social media breakfast club and sysomos presentation sept 22 @drnatalie
TRANSCRIPT
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DR. NATALIE L. PETOUHOFFUSC Adjunct Professorwww.drnatalienews.com
Social Media Monitoring &
Measurement:Turning Data into
Insights
*Artwork by Joe Bertelli
Curious?
#SMB_LA #SMWLA @DrNatalie
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Social Media is Exploding
#SMB_LA #SMWLA @DrNatalie
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Agenda1. What to monitor and why2. Where social media ROI comes from- what to measure to get ROI 3. What happens when you don’t do social media monitoring
#SMB_LA #SMWLA @DrNatalie
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Why Monitor?Why ROI? Why Now?
You have to be curious to be successful…
http://www.picturesofcats4you.com
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Social media adoption? Where’s your brand?
Most companies are in the Early Majority category• Early Majority are:
• Pragmatists • They dislike unpredictability• They need assurances • SHOW THEM: what they’re going to do will work• They are hard to win over
Adopting companies
are: innovators
or early
adopters
The Social Media Adoption*
* Adopted from: Crossing the Chasm”, by Geoffrey A. Moore
#SMB_LA #SMWLA @DrNatalie
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That’s why business cases and ROI are now needed…
Convincing Early Majority that social media matters• Requires something different…• Something concrete…• A business case…• It requires ROI…
* Adopted from: Crossing the Chasm”, by Geoffrey A. Moore
The Social Media Adoption*
#SMB_LA #SMWLA @DrNatalie
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SOCIAL CURRENCY
is the value…
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WHY SHOULDYOU CARE?
#SMB_LA #SMWLA @DrNatalie
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History give us perspective to see future opportunities…
Source: http://www.buzzmachine.com/archives/cat_dell.html
Dell Hell: it started with a post
#SMB_LA #SMWLA @DrNatalie
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DELL SUCKS. DELL LIES. PUT that in Your Google and smoke it…And it gained momentum…@DrNatalie
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And led to dedicated haters…
Source: http://www.buzzmachine.com/archives/cat_dell.html #SMB_LA #SMWLA @DrNatalie
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What was / is social media?
#SMB_LA #SMWLA @DrNatalie
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Go back in time…People were predicting this…
There would be… A place in time….
Where the customer would in charge of the message …
And there would be an enabling technology… We are here now…
This is your opportunity!!!!
#SMB_LA #SMWLA @DrNatalie
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"Long- term commitment to new learn ing
and new phi losophy is
requi red of management that seeks t ransformat ion .
The t imid and the fa in thear ted are doomed to
d isappointment .“
- - W. E D WA R D S D E M I N G
Go back further…Many scholars had advocated to listen to
customers, employees, partners..
#SMB_LA #SMWLA @DrNatalie
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What’s new? NOT customer upset.The customer now influences one to many…
The impact? Companies must listen…
Source: FastCompany.com and BusinessWeek.com
Does word of mouth Matter?
Ask Tony and Alfred…
#SMB_LA #SMWLA @DrNatalie
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What’s given fuel to the fire?The press has taken up the cause…
Source: FastCompany.com and BusinessWeek.com #SMB_LA #SMWLA @DrNatalie
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Customer uses social media (youtube.com) to vent their frustration…
The story ends up on CNN… Wolfe Blitzer’s…The Situation Room…
Source: Youtube.com and CNN.com #SMB_LA #SMWLA @DrNatalie
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1. Start to do social media monitoring2. Grab screenshots that tell a story about what is happening to the business3. Show executives the screenshots & ask if this is something we should pay attention to….
If you are going to take social media seriously…
#SMB_LA #SMWLA @DrNatalie
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Why is ROI so hard?It’s a complexity issue… You have to have knowledge of and hold in your mind three things at once…
1. Your traditional business goals & metrics2. Social media business goals and metrics3. How social media affect traditional business
situations when you apply it
#SMB_LA #SMWLA @DrNatalie
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PR & Marketing Research
Focus GroupVs
Online Community
#SMB_LA #SMWLA @DrNatalie
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Cost of a Focus Group12 people = $15K
1 focus group/month x 12 months = $180K
#SMB_LA #SMWLA @DrNatalie
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Cost of a social media monitoring or an online
community$7K=$200K
Result: Continuous, ongoing, direct, authentic, genuine feedback from hundreds or thousands of people that can benefit PR and other departments
#SMB_LA #SMWLA @DrNatalie
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Product Development and
LaunchInsulated prod dev
Vs Community co-creation prod dev
#SMB_LA #SMWLA @DrNatalie
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Cost of Engineers and Marketing Team
1 engineer costs = $80K5 engineers x $80K = $240K +
Marketing Launch costs…#SMB_LA #SMWLA @DrNatalie
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Record Sales
Cost of a CommunityAsk your customers what they wantUse social media monitoring to learn
$7K=$100K
#SMB_LA #SMWLA @DrNatalie
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Customer ServiceCall Center Agents
Vs Online Community
#SMB_LA #SMWLA @DrNatalie
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Cost of a Agent Salary
1 agent costs = $50K-$80K200 agents x $50K = 10M
#SMB_LA #SMWLA @DrNatalie
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Cost of a CommunityEngage advocates and experts
$7K=$100K
Happy, Loyal Customers
#SMB_LA #SMWLA @DrNatalie
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How to calculate ROI:1. Determine what department 2. Determine the goals for the department3. Decide on metrics, monitor & measure- both traditional & social media
#SMB_LA #SMWLA @DrNatalie
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Fractures a brand’s equity…
What happens to brands that don’t…. – Understand what the customer is saying in social networks?
– That don’t do social media monitoring to understand their audiences?
– That don’t collaborate cross functionally on social media?
– That don’t adopt social media?
Your brand
#SMB_LA #SMWLA @DrNatalie
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It’s not that uncommon that a company looses it’s way…
September 23, 2010 • Blockbuster Video went into bankruptcy• Why? • Competition by companies like Netflix
#SMB_LA #SMWLA @DrNatalie
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What could have helped Blockbuster?
Social Media Monitoring…
#SMB_LA #SMWLA @DrNatalie
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Blockbuster 2010
Sentiment towards Blockbuster*33% +36% -
*Social Media Monitoring Data from Sysomos
If Blockbuster was listening to customers, they might have been
able to shift…
#SMB_LA #SMWLA @DrNatalie
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Blockbuster Demise / Netflix Rise 2010
But Blockbuster didn’t listen and had to file
bankruptcy
*Social Media Monitoring Data from Sysomos#SMB_LA #SMWLA @DrNatalie
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Customer Sentiment Around Blockbuster Bankruptcy, Sept 2010
*Social Media Monitoring Data from Sysomos#SMB_LA #SMWLA @DrNatalie
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Flash Forward to July 12, 2011Was Netflix listening?
*Social Media Monitoring Data from Sysomos#SMB_LA #SMWLA @DrNatalie
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Example of Not Hearing…
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What happens when
you don’t listen or hear
&
you act without considering what
customers think, feel and know.#SMB_LA #SMWLA @DrNatalie
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Despite the >23,000 negative comments on the blog…
July 12, 2011
Netflix sent out a notice on the
price hikeon Sept 19th, 2011and the results were...
#SMB_LA #SMWLA @DrNatalie
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Press CoverageQwikster (Netflix’s new offering) Sept 19th, 2011
#SMB_LA #SMWLA @DrNatalie
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Negative Press Coverage
Qwikster (Netflix’s new offering) –Sept 19th, 2011
#SMB_LA #SMWLA @DrNatalie
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Qwikster (Netflix’s new offering) – Sept 19th, 2011
*Social Media Monitoring Data from Sysomos#SMB_LA #SMWLA @DrNatalie
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Qwikster (Netflix’s new offering) Sept 19th, 2011
Three top words in the Buzz Graph?
• Reed• Hastings• Apologize
*Social Media Monitoring Data from Sysomos
#SMB_LA #SMWLA @DrNatalie
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#SMB_LA #SMWLA @DrNatalie
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#SMB_LA #SMWLA @DrNatalie
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#SMB_LA #SMWLA @DrNatalie
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Now Blockbuster is listening & hearing!
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Netflix didn’t even check the twitter handle-- @Qwikster
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May be it’s a good idea to listen to your customers!?!
#SMB_LA #SMWLA @DrNatalie
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Did Blockbuster cross the chasm of it’s time?
Did it shift with a changing marketplace? No….
Where is your
company in the adoption
of social media?
* Adopted from: Crossing the Chasm”, by Geoffrey A. Moore
To help your company cross the chasm• Give them assurances • SHOW THEM: what they’re going to do will work• Show them that there is a business case & ROI can be calculated• That it is not rocket science• That the more things change, the more they stay the same…
*The Social Media Adoption Chasm
#SMB_LA #SMWLA @DrNatalie
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Early Majority34%
Late Majority34%
Early Adopters
13.5%
Laggards16%
Innovators 2.5%
THE CHASM
5
Social Media Adoption CurveSocial Media Adoption Curve
To be a long-term leader in any industry, You’ll have to cross the chasm to social media
* Adopted from: Crossing the Chasm”, by Geoffrey A. Moore
Are you a innovator, an early adopter or an early majority? What’s it gonna take for you to cross the chasm or die….?
The Social Media Adoption Chasm
#SMB_LA #SMWLA @DrNatalie
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Don’t do the ostrich…
Imagine how silly you might look…
#SMB_LA #SMWLA @DrNatalie
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… take your head out of the sand… and cross the
chasm….
#SMB_LA #SMWLA @DrNatalie
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@drnataliewww.drnatalienews.com310-910-1542
Link to the Social Media ROI videos:http://www.drnatalienews.com/blog/did-u-see-the-videos-on-the-roi-of-social-media
Curious about The ROI of
Social Media?
*Artwork by Joe Bertelli
Link to white papers on the ROI of Social Media:http://www.drnatalienews.com/blog/roi-of-social-media-white-papers-by-dr-natalie-petouhoff
DR. NATALIE L. PETOUHOFF
#SMB_LA #SMWLA @DrNatalie
Thank you!