WIKIBRANDS Chapter 8 Executive Summary

As social media entered the mainstream, businesses assumed their online projects would attract a massive audience.  Perhaps many of these social brand projects used transitional incentives such as coupons, contests and giveaways to sustain follower interest. Phrases like “free”, “your chance to win” “giveaway” and “limited-time offer” still resonate with customer who want in on the deal.  They can be strong supporting elements in launch efforts, but how do you sustain involvement with your brand?

Incentive offers that catch people’s attention are usually too expensive to sustain.  Promotional touts tend to appeal to the inherently brand-disloyal and unprofitable deal hunters.  Artificial contest buzz trains people to get involved only when there are deals to be had.  Reward-based enthusiasm doesn’t translate into genuine interest in the overall brand proposition.  Generally, promotion-based social Web efforts demean the value of your brand!

Identified are three categories of Wikibrand incentives:  Intrinsic Motivations; people make the effort because it makes them feel good.  Extrinsic Motivations; people get involved because it makes them look or appear good to others.  Explicit Motivations; people participate because they feel rewarded.  The most successful Wikibrand efforts employ a mix of these three types of incentives.

At the same time that you are choosing incentives for your Wikibrand effort, you also need to understand who will be motivated by these incentives.  Across the Web, a cross section of idea people, scouts, leaders, experts, organizers and charmers are making the marketplace, society, and culture tick.  By force of talent, charisma, and enthusiasm, they sway others’ decisions about what to buy, think and do.  We call them INFLUENCERS. As marketers, Influencers multiply the effect of your advocacy.  Apparently, 10 percent of people on Twitter are posting 90 percent of the tweets.  Forester Research claims that 80 percent of online influence comes from 16 percent of the people.  The four factors that have been identified that make these individuals influential are their reach, exposure, credibility and suasion.  To some, Influencers may seem borderline obsessed, while others perceive they are passionately committed.

For further information visit: http://wiki-brands.com/

This is also an excellent short documentary that explores what it means to be an influencer and how trends and creativity become contagious today in music, fashion and entertainment, called INFLUENCERS.