, motivate each other.•Save company money – less customer help resources

How wide-spread is this phenomenon?

MySpace

Widgets

Blogs

YouTube

Facebook page

How wide-spread is this phenomenon?

WidgetsYoutube

Facebook Page

QUESTIONS?