Turn Social Business Strategies Into Business Intelligence

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  • 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?
  • Turn Social Business Strategies Into Business Intelligence

    1. 1. Measure What Matters: <br />Turn Social Business Strategies Into Business Intelligence<br />Alan F. NugentMzinga, CEO<br />September 2011<br />
    2. 2. Alan F. Nugent<br />Mzinga CEO<br />@AlanFNugentanugent@mzinga.com<br />Introductions.<br />
    3. 3. Session Follow-up<br /><ul><li>Being social is about interacting & engaging each other & sharing ideas… so the best way to experience it, is to just jump in and do it!
    4. 4. Feel free to tweet about our discussion (#mzinga)
    5. 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
    6. 6. We also know some of you will prefer to just listen; that’s cool too</li></ul>We’d love your participation.<br />After the event, the following materials will be made available to all of you:<br /><ul><li> Presentation slides
    7. 7. Webinarrecording
    8. 8. Chat transcript</li></ul>3<br />
    9. 9. Before we get started…<br />
    10. 10. Is your organization measuring your social business initiatives today?<br /><ul><li>Yes
    11. 11. No
    12. 12. Don’t know</li></ul>Poll Question<br />
    13. 13. What is meant by “Social ROI”?<br />Content, behaviors, activities & interactions<br />Business results<br />Ok, now let’s start with the basics…<br />
    14. 14. - Forrester<br />“<br />ROI should be measurement to all corporate objectives, not just revenue.<br />It’s actually more useful to think of it as ROO— return on objectives, rather than merely counting dollars. <br />”<br />Food for thought…<br />
    15. 15. What we’re learning about customers today<br />59% will readily speak poorly about a bad customer experience<br />70% of consumersexpect an apologyfor bad service<br />21% believe companies take their business for granted<br />91% consider customer service important in deciding to do business<br />.<br />48% report always or often using an online posting or blog to get other’s opinions about a company’s customer service reputation<br />Let’s examine that further…<br />Source: American Express Global Customer Service Barometer April 13th – April 20th, 2010<br />
    16. 16. What they care about is evolving…<br />Source: 2010 Edelman Trust Barometer<br />
    17. 17. How employees do their jobs is too…<br />
    18. 18. The Elements of a Social Business<br />A New Paradigm<br />Ideate<br />Flickr image uploaded by Caveman (Kickin' 66 with Pete Zarria)Shared under Creative CommonsAttribution-No Derivative Works 2.0 GenericLicense<br />Share<br />Flickr image uploaded by Ed YourdonShared under Creative CommonsAttribution-Share Alike 2.0 GenericLicense<br />Listen<br />Flickr image uploaded by andronicusmaxShared under Creative CommonsAttribution 2.0 GenericLicense<br />Change<br />Flickr image uploaded byadam*b<br />Shared under Creative CommonsAttribution 2.0 GenericLicense<br />
    19. 19. Social Business Ecosystem<br /><ul><li>Streamlined client acquisition
    20. 20. Customer engagement
    21. 21. Loyalty & retention
    22. 22. On-demand support
    23. 23. Listening & engagement
    24. 24. Brand building
    25. 25. Demand generation
    26. 26. Social commerce</li></ul>CustomerExperience<br />Brand Experience<br />Employee Experience<br />Social Business Ecosystem<br /><ul><li>Engagement & collaboration
    27. 27. Satisfaction & retention
    28. 28. On-boarding & recruiting
    29. 29. Social learning</li></ul>Partner Experience<br /><ul><li>Social business outsourcing
    30. 30. Indirect revenue streams
    31. 31. Developer networks</li></li></ul><li>Let’s look at a few examples…<br />
    32. 32. Customer support: The initial tweet<br />
    33. 33.
    34. 34. Customer experience: The initial tweet<br />
    35. 35. Within 15 minutes…<br />
    36. 36. And then, a few days later…<br />
    37. 37. Solution Overview<br />Peer-to-peer support forums embedded within the SyncMyRide product site, including integrated vehicle avatars & pre-moderation <br />Business Goals<br /><ul><li>Provide more timely, efficient customer support and product research
    38. 38. Establish a user-generated knowledge base of Sync product information for on-demand reference</li></ul>Results & ROI<br />An American multinational automaker, the second largest in the U.S. and the fifth-largest in the world based on annual vehicle sales in 2010 at $40 trillion. <br /><ul><li>Over 14k active members
    39. 39. More than 5M message views
    40. 40. Reduced customer response times
    41. 41. Decrease in Sync support costs
    42. 42. Direct access to product research</li></li></ul><li>TIAA-CREF<br />Solution Overview<br />A private, online community where TIAA-CREF annuity clients can network, interact, and discuss financial and lifestyle topics <br />Business Goals<br />Improve engagement drive loyalty among TIAA-CREF’s most valuable & influential customers<br /><ul><li>Increase revenue
    43. 43. Increase membership
    44. 44. Cultivate business intelligence & market research</li></ul>Results & ROI<br />“<br />With nearly [60,000] members and several hundred posts, TIAA-CREF's myretirement.org seems to have established a solid footing among TIAA-CREF plan participants.<br /><ul><li>Significant community adoption
    45. 45. High community retention rates
    46. 46. Increased participation in TIAA-CREF programs</li></ul>”<br />
    47. 47. So, what should you measure in this new business paradigm?<br />
    48. 48. The basics of effective analysis….<br />Use knowledge to establish and achieve goals/ROI<br />Wisdom<br />Knowledge Continuum<br />Knowledge<br />Analyze & synthesize derived information<br />Information<br />Give meaning to obtained data<br />Data<br />Obtain the raw facts<br />Baker’s depiction of the Knowledge Continuum, 2007<br />
    49. 49. It all depends on your strategy & goals<br />Measurement aligned with strategy, roles and target outcomes<br />Clearly Defined Business Objectives<br />The ROI Pyramid: All Roles, Metrics, and Data Types<br />
    50. 50. 4 Perspectives Of A Social Business Balanced Scorecard<br />July 2010 “The ROI Of Social Media Marketing”<br />
    51. 51. Sample social business goals & objectives<br />
    52. 52. Key performance indicators<br />Web traffic — Prior to beginning social strategy execution and weekly-monthly continuously. <br />Decreased costs — How much is being saved with social approaches versus traditional approaches? <br />Increased customer satisfaction — Polls, surveys, behavioral analysis, sentiment analysis, as well as formal and informal social media testimonials<br />Quality leads — Identify percentage increase in incoming sales leads and quality of leads versus previous measurements. <br />Web referrals — Different from traffic in the identification of visitors who came to the organization’s website directly from a social media channel. <br />Increase in efficiency — How much is being saved with social approaches versus traditional approaches? <br />Product development — What can an organization extract from product reviews, good or bad? <br />
    53. 53. Sample customer experience results<br />Source: MarketingProfs<br />
    54. 54. “The ROI Of Online Customer Service Communities ” <br />Sample customer experience results<br />
    55. 55. Poll Question<br />What are your social business goals?<br /><ul><li>Improved brand experience
    56. 56. Increased customer satisfaction
    57. 57. Improved employee productivity
    58. 58. Cost reduction
    59. 59. Risk mitigation
    60. 60. Increased revenue
    61. 61. Don’t know</li></li></ul><li>What makes an effective <br />social intelligence model?<br />
    62. 62. Comprehensive Actionable Intelligence Model<br />User Info<br />Business Data<br />Voices<br />Content<br />Social Graphs<br />Behaviors/Interactions<br />Analytics Platform<br />(Flexible, extensible, integrated)<br />Visualizations<br />Intelligence Applications<br />Drive business decisions and connect with employees and/or customers<br />Analyze data for insights, trends, patterns and discover assets<br />Consolidate and associate data from various sources<br />31<br />
    63. 63. Measurement: Considerations In Planning<br />Planning Questions<br />During the planning process of a social learning initiative, seek answers to the following questions: <br />Source: Gartner <br />
    64. 64. Measurement Best Practices<br />Source: Gartner <br />
    65. 65. Poll Question<br />What, if any, are the obstacles your organization faces to effectively measuring social business outcomes?<br /><ul><li>Lack of a clear strategy
    66. 66. Lack of effective measurement tools
    67. 67. Limited budget
    68. 68. No dedicated focus or personnel to the initiative
    69. 69. Don’t know
    70. 70. No obstacles</li></li></ul><li>Questions<br />
    71. 71. Alan F. Nugent<br />anugent@mzinga.com<br />mzinga.com<br />Thank you!<br />

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