Closing the gap: The disconnect between marketing technology and business value
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Transcript of Closing the gap: The disconnect between marketing technology and business value
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© 2015 Brandwatch.com
Webinar/Closing the Gap: The Disconnect between Marketing Technology & Business Value
CMO, Brandwatch
[email protected] | @willmcinnes
Will McInnesVP & Principal Analyst, Forrester Research
[email protected]| @nate_elliott
Guest speaker: Nate Elliott
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© 2015 Brandwatch.com2
Don’t be shy/We’d love your participation
• Ask questions in the session chat
• Tweet about our discussion
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A download and recording of the webinar will be made available after the event
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© 2015 Brandwatch.com
Coming Up
• The Challenges of Social Media
• Why Point Solutions Outperform Social Suites
• Enterprise Social Intelligence
• 5 Ways to ‘Close the Gap’
• Q & A
Buy Social Point Solutions, Not Social SuitesNate Elliott, Vice President and Principal Analyst
August 4th, 2015
© 2015 Forrester Research, Inc. Reproduction Prohibited 5
Today’s Agenda
›The challenges of social media
›Why point solutions outperform social suites
© 2015 Forrester Research, Inc. Reproduction Prohibited 6
Today’s Agenda
›The challenges of social media
›Why point solutions outperform social suites
© 2015 Forrester Research, Inc. Reproduction Prohibited 7
Social is now table stakes for most marketers
© 2015 Forrester Research, Inc. Reproduction Prohibited 8
US marketers will spend $9.7b on social in 2015
© 2015 Forrester Research, Inc. Reproduction Prohibited 9
And yet marketers can’t prove to their bosses that social delivers business value
© 2015 Forrester Research, Inc. Reproduction Prohibited 10
Marketers’ social challenges range from measurement to content to finding the right partners
› It doesn’t help that we’re willing to accept nearly any social metric
Measurement has been social marketers’ top challenge for more than a decade
© 2015 Forrester Research, Inc. Reproduction Prohibited 12
It doesn’t help that we’re willing to accept nearly any social metric
› It doesn’t help that we’re willing to accept nearly any social metric
› Smart marketers are looking beyond engagement metrics
• No one’s ever shown a correlation to business value
• Even Facebook now says engagement “is not a reliable indicator”
› Find metrics you use to measure search, email, and other channels
• Clicks
• Site traffic
• Leads
• Sales
Measurement has been social marketers’ top challenge for more than a decade
› Let’s map the content we produce to where people are in their journey
› When they’re first discovering, offer content that shows your product can solve their problems
Find the right social content by focusing on the customer life cycle
© 2015 Forrester Research, Inc. Reproduction Prohibited 15
Word of mouth and social ads drive discovery
© 2015 Forrester Research, Inc. Reproduction Prohibited 16
Fashion brand Kocca used WOM to show off its new items, and increased site visits by more than 900%
› Let’s map the content we produce to where people are in their journey
› When they’re first discovering, offer content that shows your product can solve their problems
› When they’re exploring your products, offer detailed content about your offering (and show them what other customers think)
Find the right social content by focusing on the customer life cycle
© 2015 Forrester Research, Inc. Reproduction Prohibited 18
Social content on brand sites supports exploration
© 2015 Forrester Research, Inc. Reproduction Prohibited 19
B2B security vendor Webroot put customer testimonials on its product pages an increased leads by 3.4x
› Let’s map the content we produce to where people are in their journey
› When they’re first discovering, offer content that shows your product can solve their problems
› When they’re exploring your products, offer detailed content about your offering (and show them what other customers think)
› When they’re engaging after purchase, offer content that tells them how to get more value from their purchases
Find the right social content by focusing on the customer life cycle
© 2015 Forrester Research, Inc. Reproduction Prohibited 21
Customer communities and social profiles drive post-purchase engagement
© 2015 Forrester Research, Inc. Reproduction Prohibited 22
Barclaycard’s customer community got tens of thousands more people using its cards to book travel
© 2015 Forrester Research, Inc. Reproduction Prohibited 23
Today’s Agenda
›The challenges of social media
›Why point solutions outperform social suites
© 2015 Forrester Research, Inc. Reproduction Prohibited 24
Social technology vendors stand ready to help marketers with (almost) every part of social marketing
© 2015 Forrester Research, Inc. Reproduction Prohibited 25
Base: 56 MarketersSource: Q1 2014 Social Marketing Online Survey
Many social marketers aren’t thrilled with their vendors
› Even the best social suites force marketers to use substandard tools
But social suites offer more problems than solutions
› Even the best social suites force marketers to use substandard tools
› Integrated social suites remain an empty promise
• Vendors’ integration plans rarely succeed
• Social tools don’t benefit from deep integration anyway
But social suites offer more problems than solutions
That’s why clients of social suites are much less satisfied with their vendors than clients of point solutions
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So . . . we have two problems
1. Poor ROI for ‘social marketing’
2. Suites less satisfying than point solutions
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What’s next?
Enterprise Social Intelligence
Enterprise Listening
Social Analytics
Social Data
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Enterprise Social Intelligence delivers. . .
1. Clearer, more credible ROI by blending social with non-social data2. Gives insight into broad marketing & business value - beyond
‘social marketing’ 3. Overcomes suites vs. point challenge through integration and
distribution
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Components of Enterprise Social Intelligence
PEOPLECONVERSATIONS
PLACES IMAGES
Listening and analyzing conversations based on keywords and content
Discovering and understanding custom audiences and segments to better understand the “who” for better targeting
Using location data to unlock the power of “where”, understand purchasing behaviors and global audiences
Integrating images & video to understand the full impact of your footprint
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5 ways to ‘Close the Gap’
1. Who - who can we deliver insights and value to in the organization?
2. What3. Where4. Why5. How
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Do an organizational audit
Simply ask:• Which functions could benefit from the social intelligence you have?
This is really about putting the Enterprise into Enterprise Social Intelligence!
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1. Thinking about the organization
Social Listening
Management
Advanced Analysis
Distribution
Dept.Dept. Dept.
Dept.
Use Case
Use Case
Use Case
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1. Thinking about the Use Cases
Product Development
Operations &
Distribution
Sales &
Marketing
Customer
Service
Business
Support
Customer insightsConsumer insights Product feedbackCompetitor intel
Demand forecastingSupply chain monitoring
Location scouting
Consumer insightsMarketing campaigns
Reputation managementSocial selling
Social customer careCustomer experience
Training issuesProduct feedback
Realtime alerts
Recruitment Employee compliance
Security & Risk managementFraud detection
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5 ways to ‘Close the Gap’
1. Who2. What - what can we enrich social data with
to create much more valuable insights?3. Where4. Why5. How
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2. WhatMarketing & Advertising
● Web analytics● Advertising data● CRM (first-party customer
data)● POS data● Third-party demographic data● TV schedules & ratings ● Advertising weight ● Bid price ● Press Release activity ● Search trends ● Search spend
Broader business
● Loyalty card data● POS data● Weather● News events● Stock price ● Geolocation from mobile devices● Internet of things data● Vehicle and other asset data● Public and Govt data● Use your imagination!
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Find it, blend it, win it.
So find the data – ask around, ask your client or stakeholders, the IT/IS function or Data teams and speak with marketing technologists and agencies.
Ask:
• Which functions hold valuable data that we can fuse with social intelligence to create deeper, more valuable insights? (1:1 interviews are a great way to do this)
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5 ways to ‘Close the Gap’
1. Who2. What3. Where - where can these insights be
blended, accessed and distributed to?4. Why5. How
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© 2015 Brandwatch.com
3. Where?
In the end, every marketing stack is tailored – and will often combine suites with point solutions.
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5 ways to ‘Close the Gap’
1. Who2. What3. Where4. Why - what does success look like? What’s
the pot of gold at the end of the rainbow?5. How
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psGoal:
Understand which brands and items their existing customers were talking about publicly and use that insight to sell more by being smarter.
How:
Acquired social media mentions for the key brands that they sell.
Worked with a third party vendor to match social identities to their own CRM database
Then used 1:1 personalization, at scale, to promote very targeted offers to customers through email marketing and ecommerce merchandizing.
Outcome:
Very high ROI on campaigns using this social intelligence-driven approach in digital marketing, advertising, email marketing, social media marketing, ecommerce. (ROI ‘made the leadership’s jaws drop’).
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psGoal:
Increase sales and put a real customer value on social
interactions and investment.
How:
Used Social Intelligence to locate social mentions that mention car model names with ‘test drive’ and Rules, Categories and Tags to automatically filter these conversations by Colour, Model, Brand, Dealer etc.
Then matched CRM details of known customers with social handles in these mentions to explore the potential of social CRM at scale…
Outcomes:
Increase in car sales from test drives
Clear link from social through to lifetime value of customer
Deep, personalized insights into product and CX feedback
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5. How? (Recap)
• Who - Find the internal clients• What - Find the other data sources• Where - Use APIs and Integrations to integrate your Enterprise Social
Intelligence into your MarTech stack (plenty of buzzwords there…)• Why - Run small practical proofs-of-concept that demonstrate real Return
on Investment that show the ‘why’
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© 2015 Brandwatch.com
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