Turn Social Business Strategies Into Business Intelligence
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Turn Social Business Strategies Into Business Intelligence
- 1. Measure What Matters: Turn Social Business Strategies Into Business Intelligence Alan F. NugentMzinga, CEO September 2011
- 2. Alan F. Nugent Mzinga CEO @AlanFNugentanugent@mzinga.com Introductions.
- 4. Feel free to tweet about our discussion (#mzinga)
- 5. Join the chat.If you have any advance questions during the presentation, just add them into the chat now and we’ll address them at the end of the session
- 9. Before we get started…
- 11. No
- 13. What is meant by “Social ROI”? Content, behaviors, activities & interactions Business results Ok, now let’s start with the basics…
- 14. - Forrester “ ROI should be measurement to all corporate objectives, not just revenue. It’s actually more useful to think of it as ROO— return on objectives, rather than merely counting dollars. ” Food for thought…
- 15. What we’re learning about customers today 59% will readily speak poorly about a bad customer experience 70% of consumersexpect an apologyfor bad service 21% believe companies take their business for granted 91% consider customer service important in deciding to do business . 48% report always or often using an online posting or blog to get other’s opinions about a company’s customer service reputation Let’s examine that further… Source: American Express Global Customer Service Barometer April 13th – April 20th, 2010
- 16. What they care about is evolving… Source: 2010 Edelman Trust Barometer
- 17. How employees do their jobs is too…
- 18. The Elements of a Social Business A New Paradigm Ideate Flickr image uploaded by Caveman (Kickin' 66 with Pete Zarria)Shared under Creative CommonsAttribution-No Derivative Works 2.0 GenericLicense Share Flickr image uploaded by Ed YourdonShared under Creative CommonsAttribution-Share Alike 2.0 GenericLicense Listen Flickr image uploaded by andronicusmaxShared under Creative CommonsAttribution 2.0 GenericLicense Change Flickr image uploaded byadam*b Shared under Creative CommonsAttribution 2.0 GenericLicense
- 24. Brand building
- 32. Customer support: The initial tweet
- 34. Customer experience: The initial tweet
- 36. And then, a few days later…
- 39. More than 5M message views
- 40. Reduced customer response times
- 41. Decrease in Sync support costs
- 45. High community retention rates
- 46. Increased participation in TIAA-CREF programs”
- 47. So, what should you measure in this new business paradigm?
- 48. The basics of effective analysis…. Use knowledge to establish and achieve goals/ROI Wisdom Knowledge Continuum Knowledge Analyze & synthesize derived information Information Give meaning to obtained data Data Obtain the raw facts Baker’s depiction of the Knowledge Continuum, 2007
- 49. It all depends on your strategy & goals Measurement aligned with strategy, roles and target outcomes Clearly Defined Business Objectives The ROI Pyramid: All Roles, Metrics, and Data Types
- 50. 4 Perspectives Of A Social Business Balanced Scorecard July 2010 “The ROI Of Social Media Marketing”
- 51. Sample social business goals & objectives
- 52. Key performance indicators Web traffic — Prior to beginning social strategy execution and weekly-monthly continuously. Decreased costs — How much is being saved with social approaches versus traditional approaches? Increased customer satisfaction — Polls, surveys, behavioral analysis, sentiment analysis, as well as formal and informal social media testimonials Quality leads — Identify percentage increase in incoming sales leads and quality of leads versus previous measurements. Web referrals — Different from traffic in the identification of visitors who came to the organization’s website directly from a social media channel. Increase in efficiency — How much is being saved with social approaches versus traditional approaches? Product development — What can an organization extract from product reviews, good or bad?
- 53. Sample customer experience results Source: MarketingProfs
- 54. “The ROI Of Online Customer Service Communities ” Sample customer experience results
- 58. Cost reduction
- 59. Risk mitigation
- 62. Comprehensive Actionable Intelligence Model User Info Business Data Voices Content Social Graphs Behaviors/Interactions Analytics Platform (Flexible, extensible, integrated) Visualizations Intelligence Applications Drive business decisions and connect with employees and/or customers Analyze data for insights, trends, patterns and discover assets Consolidate and associate data from various sources 31
- 63. Measurement: Considerations In Planning Planning Questions During the planning process of a social learning initiative, seek answers to the following questions: Source: Gartner
- 64. Measurement Best Practices Source: Gartner
- 66. Lack of effective measurement tools
- 67. Limited budget
- 68. No dedicated focus or personnel to the initiative
- 69. Don’t know
- 71. Alan F. Nugent anugent@mzinga.com mzinga.com Thank you!
Notas del editor
- Almost All Agree Service is Important, but One in Five Feel They're Taken for Granted Not surprisingly, nine in ten Americans (91%) consider the level of customer service important when deciding to do business with a company. But only one-quarter (24%) believe companies value their business and will go the extra mile to keep it. Most feel businesses can do more to retain their loyalty: -- 48% feel companies are helpful but don't do anything extra to keep their business. -- Worse, 21% believe that companies take their business for granted. Good News Travels Fast -- Until You Go Online Importantly, customers are spreading the word willingly and widely when they experience good service. In fact, contrary to conventional wisdom, customers are more inclined to talk about a positive experience than complain about a negative one. Three-quarters (75%) are very likely to speak positively about a company after a good service experience in contrast with 59% who are very likely to speak negatively about a company after poor service. Good service experiences also carry more weight than bad ones when Americans make future spending decisions. Consumers are far more likely to give a company repeat business after a good service experience (81%) than they are to never do business with a company again after a poor experience (52%). In fact, consumers say the three most influential factors when deciding which companies they do business with include personal experience (98%), a company's reputation or brand (92%), and recommendations from friends and family (88%). Nearly half (48%) of consumers report always or often using an online posting or blog to get others' opinions about a company's customer service reputation. But when consumers go online they're looking for "watch outs," saying they put greater credence in negative reviews on blogs and social networking sites than on positive ones (57% and 48%, respectively). "The Internet has made service quality more transparent than ever before," Mr. Bush said. "In the online space, positive recommendations are important, but people often give more weight to the negative. Because consumers can broadcast their views so widely online, each and every service interaction a company has with its customers becomes even more crucial. Developing relationships with customers, listening to them, anticipating their needs, and resolving any issues quickly and courteously can help make the difference." Two Strikes and You're Out. Or Is It One? A negative service experience is an important factor for most Americans: 81% have decided never to do business with a company again because of poor customer service in the past. When asked how many poor experiences they allow, half of all Americans (50%) reported it takes two poor service experiences before they stop doing business with a company. Importantly, consumers are far more forgiving if a company has earned their trust over time. Almost nine-in-ten consumers (86%) report they're willing to give a company a second chance after a bad experience if they've historically experienced great customer service with that company. But companies who get it wrong should realize it's at a cost. -- Half of consumers (52%) expect something in return after a poor customer service experience, beyond resolving the problem. -- Most consumers (70%) want an apology or some form of reimbursement.
- Gain access to information that can impact my job performance, customers, etc
- SOME POSSIBLE QUESTIONS Do companies need a chief customer officer to orchestrate across company silos? Is there a financial return on customer experience? How do you get executive buy-in for customer experience? How do you build a customer-centric culture? Should social media fall into the chief customer officer’s domain?