CT Social Media Breakfast slides JZeszut

Measuring The Mind of the Market
Jennifer Zeszut
Chief Social Strategist
Lithium Technologies
@jenniferland

1 Billion+ Online. That’s a lot of Conversations.
Source: xkcd

rants
competitive intelligence
raves
potential customers
people about to switch
unhappy customers
new product ideas
wishes
influencers
superfans!
Pleas for help
Business intelligence

Don’t Fear the Firehose of Feedback
Thanks to
real-time social search,
spam and porn filtering
importance ranking algorithms
natural language processing
statistical modeling
We can find signals in the noise…
Insight for All

The Social Engagement Journey
PR
Marketing
Support
Commerce
Product
Phase 5: True customer-centricity. Maximum business results.
Phase 4: Revenue Realization
Phase 3: Better Support Customers, Reduce Costs
Phase 2: Build Relationships, Grow Superfans
Phase 1: Find and fight fires / “CYA”

Impressions are Easy but Advocacy Matters
Awareness
Appreciation
Action
Advocacy

Proven Business Results
Cost reduction
Millions of dollars savedin call deflection (HP)
Millions saved by outsourcing support completely (giff-gaff)
Community engagement drives $5M value per year (Best Buy)
Reduced marketing expenses by 82% (Redfin)
Revenue Growth
66% increase in likelihood of buying (FICO)
51% of their customers reported that the community had positively influenced their decision to purchase (Redfin)
44% increase in average amount spent (FICO)
Community members spend 36% more than non-community (Betfair)
Lead volume growth. 40% of inbound traffic comes in to CGC (FICO)
Lithium has been the strongest at measuring ROI… Its case studies and reference
customers show measurable business results.

My Metrics “Playlist”
Conversation share
Total mentions/Overall industry mentions
Net Promoter Score (NPS)
(Positive mentions + neutral mentions) – negative mentions/ Overall mentions
Social Influence Marketing Score (SIM)
NPS x conversation share x 1,000
“CHI” Score: Community Health Index
Brand Advocate counts and growth rates
The $ value of a Twitter engagement
Total # of people and # of departments tuned in to social media
Team’s average response time to customer posts deemed response-worthy

My Favorite Things to Listen For
New and emerging memes of conversations
New product ideas via “wants” and “wishes”
Caveats, comparisons
Customers about to cancel / quit (real-time customer retention)
Customers having problems that your product solves (customer acquisition)
Business intelligence issues and trends
Industry benchmarks

CT Social Media Breakfast slides JZeszut

by Scout Labs on Mar 07, 2011

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CT Social Media Breakfast slides JZeszut — Presentation Transcript