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Social Media and Market Intelligence

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Social media is impacting all parts of organizations – and market intelligence is no exception, with new ways to listen, mine data from new sources, create “always on” communities, and understand …

Social media is impacting all parts of organizations – and market intelligence is no exception, with new ways to listen, mine data from new sources, create “always on” communities, and understand behavior and visualize trends. “Social” technologies are changing the way people learn, make decisions and judge brands. Market intelligence professionals can leverage these new realities or risk irrelevance. This presentation covers:

• What world-class companies are learning through social technologies
• How to create a “listen-engage-measure-share” research model
• How social media can increase the value of market intelligence functions (and MI career paths) within organizations
• New best practices for using social technology to enable “wisdom of the crowd” internally and externally

Published in: Business, Technology

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  • 1. www.globalintelligence.com Social Media and Market Intelligence: What MI Professionals Need to Know Ellen Julian, Monster Worldwide
  • 2. www.globalintelligence.com Agenda • What world-class companies are learning through social media • How social media can increase the value of market intelligence functions • New best practices for using social technology to enable “wisdom of the crowd” internally and externally • Changes to benchmarking and how to create a “listen- engage-measure-share” research model • Resources for Learning More 2
  • 3. www.globalintelligence.com Monster Worldwide The world’s leading marketplace of jobs and talent where people and opportunity are matched with unrivalled precision. 1Internal Monster data, average, January 2008 – September 2010; *Volumes do not include ChinaHR, Monster Gulf nor any non-tracked sources; 2comScore: Global Total, August 2010  On a daily basis: > Over 58,000 new resumes are added to the Monster Global Resume Database1 > Over 8 million searches are performed on Monster Worldwide Properties every day1  Every month, Monster's brand will: > Reach more than 91M unique visitors globally > Be shown more than 4.6 billion times across Monster's Career Ad Network.2 - page 3
  • 4. www.globalintelligence.com World-class companies are embracing social technologies… “Social is taking root in all aspects of business…Your customers are hyper- Social and your business needs to be too.” -Tribalization of Business, Beeline Labs, Deloitte and the Society of New Communications Research “Social media is an instrument not only to be able to listen to what customers are saying, to what their employees are saying, but as a platform to where the next new product is going to come from”, John Chambers, Cisco -Executive Vision: Leadership in Action, CNBC / Oct 11 2010) “Pairing CI with social media broadens the scope of the CI function to include additional tactical and strategic information.” -Social Media Today - page 4
  • 5. www.globalintelligence.com …But if you aren’t using social technologies to enhance your intelligence capabilities, you’re not alone • A 2009 survey by Hoover’s found that 75% of respondents didn’t use social media for competitive intelligence ◦ CI professionals are used to relying on formal and analytic data but social media yields more informal and emotive sentiment ◦ When it’s handled right, social-media CI fits into the broader contexts of your other CI efforts - page 5 Sources: Social Media Today and Hoover’s
  • 6. www.globalintelligence.com How using social media increases the value of market intelligence functions Combats misinformation about your company and products Super charges your early warning capabilities Enables deeper insights for improving products and messaging Identify misinformation in real-time Hone in on potential competitive developments Glimpse the needs of your target market Provide facts, references, and links so that marketing and investor relations can respond to erroneous and misleading information Tap into the social media grapevine for patterns and evidence (customers, vendors, partners, pundits..) Track reactions to your products and messaging; indentify new market requirements Convert naysayers into advocates Avaya landed a $250,000 deal that started with a conversation on Twitter Identify new alliances and products in alpha/beta - among other examples Inform the product and marketing roadmap - page 6Sources: Social Media Today and Crimson Consulting Capability Actions Results
  • 7. www.globalintelligence.com Getting started-external • Map out influential sites for your industry • Get the green light from your legal department and your network security team • Set up RSS feeds, Tweetdeck, Slideshare, etc • Join conversational Groups - page 7
  • 8. www.globalintelligence.com Getting started - internal • Create or leverage conversational communities within your company ◦ Intranet; SharePoint; email ◦ Shared documents; Wikis • Leverage Enterprise Social Networking Tools: ◦ Microblogging ◦ Shared knowledgebase ◦ Interactive people mapping and Groups ◦ RSS Feeds ◦ Outlook social connector - page 8
  • 9. www.globalintelligence.com Social media are changing how benchmarking can be conducted • The rise of cooperative benchmarking • Lower threshold for companies to engage in benchmarking • From a one-time action to a continuous, iterative action - page 9Source: GIA Whitepaper and Webinar: How Social Media is Redefining Benchmarking
  • 10. www.globalintelligence.comSource: Monster- Recruiting 3.0 Page 8 Real-Time MonitoringBrand Monitoring Media Monitoring Influencer Identification Real-Time Engagement & Scheduled Content Measure & Analyze Listen, Engage, Measure, Share
  • 11. www.globalintelligence.com Resources for Learning More • http://www.monsterthinking.com • http://www.socialmedia.org/ • http://smartblogs.com/socialmedia/ • http://mashable.com/2009/06/02/social-media-policy-musts/ • http://www.socialmediatoday.com • http://www.globalintelligence.com/insights-analysis/white-papers/How Social Media is Redefining Benchmarking • http://www.hooversbiz.com/2009/05/06/using-social-media-for- competitive-intelligence/ - page 11