Emerge
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Social media and data analytics will be important trends for future business. By combining social media listening with data analytics, companies can gain insights into customers and make better decisions. To fully benefit, companies need a strategy that aligns their objectives, tools, and measures across people, technology, and data.
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Emerge
- 1. emerge A look into the future direction of business
- 2. 2 Trends
- 3. Social Media
- 5. 2 Trends
- 6. What if?
- 8. Mmmm!
- 9. Social Media
- 10. History
- 11. How social media is presented
- 12. How social media is perceived
- 13. What exactly is social media? Social Media – Special Sauce Recipe 2 cups listening 1 cup creative thought 1 dash technical skill 1 pound trust
- 14. More than Marketing
- 15. A little bit like this…
- 16. and a little like this…
- 17. and a lot like this.
- 18. it’s this too! more on that soon
- 19. Technology Tools RSS / Tags Social Networks Video / Audio / Photos Blogs Forums Wikis
- 20. Which tool is right?
- 21. people objectives strategy technology Start here Finish here Forrester Model
- 22. People
- 23. Who are you people? critics creators collectors joiners spectators inactives
- 24. Forrester Social Technographic Ladder Creators Critics Collectors Joiners Spectators Inactives
- 25. Objectives Listening Talking Energizing Supporting Embracing
- 26. And now a word from our sponsors
- 28. Objectives Listening Talking Energizing Supporting Embracing
- 29. Strategy
- 30. Technology
- 31. Measure
- 32. Measure properly
- 33. Which brings us to…
- 34. Data Analytics
- 35. “ In God We Trust, All Others Bring Data.” - W. Edwards Deming
- 36. You absolutely can not make a series of good decisions without first confronting the brutal facts – Jim Collins
- 37. What is driving your business decisions?
- 39. How data analytics is presented
- 40. How data analytics is perceived
- 41. Most Companies
- 43. What do you want to by the best in the world at doing?
- 44. one version of the truth
- 46. ambition
- 47. Degree of Intelligence Competitive Advantage
- 48. How?
- 49. Signs of Optimization
- 50. Act 3
- 51. This should symbolize your business
- 52. This is your business on drugs
- 53. The Brain
- 54. 2 Sides to the Brain
- 55. Data Analytics
- 56. Social Media
- 57. Data Analytics Social Media
- 58. Data Analytics Social Media Signal Versus Noise
- 59. Data Analytics Social Media Respond Versus React
- 60. The web is the mother of all data warehouses - Richard Hackthorn
- 61. For example…
- 67. And finally, one last example
- 69. Thank You
Notes de l'éditeur
- Two trends occurring in the market today.
- Social media is everywhere. News people are on camera using Twitter to talk about the very news they are reporting. Facebook is over 300 million users and is valued at well over $6.5 billion dollars LinkedIn adds a new user every 2 seconds, They have over 40 million Myspace, Ning, Blogger, Wordpress, Youtube, and others like them dominate traffic rankings on the web. We are enamored. We all want to know how to use it to help our businesses succeed. Most simply have no clue where to go with it.
- Businesses are thriving because of data analytics. Netflix is an example of a company that thrives on analytics. Google is entirely built around analytics. The ability to use data to accurately predict the needs of the market, and then to use you distinct competency to create a sustainable competitive advantage is critical for business success.
- One is distinctively collaborative and expressive– a human symphony rooted in creative synergy. Exploration. Imagination. Open. The other is distinctly analytical – Facts, Accuracy, Precision, Rules & Procedures
- Social media, for all it’s similes and metaphors, is still data. It is meaningful data to be sure, but yes, just like the old tps report it is data – capable of being aggregated, analyzed, and used to produce deeper understanding of the word. Data analytics provides the means for this concept. Social media brings unique value to the concept of data analytics – moving to a more forward looking, interactive role. The future of business will see these 2 trends merge on the enterprise level to become one.
- So let’s talk about this concoction by examining each of these trends separately, and then putting them back together at the end.
- What the heck is social media. I hate the term. It is right up there with web 2.0, but it seems we are stuck with it. Driven by seminal works like Cluetrain Manifesto and the implosion of the .com boom – it connotes quite a bit of things that have shaped the web in recent years. Still in essence, it is human beings communicating on the web.
- Section 1 – Brief History of the Brief History of Social Networks Social Networks are about facilitating relationships with technology. Social Networks have existed since the dawn of civilization. Friends, families, and people with similar personal, economic, social, or religious views have banded together to help one another. There is a basic human desire for interaction with other human beings. However, throughout history geography, economics, social status, and other factors severely limited the depth and breadth of human interaction. With the advent of the digital age the personal computer, the internet, and the web browser have converted social networks to global, open, social networking sites. Concepts that started in the 70’s as ARPANET and LISTSERV, and then evolved to sites like Classmates.com, Epinions, and Sixdegrees.com, which paved the way for Friendster, Facebook, Blogger, MySpace, LinkedIn, Ning, Twitter, and countless other sites that facilitate human interaction. These are billion dollar businesses with millions of users constantly talking, listening, learning, and sharing information. This new world of hyper-connectivity, information overload, and infinite channels of communication has huge implications. Thus it is imperative for you to gain an understanding of social media.
- Magic cure for all that ails you. Just slap on a little social media and all those structural, cultural, and organizational problems will disappear! This is a fallacy. This is flawed thinking. This is the thinking of pets.com It is irrational exuberance. Social media is not magic, but it can be magical.
- Ghost, Phantom, Bit of an apparition. Can’t touch touch it. Many don’t believe in it. Can’t really hold it or understand it – afraid of it! Scary!
- Social media bible defines purposes of social media as being to Communicate, Collaborate, Educate, and Entertain Old forms of media and communication were about shouting. – VOLUME and MASS Television, Radio, Print, all based on scarcity of channels and limited access to them. Very much a linear, one way process with limited feedback maybe gathered at the end. This brave new world is about millions of conversations taking place constantly. – DISTANCE & DIALOGUE Ease of use / Transparency / Real People Effectiveness Low Cost / No Cost Fun Basic human need to engage with other human beings Business Interaction – Business to customer, Customer to Customer, Customer to non customer, Citizen to Citizen, Human to Human Different dynamic. Can not control the conversation, but can participate in it. Understand it. Use it to advantage.
- Marketing typically champions it, but it is far broader than marketing. Early adopters tend to be in marketing Certainly a way to engage with market Unless you are integrating throughout organization, not getting real benefit. Human resources, Research & Development, Supply Chain and Vendor Management Of course I believe in author Seth Godin’s assertion that “everything a company does is marketing.”
- Communication channel – Imagine 100 years ago people debating the use of phones for business What if somebody says something bad – anyone in the world could hear What if somebody shares the “secret sauce?” Now imagine 100 years ago your company had the legal ability to listen to all the calls, talk to callers, understand what was being said, and use it to better understand the marketplace. The very same discussions we have now. Not just your employees calling customers, employees calling employees. Customers calling each other. Cultural / organizational issues, not technology issues.
- Now, unlike with the phone, You can hear much of what people are saying You are allowed to listen You can identify trends, threats, opportunities, news, hot topics, and get expert information on anything You can truly understand what people are saying.
- Fluid, changing shape, form, to match surroundings. Need it to survive. Essential to life. Can also drown you if you don’t understand how to swim.
- Yes it is data. I just gave away the punch line. Social Media is data, it can be analyzed, incorporated into your infrastructure, and utilized as a powerful analytical tool.
- Wikis – Wikipedia – open architecture for people to update with information, share will all. Rivals Britannica in accuracy, blows it away in terms of speed and breadth. Social Networks – Facebook, Ning, Myspace, LinkedIn – exploding across the web RSS / Tags – Organizing and delivering relevant content from across the web. Google Reader, Feedburner, del.icio.us, Digg Subscribe to search results on google, twitter, hundred of other sites Forums – Yahoo Groups, Apple – been around for a long time, still wildly popular Video / Audio / Photos – YouTube – tremendous amounts of traffic, anyone and everyone is video journalist / filmmaker Flickr – photo sharing, tagging, commenting Blogs – hundreds of millions of people expressing themselves, sharing opinions, engaging in conversation
- Not about the tool. Tools are transient. Friendster gives rise to MySpace gives rise to Facebook and LinkedIn, gives rise to Ning. There are ample tools, and they are the easy part of the equation. That is part of web 2.0 – low barriers to entry with regard to cost, complexity and ease of use. Facebook does not have 300 million people on the platform because it is complicated. So where do you start?
- Forrester presented POST model in the book Groundswell, by Josh Bernoff and Charlene Li. Great place to start. People – who do you want to talk to Objectives – what are your goals Strategy – How will this translate to success Technology – What applications are most appropriate This process is usually less than linear, as the answers seem to come together fairly quickly once the process gets moving forward. Still, each part of the process is critical to consider.
- Customers, Prospects, Clients, Subsegment of Clients, Employees
- What do these people do online
- Creators – publish a blog, web site, video, audio – uber user. Critics – Ratings, reviews, comments – forums, rankings and wikis Collectors – Use RSS, Add Tags to Web pages, Vote for content online Joiners – Maintain profile on social network, Visit social networks Spectators – Read blogs, watch video, read forums, read ratings Inactives Additionally are they internal or external. Do you have an existing relationship or are they strangers
- Listening – Just like it sounds. Research. What are people saying? What do they want? What do they need? How are we doing? How about competition? Sloan Kettering Example from Groundswell – Understand what it feels like to be your consumer Mini USA – Brand Loyalty, identifying user motivations, developing campaigns around that Talking – Classic marketing – participating in conversations – HR Block 52 % increase in brand awareness through social media tax prep initiatives Blendtec – will it blend – Ernst & Young – thousands of fans on Facebook – need 3,500 college grads every year. Facebook provides them with access to best talent, best fit HP – countless product blogs used to help customers through decision process Energizing – making it possible for customers to talk to each other - sales Lego – communities of people, Lego ambassadors, user community – all promoting legos Supporting – Customer support - Enabling customers to support one another Dell – support forums, regular people answer questions, Dell rewards them, additional reward of helping others Embracing – Development Your customers helping you to develop new innovations and ideas DelMonte- using social media to gather ideas for new products. Starbucks Ideas – customers submit ideas, rank them, offer feedback, deliver innovation
- Listening – Just like it sounds. Research. What are people saying? What do they want? What do they need? How are we doing? How about competition? Sloan Kettering Example from Groundswell – Understand what it feels like to be your consumer Mini USA – Brand Loyalty, identifying user motivations, developing campaigns around that Talking – Classic marketing – participating in conversations – HR Block 52 % increase in brand awareness through social media tax prep initiatives Blendtec – will it blend – Ernst & Young – thousands of fans on Facebook – need 3,500 college grads every year. Facebook provides them with access to best talent, best fit HP – countless product blogs used to help customers through decision process Energizing – making it possible for customers to talk to each other - sales Lego – communities of people, Lego ambassadors, user community – all promoting legos Supporting – Customer support - Enabling customers to support one another Dell – support forums, regular people answer questions, Dell rewards them, additional reward of helping others Embracing – Development Your customers helping you to develop new innovations and ideas DelMonte- using social media to gather ideas for new products. Starbucks Ideas – customers submit ideas, rank them, offer feedback, deliver innovation
- Improve customer satisfaction Deliver new products to market Increase overall market share Drive profitability through supply chain management What are you trying to do with your business. How does social media integrate with that. We are the best in the world at… Social media can enhance this by …
- Ning, Facebook, BuddyPress, Wordpress, Google Sites, MySpace, LinkedIn Driven by people, objectives, strategy. Becomes apparent.
- This is the million dollar question How do you measure the ROI on social media. First it is a flawed question. It assumes that social media has finite value, like a direct mail campaign. Rather it typically has cumulative value. It should build over time like an annuity. If you have clearly defined business metrics relative to your distinct competency, measure the changes in these metrics. Sure you can and should measure web stats, friends, followers, comments, traffic and the like.
- Sure you can and should measure web stats, friends, followers, comments, traffic and the like. These are important indicators. Still these need to be integrated into your strategy. What is the dynamic you want to change? How? What will be the outcome?
- Data can offer companies a means to create a competitive advantage. Understanding and leveraging data properly can lead to better, more timely, more profitable decision – particularly over the long term direction of a business. An excellent source of information on this topic is the book Competing on Analytics by Thomas H. Davenport and Jeanne G. Harris – which served to inspire this portion of the presentation.
- This is the idea we are looking for. Not gut decisions, but data decisions. Google is known for “trying things” They have a litany of products and services in “beta” Why? They come up with ideas, support them with data, test them, gather data, and continue to evaluate the value of these decisions. Data is everywhere and to great companies it is everything
- Sure you can guess. You can get lucky. In college, I spent a summer doing landscaping. Lots of bee-stings, and poison ivy, but I was outside and it was fun. Some of my coworkers had a strategy for getting rich. It was based on data. One of their friends had won 10 thousand dollars playing a scratch off lottery ticket. Now they decided that they should spend their paycheck entirely on these tickets – buy the whole roll and you are sure to win big Wrong. Brutal facts are the lottery is a tax on people who are bad at math. I confess I play from time to time – but I realize that I will probably lose that dollar. That is the brutal fact.
- Many businesses use this as a framework. Go with the gut – sometimes it works. Sometimes it is necessary. Great if you are a sumo wrestler, less than ideal for most other businesses. Over time usually fails. Even if you are wildly successful, gut decisions are not systemic, so they don’t transfer or scale. The gut is a problem.
- Represents organization – often viewed from analytical perspective. Think. Analyze. Data. Facts. Hopefully people are using this organ as opposed to others to make important decisions. One great thing about us humans, is that we use technology to help the brain along. Focus on solving ever bigger problems, and simplifying how we do it.
- Nerdy, cold, lifeless, but uber smart. A little out of touch with the “real challenges” of running the business.
- For many business managers, data is misunderstood. It is clunky, old reports, boring, cumbersome, and one more thing on the “to do list.”
- Analytically Impaired Flying Blind, What Happened, Using the rearview mirror to drive the car. Data only shows where we’ve been – and recently – not where we are going and why, let alone if we have enough gas It is reactive, non-intuitive, not integrated.
- Use data analytics to drive a competitive advantage. They understand the need for tools. They know how to use them as an integrated part of life. Wal Mart, The New England Patriots, Netflix, Google. They exploit exsiting methods of gathering and using data, and they explore new methods. Specific prescription – identify blind spots, create clear vision of success, not just pick up a pair of readers at the drug store. Might also be represented by GPS / Radar. What is likely to happen next, how will we capitalize on it.
- What makes for an Analytical Competitor – someone who uses data as a key part of their strategy for long term viability Distinct Capability How does data support this strategy – WalMart is supply chain logistics New England Patriots – Human Resource Management Progressive – Technological Development for Pricing Strategy Focusing on optimizing that attribute that makes them unique, special, different, and in the mind of their customers - better
- Enterprise wide management of analytics – one version of the truth One Version of the truth At a former employer, it took almost a month to answer the question “who is our best customer?” This was relative to simple revenue and profitability. Not future projections, not a fancy computation. Just who spent the most and who made us the most money. This took a committee of people. Long debates. It wasted time, and came with a huge opportunity cost. Companies that excel in this space have a clear and consistent picture of the world. Data is - Correct - Complete - Current - Consistent - Contextual - Controlled This is our bread and butter at LUCRUM
- Commitment by senior management This is not about a project or a campaign. It is a deep commitment. A lifelong, transformational experience that comes from using facts for the basis of decisions.
- Ambitious Goals WalMart revolutionized retail. The New England Patriots dominate the NFL, where parity is legislated. Google went from a relative unknown to a dominant player in the global economy Netflix destroyed an entire business model by creating a new one, and now they are doing it again They realized the power of data, dreamed big dreams, and made them happen.
- Continuum of analytical ability
- Organizations – support for analytical competency / social media - defined strategy Humans – the skill set necessary to engage in sharing and analysis – ability to execute Technology – the easiest piece of the puzzle. Commitment to data infrastructure, systems, and gathering and analyzing data
- Direct, instantaneous access to data Workers spend time analyzing data rather than collecting and formatting it Managers don’t argue about whose numbers are correct Data is shared between company, it’s customers and suppliers Data permeates every facet of the organization
- Driven on a crash course by Moore’s Law, Mobile & Global Web Access, Open Platforms of Technology Social media and data analytics are merging into something new and exciting
- Represents organization – often viewed from analytical perspective
- Wrong presentation. Sorry.
- Represents organization – often viewed from analytical perspective Here we are looking at the left brain. The serious part. The financials. The metrics. Data analysis. Process. Procedure. Rules.
- Left Brain – Analytical, Critical, Facts, Goals & Objectives, Precision Right Brain – Passion, creativity, vision, synergy,
- Buying patterns, consumer behavior, who we are, where we live, understanding this builds your logistics, planning, and organizational strategy. Average revenue per customer, most profitable, most loyal, Use this data to optimize supply chain, predict seasonal sales trends, measure impact of marketing & advertising, You have a tremendous amount of left brain information about people. The facts. Analysis.
- What we like, what we want, our opinions, emotions, feelings, understanding this builds brand loyalty, word of mouth, value – also part of your organizational strategy Where your process works. Where it fails. What we think of your new strategy or product? Why? What are friends think? What we want next? Are you following any of your customers on Twitter, Facebook, Linkedin? Are you reading their blogs? Do you know what they think? Are you aggregating these opinions into data that indicates trends, globally, locally, in a sub-segment Do you know who your most influential, profitable, and loyal customers are? All this could apply to employees, vendors, prospects, etc…
- Data Analytics – measures, metrics, how well is it working, meeting our goal, tracking progress, what next? Social Media – what next? What to create? What problems to solve? How to solve them? Big Ideas, Open, Expressive The 2 are cyclical, work in tandem, identify problems, solutions, measure effectiveness, gauge progress Use data to determine more about who is saying what. Is this my target consumer? Is this my most valuable customer? What is the impact of their opinion? How do I respond? What if I lower my price, grant a refund, change my policy? How will that impact business? What if I lose this customer and their friends? Not just your brain, but the collective brains of the world.
- Don Wheeler coined this phrase in the book Understanding Variation Refers to determining what represents systemic change versus normal variance, provides statistical model for application Beyond that provides conceptual framework for understanding this dynamic Noise surrounds us. It is noisier than ever now. The trick is how to discern the signals from the noise. Who is complaining? Why? Is this normal? Is this actually good? What is the relevant data in your firm? Do you have access to it? Do you understand it? What
- Reacting is thoughtless, it is not controlled. It is problematic and puts others in control. Responding means taking thoughtful action. Weighing options. Acting intentionally. Identify signals, respond appropriately, drive the market in a new direction.
- Data from all around the world. Transactional data, conversational data, you can engage this global conversation / transaction / and information engine to grow your business. Deep understanding of your world 360 degree picture
- Nike Plus is credited with taking Nike from 48 percent of US Running shoe market in 2006 to 61 percent in 2008 NikePlus.com now has 2 million members, according to the company, who have tallied over 100 million miles. Product is brilliant because it works with ipod, makes running more engaging, provides Nike more information about me, pushes me toward Nike shoes which are designed for the product, gives the company insight into what I want – both product and experience.
- This site has personal data about me. How old, where I live. How often I run. How far I run. How fast I run. This site can track social media interactions. Who are my online friends? How competitive am I? What do we think of Nike? They interact directly with me. Every mile I run, brings me closer to my next purchase.
- CEO Reed Hastings has masters in Computer Science from Stanford. Former math teacher in peace corps. Company started after CEO got hit with a $40.00 late fee from Blockbuster in 1997. Why couldn’t this work like the gym – monthly fee and use as much as I want. No late fees. Netfilx will reach between 11.6 million and 12 million subscribers by Dec. 31. It said revenue will be between $1.65 billion and $1.67 billion and net income will be $99 million to $109 million. They are transitioning into streaming movies via the web, which will provide even more data and profitability. Netflix uses data masterfully. Gathers individual user preferences – analyzes against other users to make recommendations. Negotiates fees for distribution and procurement Entire business model is based on data Also engaged heavily in social media
- Using data to predict customer movie preferences. Social media engages the user. Web enables the service to exist. Here are new releases – comment please Here are new policies we are considering (driven by data) comment please. Here are your comments, and what we are doing about them (driven by data)
- Using free platform Ning, Netflix built it’s own social network to engage fans, gather opinions, build loyalty, drive innovation Builds on influence concept of social proof, others doing this, so should I Powerful. They are also on Facebook, Twitter – most importantly they do these things to build their business strategy. How do we better serve the needs of our clients? Particularly as the model changes. How do we avoid being Blockbuster?
- Why did amazon buy zappos for 1.65 Billion dollars? Amazon has plenty of ways to sell shoes. They did not need Zappos for shoe distribution or awareness. Amazon is exceptional at using data analytics to manage online efficiency. They rule the web with regard to ecommerce. Why? Here is what Marketing Expert Seth Godin says about the deal. A corporate culture that's not the same (and where great people choose to work) A tight relationship with customers that give you permission to talk with them A business model that's remarkable and worth talking about A story that spreads Leadership These things are available to organizations of every size. If you want them and choose to work for them. Zappos specializes in online excellence in customer service. They use the social web to communicate, understand customers, articulate value. They did things differently.
- You – your contact database, your twitter followers / facebook friends / linkedin connections Data about these people – Who they are, where they work, what they like to do, how old they are, what challenges they face Engaging people – blog posts and comments, facebook and twitter conversations, ning groups – not to mention non-profit activities or business networking meetings Your job – what you do every day – data, understanding, expertise Jeffery Gitomer – All things being equal, people want to do business with their friends, all things not being equal people still want to do business with their friends. How can you take the analytical data you have about your network and combine it with the social media / conversational data you have Ideas for new business opportunities. Monitoring your clients business, products, executives for mentions Monitoring your employees names for mentions Appreciating when people reach milestones in life Building relationships and gathering information Identifying trends that impact prospective customers – subscribing to feeds about them. Providing data to customers and prospects in new ways Establishing analytical competency through listening, and then building real value for people.
- These two trends are merging. They are leading us to an unknown and exciting future, with unfathomable insight and potential. Understand that this is the future, and begin shaping your approach now. Remember that social media is data, and data will increasingly drive your business decisions. The principles still remain, they just become executed in new ways. I hoped that I have convinced you of the important role social media and data analytics will play As you devise your strategy with these ideas in mind, and incorporate them to optimize your future, My firm, LUCRUM, as well as Kizan and New Horizons all offer unique ways to help move you toward that future. We all would welcome the chance to continue this conversation with you as you travel down this road.