Growing Communities for Co-Creation : How Employees and Customers/Users Collaborate To Increase Adoption and Retention

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1 Growing Communities for Co-Creation : How Employees and Customers/Users Collaborate To Increase Adoption and Retention Dheeraj Prasad Sr VP Global Talent MetricStream Disclaimer: The views are purely of the presenter and does not represent the company s view

2 Markets are conversations! Networked markets are beginning to self-organize faster than the companies that have traditionally served them. Thanks to the web, markets are becoming better informed, smarter, and more demanding of qualities missing from most business organizations.

3 95 Predictions from the Cluetrain Manifesto 1. Markets are conversations. 2. Markets consist of human beings, not demographic sectors. 3. Conversations among human beings sound human. They are conducted in a human voice. 4. Whether delivering information, opinions, perspectives, dissenting arguments or humorous asides, the human voice is typically open, natural, uncontrived. 5. People recognize each other as such from the sound of this voice. 6. The Internet is enabling conversations among human beings that were simply not possible in the era of mass media. 7. Hyperlinks subvert hierarchy. 8. In both internetworked markets and among intranet worked employees, people are speaking to each other in a powerful new way. 9. These networked conversations are enabling powerful new forms of social organization and knowledge exchange to emerge. 10. As a result, markets are getting smarter, more informed, more organized. Participation in a networked market changes people fundamentally. 11. People in networked markets have figured out that they get far better information and support from one another than from vendors. So much for corporate rhetoric about adding value to commoditized products. 12. There are no secrets. The networked market knows more than companies do about their own products. And whether the news is good or bad, they tell everyone. 13. What's happening to markets is also happening among employees. A metaphysical construct called "The Company" is the only thing standing between the two. 14. Corporations do not speak in the same voice as these new networked conversations. To their intended online audiences, companies sound hollow, flat, literally inhuman. 15. Companies need to come down from their Ivory Towers and talk to the people with whom they hope to create relationships. 16. The community of discourse is the market.

4 The potential Edelman surveyed 33,000 consumers in 27 countries and found that 52% of the international public consider employees either extremely credible or very credible. The research further revealed that employees are considered the most trusted source across most clusters of trust attributes and that the general public wants to hear directly from employees as ambassadors for the company.

5 Your employees come first. Without their involvement your Marketing department will never be able to engage customers Clients know the products much better than the companies that produce them Knowledge is generated and transformed in conversations among employeesand clients Customer service is the new marketing

6 How one of the Largest US Banks Increased Social Reach by Over 2000%

7 The outside in & inside out collaboration Source: Harvard Business Review

8 Checklist to start on this journey Are executive teams actively using social to build their personal brands? Your organization can t ask for employee support if leaders are vacant from social initiatives. Does your organization have social media policies and compliance workflows in place? Engaging a workforce means giving up some control. This risk needs to be mitigated with proper training and formalized expectations of employee use of social media. Does your organization have clarity on the purpose of engaging employees with customers/users in a community?

9 Suitability checklist for mass collaboration Less suitable Activity Deep analysis Influenced Conflicting information Controlled information Intermediated Recognized expertise Ascertain facts Consensus Improvement Activity Information Information Members Members Goal Goal Goal More suitable Broad observation Independent Complementary information Open information Direct Collective wisdom Ascertain perceptions Diversity Innovation Source: The Social Organization

10 Roadmap Define the purpose Align the work flows to make daily collaboration in the journey simple & safe Steer along the way and adapt

11 MetricStream GRC Journey co-creating value Qualifying Presentation and Demo Post Demo Close Onboard/Expand Qualified Multiple Apps Know each stakeholder and their needs Build Trust and Share Value Share GRC Journey Value and Leverage Assets Build Belief That We Understand and can help in their GRC Journey Sell a GRC Journey Workshop Leverage Community, Guidebook MSU, Training and Workshops Build the Roadmap to Pervasive GRC Adoption and Expansion of apps Across the Sales Cycle - Roundtable and msig's Events

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13 Develop work flows that makes daily collaboration simple Bringing Together GRC Professionals and MetricStream Users to Engage, Connect and Succeed

14 Adapting the organization to get on a journey GRC Journey Champions Customer Engagement msigs Community Continuous Engagement with Customers 24 x 7 Best Practice Sharing Domain Knowledge and Thought Leadership GRC Journey Program Excellence

15 MetricStream Communities Bringing Together GRC Professionals and MetricStream Users to Engage, Connect and Succeed! Customer Community Special Interest Groups MetricStream University GRC Journey.com Roundtables GRC Summit GRC Tv LinkedIn RACE Group GRC Intelligence ComplianceOnline Zaplet

16 MetricStream Special Interest Groups (msigs) Industry Applications and Solutions Technology Banking and Financial Services Risk Management Supplier Governance 3 rd Party Risk App Studio and Zaplet! Energy and Utilities Audit Management Environmental Health & Safety (EHS) User Experience Retail and CPG Regulatory Compliance Privacy Management GRC Platform Life Sciences and Healthcare Policy Management Quality Management GRC Architecture

17 GRC Champions Program GRC Champions Program offers our customers various thought leadership opportunities to participate in Speakers Program - at Roundtable and Industry events, GRC Summits, Webinars Media Opportunities / Co-Authored Article PR / Case Study / Video Interview Monthly Customer Newsletter Articles

18 ROI on GRC Journeys GRC Journey Footprint increased with more apps deployed with existing customers 50+ GRC Journey Champs speak at Webinars, Roundtables, Summits 70% of all references are Champions on the formal GRC Journey

19 Industry Best Practices An analytics company that created the industry standard FICO credit score was developed by a community of customers in their myfico forums to share techniques to improve scores. A $2.4B global semi conductor design company used social media to link its 500 design engineers with customers for whom they design custom chips. It led to a 25% increase in productivity, higher quality designs and customer satisfaction. CEMEX, initiated a program called SHIFT that used social media to create a community around each of their strategic initiatives.

20 Summary Vision 1. Understand when community collaboration is appropriate. 2. Know where community is more likely to deliver value. 3. Apply an understanding of your organization s goals and culture. 4. Craft an organization vision for community collaboration. Purpose Roadmap 1. Identify the target community and its players. 2. Evaluate benefits and ROI. 3. Help identify appropriate behaviors for the community. Adapt 1. Make the organization safe for community collaboration. 2. Build links between the community and organization processes. 3. Reward the business value that champions drive in the community.