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Using Social Intelligence to Help Shape Customer Relationships & Drive ROI
Using Social Intelligence to Help Shape Customer Relationships & Drive ROI
Using Social Intelligence to Help Shape Customer Relationships & Drive ROI
Using Social Intelligence to Help Shape Customer Relationships & Drive ROI
Using Social Intelligence to Help Shape Customer Relationships & Drive ROI
Using Social Intelligence to Help Shape Customer Relationships & Drive ROI
Using Social Intelligence to Help Shape Customer Relationships & Drive ROI
Using Social Intelligence to Help Shape Customer Relationships & Drive ROI
Using Social Intelligence to Help Shape Customer Relationships & Drive ROI
Using Social Intelligence to Help Shape Customer Relationships & Drive ROI
Using Social Intelligence to Help Shape Customer Relationships & Drive ROI
Using Social Intelligence to Help Shape Customer Relationships & Drive ROI
Using Social Intelligence to Help Shape Customer Relationships & Drive ROI
Using Social Intelligence to Help Shape Customer Relationships & Drive ROI
Using Social Intelligence to Help Shape Customer Relationships & Drive ROI
Using Social Intelligence to Help Shape Customer Relationships & Drive ROI
Using Social Intelligence to Help Shape Customer Relationships & Drive ROI
Using Social Intelligence to Help Shape Customer Relationships & Drive ROI
Using Social Intelligence to Help Shape Customer Relationships & Drive ROI
Using Social Intelligence to Help Shape Customer Relationships & Drive ROI
Using Social Intelligence to Help Shape Customer Relationships & Drive ROI
Using Social Intelligence to Help Shape Customer Relationships & Drive ROI
Using Social Intelligence to Help Shape Customer Relationships & Drive ROI
Using Social Intelligence to Help Shape Customer Relationships & Drive ROI
Using Social Intelligence to Help Shape Customer Relationships & Drive ROI
Using Social Intelligence to Help Shape Customer Relationships & Drive ROI
Using Social Intelligence to Help Shape Customer Relationships & Drive ROI
Using Social Intelligence to Help Shape Customer Relationships & Drive ROI
Using Social Intelligence to Help Shape Customer Relationships & Drive ROI
Using Social Intelligence to Help Shape Customer Relationships & Drive ROI
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Using Social Intelligence to Help Shape Customer Relationships & Drive ROI

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Speakers:

Ray Wang - Principle Analyst and CEO, Constellation Research, Inc

Navdeep Alam - Director of Data Architecture at Mzinga

Published in: Business
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  • [RW] Chances are, right now - your customers are having a conversation about you and your products with prospects and other customers without your knowledge Right now: Your marketing messages are being ignored and you are wasting print spend at the expense of digital influence in places you never thought of Your support teams have been cut so much and have not been trained to rapidly answer your customer’s questions that customers are asking each other for help and getting results Your sales efforts are stalled b/c your approach now falters as marketing falls on deaf ears This is the sad state we’re in..and yes, your prospects and customers have noticed
  • [RW] 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.
  • [RW] Companies have lost credibility in the marketplace Social media is not a fad, it’s now a way of life. Let’s break up some myths with some real data. CRM efforts did a good job on management but failed at customer and relationship [1] http://www.pewinternet.org/Infographics/Growth-in-Adult-SNS-Use-20052009.aspx
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  • [RW] LET’S GO DEEP HERE
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  • [RW] Intrigue.  Content and story line often represent the consumer tech side.  The enterprise needs to develop relevant content to keep users engage.  Content could include help topics, related information, user generated comments, etc. Reward.    Both non-monetary and monetary incentives can be deployed.  Rewards should match level of difficulty so users gain a sense of accomplishment.  Non-monetary rewards could include exclusive information, access, or recognition. Status.  Leader boards codify status in gamification.  Leader boards reward status and provide a recognition mechanism as well as a way to tier users.  A robust analytics platform must align with the objectives of gamification and support reward systems.   Community.  Social is a key part of gamification.  Users want to connect, share, and reach out to other "players".  Expect integration back to mobile and social platforms. Challenge.  Users must earn a sense of accomplishment to remain engaged.  Gamification in the enterprise should tie back to the achievement of levels with increasing difficulty.  Challenges will tie back to reward and intrigue over time.
  • [RW] Access Recognition Reward Impact
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  • [NA] Social search takes many forms, ranging from simple shared bookmarks or tagging of content with descriptive labels to more sophisticated approaches that combine human intelligence with computer algorithms . [2] [3] The search experience takes into account varying sources of metadata, such as collaborative discovery of web pages, tags, social ranking, commenting on bookmarks, news, images, videos, knowledge sharing, podcasts and other web pages. Example forms of user input include social bookmarking or direct interaction with the search results such as promoting or demoting results the user feels are more or less relevant to their query. [4]
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  • [NA] Notes: - Incentive/reward for participation in survey– If I participate, I will receive a free fi serv consultation & participation in their exclusive community
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  • Transcript

    • 1. Using Social Intelligence to Help Shape Customer Relationships & Drive ROI
    • 2. Navdeep Alam Mzinga Director of Data Architecture @yoshinav [email_address] Ray Wang Principal Analyst and CEO, Constellation Research, Inc. @rwang0 [email_address] Introductions.
    • 3. Session Follow-Up We’d love your participation. <ul><li>Being social is about interacting with each other & sharing ideas… so the best way to understand it, is to just do it! </li></ul><ul><li>Don’t feel limited: Join in the chat & feel free to tweet about our discussion. (# mzinga ) </li></ul><ul><li>We also know some of you will prefer to listen; that’s cool too </li></ul><ul><li>After the event, the following materials will be made available to all of you: </li></ul><ul><li>Presentation slides </li></ul><ul><li>SlideCast recording </li></ul><ul><li>Chat transcript </li></ul>
    • 4. Today’s Agenda. Topic The new reality of business & the challenges we’re facing The changing dynamics of customer engagement The social organization Social intelligence & how it delivers added value & ROI
    • 5. Today, the pressure on businesses is higher than ever to…
    • 6. According to IDC, the cost of NOT easily finding information = $3,300 per employee each year (That’s $3.3M in annual lost opportunity cost for a business of 1000 people) Work smarter & more efficiently.
    • 7. 30% of consumers rely less on advertising, and much more on recommendations from friends and family for making buying decisions. Build brand credibility & buyer trust.
    • 8. <ul><ul><li>More than 90% of customers' issues haven't been unearthed in most organizations, and in addition, often the organization doesn't have answers for them, according to Forrester Research. </li></ul></ul><ul><ul><li>These issues lead to long support calls, poor issue resolution, cost increases and customer dissatisfaction. </li></ul></ul>Reduce customer response times.
    • 9. <ul><ul><li>The primary driver of a consumer's loyalty is their experience with your business, product or service. </li></ul></ul><ul><ul><li>Yet, marketers on average only invest 20% of their programs in loyalty and customer experience efforts. </li></ul></ul>Improve customer loyalty & satisfaction
    • 10. Customers Have Moved, Companies Fallen Behind
    • 11. 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 21% believe companies take their business for granted 59% will readily speak poorly about a bad customer experience . 70% of consumers expect an apology for bad service Source: American Express Global Customer Service Barometer April 13 th – April 20 th , 2010 Customers are taking matters into their own hands…
    • 12. Three forces are changing customer engagement dynamics…
    • 13. <ul><li>(It is the new social currency) </li></ul><ul><li>Source: 2010 Edelman Trust Barometer </li></ul>Trust moves beyond financial performance
    • 14. Organizations will create tailored customer experiences… P2P Traits Today’s Business P2P Businesses Relationships w/ stakeholders Autocratic Partner models Communication style One-way, dictatorial Engaging, influencing, Analytics Nascent and unreliable due to poor data quality High fidelity for use in crafting customer experiences Customer experience Experimental and inconsistent Personalized and tailored based on patterns and interaction histories Location Based Services Spotty in collection Rich in providing layers of information Mobility Modest adoption Primary interface Collaboration Nice to have Required for success
    • 15. The Social Organization Traditional business processes Often hierarchal and siloed, but critical to business goals and success Product Mkting Sales Services Corporate Strategy Information Systems Human Resources Finance & Administration Unstructured social interactions that streamline communication, enhance relationships, etc. Social organizations Transformed business processes that improve productivity, efficiencies & revenue growth Services
    • 16. 1 2 3 4 5 © 2010 R Wang & Insider Associates, LLC . All rights reserved. Five simple rules for social businesses
    • 17. Marketing Sales Service & Support Innovation Collaboration Customer Experience 2. Social Marketing Insights 3. Rapid Social Marketing Response 4. Social Campaign Tracking 5. Social Event Management 6. Social Sales Insights 7. Rapid Social Sales Response 8. Proactive Social Lead Generation 9. Social Support Insights 10. Rapid Social Response 11. Peer-to-Peer Unpaid Armies 12. Innovations Insights 13. Crowdsourced R&D 14. Collaboration Insights 15. Enterprise Collaboration 17. Seamless Customer Experience 18. VIP Experience 16. Extended Collaboration © 2010 Altimeter Group Attribution-Noncommercial-Share Alike 3.0 United States 18 use cases for Social CRM
    • 18. New approaches to solving real challenges <ul><li>How can I reduce support costs? </li></ul><ul><li>How can I reduce response times in addressing client issues? </li></ul><ul><li>How can I improve customer retention & loyalty? </li></ul><ul><li>How can I innovate my products faster? </li></ul><ul><li>How can I stay abreast of market research for R&D? </li></ul><ul><li>How can I streamline product development? </li></ul><ul><li>How can I develop long-term relationships with customers? </li></ul><ul><li>How can I reduce sales cycle? </li></ul><ul><li>How can I accelerate new client opportunities? </li></ul><ul><li>How can I improve brand visibility? </li></ul><ul><li>How can I drive enhanced demand generation? </li></ul><ul><li>How can I increase website traffic & ad revenue? </li></ul>
    • 19. But how do you measure the value?
    • 20. Communities Serve 5 Key Stages
    • 21. © 2010 R Wang & Insider Associates, LLC . All rights reserved. 5 Elements for Engagement
    • 22. 2010 Constellation Research Q4 qualitative survey on community engagement incentive drivers Non-monetary rewards provide currencies in community engagement
    • 23. Comprehensive measurement approaches Analyze your community PLUS interactions on the social web <ul><ul><li>Sentiment </li></ul></ul><ul><ul><li>Competitive analysis </li></ul></ul><ul><ul><li>Social graphing </li></ul></ul><ul><ul><li>Business intelligence </li></ul></ul>Benchmark your community to others Your site 1 2 3 (Other sites) <ul><ul><li>By role </li></ul></ul><ul><ul><li>By industry </li></ul></ul><ul><ul><li>By company size </li></ul></ul><ul><ul><li>By community size </li></ul></ul>Analyze your community <ul><ul><li>Members </li></ul></ul><ul><ul><li>Roles </li></ul></ul><ul><ul><li>Content </li></ul></ul><ul><ul><li>Behaviors </li></ul></ul>
    • 24. <ul><ul><li>Analyze members & behaviors </li></ul></ul><ul><ul><li>User activity, adoption & retention </li></ul></ul><ul><ul><li>User engagement, influence, & trends </li></ul></ul><ul><ul><li>User reputation & ranking </li></ul></ul>Sample measures that matter <ul><ul><li>Use Cases </li></ul></ul><ul><ul><li>Discover Social Media Best Practices for market verticals </li></ul></ul><ul><ul><li>Identify value customers for incentives, market research </li></ul></ul><ul><ul><li>Identify positive and negative trends that may impact your SM strategy </li></ul></ul><ul><ul><li>Track content & apps </li></ul></ul><ul><ul><li>Popular topics, rankings, & trends </li></ul></ul><ul><ul><li>Popular applications </li></ul></ul>
    • 25. What is Social ROI? Social media Business results
    • 26. <ul><li>Social graph </li></ul>What is Social intelligence? + Social behaviors + Social gaming dynamics
    • 27. Let’s consider an example.
    • 28. Incentive/ reward for survey participation Leading Financial Services Company Blog Financial Services- Premiere Community Me Colleague (Blogger) Network of Financial Services subject matter experts
    • 29. Persistent expansion More precise personalization Social ROI Social Intelligence Dynamics Social interactions Business Processes Social intelligence Community
    • 30. Questions?

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