Crafting Insightful In-house Data Blends
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Transcript of Crafting Insightful In-house Data Blends
CRAFTING INSIGHTFUL IN-HOUSE BLENDSShifting How We Approach Social Data
Chris Greenough
Head of Strategy, Asia
29/05/2015
#SOCIALPERCOLATOR
SOCIAL DATA IS KEPT AT ARMS LENGTH
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DIGITAL DATA IS KEPT AT ARMS LENGTH
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THE GOAL: INTEGRATED BUSINESS
INTELLIGENCE IN REAL TIME
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Social Media Web Analytics
Business
Customer Data Revenue Data
BIG DATA?!?
YOU CAN START TODAY!
6CRAFTING INSIGHTFUL IN-HOUSE BLENDS :)
LET’S REMIND OURSELVES WHY WE USE SOCIAL MEDIA IN THE FIRST PLACE
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1. TO COMMUNICATE OUR BRAND TO OUR CONSUMERS
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Brand & Product
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2. TO OFFER CUSTOMER SERVICE
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Customer Service
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3. TO DRIVE GROWTH
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Growth
ATTRIBUTION MODELING IS A WAY WE CAN RECONCILE CHANNEL EFFECTIVENESS
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GOOGLE MAPS THE CUSTOMER JOURNEY BY ATTRIBUTION TO ONLINE SALES
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Social Generic Paid Search
Display Click
Referral
Organic Search
Brand Paid Search
Email Direct
Source: McKinsey&Company, 2012
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BUT THE CONSUMER JOURNEY IS NOT LINEAR
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Active Evaluation
Moment of
Purchase
Loyalty Loop
Post-purchase Experience
Initial Consideration
SetTrigger
Information Gathering, Shopping
Ongoing Exposure
THE JOURNEY IS NOT LINEAR
AND ATTRIBUTION DOESN’T TELL US “WHY?”
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ATTRIBUTION LINKS A CHANNEL TO AN OUTCOME
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Social Media
Sale
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CORRELATION SEEKS RELATIONSHIP BETWEEN A BEHAVIOUR AND AN OUTCOME
Relationship???
Social Behaviour
Sale
LOOKING FOR CORRELATIONS MAKE US
ASK BETTER QUESTIONS
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Does an increased response rate lead to decreased call-center volume and costs?
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Am I a “Socially Devoted” brand?
Are my fans engaging with my content?
Does an increase in interactions affect my sales?
MAKE A …………
IN HOW WE MEASURE OUR EFFORTS ON SOCIAL MEDIA
SO HOW?
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The social science that seeks to describe the factors which determine and affect the production, distribution and consumption of goods and services.
SOCIAL MEDIA ECONOMICS
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THE 4-STEP SOCIALNOMICS PROCESS:
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Hypothesize
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THE 4-STEP SOCIALNOMICS PROCESS
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Hypothesize Measure & Validate
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THE 4-STEP SOCIALNOMICS PROCESS
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Hypothesize Measure & Validate Report
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THE 4-STEP SOCIALNOMICS PROCESS
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Hypothesize Measure & Validate Report Act
OK, BUT STILL.. SO HOW?
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4 HYPOTHESES APPLIED TO MALAYSIAN BRANDS
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SOCIAL MEDIA DATA
PUBLIC FINANCIAL DATA
WEB ANALYTICS DATA
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If you have an online store, you might wonder…
If I launch a product on social media, how will that impact my sales?
INTERACTIONS ADD TO CART
Source: Social Bakers & Google Analytics
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MONTHLY INTERACTIONS & ADD-TO-CART
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1 2 3 4 5 6
Total Interactions Add To Cart
+ ROI + ROI
Source: Social Bakers & Google Analytics
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INTERACTIONS & ADD-TO-CART BY TIME OF DAY
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1
Interactions Add To Cart
2 3 4 5 6 7 8 9 10 11 NOON
13 14 15 16 17 18 19 20 21 22 23 24
Source: Social Bakers & Google Analytics
INTERACTIONS BY TIME OF DAY BY CUSTOMER SEGMENT
1 2 3 4 5 6 7 8 9 10 11 NOON
13 14 15 16 17 18 19 20 21 22 23 24
Professionals Teens Moms
DEFINE AN OUTCOME AND EXPERIMENT
ESTABLISH A VALUE PER INTERACTION METRIC
LOOK FOR LEVERS TO INCREASE IT
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Will investing in better online customer service result result in an increase in sales?
If you are in sales, you might ask..
COMMENTS ARPU
Source: Social Bakers & Financial Reports
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QUARTERLY COMMENTS & ARPU GROWTH
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2 3 4 5 6 7
Comment Growth ARPU Growth
Source: Social Bakers & Financial Reports
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CAN WE PLAN RESOURCES AHEAD OF TIME?
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2 3 4 5 6 7
Δ Comments Δ ARPU
EXAMINE YOUR PRODUCT LAUNCH CYCLES
USE SOCIAL AS SALES PLATFORM
OPTIMISE RESOURCES BASED ON DATA
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Since social media is digital, it’s a cheaper customer service channel – right?
If you are in operations, you might curiously assume…
Source: McKinsey&Company, 2008
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THE BREAKING POINT
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Companies can define adequate service levels by closely managing the customer experience.
X Y ZCalls Answered in <X secs:
Customer is delighted, satisfaction boosted by very short hold times
Calls Answered in >Y secs: Customer loses patience,
satisfaction begins to drop
Current Customer Service Target: 75% of calls are answered by this time
Willi
ngne
ss to
Rec
omm
end
Serv
ice,
%
of r
esp
ond
ents
RESPONSE RATE CS PAGE VIEWS
Source: Social Bakers & Google Analytics
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INCREASED RESPONSE RATE LEADS TO A DECLINE IN PAGE VIEWS
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Daily Response Rate
Dai
ly C
usto
mer
Ser
vice
Pag
e Vi
ews
60% 100%85% - 95%
-10%
-24%
-7%
-1%
YOUR CUSTOMER PREFERS A 1:1 SERVICE EXPERIENCE
MAP OUT YOUR CUSTOMER SERVICE TOUCH POINTS
IDENTIFY THE BREAKING POINT
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Can I use social data to improve my store experience?
If you manage your dealer network, you might ask…
Average of 242 Public Reviews
4.0126
50
28
8
30
54321
Source: Facebook Places & Foursquare
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REVIEWS, CHECK-INS AND RATINGS
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# of Check-ins
# of
Rev
iew
s
Outlet Rating
Source: Facebook Places & Foursquare
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REVIEWS, CHECK-INS AND RATINGS
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Index Check-ins
Inde
x R
evie
ws
Low Performers
Volume Opportunity
Experience Opportunities
Flagship Outlet
Under Performer
Over Performer
Source: Facebook Places, Foursquare & *fictional revenue data
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CORRELATING USER RATINGS TO REVENUE CONTRIBUTION
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5 9 1 13 3 8 2 10 6 12 7 14 4 11Outlet
DON’T JUST MONITOR PERFORMANCE,
OPTIMISE THE EXPERIENCE
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IMAGINE THAT?...
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Location Based Music Preferences
+
SPOTIFY X STARBUCKS
LINK SOCIAL PERFORMANCE TO BUSINESS PERFORMANCE
USE CUSTOMER REVIEWS TO IMPROVE THE STORE EXPERIENCE
EXPLORE HOW YOU CAN EMBED SOCIAL INTO YOUR BUSINESS OFFERING
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OK,
LET’S RECAP
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SHIFT YOUR PERSPECTIVE
THINK LIKE AN ECONOMIST
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1
ASK BETTER QUESTIONS
LINK SOCIAL & BUSINESS PERFORMANCE TOGETHER
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2
CREATE YOUR OWN METRICS
REPORT ON IT
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3
ACT ON YOUR FINDINGS
GROW MORE OR COST LESS
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NOW GO MAKE SOME TASTY BLENDS
THANK YOU