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Social Intelligence: A Time to Listen, A Time to Engage Practitioner's Guide Executive Summary
 

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Executive Summary: A Time to Listen, a Time to Engage[1] ...

Executive Summary: A Time to Listen, a Time to Engage[1]

Now that conversations about social media have taken over large amounts of digital ink in cyberspace—with consumers becoming more vocal about issues as less than perfect customer service, product quality issues and pricing— organizations of all sizes are struggling to:

Correlate social activities to tangible results
Convert social analytics into actionable intelligence, and
Create new business processes and rules to manage social interactions, to develop social engagement or to create customer advocacy.

Quite simply, we define social business as exploiting the ability to listen, analyze, iCustomer Engagementnteract and engage with customers via conversations in support of corporate goals that are strategic, operational and tactical as well as short and long-term in nature.

Why do organizations find this daunting? There is no dearth of software and service vendors offering sentiment analysis, twitter analytics, content analytics, and speech analytics tools. Each offers dashboards, drill-downs, graphs or other types of visualization that illustrate metrics for online sentiment analysis (positive, neutral, mixed or negative), such as influencer or net-promoter scores, share of voice, volume, product quality issues, crisis management, share price cause and effect or media and brand reach.

Our assessment is that customer-propelled social interactions are blurring the lines and driving convergence among sales, marketing and customer care business processes.[2] Social business offers the opportunity to improve customer interactions by fostering real engagement through innovative technologies combined with redesigned business processes.

[1] To Everything There Is a Season", often abbreviated to "Turn! Turn! Turn!" is a song written by Pete Seeger in the late 1950s based on text from the Book of Ecclesiastes.

[2] “Exploiting Social Intelligence for Customer Service & Support Excellence”, ©2013 Hypatia Research Group.

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Social Intelligence: A Time to Listen, A Time to Engage Practitioner's Guide Executive Summary Social Intelligence: A Time to Listen, A Time to Engage Practitioner's Guide Executive Summary Document Transcript

  • CUSTOMER CENTRICIT Y: A TIME T O LIST EN, A T IME T O ENGAGE PRACTITIONER'S GUIDE TO SOCIAL INTELLIGENCE
  • HYPATIA RESEARCH GROUP, LLC. Hereby grants and assigns to XXXXXXXXXXX worldwide syndication rights to a primary research study entitled “Using Social Intelligence to Enhance Customer Centricity: A Practitioner's Guide for Marketing, Sales & Customer Care Executives". This license agreement entitles the licensee, XXXXXXXXXXXXXXXX to all distribution, quote, syndication, translation, and publication rights. Hypatia Research, LLC must be credited with proper attribution [©2013 Hypatia Research Group, LLC] in each and every instance of content usage. SAP AG agrees to take good faith steps to safeguard the Intellectual Property contained in this research study. Our usage policy is posted on our website at http://hypatiaresearch.com. Journalists, media, bloggers, research firms, agencies, independent consultancies and all others please take notice. Note: The naming convention for this primary research study also includes “Social Analytics & Intelligence: Best Practices for Customer Service & Support” and “Social Analytics & Intelligence: A Practitioner’s Guide to Converting Contextual to Action Insights”. ©2012-2013 Hypatia Research Group LLC. All rights reserved. No part of this research study may be repurposed, distributed, translated or published in any format without licensing or the express written consent of Hypatia Research Group, LLC and its management. CUSTOMER ENGAGEMENT RESEARCH, LESLIE AMENT ©2013 Hypatia Research Group, LLC | “Using Social Intelligence to Enhance Customer Centricity“: A Practitioner's Guide for Marketing, Sales & Customer Care Executives". All Rights Reserved. NOTICE: Information contained in this publication has been sourced in good faith from primary, secondary and end-user research and is believed to be reliable based upon our research methodology and analyst‟s judgment. Ultimate responsibility for all decisions, use and interpretation of Hypatia research, reports or publications remains with the reader, subscriber or user thereof. www.HypatiaResearch.com http://store.hypatiaresearch.com 1
  • A Time to Listen, a Time to Engage1 Now that conversations about social media have taken over large amounts of digital ink in cyberspace—with consumers becoming more vocal about issues as less than perfect customer service, product quality issues and pricing—organizations of all sizes are struggling to:  Correlate social activities to tangible results  Convert social analytics into actionable intelligence, and  Create new business processes and rules to manage social interactions, to develop social engagement or to create customer advocacy. Quite simply, we define social business as leveraging the ability to listen, analyze, interact and engage with customers via conversations in support of corporate goals that are strategic, operational and tactical, as well as short and long-term in nature. Why do organizations find this daunting? There is no dearth of software and service vendors offering sentiment analysis, twitter analytics, content analytics, and speech analytics tools. Each offers dashboards, drill-downs, graphs or other types of visualization that illustrate metrics for online sentiment analysis (positive, neutral, mixed or negative), such as influencer or Net Promoter Scores, share of voice, volume, product quality issues, crisis management, share price cause and effect or media and brand reach. "Turn! Turn! Turn! “To everything there is a season, and a time to every purpose under the heaven: A time to be born, and a time to die; a time to plant, a time to reap that which is planted; A time to get, and a time to lose; a time to keep, and a time to cast away; A time to rend, and a time to sow; a time to keep silence, and a time to speak; A time to love, and a time to hate; a time of war, and a time of peace.” -- Adapted from the Book of Ecclesiastes, attributed to King Solomon Our assessment is that customer-propelled social interactions are blurring the lines and driving convergence among sales, marketing and customer care business processes.2 Social business offers the opportunity to improve customer interactions by fostering real engagement through innovative technologies combined with redesigned business processes. Moreover, our research reveals that this tsunami of interactional as well as transactional customer information often overwhelms organizations; unless key stakeholders proactively develop a strategy and plan for operationalizing this highly valuable intelligence. Ideally, this would be accomplished in concert with traditional sources of customer information such as Customer Relationship Management (CRM), Digital Marketing, Enterprise Marketing Management (EMM), Contact Center (CSS), Enterprise Resource Planning (ERP) and other enterprise applications. 1 To Everything There Is a Season", often abbreviated to "Turn! Turn! Turn!" is a song written by Pete Seeger in the late 1950s based on text from the Book of Ecclesiastes. 2 “Exploiting Social Intelligence for Customer Service & Support Excellence”, ©2013 Hypatia Research Group. ©2013 Hypatia Research Group, LLC | “Using Social Intelligence to Enhance Customer Centricity“: A Practitioner's Guide for Marketing, Sales & Customer Care Executives". All Rights Reserved. NOTICE: Information contained in this publication has been sourced in good faith from primary, secondary and end-user research and is believed to be reliable based upon our research methodology and analyst‟s judgment. Ultimate responsibility for all decisions, use and interpretation of Hypatia research, reports or publications remains with the reader, subscriber or user thereof. www.HypatiaResearch.com http://store.hypatiaresearch.com 2
  • Which brings us back to the seminal question of who owns the customer? Nearly all C-level, vice president, and directorlevel executives we interact with say “everyone should be customer-centric and focus on the customer.” However, at the end of the day, (or balance sheet), C-level executives are accountable to their boards or their shareholders. Certainly, food for thought and a compelling reason to evaluate both software vendors and current business processes with an eye towards enabling enterprise-wide customer centricity. Organizations Invest for Multiple Reasons One of the many reasons companies continue to pour money into social media software and services is the wide range of business use cases it can be applied to. Companies are more comfortable than ever before in using business intelligence reporting tools to inform their decision-making. Now that it is possible for line of business functions to see the “why behind the BI” by leveraging contextual information (unstructured content such as social media or user-generated content versus data which is structured) along with data, companies are eager to refine their customer engagement and advocacy initiatives. Figure 1: Why Companies Invest in Social Intelligence ©2013 Hypatia Research Group, LLC. All rights reserved ©2013 Hypatia Research Group, LLC | “Using Social Intelligence to Enhance Customer Centricity“: A Practitioner's Guide for Marketing, Sales & Customer Care Executives". All Rights Reserved. NOTICE: Information contained in this publication has been sourced in good faith from primary, secondary and end-user research and is believed to be reliable based upon our research methodology and analyst‟s judgment. Ultimate responsibility for all decisions, use and interpretation of Hypatia research, reports or publications remains with the reader, subscriber or user thereof. www.HypatiaResearch.com http://store.hypatiaresearch.com 3
  • According to our research findings, companies invest in social intelligence software and services primarily for these business initiatives:  Brand Loyalty, Reputation and Risk Management  Customer Service & Support  Product Innovation and Enhancement  Sales and Marketing Given the sheer volume, variety and velocity of social content, the right social technologies combined with well-defined business processes, performance metrics and team member accountability will support organizations in converting contextual information into actionable insight.3 Figure 2: Social Metrics Tracked Most Often ©2013 Hypatia Research Group, LLC. All rights reserved. Multi-response answers—will not equal 100% 3 “Social Analytics & Intelligence: Converting Contextual to Actionable Insight”. ©2012 Hypatia Research Group ©2013 Hypatia Research Group, LLC | “Using Social Intelligence to Enhance Customer Centricity“: A Practitioner's Guide for Marketing, Sales & Customer Care Executives". All Rights Reserved. NOTICE: Information contained in this publication has been sourced in good faith from primary, secondary and end-user research and is believed to be reliable based upon our research methodology and analyst‟s judgment. Ultimate responsibility for all decisions, use and interpretation of Hypatia research, reports or publications remains with the reader, subscriber or user thereof. www.HypatiaResearch.com http://store.hypatiaresearch.com 4
  • Our research demonstrates that while many software solutions and tools offer dashboards, drill-downs, or other types of visualization to illustrate metrics such as:  Online sentiment analysis (positive, neutral, mixed or negative)  Influencer or net-promoter scores  Share of voice, volume and frequency of brand mentions  Product quality issues or innovation recommendations  Brand reach and frequency  Competitive intelligence tracking Organizations most often measure social interactions best categorized as either A) Listening and analyzing social conversations for sentiment trends, share of voice, and demographics or, B) Engaging in social conversations to encourage customer activations, build relationships or propensity to recommend or purchase products and services. Return on Social Investment is Tangible Our point of view is that when it comes to social return on investment metrics, one size does not fit all types of organizations or functions. While the metrics illustrated in Figure 2 above are a good place to start, there are more ways to measure the success, effectiveness and return on social investment. Although enterprise-level social business is still in an early adopter stage, organizational benefits realized to date are significant. Figure 3: Return on Social Intelligence Investment: All Business Initiatives ©2013 Hypatia Research Group, LLC. All rights reserved. ©2013 Hypatia Research Group, LLC | “Using Social Intelligence to Enhance Customer Centricity“: A Practitioner's Guide for Marketing, Sales & Customer Care Executives". All Rights Reserved. NOTICE: Information contained in this publication has been sourced in good faith from primary, secondary and end-user research and is believed to be reliable based upon our research methodology and analyst‟s judgment. Ultimate responsibility for all decisions, use and interpretation of Hypatia research, reports or publications remains with the reader, subscriber or user thereof. www.HypatiaResearch.com http://store.hypatiaresearch.com 5
  • To Everything There is a Season and a Purpose Few social software solutions actually provide line of business managers—rather than IT—the ability to create rules-based routing of customer conversations that are prioritized and categorized by predefined issues. In short, what makes social media conversations truly actionable?  Will guidance provided by trending data or simple sentiment analysis provide enough intelligence for business process innovation?  Is discovery correlation, text analytics or predictive analytics required to take action based on certain customer profiles or clusters?  If an organization wishes to give preferential treatment to customers with high influencer scores or annual customer profitability levels, what is required? For example, routing higher value customers to the top of the action queue while known „complainers‟ are given lower priority. Figure 4: What Makes Social Intelligence Actionable? ©2013 Hypatia Research Group, LLC. All rights reserved. ©2013 Hypatia Research Group, LLC | “Using Social Intelligence to Enhance Customer Centricity“: A Practitioner's Guide for Marketing, Sales & Customer Care Executives". All Rights Reserved. NOTICE: Information contained in this publication has been sourced in good faith from primary, secondary and end-user research and is believed to be reliable based upon our research methodology and analyst‟s judgment. Ultimate responsibility for all decisions, use and interpretation of Hypatia research, reports or publications remains with the reader, subscriber or user thereof. www.HypatiaResearch.com http://store.hypatiaresearch.com 6
  • Operationalizing the value derived from social media channels does require the ability to map a best practice customer journey by specific priority, topic or issue. Realizing concrete benefits from social investment also requires the ability to configure these business process workflows according to customer-centric policies as defined by internal stakeholders such as the Chief Customer or Chief Marketing Officers. Bottom line: Our assessment is that organizations should take a balanced approach to enterprise social business. “Know when to listen, know when to analyze, know how to influence, and when to act and engage.”4 About Hypatia Research Group Hypatia takes an end-user approach to business and technology research. Similar to Consumer Reports5, our industry experts are objective in providing end-user organizations with independent primary research assessments as decisionsupport in evaluating various enabling technologies, service providers and consulting firms. To maintain its independence and impartiality, Hypatia Research does not engage in syndicated research sponsorships 6, accepts no outside advertising, provides no free samples, and utilizes proprietary research techniques to evaluate vendors. Why this focus on actionable insight? Knowledge for the sake of knowledge without a purpose is outside our mission. Since 2001, Hypatia‟s tagline has been calculating results. Our research methodology, a hybrid approach that combines qualitative and quantitative input from end-users, benchmarks the business return on investment realized by organizations of all sizes. Research may be viewed at: https://store.HypatiaResearch.com 4 Influenced by Kenny Rogers, The Gambler lyrics © Sony/ATV Music Publishing LLC “You got to know when to hold 'em, know when to fold 'em, Know when to walk away and know when to run.” 6 Vendors may license distribution rights to Hypatia Research Group studies after completion, but may not commission syndicated studies. ©2013 Hypatia Research Group, LLC | “Using Social Intelligence to Enhance Customer Centricity“: A Practitioner's Guide for Marketing, Sales & Customer Care Executives". All Rights Reserved. NOTICE: Information contained in this publication has been sourced in good faith from primary, secondary and end-user research and is believed to be reliable based upon our research methodology and analyst‟s judgment. Ultimate responsibility for all decisions, use and interpretation of Hypatia research, reports or publications remains with the reader, subscriber or user thereof. www.HypatiaResearch.com http://store.hypatiaresearch.com 7
  • Table of Contents A Time to Listen, a Time to Engage ...........................................................................................2 Organizations Invest for Multiple Reasons .................................................................................................................................................. 3 Return on Social Investment is Tangible ...................................................................................................................................................... 5 To Everything There is a Season and a Purpose ........................................................................................................................................ 6 About Hypatia Research Group ..................................................................................................................................................................... 7 About the Author ..........................................................................................................................9 Appendix A: Research Methodology & Respondent Profiles .................................................10 Survey Respondent Profiles ........................................................................................................................................................................... 10 Table of Charts Figure 1: Why Companies Invest in Social Intelligence ................................................................................................................................. 3 Figure 2: Social Metrics Tracked Most Often .................................................................................................................................................. 4 Figure 3: Return on Social Intelligence Investment: All Business Initiatives ............................................................................................. 5 Figure 4: What Makes Social Intelligence Actionable? ................................................................................................................................... 6 Figure A: Respondents by Role .......................................................................................................................................................................... 11 Figure B: Respondents by Function .................................................................................................................................................................. 11 Figure C: Respondents by Geography ............................................................................................................................................................. 12 Figure D: Respondents by Company Size ....................................................................................................................................................... 12 ©2013 Hypatia Research Group, LLC | “Using Social Intelligence to Enhance Customer Centricity“: A Practitioner's Guide for Marketing, Sales & Customer Care Executives". All Rights Reserved. NOTICE: Information contained in this publication has been sourced in good faith from primary, secondary and end-user research and is believed to be reliable based upon our research methodology and analyst‟s judgment. Ultimate responsibility for all decisions, use and interpretation of Hypatia research, reports or publications remains with the reader, subscriber or user thereof. www.HypatiaResearch.com http://store.hypatiaresearch.com 8
  • About the Author Leslie Ament, Senior Vice President of Research and Client Advisory Services at Hypatia Research Group is a Customer Intelligence Management thought-leader and industry analyst who focuses on how organizations capture, manage, analyze and apply actionable customer insight to improve customer management techniques, reduce operating expenses and to accelerate corporate growth. Her research coverage include: Business Intelligence, Social Media Intelligence/Search/Text Analytics, CRM, Web Analytics, Marketing Automation, Customer Data Management/Data Quality and Governance, Risk & Compliance. A CRM practitioner, Ament has driven process requirements gathering & implementation for both on-premise & SaaS CRM systems. Previously, Ament served on management teams and lead global marketing and market research groups at Demantra, Inc. (acquired by Oracle), Arthur D. Little Management Consulting, Harte-Hanks, Banta Corporation, International Thomson Publishing (Chapman & Hall, UK) and Carnegie Hall, Inc. She is a member of the American Marketing Association, Society for Competitive Intelligence Professionals, Customer Relationship Management Association, DataShaping Certified Analytic Professional, Arthur D. Little Alumni Association, Software Industry Information Association and a Board Member of the Product Management Association. Ament has authored highly pragmatic yet forward thinking primary research studies, exemplified by highly pragmatic yet forward-thinking primary research studies, exemplified by “Dancing the Big Data Analytics Waltz”, ' “Delivering Big Data Analytics Insights: Why Choose Between Accuracy, Agility OR Speed?”, “Exploiting Social Intelligence for Customer Service & Support Excellence”, “Social Analytics & Intelligence: Converting Contextual to Actionable Insight”, “Operationalizing Voice of the Customer: Benchmarks & Maturity Models”. Other primary research encompasses:         Enterprise Convergence of GRC: Why Management Consultancies Should Provide a Holistic Approach Decision Science & Customer Analysis: Competitive Advantage or Necessary to Compete The Precision Marketing Imperative Customer Data Management: Attaining Tangible ROI CRM is Not Pantyhose: One Size Doesn’t Fit All Sales Productivity Tools: Closing the CRM Gap Collaborative Planning, Forecasting & Replenishment as a Service: Evaluation Guide Business Intelligence: Connectivity & Licensing Options for Software-as-a-Service She often presents at industry conferences such as: CRM Evolution, Customer Service Experience, American Marketing Association, Product Management Association, National CRM Association, Henry Stewart Marketing Analytics, Aspect ACE, IBM Information on Demand, Nice Interactions, SAP SAPPHIRE, and numerous online webinars educating end user organizations on how to effectively utilize and deploy customer intelligence management technologies. Ament completed her doctorate Phi Kappa Phi at the University of Illinois, Urbana Champaign and her Master's and Bachelor's degrees at Indiana University-Bloomington. Her passions are international travel, spicy food, classical music, jazz, and Chicago-style rhythm & blues. Contact her at LAR@HypatiaResearch.com or Twitter: @Hypatia_LeslieA ©2013 Hypatia Research Group, LLC | “Using Social Intelligence to Enhance Customer Centricity“: A Practitioner's Guide for Marketing, Sales & Customer Care Executives". All Rights Reserved. NOTICE: Information contained in this publication has been sourced in good faith from primary, secondary and end-user research and is believed to be reliable based upon our research methodology and analyst‟s judgment. Ultimate responsibility for all decisions, use and interpretation of Hypatia research, reports or publications remains with the reader, subscriber or user thereof. www.HypatiaResearch.com http://store.hypatiaresearch.com 9
  • Appendix A: Research Methodology & Respondent Profiles Hypatia Research Group interviewed executives and employees from more than global 500 companies that utilize Social Analytics and Intelligence platforms, tools, and services across numerous industries. Questions were designed to determine the following in regards to current use of social business practices:  Which market pressures and internal challenges serve as catalysts for investment?  What are the barriers to adoption?  What opportunities exist for vendors that seek to enter this market space?  How do companies structure and organize for social processes and what external resources are they using for social initiatives?  What types of service providers and software vendors have comprehensive offerings comprised of social tools and/or services?  Which company roles or functions are most accountable for the capture, management, analysis and application of user generated content and social technology?  Which performance metrics are indicative of tangible return on investment versus which are most often measured? Survey Respondent Profiles Company size segmentation encompassed upper mid-market ($750M-$2B) and large enterprise with revenues at >$2B. Respondents came from a range of industries, with the largest sectors being manufacturing (14.9%), professional services (13.7%), financial services (12%), retail (11.5%), healthcare providers (10.2%), and consumer goods (7.9%). MARKET Research Approach Hypatia Research applies a hybrid methodology [quantitative & qualitative] that evaluates the Market-drivers, Actions, Responses, Knowledge, Enablers, and Technology enablers (MARKET) that influence corporate behavior in specific business environments. These terms are defined as follows:  Market Pressures — external forces that impact an organization‟s market position, competitiveness, or business operations  Actions — the strategic approaches that an organization plan in response to industry pressures  Responses — how organizations invest and overcome business challenges.  Knowledge & Expertise — competencies, skills and processes required to execute on corporate strategy.  Enabling Technology — the key functionality of technology solutions required to support the organization‟s enabling business practices Responding executives held customer-focused job functions within corporate strategy, consumer insight, customer analytics, product marketing, customer service, merchandising, and Web analytics with roles at the manager, director, VP and C-level. ©2013 Hypatia Research Group, LLC | “Using Social Intelligence to Enhance Customer Centricity“: A Practitioner's Guide for Marketing, Sales & Customer Care Executives". All Rights Reserved. NOTICE: Information contained in this publication has been sourced in good faith from primary, secondary and end-user research and is believed to be reliable based upon our research methodology and analyst‟s judgment. Ultimate responsibility for all decisions, use and interpretation of Hypatia research, reports or publications remains with the reader, subscriber or user thereof. www.HypatiaResearch.com http://store.hypatiaresearch.com 10
  • Figure A: Respondents by Role Figure B: Respondents by Function Geographically, 51.7 percent came from the Americas, 24.1% from Europe and 24.1% from Asia--primarily China, Japan, Korea and Australia. ©2013 Hypatia Research Group, LLC | “Using Social Intelligence to Enhance Customer Centricity“: A Practitioner's Guide for Marketing, Sales & Customer Care Executives". All Rights Reserved. NOTICE: Information contained in this publication has been sourced in good faith from primary, secondary and end-user research and is believed to be reliable based upon our research methodology and analyst‟s judgment. Ultimate responsibility for all decisions, use and interpretation of Hypatia research, reports or publications remains with the reader, subscriber or user thereof. www.HypatiaResearch.com http://store.hypatiaresearch.com 11
  • Figure C: Respondents by Geography Figure D: Respondents by Company Size ©2013 Hypatia Research Group, LLC | “Using Social Intelligence to Enhance Customer Centricity“: A Practitioner's Guide for Marketing, Sales & Customer Care Executives". All Rights Reserved. NOTICE: Information contained in this publication has been sourced in good faith from primary, secondary and end-user research and is believed to be reliable based upon our research methodology and analyst‟s judgment. Ultimate responsibility for all decisions, use and interpretation of Hypatia research, reports or publications remains with the reader, subscriber or user thereof. www.HypatiaResearch.com http://store.hypatiaresearch.com 12