Study: Value of social media analytics tools still not understood

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The findings of a study by Demand Metric and Netbase sound positive – but not on a second glance. Although most marketers seem to have understood why they need to work with social media analytics tools, they still haven’t figured out how it helps them to find the social ROI. At least, 61% of responding marketers use social media analytics tools, and of those 53% started working with the tools in the last two years.

The study based on 125 marketers (70% B2B-focused, 13% B2C and 17% split) shows that marketers find social analytics tools most valuable for helping with campaign tracking, brand analysis, and competitive intelligence. 60% of the reponsing people use social media analytics tools for campaign tracking, brand analysis (48%), competitive intelligence (40%), customer care (36%), product launches (32%), and influencer ranking (27%).

Demand Metric SM Use Case Optimization

It still surprises me that the majority of respondents (66%) states that social media analytics tools are most valuable to help assess and quantify the degree of engagement. Is there more in it like understanding where engagement of the company is needed, leveraging content for production and curation, spoting the mentality and value of influencers, identifying engaged communities or platforms, or detecting features and traffic of personal brand advocacy? Obviously, most marketers are still far behind in understanding how to use and leverage social media analytics tools.

Demand Metric ROI SM EffortsSpot On!
Although most marketers see the opportunities to leverage the social ROI, most are still in their infancy in converting data in findings, and leveraging social media in their daily business. The findings show that most of those marketers (70%) still cannot quantify their social media ROI. The question is why they cannot do so? Do you have any ideas or experience where the main challenges are? Is it a problem of resources, of technology misunderstanding, or simply not clear which social KPIs make sense to meet the overall business targets? Let us know what you think…

Study: Big brands could do better on social customer service

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Some weeks ago, we have written about the importance to be fast on response time on Social Media platforms. We made clear, based on some research by Convince & Convert, that companies need to react in not more than 60 seconds on complaints, customer enquiries and questions that appear on company’s and brands‘ social platforms.

Now, a recent study of some of the biggest brands in the U.S., like Coca-Cola, McDonalds, Visa or Starbucks shows that providing a top standard of customer support on Twitter is not really as fantastic as it seems. Although some readings of all those good posts about these brands and their Social Media efforts might assume the companies do whatever they can in Social Business terms.

In the study, four Software Advice employees used their personal Twitter accounts to address customer service tweets to 14 consumer brands in seven industries – McDonalds, Starbucks (Fast Food), Coca Cola, Pepsi (Soft Drinks), Visa, Mastercard (Credit Cards), Wells Fargo, Bank Of America (Banking), Walmart, Home Depot (Retail), Apple*, HP (Consumer Tech), Gillette and Colgate (Personal Care).

They sent each brand’s Twitter account one tweet per weekday for four consecutive weeks, from „Urgent, to Positive/Negative, or questions about FAQ or technical issue. Then, brands were evaluated on their average response time and rate. See the results in the following infographic…

How people see it – The state of social at work

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The technology service provider Appirio published some findings that most business people are more social personally than they are at work.

The findings show that twice as many managers are engaged in Social Media compared to the people they have in their teams. What the survey did not tell us is the reason why the people are using social platforms and features less than their managers. Are they not allowed to engage on communities at work? Are Social Media policies too much black and white? Or do they not see the benefits Social Media offers?

The positive outcome is that there is some understanding of culture and ownership of the social business as the driving factors for success. Although marketing seems to be owning the social business transformation, the question remains if this does not make space for a new position in companies like chief web officer or chief culture officer. Another question that could be raised in companies in my eyes.

Appirio State of Social eBook from Appirio

Interview: „Social Business = Creating a smarter workforce & a proven solution to business challenges“

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One-on-one interview with Ed Brill

Ed Brill is Director, Social Business and Collaboration Solutions, at IBM. Brill is responsible for the product and market strategy for IBM’s messaging, collaboration, communications, and productivity products, including Lotus Notes and Domino, IBM SmartCloud Notes, IBM Sametime, Lotus Symphony, IBM Docs, and other related social business solutions. Brill’s focus is on extending and growing the success of these solutions through customer engagement, partner ecosystem development, and harnessing the breadth and depth of the IBM organization.

The Strategy Web spoke with him about the relevance and future of Social Business.

Why is Social Business not only a buzzword?

Leaders in every industry are leveraging Social Business technology to disrupt their industries and create competitive advantage. They are improving productivity and unleashing innovation by tapping into the collective intelligence inside and outside their organizations. With social, they’re creating a smarter workforce and proving that social business isn’t just a buzzword, it’s a proven solution to business challenges.

According to Forrester Research, the market opportunity for social enterprise apps is expected to grow at a rate of 61 percent through 2016. According to IBM’s CEO Study, today only 16 percent of CEOs are using social business platforms to connect with customers, but that number is poised to spike to 57 percent within the next three to five years.

What does it take to make a business „social“?

Organizations have quickly learned that a Social Business is more than just having a Facebook page and a Twitter account. In a Social Business, every department in the organization has embedded social capabilities into their traditional business processes to fundamentally impact how work gets done to create business value. A Social Business utilizes social software technology to communicate with its rich ecosystem of clients, business partners and employees.

Social business is a strategic approach to shaping a business culture, highly dependent upon transparency and trust from executive leadership and corporate strategy, including business process design, risk management, leadership development, financial controls and use of business analytics. Becoming a Social Business can help an organization deepen customer relationships, generate new ideas and innovate faster, identify expertise, enable a more effective workforce and ultimately drive its bottom line.

What does it mean to change the culture of a company?

Changing an organizations culture to embrace social must start from the top. Senior leadership must buy in and promote a culture of sharing, transparency and trust. Recent studies by IBM see this shift, today’s C-Suite recognizes the potential of social. Consider this, according to IBM’s 2012 CEO Study, today only 16 percent of CEOs are using social business platforms to connect with customers, but that number is poised to spike to 57 percent within the next three to five years. Similarly. IBM’s 2011 CIO Survey of 3,000 global leaders indicated that more than 55% of companies identified social networking as having a strategic significance to their company’s growth. And finally, 2011 IBM CMO Study reports that CMOs are using social platforms to communicate with their customers, 56 percent view it as a key communication channel. These senior leaders are the key to social business adoption and there’s a real shift occurring, social business is now a business imperative.

What role is the flexible workspace playing in the process?

Companies are able to build virtual teams out of expertise and leadership, regardless of their physical location or title on the organization chart. Today’s workforce expects to be able to share, post, update and communicate with colleagues, customers, and ecosystem using social tools to get real work done. Through those tools, employees who work remotely, use flexible „hot desks“ in company offices, or open floorplans can leverage tools for instant e-meetings, video and audio tools, and embedded applications to process knowledge and activities faster and deliver more value to the organization.

What’s your advice for companies to become a „social business“?

Companies around the world are now focused on becoming Social Businesses, Forrester Research estimates that the market opportunity for social software is expected to increase 60% annually. But perhaps the most daunting part of becoming a social business is how to start the journey. That’s where creating a Social Business Agenda plays a vital role. In order to become successful in social business, an organization needs to create its own personalized Agenda that addresses the company’s culture, trust
between management and employees and the organization and its constituencies, engagement behind and outside of the firewall, risk management, and of course, measurement. The sponsorship for such an activity can be driven by leadership, lines of business, or other organizational catalyst roles.

Why employers should rethink their attitude towards Social Media…

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Many interesting infos have we seen concerning how companies and employers are seeing and opening up their minds about Social Media usage in their offices.

PayScale now comes up with an interesting collection of data based on how employers have adapted Social Media usage for their employees. Some key findings are in the following infographic which makes clear that companies are still in a control mode and have their difficulties becoming „The Social Enterprise“.

– Just a bit more than half of the companies (53%) have a formal social media policy.
– Still 42% of companies don’t allow any forms of Social Media activity at work.
– The smaller the company the more likely the company has a Social Media policy in place.
– With 65% the retail industry is the most evolved industry sector, followed by manufacturing and biz support.
– Energy companies are least likely to use Social Media versus media companies that do encourage their employees.

Spot On!
The infographic shows that there is some kind of ambiguity in the adoption of Social Media inside companies. Although most companies see value in employer branding, in recruiting people through Social Media platforms (80% according to LinkedIn) as well as for external communication like promotions, marketing and PR, many companies still don’t want to go the final mile in transforming their company into a „Social Business“. So, why are they banning the use of these platforms, if they see ROI for their employees in working with it? Isn’t the open and transparent use of Social Media in business more important for the future than it has ever been? For marketing and HR ok, for the rest of the employees not?

Just think about the fact that two out of five Gen Y workers rate Social Media above a higher salary (well, they don’t have kids and family liabilities…). When 56% don’t want a company than bans Social Media companies should rethink their HR strategy and see the value in a Community Centric Strategy