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Dr. Natalie Petouhoff ROI Of Social Media Social Media Club Presentation/ Forrester Research

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Many enterprises are considering social media and are wondering if there is return on the investment. Forrester's @DrNatalie has taken a stab at calculating an ROI when social media is applied to customer service. The result? Large ROIs and benefits to every part of the company! Applying social media to customer service may be the tipping point for business to take social media as a serious enterprise application!

Published in: Business, Technology
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Dr. Natalie Petouhoff ROI Of Social Media Social Media Club Presentation/ Forrester Research

  1. May 27, 2009 Social Media Club The ROI of Social Media: Customer Service Communities Natalie L. Petouhoff Senior Analyst Covering: Social Media, Customer Experience and Customer Service Forrester Research
  2. The #1 Customer Service 2009 initiative should be social media.
  3. <ul><li>Why is social media important to customer service? </li></ul><ul><li>Using Forrester’s TEI Methodology to Calculate ROI What are the benefits of online communities? </li></ul><ul><li>What are the costs of online communities? </li></ul><ul><li>What is the ROI of customer service social media? </li></ul>Agenda
  4. Why is social media important to customer service? <ul><li>It’s… </li></ul><ul><ul><li>Twitter </li></ul></ul><ul><ul><li>Online communities- Lithium, Helpstream, Jive… </li></ul></ul><ul><ul><li>Facebook, LinkedIn, MySpace </li></ul></ul><ul><ul><li>RightNow, Parature and nGenera </li></ul></ul><ul><li>It’s not just a… </li></ul><ul><ul><li>Forum </li></ul></ul><ul><ul><li>A wiki </li></ul></ul><ul><ul><li>A blog… </li></ul></ul><ul><li>It’s a community that interacts with each other on an ongoing basis </li></ul>
  5. Customer disdain, social media and customer service have… <ul><li>… formed a perfect storm that is super charging change </li></ul>
  6. What is a Customer Service Online Community? Source: January 21, 2008, “The Economic Necessity Of Customer Service” Forrester report <ul><li>Online communities have evolved from “bulletin boards” </li></ul><ul><li>Today they are “posts” in the form of forums, blogs, and chats. </li></ul><ul><li>Updated “posts” sent via email or RSS syndication subscriptions </li></ul><ul><li>This instantly distribute new information to EVERYONE </li></ul>
  7. Who’s got an online community? B2C… Source: May, 2009 “The ROI of Online Customer Service Communities” Forrester report
  8. Who’s got an online community? B2B… Source: May, 2009 “The ROI of Online Customer Service Communities” Forrester report
  9. Verizon… Source: May, 2009 “The ROI of Online Customer Service Communities” Forrester report
  10. iRobot… Source: May, 2009 “The ROI of Online Customer Service Communities” Forrester report
  11. myFICO… Source: May, 2009 “The ROI of Online Customer Service Communities” Forrester report
  12. Intel… Source: May, 2009 “The ROI of Online Customer Service Communities” Forrester report
  13. <ul><li>Why is social media important to customer service? </li></ul><ul><li>Using Forrester’s TEI Methodology to Calculate ROI </li></ul><ul><li>What are the benefits of online communities? </li></ul><ul><li>What are the costs of online communities? </li></ul><ul><li>What is the ROI of customer service social media? </li></ul>Agenda
  14. TEI ™ is Forrester’s ROI methodology Costs (Impact on budget) Benefits (Impact on business) Flexibility (Options) R I S K <ul><li>Uncertainty </li></ul><ul><ul><li>Impact of “assumptions” </li></ul></ul><ul><li>Benefits </li></ul><ul><ul><li>Quantified value </li></ul></ul><ul><ul><li>Defined metrics </li></ul></ul><ul><li>“ Options” created </li></ul><ul><ul><li>Are there new opportunities the future? </li></ul></ul><ul><li>Cost </li></ul><ul><ul><li>People </li></ul></ul><ul><ul><li>Process </li></ul></ul><ul><ul><li>Technology </li></ul></ul>Source: August 4, 2008, “The Total Economic Impact ™ Methodology: A Foundation For Sound Technology Investments” Forrester report Total Economic Impact
  15. Assumptions <ul><li>Multiple customer service goals </li></ul><ul><li>Attracts super users </li></ul><ul><li>Engages community to be honest about their opinions </li></ul><ul><li>Company is interested in community’s opinions… </li></ul><ul><li>Small to medium sized call center </li></ul><ul><li>Three year time frame for analysis </li></ul><ul><li>Has federated search </li></ul><ul><li>Allows agents to have access to the community </li></ul>Source: May, 2009 “The ROI of Online Customer Service Communities” Forrester report
  16. <ul><li>Why is social media important to customer service? </li></ul><ul><li>Using Forrester’s TEI methodology to calculate ROI </li></ul><ul><li>What are the benefits of online communities? </li></ul><ul><li>What are the costs of online communities? </li></ul><ul><li>What is the ROI of customer service social media? </li></ul>Agenda
  17. Examples of benefits <ul><li>Cost savings </li></ul><ul><ul><li>Reduce call volume </li></ul></ul><ul><ul><li>Reduce email volume </li></ul></ul><ul><ul><li>Increase agent productivity </li></ul></ul><ul><ul><li>Increase in FCR </li></ul></ul><ul><ul><li>Reduce SEO costs </li></ul></ul><ul><li>Revenue improvements </li></ul><ul><ul><li>Increase customer lifetime value </li></ul></ul><ul><ul><li>Increase product ideation </li></ul></ul><ul><ul><li>Increase lead conversion rates </li></ul></ul>Source: May, 2009 “The ROI of Online Customer Service Communities” Forrester report Benefits (Impact on business)
  18. There are many benefits of Customer Service Online Communities… Source: May, 2009 “The ROI of Online Customer Service Communities” Forrester report
  19. The answers are in the community Source: January 21, 2008, “The Economic Necessity Of Customer Service” Forrester report <ul><li>Customers solve each other’s problems </li></ul><ul><li>Less or no interaction from a company. </li></ul><ul><ul><li>Customers read posts </li></ul></ul><ul><ul><li>Fewer call to the contact center </li></ul></ul><ul><li>And agents use the community-enhanced KM database </li></ul><ul><ul><li>Reduces their call time </li></ul></ul><ul><ul><li>Provides more satisfying answers. </li></ul></ul>DSL provider
  20. First Contact Resolution (FCR) goes up Source: January 21, 2008, “The Economic Necessity Of Customer Service” Forrester report <ul><li>FCR affects </li></ul><ul><ul><li>Customer satisfaction </li></ul></ul><ul><ul><li>Purchase reprobability </li></ul></ul><ul><ul><li>Good word of mouth… </li></ul></ul>My question was answered !!!!!!!!
  21. Customer advocates create more value Source: February 2008 “Redefining High-Value Customers” report.
  22. “Bad word of mouth” gets handled! <ul><li>Do the “ostrich” or… </li></ul><ul><li>Handle it… </li></ul><ul><ul><ul><li>Alert executives </li></ul></ul></ul><ul><ul><ul><li>Quickly post a resolution to the community </li></ul></ul></ul><ul><ul><ul><li>Avoid </li></ul></ul></ul><ul><ul><ul><ul><li>Brand damage and </li></ul></ul></ul></ul><ul><ul><ul><ul><li>Increased call volume… </li></ul></ul></ul></ul>Source: May, 2009 “The ROI of Online Customer Service Communities” Forrester report
  23. Invest in turning customer informants Source: May, 2009 “The ROI of Online Customer Service Communities” Forrester report <ul><li>Even informants can be turned into advocates: </li></ul><ul><ul><li>Use a built-in system to recognize, rank, and reward users </li></ul></ul><ul><ul><li>Acknowledge their suggestions </li></ul></ul><ul><ul><li>Thank them for helping customers </li></ul></ul>
  24. What about the rest of the company? Source: January 21, 2008, “The Economic Necessity Of Customer Service” Forrester report <ul><li>Product Development </li></ul><ul><ul><li>New ideas coming from communities can save product development millions </li></ul></ul><ul><li>Product Q&A </li></ul><ul><ul><li>Get solutions that can’t be found any other way </li></ul></ul><ul><li>Marketing and Sales </li></ul><ul><ul><li>Now promoting a product that was designed with customer input. </li></ul></ul>
  25. <ul><li>Why is social media important to customer service? </li></ul><ul><li>Using Forrester’s TEI methodology to calculate ROI </li></ul><ul><li>What are the benefits of online communities? </li></ul><ul><li>What are the costs of online communities? </li></ul><ul><li>What is the ROI of customer service social media? </li></ul>Agenda
  26. Examples of customer service online community costs <ul><li>People </li></ul><ul><ul><li>Training </li></ul></ul><ul><ul><li>Staff </li></ul></ul><ul><li>Process </li></ul><ul><ul><li>Marketing of community </li></ul></ul><ul><li>Technology </li></ul><ul><ul><li>Community website design </li></ul></ul><ul><ul><li>Single Sign-on </li></ul></ul><ul><ul><li>Integration to contact center </li></ul></ul><ul><ul><li>Platform subscription fee </li></ul></ul><ul><ul><li>Analytics </li></ul></ul><ul><ul><li>Reporting </li></ul></ul>Costs (Impact on budget)
  27. Start-up costs of customer service online communities… Source: May, 2009 “The ROI of Online Customer Service Communities” Forrester report
  28. Recurring costs of customer service online communities… Source: May, 2009 “The ROI of Online Customer Service Communities” Forrester report
  29. <ul><li>Why is social media important to customer service? </li></ul><ul><li>Using Forrester’s TEI Methodology to Calculate ROI </li></ul><ul><li>What are the benefits of online communities? </li></ul><ul><li>What are the costs of online communities? </li></ul><ul><li>What is the ROI of customer service social media? </li></ul>Agenda
  30. The ROI of online customer service community is… Source: May, 2009 “The ROI of Online Customer Service Communities” Forrester report
  31. The TEI of online customer service community is… Source: May, 2009 “The ROI of Online Customer Service Communities” Forrester report
  32. Where to begin? <ul><li>Take the self-assessment </li></ul><ul><li>Evaluate your organization </li></ul><ul><li>Compare to best practices </li></ul><ul><li>Get alignment </li></ul>Source: January 13, 2009, “Forrester Customer Service Innovation Framework and Self-Assessment ” Forrester report
  33. Join the social media revolution Source: April 6, 2009, “How to Win Funding for Your Customer Service Project ” Forrester report
  34. Thank you <ul><li>Natalie L. Petouhoff </li></ul><ul><li>+1 310.919.8467 </li></ul><ul><li>[email_address] </li></ul><ul><li>www.forrester.com </li></ul><ul><li>To Get the Slide Deck, go to: </li></ul><ul><li>www.forrester.com/socialmediaclubla </li></ul>
  35. Research in this presentation <ul><li>July 2009, “Social Media Best Practices for Customer Service: Case Studies” </li></ul><ul><li>May 2009, “The ROI of Online Customer Service Communities” </li></ul><ul><li>April 6, 2009, “How to Win Funding for Your Customer Service Project” </li></ul><ul><li>January 13, 2009, “Forrester Customer Service Innovation Framework and Self-Assessment” </li></ul><ul><li>January 21, 2008, “The Economic Necessity Of Customer Service” </li></ul>
  36. Research in this presentation <ul><li>Why Talking To Your Customers Is Ruining Your Business, August 29, 2008 </li></ul><ul><li>August 4, 2008, “The Total Economic Impact™ Methodology: A Foundation For Sound Technology Investments” </li></ul><ul><li>July 2, 2008, “Customer Service: A Keystone Of Your Corporate Revenue Strategy” </li></ul><ul><li>February 4, 2008, “Redefining High-Value Customers” </li></ul>

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