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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

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  • 1. Social Media and Market Intelligence:What MI Professionals Need to Know
    Ellen Julian, Monster Worldwide
  • 2. 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. Monster WorldwideThe world’s leading marketplace of jobs and talent where people and opportunity are matched with unrivalled precision.
    • On a daily basis:
    • 4. Over 58,000 new resumes are added to the Monster Global Resume Database1
    • 5. Over 8 million searches are performed on Monster Worldwide Properties every day1
    • 6. Every month, Monster's brand will:
    • 7. Reach more than 91M unique visitors globally
    • 8. Be shown more than 4.6 billion times across Monster's Career Ad Network.2 
    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
    - page 3
  • 9. 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
  • 10. …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
  • 11. How using social media increases the value of market intelligence functions
    - page 6
    Capability
    Actions
    Results
    Sources: Social Media Today and Crimson Consulting
  • 12. 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
  • 13. 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
  • 14. 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 9
    Source: GIA Whitepaper and Webinar: How Social Media is Redefining Benchmarking
  • 15. Source: Monster- Recruiting 3.0
    Listen, Engage, Measure, Share
    Real-Time Monitoring
    Brand Monitoring
    Media Monitoring
    Measure & Analyze
    Influencer Identification
    Real-Time Engagement & Scheduled Content
    Page 8
  • 16. 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