Showing posts with label Social Media Analytics. Show all posts
Showing posts with label Social Media Analytics. Show all posts

Sunday, February 2, 2014

How to Initiate Social Media Analytics in your Organization? Here is the Simplified Implementation Framework!


As a prerequisite for social media marketing, you need to have a clear understanding of your overall vision, what your goals will be, and how you will track and measure the success of your social media initiatives. In other words, you must create a social media analytics plan.



The first step in a social media analytics initiative is to determine which business goals the data that is gathered and analyzed will benefit. Typical objectives include increasing revenues, reducing customer service costs, getting feedback on products and services and improving public opinion of a particular product or business division. This can be achieved by monitoring how the users are looking at your brand/products and how they are looking at your competitors. When we are talking about ROI, there is no single ROI we can point out. The business impacts of social media various at different levels in the organization. For example, the C-level executives care about metrics such as brand reputation, revenue, customer satisfaction etc. At the same time, the business unit heads and line managers are interested in more granular metrics specific to their goals.


Define Strategy

A successful social media strategy requires alignment with the strategic business goals of the organization, organizational alignment and required support/commitment to enable the execution. We have to define what we are trying to achieve and how we are going to approach it. Defining the success criteria will help to drive the initiatives and evaluates the effectiveness. Strong organizational commitment and support is needed to implement the strategies.

Define Measurements

Always advisable to begin with few key metrics that you believe are practical to deliver and actionable. They should give the most impact on your business. Formalize those metrics with process and dashboard and then expand further by adding other metrics in an incremental approach. Here are a couple of guidelines you should follow when defining KPIs:

  1. Select key performance indicator(KPI) metrics that translate into business context like sales, revenue, business leads, lead conversion, customer interaction, conversions, etc.
  2. Create specific social media analytics metrics for each social network site and specific elements of your website
  3. Define actionable social media analytics

The most important guideline above is to define actionable metrics and here are few examples
  • Reduction in support costs
  • Number of people in a specific location who follow your company on Twitter
  • Reduction in sales cycles
  • Increase in product reviews

Resources & Tools

You have to asses your readiness to measure social media in terms of present state of the organization, probable barriers and strategies to overcome it, resources, required analytical and tools expertise and communication strategies. A successful social media analytics implementation and operation depends on the integration and effective utilization of all means in the organization.

Example


The organization identified financial performance improvement as a key objective. Identified call center operation cost reduction as one of the ways to improve the financial performance. In order to provide the same quality of service to customer, organization decided to respond proactively to users through social media like twitter and facebook. Here the call center cost performance becomes the business KPI and number issues solved via social media become the social media metrics.


Check list



Since social media analytics is in the early stage of adoption, there aren't any well-established frame works are published anywhere. However organizations have to follow the discussed minimum critical steps to build a business focused social media strategy.

Sunday, October 13, 2013

Social Media Analytics Overview and Value Metrics



Social media is a emerging medium to understand real-time consumer preferences, sentiments and intentions. Social media analytics is the tool to uncover the customer sentiments from social media dispersed across online sources.
According to Gartner’s Definition, Social analytics is monitoring, analyzing, measuring and interpreting digital interactions and relationships of people, topics, ideas and content. Interactions occur in workplace and external-facing communities. Social analytics include sentiment analysis, natural-language processing and social networking analysis (influencer identification, profiling and scoring), and advanced techniques such as text analysis, predictive modeling and recommendations, and automated identification and classification of subject/topic, people or content.


What your Management is Looking for?

The management wants to hear how the organization strategies, initiatives and business goals performing over a specific period of time. Social Media Analytic helps your organization answer many questions like:
  • What are consumers saying and hearing about my brand/Company? Is my reputation affecting?
  • Which initiative/effort has the greatest impact? 
  • What are the most talked about product attributes in my product category? 
  • Is the product/service feedback good or bad?
  • Competitor insights
  • Customer growth metrics
  • Customer Quotes
  • Customer Action Taken


Social Media Analytics Value Metrics


Social media analytics solutions in general can help your business by

  1. Capture consumer data from social media to understand opinions, attitudes, trends and manage online reputation
  2. Predict customer behavior and improve customer satisfaction by recommending next best actions
  3. Create customized campaigns and promotions that resonate with social media participants
  4. Identify the primary influencers within specific social network channels

Here is the Detailed Social Media Analytic value metrics


Brand Health and Awareness

This is nothing but the measure if how people feel about your brand, talk about and act towards your brand. By measuring the you can mitigate or block crisis and understand the scale of reputational threats and possible opportunities. The brand health can also be a measure of net promoter Score(NPS). NPS is the difference between percentage of promoters and detractors. You will have a positive brand health if the NPS is above Zero. 
  • Sentiment analysis
  • Competitive performance
  • NPS measurements

Sales & Marketing optimization

Marketing and sales divisions can measure how their marketing and sales promotion activities are performing in the market. Based on this organization can understand how the initiatives are influencing purchase behavior, brand perception etc and to plan future initiatives. Suitable correction can be applied for the ongoing initiatives as well for better benefits. Fe examples of marketing measurements are 
  • Campaign measurements
  • Influencer impact
  • Content Performance

Improved Revenue Focus

Social media cannot directly generate revenue. The revenue has to be considered as a combination of tangible components like real revenue and intangible components like generating loyal customers. Social media plays an important role in purchase process and understanding this, you can change the customer intents. But focused and continuous customer engagement and interaction, you can convert the detractors to promoters and probable customers to customers. All these efforts will be resulted in the overall revenue of the organization. Few example measurements are
  • Impact of social media search results
  • Loyalty measurements
  • Revenue

Operational Optimization

Social media interactions with customers improve not only customer experience, but also provide scale as solving one person’s problem is visible to others as well. This will help to reduce effort for repeatedly addressing the similar issue to other customers. In the same way, by effective social media customer interactions/engagement, organizations can reduce the call center call volumes and intern reduce the operation cost by answering through twitter page or similar social media forums. Few examples are
  • Cost containment opportunities
  • Potential cost savings from Contained calls
  • Super fan/Advocacy identification 

Better Customer engagement

Better customer experience will provide brand health, cost saving and revenue optimization. Social media can e considered as an early warning system. Whenever organizations found an issue in the media, they proactively fixed before the issues getting aggravated and customers keep informed. Examples of customer experience measurements are
  • Attitude
  • Intensity (Momentum of otpic)
  • Issues & crisis

Product/solution/ Service innovation

Companies can get innovative ideas from social web by monitoring feedback, comments, issues from own products and from competitors. So far companies used to get these ideas from their own websites (Eg. mystarbucksideas.com) and now they no longer need to depend on their own sites which can even shutdown for cost optimization. Few Measurement samples are
  • Opportunities and threats
  • Idea impact and response


Major companies adopted SMA

Dell Social Media Analytic Command Center 

Social Media Analytic is widely adopted organisations especially those who are in to consumer products, entertainment business and Service. Few examples are Dell, Proctor & Gamble, Warner Bros, Star Bucks, American Express, DIRECTV, JetBlue Best Buy, Royal Bank of Canada, Whirlpool, etc.

Popular Social Media Analytic Tools


Salesforce Radian6, Alterian SM2, Adobe, IBM, Oracle, SaaS Analytics, Social mention, scout lab, Trenderr, Blogplus, Apark, Collective Intelluct etc