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Enterprise Social Media: Money Pit or Revenue Golden Ticket? [Slides]
 

Enterprise Social Media: Money Pit or Revenue Golden Ticket? [Slides]

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The explosive use of social media and mobile devices are fundamentially changing just any everything about the way comapnies are engaging with consumers. And enterprise sales and marketing teams are ...

The explosive use of social media and mobile devices are fundamentially changing just any everything about the way comapnies are engaging with consumers. And enterprise sales and marketing teams are right at the center of this transformation.

Altimeter analyst Susan Etlinger and tracx EVP Geoff Farris discuss the latest trends in enterprise social media measurement, as well as practical tips on how you can drive more revenue and sales through social channels.

In this session, you'll learn:
- Latest trends in enterprise social media measurment and ROI: what other companies are doing and where they're still falling short.
- Why both organizational and technical elements play such a critical role in effective social measurement and what changes are required.
- How social media management system (SMMS) pioneer, tracx, can help you mine social conversations in real time to find--and engage--with people actively looking for your product on social networks.

You'll find the audio webinar archive here: https://www.slideshare.net/tracx/enterprise-social-media-money-pit-or-revenue-golden-ticket

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  • We have the perfect storm in technology emerging“Big Data” is not new. Enterprises have been storing and processing massive amounts of data for decades.BUT--- add the explosive growth of social media in the past several years and on top of that you add an accelerator coming from mobile and you have a business transformational trend.Companies and brands that embrace this trend and put the systems and processes in place to capitalize on this will leave the ones that don’t well behind the curve.
  • Consumers have completely changed the way they interact with enterprises –brand loyalty is gone. As well as the consumers expectation of a single touch point into any organization.Companies need to embrace the fact that consumers are no longer just loyal to a single brand/product and also that loyalty is always at risk based on the consumers perception of what brands do publicly, what they are perceived to stand for and/or the causes they support and of course the experience they have with the brand -- your message and brand is in constant flux. Companies need to manage a multi touch engagement model- connecting with consumers on the platform they choose at the time they need it– all of this across many groups within the organization. This is very tricky and requires an enterprise approach and internal collaboration.Organizationsnow have the opportunity to scale to the customers demand-- Companies can now gauge the true demand for the products and services using social and adapt production and the logistics to meet that demand. The most important thing organizations need to do is scale social across the organization so they can take advantage of the demand moments that consumers present--- Delivering the information or offers that meet the consumers needs– At that point in time– Demand moments are the opportunity.Tracx is keenly focused on building social software solutions that enable enterprises to evolve to meet these changing consumer buying habits.
  • In the early days Before 2010– Social was really limited primarily to shopping sites such as amazon and ebay as well as consumer reviews and ecommerce sites and some of the early social networks like the king of the social wild west– Myspace. Between 2010- 2012 Then Marketers got pretty good at leveraging this data to listen and even engage– problem was most of this has been done in a silo and very often duplicated across the organization.Enter the Social Enterprise--- Moving forward companies will need to embrace social across the organization not just in Marketing and leverage this when are where it is needed most. The silo’d organization will struggle to realize the true value of social. The major shift this is driving for enterprises is that today’s consumer expect enterprises to engage with them on any and every channel they’re on –whether that’s Twitter or Facebook, LinkedIn or Pinterest and whether that’s via a desktop, tablet or mobile device.Companies need to focus on the WHAT, WHERE AND HOW--- What is the consumer looking for? Where are they at? Facebook, twitter etc. and How are they accessing this data; Desktop, tablet or mobile.
  • Social can’t live in a silo. Many companies are managing social in a silo– many times using multiple tools that don’t talk to each other and often doing duplicate work. Marketing, Customer care etc.For an enterprise to reach it’s full potential when it comes to social media, an organization wide view is required. Social cant live on its own either- the value of social with other data is exponentially higher– integration is the key. For example- integrating your CRM systems- Such as SugerCRM, SAP and Salesforce. Web analytics such as Google analytics, Omniture etc.
  • New glasses I got at @SunglassHut on Sunday keep slipping down my nose & fogging up. Some “promo”. ;-/ For most organizations, thiswould be routed to customer service who would reach out to the customer and offer to swap the glasses out for another pair. All fixed, right? Not so fast… In some organizations both marketing and CS might respond because they’re using separate tools. They also might deliver a different message.. Further confusing the situation for the consumer. Consider the potential impact this information could have if routed to everyone who could benefit.The product team needs to be alerted because perhaps there’s a design flaw that needs to be addressed.Supply chain team is alerted and can trace back to where this batch of frames may have been producedThe marketing team is about ready to pull the trigger on another round of advertising to promote this frame, by being alerted of this issue, perhaps they’d choose to delay that campaign and or spend that money elsewhere.And sales, of course, would also need to be alerted so they didn’t push this particular frame as hard until issue is resolved.What seemed like an open and closed customer service case really provides insights that impact the whole organization when you look a bit more closely.One other example- A CPG company we’re working with found they had a packaging issue that was cutting people and in real-time they were able to address the issues in production and evolve to another packaging already ready to go.. As they were listening about the new taste and flavor.
  • Now that I’ve set the stage, I want to dig in a bit deeper to what’s changing when it comes to marketing and sales…In the traditional marketing model, companies use a lot of tools in their marketing toolkit to find sales opportunities –Radio, TV, Print Digital etc. We think of this approach as casting a wide --and often very expensive –net, to catch a few high quality fish –or prospects.But when a company’s able to harness the true power of social media, you can flip this model completely on its head and cast a much smaller –targeted –net, which is full of quality fish.
  • Imagine if you could know…Exactly where your customers are in their buying processIf you’re up against any other competitive productsIf they’re just doing research –or actually ready to buySocial can enable you to:increase salesshorten time to revenueimprove loyaltyThis is all about delivering the right information to a prospective buyer at the right timeFor example- if someone is in research phase-- Its not appropriate to push them a coupon or push them to a retail store. Instead, you might want to send them a product data sheet.
  • Tracx is using very sophisticated software and advanced algorithyms to do just that. A system that allows you to connect to the customer where they are in their buying cycle.Introducing tracx Social Leads….The very product in the industry that sorts through all the millions of social conversations happening every day to find those most relevent to you ---and automatically categorizes them based on exactly where each person is in the buying cycle. And engage directly through the software to move them through the sales cycle.We organize these “Social Leads” in to 5 categories:Product awarenessActive product researchOpinions formedIntent to purchaseRepeat and loyal
  • Social Leads is so unique and different, it allows you to see not only the leads by stage for you but also compared to your competitors. It tells you what products are driving the most leads and where those leads are trending geographically. All of this can be filtered by many things such as geography, gender and age.
  • We also let users see how their top products stack up to one another and where they fall in terms of the funnel. Top 5 areas shows the top website, forums, blogs, etc that are diving the most leads by stage–this knowledge can be very powerful to inform advertising and promotion strategies. Top lead drivers highlights the most commonly used words along side those leads – which can be very useful when building out marketing copy oriented around those positive attributes shoppers most frequently associate with your brand
  • Geography also plays a huge role. We’re looking at that convergence of mobile and social as I discussed earlier. This gives us the ability to not only target individuals at the different buying stages they are in but actually target them down to the street level in real time.This provides a tremendous opportunity for companies to not only understand the trends by geography but actually connect and engage with consumers at or near the point of sale.
  • In closing I’d like to leave you with 3 big take-aways:First, consumer shopping and buying behavior are fundamentally changing. This means enterprises must evolve to meet their new expectations.Using social strategically means that you have to take an enterprise-wide view. Different social tools and data sets for each department won’t work.And lastly, social can absolutely drive real, tangible revenue and ROI, but you need the right tools, processes and people in place.

Enterprise Social Media: Money Pit or Revenue Golden Ticket? [Slides] Enterprise Social Media: Money Pit or Revenue Golden Ticket? [Slides] Presentation Transcript

  • ENTERPRISE SOCIAL MEDIA:MONEY PIT OR REVENUE GOLDEN TICKET?MAY 2013
  • WEBINAR 3Susan EtlingerAnalyst, Altimeter ResearchTwitter: @setlingerGeoff FarrisExecutive Vice President, tracxTwitter: @gfarrisShare your thoughtswith us on Twitterusing #makingtracxErin CollopyDirector of Marketing, tracxTwitter: @erincollopyTODAY’S PRESENTERSWELCOME!MODERATOR
  • WEBINAR 4The Social Media ROI CookbookHow Top Brands Measure the Revenue Impact of Social Media
  • WEBINAR 5• Social is the new normal• Measuring businessvalue• Organizational impacts• What‟s nextAGENDA – PART 1
  • WEBINAR 6Social is the New Normal
  • WEBINAR 713Number of departments withinenterprise-class organizations activelyengaged with social media.
  • WEBINAR 88178Average number of social media accountsowned by enterprise-class organizations.
  • WEBINAR 9956Percentage of brands surveyed who statethat tying social media to businessoutcomes is a challenge.
  • WEBINAR 10There is no single ROI for social media
  • WEBINAR 11Measurement Challenges
  • WEBINAR 1212Barriers to Understanding Revenue Impact
  • WEBINAR 1313This is not your father‟s datasetDisparateSourcesHighlyVolatileNewBehaviorsLanguage&SentimentLack ofStandards
  • WEBINAR 14Measuring Business Value
  • WEBINAR 1515It depends on your business goalSource: Altimeter Group
  • WEBINAR 1616Top-Down Approaches
  • WEBINAR 1717Bottom-Up Approaches
  • WEBINAR 1818No single approach dominatesSource: Altimeter Group
  • WEBINAR 1919What determines the mix today?Source: Altimeter Group
  • WEBINAR 2020An unexpected bonusSource: Altimeter Group
  • WEBINAR 2121Example: AnecdoteThe power of anecdote + metricsSocial media frees SAP sales team to focus onlower-funnel activities, improving productivityand close rate.Social media has changed the point at whichmany sales professionals begin to engage withprospects, because it helps prospects to“self-qualify” by engaging with others in SAPcommunities early in their decision process.
  • WEBINAR 2222Example: Links and TaggingMoved 101,000 samples in 48 hours 46% view-to-conversion rateCourtesy Nexxus / Offerpop
  • WEBINAR 2323Example: Integrated“The transaction is the most sacred part of the funnel, but we‟re optimizing allparts of the funnel. For example, if you look at total attendee sharing, 60% ofsharing occurs after the purchase.One in 100 people who look at an event page before purchase share it, while 1in 10 share it after purchase. And a post-purchase share drives 20% moreticket sales than a pre-purchase share.”− Tamara Mendelsohn, VP Marketing
  • WEBINAR 24Getting Started
  • WEBINAR 25You need a shared mapand playbook1. Social data isuncharted territoryImage by Madhava Enros used with Attribution as directed by CreativeCommons http://www.flickr.com/photos/menros/84195844/
  • WEBINAR 26Don‟t just focus on the sale– the customer doesn‟t2. It yields customerinsight
  • WEBINAR 27Plan for a holistic approachwith tailored execution3. It breaks silos
  • WEBINAR 28Test and learn, thenoperationalize4. It‟s specific to yourorganization
  • WEBINAR 29Aligning your organizationfor social data puts youahead of the game5. It‟s the canary in thecoalmine for big data
  • WEBINAR 30- Albert Einstein“You cannot solve a problem from thesame consciousness that created it. Youmust learn to see the world anew.”
  • WEBINAR 31• Who is tracx• Key market trends• Driving sales throughsocialAGENDA – PART 2
  • WEBINAR 32TRACX IS A SOCIAL ENTERPRISEPLATFORM THAT ENABLESBRANDS TO MANAGE, OPTIMIZEAND MONETIZE THEIR BUSINESS.WHO IS TRACX?
  • WEBINAR 33TRACX COMPANY SNAPSHOTPROBLEM WE ARE SOLVINGTracx takes social out of its silo and enablescompanies to bring its value to the whole enterprise.HISTORY AT-A-GLANCEFounded in 2008Initial 2 1/2 years in R&DCommercial launch in early 2010PRODUCT & TECHNOLOGYCombining social monitoring, publishing andengagement; deep social analytics andreporting, influencer management, and the ability toidentify sales leads on social networks, tracxprovides the most comprehensive, robust andscalable social „big data‟ platform for the modernenterprise.CUSTOMERS300 customers worldwide including KraftFoods, Mondelez, Samsung, ProgressiveInsurance, Garmin, RBS, among others.OFFICESNYCLondonTel-AvivRECENT AWARDS
  • WEBINAR 34BIG DATAMEGA TECHNOLOGY TRENDSSOCIALMOBILE
  • WEBINAR 35Consumers have fundamentally changed - and so havetheir buying patterns:Brand loyalty to variousSingle touch point to multipleScale to demand rather than supplyThese are few patterns that can help manage businesses ina disruptive worldEnterprises must adopt social across their organization tokeep pace with demand momentsCONSUMERIZED TECHNOLOGY
  • WEBINAR 36MarketingSalesCustomerSupportInformation &TechnologyPublicRelationsProductInnovationBusinessDevelopmentSupply ChainManagementMarketingBrand HealthEngagementInfluencersMonitoringReviewsShoppingE-CommerceSocial Networks2008 2009 2010 2011 2012 2013CONSUMER PLATFORMS SM MARKETING THE SOCIAL ENTERPRISEEVOLUTION OF SOCIAL
  • WEBINAR 37BREAKING SOCIAL OUT OF ITS SILOMARKETINGReal time, manageable and measurable cross organization processesSALES CUSTOMER CAREPRODUCTINNOVATIONSUPPLYCHAIN MNG.BIG CHALLENGE
  • WEBINAR 38HOW WOULD YOUR ORGANIZATION HANDLE THE FOLLOWING TWEET?@MaryCustomer tweets:New glasses I got at @SunglassHut on Sunday keep slipping down my nose & fogging up.Some “promo”. ;-/A POP QUIZMARKETING SALES CUSTOMER CAREPRODUCTINNOVATIONSUPPLYCHAIN MNG.
  • WEBINAR 39DISRUPTING THE TRADITIONAL MARKETINGSALES MODELBEFORECompanies cast a wide net to finda few ‟quality‟ fishNOWCompanies cast a smaller net whichis full of ‟quality‟ fish
  • WEBINAR 40ENTERING THE ERA OF REAL-TIME SALESIF YOU KNEW…• Exactly where your customers are in their buying process• What other products they‟re considering• If they‟ve already formed an opinion on your (or acompetitor‟s) product• If they‟re just doing research or are really ready to buyTHEN…• You‟d be able to provide customers with the information oroffer at the right time, every time• Increase sales• Shorten time-to-revenue• Improve customer loyalty
  • WEBINAR 41SALES AT THE SPEED OFSOCIAL CONVERSATIONSTRACX SOCIAL LEADS IS REVOLUTIONIZING THE WAY ENTERPRISES MARKET AND SELLFirst product in the industry to analyze social conversations and automatically organize prospects bywhere they are in the sales process:• Product awareness• Active product research• Opinions formed• Intent to purchase• Repeat and loyal
  • WEBINAR 42KNOW THE WHO, WHAT AND WHERE OFYOUR SOCIAL PROSPECTS
  • WEBINAR 43KNOW WHAT PRODUCTS & SITES DRIVE THEMOST SOCIAL LEADS
  • WEBINAR 44UNDERSTAND SOCIAL LEAD CONVERSATION‘HOT SPOTS’ WITH GEO HEAT MAPS
  • WEBINAR 45KEY TAKE-AWAYSCONSUMER BUYING BEHAVIOR IS FUNDAMENTALLY CHANGINGAnd enterprises and brands must evolve to meet key demand momentsTHOSE WITH AN ENTERPRISE-WIDE VIEW ON SOCIAL WILL WINOnly by taking social out of its silo, can organizations really tap it‟s full potentialYOU CAN DRIVE MORE REVENUE THROUGH SOCIAL WITH THE RIGHT TOOLSIt‟s time to flip out-dated sales and marketing models to engage with prospects the right way, at the right time
  • WEBINAR 46QUESTIONS?
  • WEBINAR 47Susan EtlingerTwitter: @setlingerEmail: susan@altimetergroup.comVisit us at www.altimetergroup.com orcontact info@altimetergroup.comCONNECT WITH:LET’S KEEP THE CONVERSATION GOING…Geoff FarrisTwitter: @gfarrisEmail: geoff@tracx.comtracxTwitter: @tracxBlog: http://blog.tracx.comVisit us at www.tracx.comFacebook: www.facebook.com/at.tra.cx
  • TRACXSOCIAL INTELLIGENCETRACXSOCIAL INTELLIGENCEwww.tracx.com@tracx104 W. 27th St., 3rd FloorNew York, NY 10001+1 (646) 448-5310info@tracx.com