The Business Case for Social Media Monitoring

Learning to listen: the benefits of buzz Ann Longley, Digital Strategy Director, 17 November 2009

Focus for today Why we listen How we listen What we need from providers

Why we listen Why listen? Problems…? Everyone knows about it

Why we listen Social media and UB brands Social media is word of mouth on amphetamines No such thing as local Product and Bad news share price travels fast may suffer Bad news can damage your business quickly Protests can Messages be organised can be quickly undermined

Why we listen News not all bad

Why we listen Many brands have fans online

Why we listen Smart brands cultivate their fanbase

Why we listen And get them involved in their business

Why we listen Earned media is now the most influential Paid Owned Earned Source: COMPOSE 2008

Why we listen Marketing has changed Complexity lies at the centre of the marketing funnel Peer Competitive reviews alternatives The traditional marketing funnel Buyers Eyeballs Eyeballs Buyers Contributors Recommendations User-generated from friends content Old New

Why we listen Online recommendations influence purchasing behaviour • 85% used search last month to look for a specific product • 49.5% looked for a recommendation Half• of people researching online seek “Sony Ericsson w960i” > 10 out of top 10 results are social recommendations

Why we listen Marketing is now a two-way street

Why we listen Reputation in the digital age Strength of network/ fanbase Coke has 3.5M friends on Facebook; fans run the group Starbuck‟s invites its customers to provide regular input Market REPUTATION Responsive- Leadership 2.0 ness Product and service innovation Walker‟s let its customers McDonald‟s lets its customers create a new flavour report on its operations

Why we listen The new brand stock exchange: Most talked about brands UK Superbrands (volume of buzz over the last 6 months)

Why we listen Top UK brands by sentiment score http://www.superbrands.uk.com/ Score is the average sentiment weighted by site credibility Credibility is determined by page rank, in-bound links, page views.

Why we listen New world calls for a new approach* 2. PLAN 1. LISTEN Based on the insights gained from Listening, Conducting online buzz Our recommendations inform integrated research is a cost effective way Plan communication planning. These are typically to identify online conversations shared with a wide range of client stakeholders that may impact your and agency partners. Clear goals aligned with organisational performance. organisational goals informs all activity. Competitor benchmarking of key buzz metrics is an important ongoing business requirement for many businesses today. The levels of buzz help inform ongoing requirements. Listen Integrated Respond Strategy 3. RESPOND 4. EVALUATE This is the implementation phase based This phase addresses the evaluation of previous on an agreed action plan. phase and will include key buzz metrics and other MEC can play a coordinating role if required KPIs. This stage leads into Listening again and Evaluate and help set the evaluation framework. refining the strategy accordingly. Cross media activity should be undertaken to ensure an integrated approach. *MEC approach to reputation management

Why we listen The benefits of paying attention Here are just a few: Identify and manage Improve products risks and services Evaluate campaigns Find new influencers

How we listen Overview of tools Free online buzz search tools Fee-based online buzz monitoring / ‘listening platforms’

How we listen Overview of tools Free online buzz search tools Fee-based online buzz monitoring / ‘listening platforms’ Good for finding indicative buzz but not very accurate or sophisticated

How we listen Overview of tools Free online buzz search tools Fee-based online buzz monitoring / ‘listening platforms’ Much more professional and useful but still far from perfect

How we listen How we listen: Professional listening platforms Key strength: Weaknesses: They help make sense of the data They are machines not human Provide sophisticated dashboards with X Automated sentiment is not always easy to use reporting capabilities accurate due to technology limitations Facilitate early detection of problematic X They do not capture everything that is issues which could negatively effect relevant although they get better with sales/share price training and they are subject to time delays Provide a good „temperature check‟ on X Assessing who is influential is hotly a wide range of issues and metrics contested with no consistent methodology Increasingly help manage engagement X We need to supplement tools with through response management tools and human analysts to properly vet and workflows classify the data

How we listen Vendor screening and selection checklist Technology costs versus analyst costs?!

How we listen Social media fits within a wider planning ecosystem What does it all mean?

What we want from providers What we need from buzz monitoring providers? Transparency Clarity Coverage About the strengths but Relating to your offer What you can pick up also the limitations of and your plans and what you can‟t pick the tools up; don‟t just blind us This is what we do with big numbers now; this is what we will do later. Services Responsiveness Work with us to develop Training your offer based on our Workflows and data requirements. integration Work with us and the Vetting/classification industry to create agreed measurement standards.

Thank you! Find me: ann.longley@mecglobal.com http://www.annlongley.net www.twitter.com/AnnMargaret

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The Business Case for Social Media Monitoring

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The Business Case for Social Media Monitoring — Presentation Transcript