Building the Business Case for Text Analytics
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Building the Business Case for Text Analytics
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A presentation with Mark Eduljee of Microsoft on using text analytics to support your business performance. We presented this as keynotes at the Text Analytics Summit in San Fransisco on Dec 4.
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Building the Business Case for Text Analytics
- 1. Drive Business Gain through Social Media Analytics Angela Hausman, Associate Professor of Marketing, Howard University CEO, Hausman & Associates, LLC. Mark Eduljee Consumer Support Services Insights 12th Annual Text Analytics Summit West December 3-4 2013, San Francisco, CA
- 2. • Social Media data & predictive analytics • Assessing Brand perception using Social • Customer experience impact opportunity • Applying Insights for effect
- 3. Data river • 2.2 X better ROI • DATA • 80% unstructured and 3 Vs • 20% growth • 1.6X 1021 • 60% MORE analytics skills • Assumptions????? Hausman and Associates
- 6. What is a Listening Post? Insights for the Gatorade Brand
- 9. Predictive Analytics Y= ƒ (Xi, ßi) • Behavior= Attitudes, Social Norms • CLV • Tech Acceptance = Perceived Usefulness, Perceived Ease of Use • Events = Community Engagement, Performer, Venue, Location • Segmentation • Forecasting Hausman and Associates
- 10. Use Case: Hybrid Channels Product Return P Immediacy Geography Hybrid use Anticipated Challenges Search Results
- 11. Listening Tools nVIVO HyperRESEARCH SPSS text analysis software
- 12. Mark Eduljee Consumer Support Services Insights • Customer experience impact • Applying Insights for effect
- 14. Analytics overreach and complexity: The Everything approach: • Analyze everything • Everything is equally important • Success = acting on everything Everything for everyone, and nothing for anyone
- 15. The problem with everything • • • • Expensive Frustrating Does not scale Activity instead of action Ask the right questions
- 16. All-or- nothing 7 Principles for useful Analysis 1. 2. 3. 4. 5. 6. 7. Begin from the end (what is the need) Tools are not a strategy (likes and followers – So what?) All data is not equal (telemetry, support, experience) When is enough, enough? (confidence) Why measure and analyze? (accountability) Get clear about “Social”: What, who, when? What is the priority: 4 Social Media Data uses 1. Marketing 2. Communication 3. Engagement 4. Insights
- 17. Social Media data impact opportunity 1. 2. 3. 4. Global Always on Always relevant Short life, long memory
- 18. SM analytics strategy 1. 2. 3. 4. Needs vs wants Realistic expectations Sponsorship, stakeholders Operations, tools, dashboards
- 19. Pulling it together Begin with the end Tools are not a strategy Build a framework Watch your A’s Ongoing maintenance
- 20. @MarketingLetter http://hausmanmarketinglette r.com http://LinkedIn.com/in/angela hausman @MarketingLetter Mark Eduljee on LinkedIn Markeduljee.com -- Blog
Editor's Notes
- Image credit: Microsoft Corp
- Learn how to use social data in combination with predictive analytics to understand and engage with your customer on individual level.How do you use social data to assess brand perception?Understand how social data helps you to make changes in product development / marketing strategy.Find out how to apply insights from social media to your overall analytics strategy.Image credit: Microsoft Corp
- Velocity, variety, veracityData grows by 20%/ year and each year businesses analyze less data meaning they’re increasingly naïve over time. Currently 1.6 zettabytes of data worldwide 47 YEARS of HD TV can’t sample must analyze on the fly.60% of businesses need more analytic skills – movement toward using managers to create reports on the fly rather than sending everything through ITImage credit: Microsoft Corp
- Jeremiah OwyangNo objectiveTrack brand mentionsId market risks and opportunitiesImprove campaign efficiencyMeasure customer satisfactionRespond to customer inquiriesImprove understanding of customerBeing proactive and anticipating customer needs.Strategic goals should dictate what you listen for , which informs who you listen to. There are just too many conversations going on out there to hear everything. Trying to get everything results in missing key conversations. Look at failure of homeland security to stop the shoe bomber. There were credible reports from his father reflecting his danger, yet he was never put on a do not fly list. Listening to too much means you miss conversations and fail to act strategically on critical conversations.Too much data to listen effectively: Currently IBM estimates About 80% of 1.6 zettabytes of data is unstructured. That’s about 47 years of HD TVAlso problems of velocity, variety, and veracityImage credit: Microsoft Corp
- Strategic goals should dictate what you listen for , which informs who you listen to. There are just too many conversations going on out there to hear everything. Trying to get everything results in missing key conversations. Look at failure of homeland security to stop the shoe bomber. There were credible reports from his father reflecting his danger, yet he was never put on a do not fly list. Listening to too much means you miss conversations and fail to act strategically on critical conversations.
- A centralized location where conversations are culled from a variety of online sources [such as blogs, chat rooms, social networks, and forums] and distributed to employees for appropriate marketing action. Both Text data and numeric – both online and off. Image credit: http://www.everymantri.com/everyman_triathlon/2011/02/whats-the-best-recovery-drink-for-endurance-athletes-.html
- ConversionKPI’sSales FunnelCustomer SatEngagementSentimentConversion - $, % close, AOS, who closing?KPIs- reduced costs, ie. fewer calls to CS, improved efficiency, ie responses within 12 hours, repeat calls, more visitors, longer stay, etc.Sales funnel - Velocity, %, fewer shopping carts abandoned, Engagement – comments, shares, posts, etc.
- I stayed in Coronado Springs and REALLY liked it. I would recommend that you stay in the Casitas section – its well themed and close to the main building/ food court. The only thing that is far away is the main pool. If you prefer to stay closer to the main pool, I’d choose the Ranchos section. Each section has its own bus stop. Transportation .. Everything worked well. We hardly had to wait too long at all for the buses. Use utterances like this in planning future venues or modifying existing properties. You know being close to transportation is important as is being close to other amenities. Customers value themed villages.Nostalgia“I wish they would stick with the theme Walt had and stop trying to compare to other theme parks. That’s what makes DL/DW so special, so different, soooo Disney. I with there was a way to stop the madness, but rely what can be done? They already took away my People Movers at DW (Why? Why? Why?) It was our family’s favorite and a must do!!! Without it, it just won’t be the same going to Disney World. Please tell me Carousel of Progress will remain forever. I’ve heard rumors of them removing that? … Please Mickey stop it before YOU’R just a memory.”
- Let’s say you want to retain your current customers – 30. You decide to spend 30 $250/ customer to retain them ($7500). Despite your efforts 5 customers churn (leave the company). You now spend $1500 to bring your total customers back up to 30. Outcome: Spent $9000.Scenario 2. Now, let’s take a look at this with predictive analytics to help predict WHICH customers are most likely to leave. I mean face it – some customers won’t leave for a variety of reasons. Maybe their firm pays for the service. Maybe they’re locked in by high switching costs …. Why send these folks offers worth $250, when they’re going to stay anyway.Scenario 3. Now, you segment customers based on their likelihood of churning into high, medium, and low risk. You now spend $250 only for those 10 customers with a high or moderate risk of churning – for a total of only $2500. Even though you still lose 5 customers, you’ve saved $5000 just by not wasting resources to send an offer to customers who would never leave. You still incur the $1500 cost to replace your lost customers, so the total cost isYou can afford to sweeten the pot a little. Let’s say instead of spending $250 you decided to send a really killer offer costing $400 to the 5 customers with a high risk of leaving and a $300 offer to those with a moderate list of churning. You’ve increased your expense to $3500, but now only 2 churn (instead of the original 5). It now only costs $600 to recover from this loss of customers. Now you’ve saved $4,600 over not having the predictive information.Where is funnel breaking down? How fix?
- Product – taxes, shipping, fragility, size, Anticipated challenges, crowding, parking,
- Important to understand HOW culturally diverse groups construct their world, what words they use to describe their world etc.Eskimos have multiple words to describe snow – suggests meaning they assign to snow.
- Customer experience impact opportunity How to applying Insights for effectImage credit: Microsoft Corp
- Is this you…Leveraging John Naisbitt: “Drowning in information and starving for knowledge” : http://www.naisbitt.com/ He invented the concept of “Megatrends” in 1980. He has been the world’s best known observer and analyst of global trends for more than 30 years. Mark Eduljee interview for Business India, Nov 2013: “The problem is not the data. It’s the compelling need for context and actionable insights. What happened, and what the data says is only part of the story. The rest of the story is about “why” that happened, and whether the business is structured in ways that not only allows it to generate actionable insights and intelligence, but to also act on those insights in timely, efficient and compelling ways to make the customer experience better. Customers pay the bills. “
- Beware of entanglementsHow many of you think this was planned?Same trap in many approaches to SM Data and analytics… result is the lowest common denominator … everything for everyone, and nothing for anyone.http://www.hp-businesscontinuityzone.com/a-disaster-waiting-to-happen/
- Questions to ask:Can there be change and impact? (XP example) Best use of funding?Am I generating the most ROI?Image credit:http://minutemanwatches.com/editorials/could-the-idea-behind-our-minuteman-effort-catch-on (moths to a flame)
- The 7 Principles for useful AnalysisBegin from the end (what is the need)Tools are not a strategy (likes and followers – So what?)All data is not equal (telemetry, support, experience)When is enough, enough? (confidence)Why measure and analyze? (accountability to do something)Get clear: What is Social?Social means different things to different people -- the TV analogy. What is the priority: 4 uses (Marketing, Communication, Engagement, Insights)Image credit: Microsoft Corp
- Marketing – brand, awareness, presenceCommunication – messaging, offers, perceptionEngagement – community, influencers, affinityInsight Intelligence – Listening, MonitoringUses: Marketing, Communication, Engagement, Insight IntelligenceExamples:(good) Windows 7 battery “Problem”(bad) Tweet-for-service storiesImage credit: http://currents.michaelsampson.net/2009/03/sfcbia2009announce.html
- Clear purpose, mission (needs vs wants) Set up for success (realistic expectations)Sponsorship (resources will follow)Tactics and operations should flow from the strategyPractice what you preach!Groundwork and homeworkTactics should flow from the strategy(what, to whom, why, when)My team’ mission: Give customers a Voice by providing compelling Insights to teams who own making changes to the customer experience, throughout overlapping lifecycle releases…becomes very clearIn ScopeInsights intelligenceProduct, Support experienceNot in scopeOperations BIProduct Help and SupportImage credit: Microsoft Corp
- Begin with the end: Why? Who will use the analysis. Its not what you want, its what your stakeholders need.Tools are not a strategy, beware of all or nothing, over complication. Work for your stakeholders, not for yourself = valueBuild a framework: Takes timeSponsorshipPeople, process, and toolsWatch your A’s:Actionable insights (not activity measures)Accountability for action Ongoing maintenance:“so what?” the 3 strikes you’re out ruleScope creep (Needs vs. wants)Image credit: Microsoft Corp