Using Social Intelligence to Help Shape Customer Relationships & Drive ROI

Navdeep Alam Mzinga Director of Data Architecture @yoshinav [email_address] Ray Wang Principal Analyst and CEO, Constellation Research, Inc. @rwang0 [email_address] Introductions.

Session Follow-Up We’d love your participation.
Being social is about interacting with each other & sharing ideas… so the best way to understand it, is to just do it!
Don’t feel limited: Join in the chat & feel free to tweet about our discussion. (# mzinga )
We also know some of you will prefer to listen; that’s cool too
After the event, the following materials will be made available to all of you:
Presentation slides
SlideCast recording
Chat transcript

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

Today, the pressure on businesses is higher than ever to…

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.

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.

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.
These issues lead to long support calls, poor issue resolution, cost increases and customer dissatisfaction.
Reduce customer response times.

The primary driver of a consumer's loyalty is their experience with your business, product or service.
Yet, marketers on average only invest 20% of their programs in loyalty and customer experience efforts.
Improve customer loyalty & satisfaction

Customers Have Moved, Companies Fallen Behind

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…

Three forces are changing customer engagement dynamics…

(It is the new social currency)
Source: 2010 Edelman Trust Barometer
Trust moves beyond financial performance

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

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

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

New approaches to solving real challenges
How can I reduce support costs?
How can I reduce response times in addressing client issues?
How can I improve customer retention & loyalty?
How can I innovate my products faster?
How can I stay abreast of market research for R&D?
How can I streamline product development?
How can I develop long-term relationships with customers?
How can I reduce sales cycle?
How can I accelerate new client opportunities?
How can I improve brand visibility?
How can I drive enhanced demand generation?
How can I increase website traffic & ad revenue?

But how do you measure the value?

Communities Serve 5 Key Stages

2010 Constellation Research Q4 qualitative survey on community engagement incentive drivers Non-monetary rewards provide currencies in community engagement

Comprehensive measurement approaches Analyze your community PLUS interactions on the social web
Sentiment
Competitive analysis
Social graphing
Business intelligence
Benchmark your community to others Your site 1 2 3 (Other sites)
By role
By industry
By company size
By community size
Analyze your community
Members
Roles
Content
Behaviors

Analyze members & behaviors
User activity, adoption & retention
User engagement, influence, & trends
User reputation & ranking
Sample measures that matter
Use Cases
Discover Social Media Best Practices for market verticals
Identify value customers for incentives, market research
Identify positive and negative trends that may impact your SM strategy
Track content & apps
Popular topics, rankings, & trends
Popular applications

What is Social ROI? Social media Business results

Social graph
What is Social intelligence? + Social behaviors + Social gaming dynamics

Let’s consider an example.

Incentive/ reward for survey participation Leading Financial Services Company Blog Financial Services- Premiere Community Me Colleague (Blogger) Network of Financial Services subject matter experts

Persistent expansion More precise personalization Social ROI Social Intelligence Dynamics Social interactions Business Processes Social intelligence Community

Questions?

Using Social Intelligence to Help Shape Customer Relationships & Drive ROI

by Mzinga on Feb 11, 2011

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Using Social Intelligence to Help Shape Customer Relationships & Drive ROI — Webinar Transcript