Using Social Intelligence to Help Shape Customer Relationships & Drive ROI

MZINGA l #1 ON-DEMAND SOCIAL SOFTWARE l

Using Social Intelligence to Help Shape Customer Relationships & Drive ROI


Navdeep AlamMzinga Director of Data Architecture

@[email protected]

Ray WangPrincipal Analyst and CEO, Constellation Research, Inc.

@[email protected]

Introductions.


We’d love your participation.

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Being social is about interacting with each other & sharing ideas… so the best way to understand it, is to just do it!

Don’t feel limited: Join in the chat & feel free to tweet about our discussion.(#mzinga)

We also know some of you will prefer to listen; that’s cool too

Session Follow-UpAfter the event, the

following materials will

be made available to all

of you:

• Presentation slides

• SlideCast recording

• Chat transcript


Topic

The new reality of business & the challenges we’re facing

The changing dynamics of customer engagement

The social organization

Social intelligence & how it delivers added value & ROI

Today’s Agenda.

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Today, the pressure on businesses is higher than ever to…

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According to IDC, the cost of NOT easily finding information = $3,300 per employee each year

(That’s $3.3M in annual lost opportunity cost for a business of 1000 people)

Work smarter & more efficiently.

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30% of consumers rely less on advertising, and much more on recommendations from friends and family for making buying decisions.

Build brand credibility & buyer trust.

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More than 90% of customers' issues haven't been unearthed in most organizations, and in addition, often the organization doesn't have answers for them, according to Forrester Research.

These issues lead to long support calls, poor issue resolution, cost increases and customer dissatisfaction.

Reduce customer response times.

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The primary driver of a consumer's loyalty is their experience with your business, product or service.

Yet, marketers on average only invest

20% of their programs in loyalty and customer experience efforts.

Improve customer loyalty & satisfaction

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Customers Have Moved, Companies Fallen Behind


91% consider customer service important

in deciding to do business91% consider customer service important

in deciding to do business

48% report always or often using an online posting or blog to get other’s opinions about a company’s customer service reputation48% report always or often using an online posting or blog to get other’s opinions about a company’s customer service reputation

21% believe companies take their business for granted

21% believe companies take their business for granted

59% will readily speak poorly about a bad

customer experience59% will readily speak poorly about a bad

customer experience

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70% of consumers expect an

apology for bad service

70% of consumers expect an

apology for bad service

11Source: American Express Global Customer Service Barometer April 13th – April 20th, 2010

Customers are taking matters into their own hands…

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Three forces are changing customer engagement dynamics…


(It is the new social currency)

Source: 2010 Edelman Trust Barometer

Trust moves beyond financial performance

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P2P Traits Today’s Business P2P BusinessesRelationships w/ stakeholders

Autocratic Partner models

Communication style One-way, dictatorial Engaging, influencing,

Analytics Nascent and unreliable due to poor data quality

High fidelity for use in crafting customer experiences

Customer experience Experimental and inconsistent

Personalized and tailored based on patterns and interaction histories

Location Based Services Spotty in collection Rich in providing layers of information

Mobility Modest adoption Primary interface

Collaboration Nice to have Required for success

Organizations will create tailored customer experiences…


Traditional business processes

Often hierarchal and siloed, but critical to business goals and success

Product Mkting Sales Services

Corporate Strategy

Information Systems

Human Resources

Finance & Administration

Unstructured social interactions

that streamline communication, enhance relationships, etc.

The Social Organization

Social organizationsTransformed business processes

that improve productivity, efficiencies & revenue growth

Services

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5© 2010 R Wang & Insider Associates, LLC. All rights reserved.

Five simple rules for social businesses


Marketing Sales Service & Support Innovation Collaboration

CustomerExperience

2. Social Marketing

Insights

3. Rapid Social Marketing Response

4. Social Campaign Tracking

5. Social Event Management

6. Social Sales Insights

7. Rapid Social Sales Response

8. Proactive Social Lead Generation

9. Social Support Insights

10. Rapid Social Response

11. Peer-to-Peer Unpaid

Armies

12. Innovations Insights

13.Crowdsourced

R&D

14. Collaboration

Insights

15. Enterprise Collaboration

17. Seamless Customer

Experience

18. VIP Experience

16. ExtendedCollaboration

© 2010 Altimeter Group Attribution-Noncommercial-Share Alike 3.0 United States

18 use cases for Social CRM


New approaches to solving real challenges

• How can I reduce support costs?• How can I reduce response times in addressing client issues?

• How can I improve customer retention & loyalty?

• How can I innovate my products faster?• How can I stay abreast of market research for R&D?• How can I streamline product development?

• How can I develop long-term relationships with customers?• How can I reduce sales cycle?• How can I accelerate new client opportunities?

• How can I improve brand visibility?• How can I drive enhanced demand generation?• How can I increase website traffic & ad revenue?


But how do you measure the value?


Communities Serve 5 Key Stages


© 2010 R Wang & Insider Associates, LLC. All rights reserved.

5 Elements for Engagement


2010 Constellation Research Q4 qualitative survey on community engagement incentive drivers

Non-monetary rewards provide currencies in community engagement


Analyze your community PLUS interactions on the social web

Sentiment Competitive analysis Social graphing Business intelligence

Benchmark your community to others

Your site 1 2 3(Other sites)

By role By industry By company size By community size

Analyze your community

Members Roles Content Behaviors

Comprehensive measurement approaches


Analyze members & behaviors User activity, adoption & retention User engagement, influence, & trends User reputation & ranking

Sample measures that matter

Use Cases Discover Social Media Best Practices for

market verticals Identify value customers for incentives,

market research Identify positive and negative trends that

may impact your SM strategy

Track content & apps Popular topics, rankings, & trends Popular applications


Social media

Business results

What is Social ROI?


What is Social intelligence?

Social graph

+Social behaviors

+Social gaming

dynamics


Let’s consider an example.


Leading Financial Services Company

Blog

Financial Services- Premiere

Community

Me

Colleague(Blogger)

Incentive/reward for

survey participation

Network of Financial Services subject matter experts


Social interactions

Business Processes

Social intelligence

Persistent expansion

Community

More precise perso

nalization

Social ROI

Social Intelligence Dynamics


Questions?

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