Title: Social Media Analytics – Evil and Essential
Thanks: If you think we got up early, imagine how much earlier they did in order to get here to set up for us. We’re fortunate to have James in our midst as a leader dedicated to providing social business education and insights to regional businesses.I’ll admit I was delighted that Alan offered to host. After the way I ribbed him during the great Unicorn debate, I didn’t think he’d ever invite me back. ;-pIf you enjoy this presentation and learn from it, thank them for the invite. If you don’t get what you were promised, blame me for the content.On that note, buckle up and let’s get going. If we hit turbulence, emergency exits can be found here, here, and here.
Heckled as I walked out the door this morning…. Outfit matches my slide deck. Ooops. ;-p
Prediction, context, patternsBetter the devil you know…
We all want to deliver on the promise of a new kind of engaged enterprise, much like the promise offered with ‘social’, but there are pivotal challenges that will ultimately decrease the likelihood for real success, if the core challenges go unaddressed. Many organizations and customers don’t speak ‘data’ at all yet, much less words like social, engaging, listening, monitoring, and analysis which have now been added to the business lexicon. We have to simplify it and make it easier, especially for SMB’s with lean staffing.We have to guide organizations in how to take smaller sips from the firehouse, and bite off new types of knowledge in smaller, more easily digestible morsels. Development has Agile. Project Management has Prince2. Where is the basic framework for smoothly integrating monitoring and analytics into their business? There is a critical need for a widespread basic methodology as a starting point.To an organization, many of their processes might seem to be dissimilar, so they don’t know where or how to start.
How do you know what you should be doing on social channels if you don’t know what your customers want you to be doing? Think the ‘SM Guru’ knows what your customers want better than your customers do?Beware empty measurements, i.e. number of likes or new followers.Instead, focus on the business outcomes of the account, whether it be for being involved in influencing them, transacting leads or conversions, fostering word of mouth, improving customer service and support, or generating ideas for future products or the brand.Don’t focus solely on fans and followers as a primary key performance indicator, instead focus on the business goals the fans and followers yield for you.
Sales teams run on specific metrics, while customer service departments operate on an entirely different system. Each department’s success measurements for social media should be based on their specific goals and metrics.
FrameworkCompanies looking to be more effective in their communications and thebusiness value derived from them are looking hard at real time DATA. Logically,better Data on what people are interested will yield the right kind ofINTELLIGENCE which in turn informs the smartest decisions and ACTIONS.MEASURING results on an ongoing basis, will yield new DATA on what worked, ordidn’t, providing future INSIGHTS for PLANNING, STRATEGY & EXECUTION.And for that, they need a framework.
Despite the advances in integrating social media into business, the majority of companies we’ve spoken or worked with don’t have any sort of standard frameworkin place to measure it’s value. This is true of not only companies that are beginning to engage, but many of the companies who have been present in social channels for several years.Orgs large and small need a framework to help them understand their:Activities:Listening – collecting data, experience and sentimentAnalyzing – identifying and extracting target data setsAct – engage -> content developed. Listen, report, tweak content, engage. Repeat in an ongoing tracking cycle. customer needs, collect data, identify and extract
Standardize the service experience across communication channels. Customers expect agents supporting voice, text-based channels such as chat, email, and SMS, and social channels to follow the same business processes.Empower agents with full customer histories. Customers expect agents to deliver personalized value-added service - and that means having a full interaction history of all prior interactions on all supported communication channels.Invest in knowledge management. Agents need easy access to relevant content that answers customer questions. In addition, companies need to invest in the processes and organizational structure to maintain knowledge in line with customer demand.
“The hardest part of maintaining a healthy relationship is investing before looking for returns. “Some metrics are activity-based (such as fans, likes, shares), while others are result-based(such as conversions). While both have value, the key is that every social media metric shouldtie to a business metric, which should map to a business goal (Figure 1). There is a relationshipbetween a corporate objective, a supporting business unit metric, and a social media metric.4The key, as with any analysis, is to distinguish causation from correlation.Many people in the industry fall into one of two camps… * The SM ‘early adopters’ who believe that SM is mostly about marketing – selling to existing customers and generating new leads* The Strategists, who recognize that there is a need to entrench social into operational critical path – selling to new customers & building value
All Activities can & should be evaluated onThe Value-perspectiveThe Customer-perspectiveThe Experience-perspectiveThe Relationship perspectiveThe Network-perspective
While there are unique requirements and goals for every business, ALL businesses share one commonality: Large or small, every organizations has events. They might not call them events, but that is what they are.All orgs have events, whether planned or unplannedEvents can be internal, external, or a combination of bothEvents may include any combination of: customers, partners, supply chain, vendors, employees, VARs, competitors, influencers, public, media, industry interests2. ALL events can minimally be broken down into before, during and after phasesWith that basic shift in perspective, business users can now begin to ask relevant, intelligent questions to determine where listening, engagement, response, community building, follow-ups and sentiment might fit into their business processes and KPI’s at each phase. Using the event method, you have: two kinds of listening/data mining/analysis - confirmation (searching for knowns) and discovery - searching for unknowns using layered data that builds over timeand two kinds of responses - real-time recovery/action and longer term strategies/initiatives generation
When we did A, then B happened, so we tweaked and did C & D, then the results were X, Y & Z.
As companies and organizations we should be constantly looking for the opportunity to create feedback loops. Most companies think of this as including website feedback mechanisms, commenting, and official customer surveying. Those to do with on-site navigation and customer journey’s are probably the most top-of-mind.At every phase, before, during and after.And/or, we can incorporate the feedback loops & hula hoops. See a positive tweet? Why not contact that customer for a reference story or testimonial? Rather than just a simple ‘thanks’. Then measure how many times that got you a new reference story ;-p
Delegating under-trained and over-committed staff for measurement and engagement is a sure recipe for failure. AssessCommunication skillsLevel of domain knowledgeAnalytical skillsTool expertise requiredKinowledge of existing content, and abilities to create new content based on trends & customer needs
Some tool sets specialize in tracking unique metrics specific to only one or two channels. Others span many channels, including traditional marketing and media. These tools go well beyond likes and followers. One tool won’t always answer all of your questions, but having even one tool is better than having no tools at all. For smaller orgs, using Google analytics in combination with reach measurement tools is a good starting point. Tool selection is dependent upon:Channels is useListening/analytics onlyOr full suite with dashboard, scheduling, team collaboration, etc.
What goals should Rogers be setting?Main goal surely must be to retain customers. You’d think.Other goals include architecting an open conversation.Mitigating risk (i.e. share price)What are examples of measurements and analysis they should be undertaking on social channels now?Not ‘how many followers have we lost’But, ‘how many customers have we lost as followers?How many did Bell gain during Q1? How many posts/updates/tweets mention Rogers and Bell/Telus/etc. in same update?What is the percentage of updates that are negative?How many of those are from long time customers?How many are from industry analysts?Of the negative updates, how many did we reach out to via social, phone, email?How many did we ignore altogether?Can we create a competitive IVPR package? Can we offer it via social?
Know when an activity occurredIdentify event memes – Oracle world – heat map – next slide –> previous slide – identify what triggered changeProvides information about events you didn’t know that you need to know.
SM Analytics - Evil & Essential
Social Metrics – Evil and Essential Presented: June 27, 2012 for Social Medial Breakfast Waterloo Region By: Kelly Craft (@krcraft) #smbWR
acknowledgements and appreciation• Let’s give a round of applause to James Howe & the @smbWR volunteers for all that they do to nurture the #socbiz conversation.• Kudos also to Alan Quarry (@aquarry) and his team for acting as our gracious hosts today. They really understand #custexp• And thanks to Quarry and @thebauerkitchen for donating the 4 - $50 gift cards you might win today! mmm… Short Rib Gnocchi #smbWR
• More Practitioner than Preacher, but can sing with the choir• Lateral, tech-savvy hybrid spanning strategy, design, implementation & analytics• 10+ years with multi-national vendor for Enterprise Collaboration platform• Narrative story engineer• Big believer in taking a holistic approach to business• Silo buster and frequent dinosaur tipper
the mission – why bother?• Help organizations learn how to tell more compelling end-to-end stories (narratives)• Define and refine supporting strategy, delivery methodologies, and frameworks• Using repeatable methods for measuring success, identifying patterns, and recognizing risks enables agile responses #smbWR
the devil is in the detailsCore challenges of metrics:Evil = Anything can be measured.Essential = Analysis that turnsdata into actionable intelligence. #smbWR
Evil• Biggest evil of all: most orgs don’t bother to ask customers what they want before planning social strategies.• Mindless measurement: tracking stats without setting goals.• Metrics without analysis and action aren’t worth tracking at all. #smbWR
Essential• Customers will measure you by their own set of metrics, which might be far different than your own. Find out what they want.• Metrics must be tied to business goals, events, and KPIs.• Metrics are rarely static. You can support dynamic changes by implementing a repeatable process for measurement, analysis, & action. #smbWR
conversation mappingCollect social media conversations • Who? Customers, partners, leads, competitors, industry analysts, advocates • Where? Create conversation maps & matrix of channels and overlaps. • What? Examine and identify what is important and relevant to the target audience • Why? Identify segments by categories and themes #smbWR
metrics• Metrics are rarely static. Have core benchmarks, but tweak, refine and add as you surface new intelligence• Segment metrics based on use cases and jobs to be done – not revenue• Singular metrics aren’t very useful. Metrics should be grouped and compared from multiple pivots. (i.e. channel to channel) #smbWR
metrics based on events• Mail campaigns, product launches, sales, conferences, webinars, even things like relocation of an office facility or• Service disruptions like RIM or Rogers outage• Even a tweet is an event. Especially the snarky ones. ;)• Events may have additional (tightly and loosely) related events – Press release, analyst opinion, stock price decrease.
events > metrics > results• Bonobos. Exclusive sale on Twitter generated 1,200% ROI in 24 hours on promoted tweet. (Twitter, 2011)• Charles Schwab. Online community drives 56% increase in Gen X customer base versus year ago.• Honda. Friending Honda campaign increased Facebook fans from 15k to 422k, generated over 3,500 dealer quote requests.• Kiddicare. 30% reduction in inbound customer communications and first call resolution increased from 60% to 98% via sCRM solution. (GetSatisfaction, unkn)• Starbucks. 75,000 product and service ideas suggested. (Forrester, 2008)• Virgin America. Exclusive flash sale on Twitter raised the maximum $50,000 in charitable donations for Stand Up To Cancer. It was also one of the top five sale days ever for the airline. (Twitter, 2011)• Virgin America. Exclusive flash sale on Twitter drove 25% increase in sign-ups over the previous week to Elevate, Virgin America’s loyalty program. (Twitter, 2011) Source: http://www.dachisgroup.com/2012/01/social-business-roi-examples/ #smbWR
current situation – recent event• On top of 300 job cuts in March, Rogers eliminating 375 more jobs, citing ‘low profits’. Q1 profits? $305 million• Challenge: Rogers reports they lost 7,000 cable customers in a highly competitive period (Q1) with Bells IPTV service.• UBS analyst Phillip Huang said at that time the loss of subscribers was not a "one-off event and he has predicted Rogers will lose 86,000 cable subscribers in 2012. #smbWR
listen analyze act• Methodology provides a framework for better identification and extraction of target data sets• Easier to plan KPIs and set goals• Unify activities across business units & phases collaboration• Create consistent matrix structured on event/phase/perspective themes• Analyze data by conversation, author and domain within each theme/phase• Optimize content (in parallel with traditional non- digital campaigns)
I’d like to extend my personal ‘thanks withan cherry on top’ to all of you for joiningus this morning, especially for sticking itout and not running for those emergencyexits 30 minutes ago! #smbWR