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Competing in the age of the customer

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Presentation made by Dr Ranjit Nair, Founder & CEO, Germin8 at NASSCOM Product Conclave, Pune (#npcPune2016) on 17 March 2016 at the Westin.

In an hour long talk, Dr. Ranjit Nair, talked about the use of Big Data, Analytics and Social Media Analytics, in particular, by enterprises to become more customer centric in terms of their products, services, campaigns and communication.

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Competing in the age of the customer

  1. 1. Competing in the Age of the Customer Big Data, Analytics and Social Media Analytics in particular
  2. 2. Visit us at germin8.comVisit us at germin8.com The Age of the Customer
  3. 3. Visit us at germin8.comVisit us at germin8.com Understanding the overlap Big Data Analytics Social Media Analytics
  4. 4. Visit us at germin8.com What is Big Data? "big data" is when the size of the data itself becomes part of the problem Mike Loukides, O’Reilly Media • Volume: The sheer size of the data • Terabytes, Petabytes, Exabytes • But size (alone) does not matter • Velocity: How fast does the data change? • If data is time-sensitive, analytics needs to be real time • Variety: Data is not homogeneous • Mixture of structured and unstructured • From a variety of sources • Not all fields may have values Characteristics of Data
  5. 5. Visit us at germin8.com What is Big Data? • Multiple sensors gathering climate information • Incidences of disease outbreak • Posts on social media websites • Sharing, tagging and posting pictures • Online purchase records • Calls to a call center • Feedback emails to a bank Examples
  6. 6. Visit us at germin8.com What is Big Data • Data is growing at 40% per year reaching 45 ZB by 2020 • Most of it is unstructured How fast has data been growing
  7. 7. Visit us at germin8.com Why is it relevant? • Applications broadly they fall into 2 categories • Transactional: Massively parallel applications where the key challenge is the millions of transactions made in parallel by millions of users • E.g. Posting pictures on Instagram, Pins on Pinterest, Videos on YouTube • Analytical: Applications where the key challenge is querying and mining the millions of records for insights and anomalies • E.g. Fraud detection, weather forecasting • Benefits: • Can connect billions of users and enable them to collaborate • Can improve products, services and offerings on the fly based on real time insights Applications
  8. 8. Visit us at germin8.com Stages in managing Big Data Collection • How do I collect content from multiple streaming data sources in real time? Storage • Physical Storage • Logical Storage Computation • Batch processing • Massively Parallel Computation Querying • How do I query in real time? Mining • How do I mine data for insights? Visualization • How do I represent my analysis?
  9. 9. Visit us at germin8.com But really the key question is, what’s the ROI? • What key decisions can I take thanks to Big Data analytics? • What is the marginal value that I am deriving thanks to Big Data analytics and how does it compare to the costs?
  10. 10. Visit us at germin8.com Reasons why Big Data projects fails • Wrong technology • Wrong partner • Management resistance • Data is in silos • Number 1: Not starting with clear business objectives
  11. 11. Visit us at germin8.com What is analytics? • Analytics is the process of converting data into meaningful information • Data could be • Big Data but it needn’t be • Can be unstructured or structured • Information must inform decision-making or else analytics will be meaningless • Analytics projects will fail if the organization is not geared to use the information • E.g. Retail giant uses analytics to understand real time shopping behaviour of its customers but makes purchase decisions only once a season
  12. 12. Visit us at germin8.com Types of analytics Descriptive: What happened in the past? Predictive: So what might happen in the future? Prescriptive: Hence what should we do?
  13. 13. Visit us at germin8.com Examples of analytics • Macy’s: Dynamic pricing by US retail chains • Walmart: Semantic search to improve discovery of products • Netflix: Recommending movies to watch based on your past behaviour and your friends • Amazon: Recommending products based on shopping cart analysis and previous buying behaviour • Weather forecasts
  14. 14. Visit us at germin8.com Social Media is the digital playground of the empowered customer • The empowered customer is generating huge volumes of social media data in their interactions with each other and with brands • If properly harnessed, this data can be converted into valuable intelligence that can help brands become more consumer centric and gain an edge over their competitors • Insights for New products and campaign ideas • Improving products, services, campaigns • W-O-M and brand advocacy • If not managed well, can lead to • Loss of reputation
  15. 15. Visit us at germin8.comVisit us at germin8.com Traditional approach to gather insights • Respondents are clamming up • Expensive • Slow • Small sample sizes • Interviewer bias • Unreliable? Conventional sources of information are drying up and getting more expensive “Market Research is facing two challenges: Companies want research faster and cheaper and the respondents are clamming up” -- Adrian Chedore, CEO, Synovate, 2007 However
  16. 16. Visit us at germin8.com How it works  Collect social media data via APIs, crawlers, etc. in real time  Analyse using Natural Language Processing and Data Mining algorithms  Displays actionable insights in real time on live interactive dashboards  Engage in real time  Integrate with CRM and with other data to make insights more actionable
  17. 17. Visit us at germin8.comVisit us at germin8.com The landscape of social media tools Listening Understand VoC in real time Radian6, Sysomos, Crimson Hexagon, Brandwatch, Viralheat, Germin8 Engagement & Customer Care Engage with customers and other stakeholders Lithium, Hootsuite, Germin8 Measurement Measure impact of SMM Social Bakers, SimplyMeasured, Unmetric, Germin8 Campaign Management Run campaigns on social media across platforms BuddyMedia, EngageSciences, Spredfast, Wildfire Social Profiling Enrich data about existing contacts Oracle, FullContact, Germin8 Influencer Management Identify and run campaigns with influencers Klout, Kred, Peerindex, Zuberance What it does Competitor tools How it helps NEW: Social Media Command Centre
  18. 18. Visit us at germin8.comVisit us at germin8.com Social media intelligence in action Listen • Brand Monitoring • Competition Monitoring • Product/Service Insights • Campaign Insights • Category Listening • Influencer Identification Engage/Act • Campaigns • Create and Publish • Promote • Respond • Customer Care • Personalised offers Measure • Channel Analytics • Campaign Analytics • Customer Care Analytics • Competitor Benchmarking APIs for Integration
  19. 19. Visit us at germin8.comVisit us at germin8.com What is Social Media Listening • Social Media Listening is the ability to understand social media conversations in real time • It is not just about monitoring keywords • It answers questions about : • Volume of conversations • Timing of conversations • Sources of conversation • Topics of conversation • Sentiment of conversation • Author demographics • And several more…
  20. 20. Visit us at germin8.comVisit us at germin8.com Circles of Listening My target group My product category My competition My products My campaigns My brand
  21. 21. Visit us at germin8.com Companies have leveraged Social Media to become more customer centric Protect brand Reputation Campaign Analytics Product Insights Efficient Customer Service New Product Development Lead Generation Tracks and measures all threats to brand reputation in real time Responds effectively to customers on social media in under 1 hr Derived insights for developing a new type of hair dye Finds prospects enquiring about life insurance policies in social media Made tactical and strategic improvements to Har Friend Zaroori based on analyzing consumer feedback Makes strategic and tactical decisions for each show based on analyzing audience feedback
  22. 22. Visit us at germin8.comVisit us at germin8.com Social Listening provides an understanding of Voice of Customer in real time Features • Real time data collection from UGC sites • Aspect-based sentiment analysis • Topic analysis • Filter by author demographics and influence Benefits • Better online reputation thanks to early warning of potential crisis • Higher product adoption and usage thanks to insights for product development and product improvement • Better marketing ROI thanks to more relevant campaigns and media buying
  23. 23. Visit us at germin8.comVisit us at germin8.com Evaluating and improving TV shows Case: An international TV channel was worried that the audience response to a particular show in India was poor though a similar one had succeeded in some other countries. Explic8 was then to monitor what their audience is saying about each episode of their main shows to understand how each show has performed on qualitative parameters like sentiment on content, music, participants, segmented by demographic parameters. 3% 1% 28% 29% 69% 70% 0% 20% 40% 60% 80% 100% Male Female 2% 2% 1% 1% 4% 4% 36% 65% 30% 18% 16% 19% 63% 33% 69% 82% 80% 77% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% Week 1 Week 2 Week 3 Week 4 Week 5 Week 6 Artists 50% Downloads 2% Format of the Show 1% Genre 8% Language 2% Music 3% Songs 34% Sentiment (week-wise) Topics of discussion Sentiment of females and males The channel uses the insights from Explic8 as an input to marketing of the shows and also to improve the shows from season to season. They are now tracking other shows as well.
  24. 24. Visit us at germin8.com Competition benchmarking by a hotel chain Case: An international hotel chain in wanted to focus their service improvement on what mattered most to customers. Explic8 was used to understand what hotel guests were saying about its different hotels and the hotels of its competitors across important guest touch points in several cities. Comparative analyses were available on a dashboard, with relevant customer segmentation with flexibility to compare by city, over client determined time periods, etc. Topics of discussion Top of Mind buzzwords Volume of negatives compared to competitors in select cities The hotel was able to figure out what really mattered most to different customer segments, which touch points needed improvement in each city to score over the competition, and what perceptions their guests had about them and their competitors and how that varied by city and customer segment, etc. All this was useful input for their strategy and it also helps in continuously monitoring the impact of action taken. 0% 20% 40% 60% 80% 100% Dallas New York Chicago San Francisco San Antonio
  25. 25. Visit us at germin8.com Social Media measurement is about measuring how the brand is faring in its own Social media channels
  26. 26. Visit us at germin8.comVisit us at germin8.com Social Media Measurement: Use cases • Benchmark against targets and competitors • Campaign measurement • Predicting what content will do well if promoted • Measuring business value
  27. 27. Visit us at germin8.comVisit us at germin8.com Social Media Measurement: Benchmarking • Improve the quality and effectiveness of your social engagement by benchmarking against self and competitors on specific metrics: • Response rate and Turn Around Time tell you whether you are responding as comprehensively or as fast as your competitors • Number of engagements per post tells you if your content is getting as much engagement as your competitors • Engagement/reached user tells you if your audience is finding your content engaging
  28. 28. Visit us at germin8.comVisit us at germin8.com Social Media Measurement: Campaign Measurement • Case: Brands measure ad buzz during Superbowl • Social buzz used to justify spends on TV ads
  29. 29. Visit us at germin8.comVisit us at germin8.com Social Media Measurement: Campaign Measurement • Pre-releasing ad teasers lead to more conversations during a live event
  30. 30. Visit us at germin8.comVisit us at germin8.com Social Media Measurement: Campaign Measurement • Campaign hashtag peak early for most brands and gradually recede • Peaks last less than 4 minutes
  31. 31. Visit us at germin8.comVisit us at germin8.com Social Media Measurement: Media buying • Measurement will tell you: • How many engaged with each content? • Who engaged the most with each content?
  32. 32. Visit us at germin8.comVisit us at germin8.com Social Media Measurement: Media buying • Choose posts that have got good organic reach for promoting • Promote across channels • YouTube videos can be promoted on Facebook • Target based on your target audience but also based on who engaged with that content organically
  33. 33. Visit us at germin8.comVisit us at germin8.com Social Media Measurement: Measuring business value of leads • Track website visits for each social media campaign on each channel using Google analytics • Use campaign-specific URLs to track each campaign separately • Create and track conversion goals • E.g. Filling up a request for quote • Track both assisted sales and last click • Integrate Google analytics to CRM
  34. 34. Visit us at germin8.com Social Media-based Customer Care
  35. 35. Visit us at germin8.comVisit us at germin8.com Customer expectations from social media customer care • Speed • 42% expect within 1 hr [Source: Edison Research] • 57% expect same response time at night • 72% expect within 1 hr on Twitter for a complaint [Millward Brown] • Transparency and Genuineness 36
  36. 36. Visit us at germin8.comVisit us at germin8.com But the good news is… • Complainants whose problems were resolved are more loyal than those who never experienced a problem at all • 51% of those who complain are more impressed with the brand after the brand responded [Source: Hubspot] • 34% are more likely to buy • 43% are more likely to recommend • 38% are more receptive to ads • 42% are willing to praise on social media [Millward Brown] • Are you doing anything about this for your brand? 37
  37. 37. Visit us at germin8.comVisit us at germin8.com Social customer care done right… 38 Case Summary: Customer had approached the insurance company’s customer care number but did not get any response Insurance company’s SM team replied to the customer in less than 30 minutes and had an official get in touch with him. The customer wrote back appreciating the customer service officer who assisted him.
  38. 38. Visit us at germin8.comVisit us at germin8.com Case Summary: Snapdeal customer receives a bar of soap instead of the ordered mobile phone. The post went viral on Facebook and Twitter when Snapdeal did not respond appropriately to the customer. Hindustan Unilever took advantage of the ongoing frenzy and sent the customer a ‘VIM’ hamper along with a Samsung Mobile Phone as a goodwill gesture. Social customer care done wrong…
  39. 39. Visit us at germin8.comVisit us at germin8.com Case Summary: A video recording of Air India staff in conversation with passengers who were late and missed their flight. The video showcasing the staff as rude and unhelpful went viral and was even aired on news channels. Air India tweeted their concern about the viral video, however, the tweet came out too late and was not caring! Social customer care done wrong…
  40. 40. Visit us at germin8.com Social media analytics for customer management Case: A leading insurance company found it difficult to track and deal with customer grievances being aired in various Social Media sites and it was impacting their brand. We configured Explic8 to monitor all mentions of its brand, products and those of competitors, to understand key issues and respond to their stakeholders and to resolve customer grievances. Explic8 gave them various kinds of analytics on a dashboard and it allowed them to respond seamlessly. Sentiment (month-wise) Status of response The insurance company was able to engage with their customer in a timely manner across many different sites, resulting in many satisfied customers and an improved online reputation 9 12 30 46 50 72 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% Dec Jan Feb Negative Positive 668 608 1 78 410 100 200 300 400 500 600 700 800 Engagement Console
  41. 41. Visit us at germin8.comVisit us at germin8.com Conclusion • Social media is the digital playground of the empowered customer • Competitive advantage will come from learning and engaging with customers in social media • SM analytics plays a vital role in • Understanding the Voice of Customer • Improving effectiveness and efficiency of Marketing Communication • Improving efficiency and effectiveness of Customer Care • If leveraged well, SM analytics can lead to a more customer centric brand who offer more relevant products, services, customer engagement and marketing communication, while protecting the brand reputation
  42. 42. Visit us at germin8.comVisit us at germin8.com Get in touch: ranjit.nair@germin8.com Thank you! Germin8’s suite of social media intelligence products solve genuine pain points of marketing managers world over Our offerings are differentiated and have been adopted by leading Indians brands across sectors Our APIs make it easy to integrate our solutions with external 3rd party data systems

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