Speaker Presentation - Social Intelligence: Acquire, grow and retain your customers

© 2012 Copyright Genpact. All Rights Reserved.

Social Intelligence:

Acquire, grow and retain

your customers

Presenter Name: Debjani Deb, Managing Partner (EmPower Research, a Genpact company)

© 2 2012 Copyright Genpact. All Rights Reserved.

Social media: a rich repository of customer sentiments

on category and brands

1 4 %

Of those online now

use social media

14% either publish a blog/

web page or upload video

21% post ratings or

comments

31% post updates

social sites

3 1 % 2 1 % 6 6 %

Sources: www.sanfranciscosentinel.com, wwwblogs.forrester.com, Knowledge Networks

HOW MANY INTERNET USERS TURN TO SOCIAL

MEDIA WHEN MAKING PURCHASES REGULARLY TURN TO SOCIAL MEDIA

SOMETIMES TURN TO SOCIAL MEDIA

Travel

Services

4% & 24%

Financial

Services

4% & 10%

$$

Eating

Out

3% & 21%

Clothes or

Fashion

4% & 23%

Mobile

Phones

2% & 21%

Groceries or

Food

2% & 15%

Personal

Care

3% & 15%


Customers of financial institutions make choices based

on information they gather online

“Deciding whether to get

involved means deciding if you

want to be part of the

conversation…There will be a

conversation with or without

you…If you don’t use social

media, then your business will

go elsewhere.”

Hadley Stern, Vice President at

Fidelity Labs, a division of Fidelity

Investments Source: FIS Enterprise Strategy, “Consumer Mobile Banking Research,” February 2011, n=4,002.

70%

29%

20%

17%

12%

69%

26%

17%

13%

11%

72%

24%

18%

12%

9%

67%

23%

18%

10%

6%

74%

34%

29%

19%

6%

Facebook

YouTube

MySpace

Twitter

LinkedIn

Other FI's

Community & Small Regional Banks

Credit Unions

Banks 11 to 50

Top 10 Banks

Top Social Channels by Banking Consumers

Overall, 70 percent of banking consumers are using Facebook,

and 27 percent are using YouTube


Many large organizations are acting on the endless

possibilities already

Monitors daily buzz to respond to any negativity before they become viral

Measures impact of their media campaigns and advertisements

Measures online sentiments to track

its reputation

Identifies customer service

alerts and responds

Tracks employee perceptions to advise institutions on hiring strategies

Engages with online influencers to drive

advocacy on its behalf

One of the leading

insurance

companies

World Leader in

Financial Services

A leading

publication

A prominent

social networking

site

A leading B2B

data storage

devices company

A leading

Financial Services

company


Customer Service is one of the primary topics of

conversation

Want Credit

Score on Credit

Boards Want store

cards on

phone Complaining

about Poor

Customer

Care

Resenting

High Interest

Rates

Our preliminary research shows that poor customer

service and billing issues are driving negative

sentiments in social media for credit card providers

More and more consumers are being vocal

online about their providers and thus

presenting us with a unique source for

insights on their needs

Perceptions associated with card providers

4 4 %

25%

19%

13%

6%

6%

0% 20% 40% 60%

Poor Customer Care

Re-Payment / Billing Issues

Communication Problems

Address Transfer / Verification Issues

Recovery Harassments

Poor Benefits


Companies are engaged at various parts of the social

media lifecycle

Market

Listen

Learn

Engage

Regulatory Bodies

M A R K E T : • How to know which channel is best for

which marketing goals?

• What are stakeholders searching for?

L I S T E N : • Who should you be listening to?

• What are stakeholders talking about

competition?

L E A R N : • What can you learn about impact of

your messages?

• What can you learn about your

reputation and voice of customers?

E N G A G E : • Who are the influencers?

• How can you engage them?


LISTEN (Consolidated monitoring of traditional and

social media)

L A T E S T

N E W S

1 Latest industry news and developments

2 Analyst commentary and views on your

services

3 Tracking of competition activity

4 Stakeholder awareness and sentiments

5 Emerging conversation themes and trends

6 Negativity or customer service alerts

7 Sales and engagement alerts O N L I N E

D I S C U S S I O N S


LEARN about managing reputation across the message

journey

S E E D I N G O u t r e a c h w i t h a s t r o n g m e s s a g e

R E S O N A N C E T h i s m e s s a g e i s l i k e d b y

m e d i a / s t a k e h o l d e r s a n d i s

t r a n s m i t t e d f a r a n d w i d e

I M P A C T T h e s t r o n g m e s s a g e p u l l - t h r o u g h

t r a n s l a t e s t o a g o o d m e d i a

i m p a c t

R E P U T A T I O N T h e r e s u l t o f t h i s p o s i t i v e m e d i a

i m p a c t i s i n c r e a s e d r e p u t a t i o n


ENGAGE to attract customers and drive advocacy

Engage through key influential

bloggers / sites Identify key influencers

Define your engagement

objectives

Universe of influencers: A scan of

secondary sources and aggregated

datasets to arrive at the universe of

online opinion leaders

First level short listing:

Shortlisted on the basis of the

volumes around the subject of

interest and relevancy

Top Influencers:

Influencers are rated

by using Awareness,

Focus and

Engagement

Each sub-parameter is weighed and scored depending on salience to arrive at an overall value

for each parameter

Normalization through scaling is done & scores are given in the range of 1 –5 scale

Key Influencer List


MARKET based on insights from listen to engage cycle

M A T U R E M A R K E T S

Growth First

timers

Switchers

(Comp.)

Switchers

(CMC)

Target first timers with

the right messages Action on unmet needs of

different segments Act on underlying sentiments,

to stop revenue leakage

N E W M A R K E T S

Growth First

timers

First

timers

First

timers

Promoting insurance

concept to build awareness Understanding of target

segment behavior Develop brand associations

that will create differentiation


Another way to look at it is how it helps the customer

life cycles


Each part of this cycle has a revenue or cost impact

Market Listen Learn Engage

Monitor

Chatter

Segmentation

Need

Analysis

Customer

Service

Brand

Sentiments

Usage

Drivers

New Idea

Generation

Influencer

Mapping

Cost

reduction

Top line

enhancement Online

campaigns

Social

media

presence

CI

Tracking

Compliance

Tracking

Negativity

Tracking

Barriers to

Adoption

E-Media

Strategy

Best

Practices


Some examples


Brand tracking: Understand brand performance vis-à-vis

competition on social media

Solution

1. Identify Brand KPIs

2. Track these KPIs vis-à-vis

top competition over time

and act on weakness

Witnessed 28% increase in brand stickiness and loyalty along

with 12% increase in first timers

Awareness Sentiment

Consideration Perception-Comparing with

Themes

16%

23%

26%

Company Competitor 1 Competitor 2


Event analysis: Holistic view on impact of an event

Sentiments – Time Line

9/13/10 9/20/10 9/27/10 10/4/10 10/11/10 10/18/10 10/25/10 11/1/10 11/8/10 11/15/10 11/22/10 11/29/10

Positive Negative Neutral

Pre-Event Early: Sept 12 to Oct 11

Event Mid: Oct 12 to Nov 10

Post-Event Final: Nov 11 to Nov 30

Key themes of discussion

N = 85 N = 135 N = 753

Campaign Brand A Brand B Campaign Brand A Brand B Campaign Brand A Brand B

Pre-Event Early: Sept 12 to Oct 11

Event Mid: Oct 12 to Nov 10

Post-Event Final: Nov 11 to Nov 30

Holistic tracking leading to better messaging

during event which led to 38% more positivity

post event

Solution

1. Pre-Event: Understand the

event hype on social media

2. Event: Timely alerts on

important activities during

event

3. Post-Event: Measure event

impact on target customers


A leading credit card provider: Integrating internal data

with community based listening

Solution

1. Competitive benchmark of

advocacy in real-time

2. Integrating multiple data

forms for holistic insights on

customer satisfaction

Co-relate sentiment/advocacy/loyalty/consideration/influence in real-time to directional NPS

30%

48%

26%

58%

33%

59% Service

Security

Respect

Safe

transactions

won

customer

confidence

Unhappy

about

verification

charges

premium

cards

provided

were

admired

Sentiments (%)

Client Competitor


A leading US bank: Learning about target segment (HNIs)

Exclusive holiday

packages

100%

Luxury watches

98% 89%

Electronics

89%

Precious Stones

TOP INTEREST

AREAS

Wealth managers

Self

Friends / Family

Media

55%

49%

42%

21%

High reliance on

wealth managers

and self for

investment

decisions

50% reduction in primary research costs by converting unstructured opinions to structured insights

Solution

1. Analyze behavior, interest

and attitudes of HNIs

2. Understand their

investment need drivers

and any unmet needs


A case study on tactical

implementation Understand how a leading insurance company successfully

leveraged media services for its business


Setting the context: Client business goals

N E A R - T E R M

To win over

customers

through

best-in-class

service

To be the insurer of choice for

its target segment (military

personnel)

O V E R A L L V I S I O N

L O N G - T E R M

To fortify corporate

reputation in the

insurance category


How we went about it: Step 1 – Setting up a listening

platform

Daily monitoring

Traditional media Social media

Weekly

measurement

Quarterly

measurement

2010 2012

A holistic view on issues, sentiments, perceptions, trends etc. which

require immediate management attention I M P A C T


How we went about it: Step 2 – Improving customer

service through timely alerts

Over 30 daily qualified alerts resulting in improved customer service and

experience leading to enhanced customer retention I M PA C T

1. Crawling across social media

channels to identify customer

service opportunities

2. Rule based real-time alerts for

early action

Shabrekia Andrews, February 8, 2012: First charges are posted,

then they disappear, then they reappear with added fees! Really?!

It would mean a lot to me if you guys kept my account in order! I

freaking love client_x but I don't mind switching banks!

Ksmithlex (12 followers) Client_x why is it so frustrating to get a

mortgage with you!

KEY INFLUENCER

Over 1.1 million unique visitors.

1000+ conversations on the client.


How we went about it: Step 3 – Identifying & leveraging

on key influencers

Military Stars (from twitter)

Patrick Danner

(Houston Chronicle)

Shane Kite

(Bank Technology News )

Josh Bernoff

(adage.com) Tinak

(Brand loyalist)

Mike Campbell

(from facebook)

Colonel K

(MilitaryAvenue.com)

RICOLA

(Bogleheads.Org)

Margarette Burnette

(Fox Business) Colonel K (MilitaryAvenue.com)

Deborah L. Jacobs

( Journalist)

Paul Hagen

(Forrester Blog )

Beth Wilson

(from twitter)

Kimberly

Blackmon

(from facebook)

Hank Coleman

(writer, entrepreneur &

investor)

Dan Kissinger

(militaryavenue.com)

Number of conversations on client (positive & neutral) has gone up to 2000

per week through influencer engagement I M PA C T


How we went about it: Step 4 – Managing brand

reputation through social engagement

Achieved 9% reduction in negative sentiment through continuous

monitoring of reputation drivers and its impact I M PA C T

1. Monitor reputation

detractors and enhancers

2. Enable faster response to

issues that impact

reputation

AdvocacyImage Word Of Mouth

Share of Voice

Perception

Topics of discussion

Loyalists

Weight x %

Weight x % Weight x %

Weight x %

Brand Preference

Weight x %

Preference over

competitionBrand

advocates

Mentions in influential channels

ReferralsFirst timers

C L I E N T B R A N D S

C O M P E T I T O R B R A N D S

Competition

TIME

Awareness

Sentiment

Weight x %


Implied RoI as a result of this engagement

Volumes have gone

up by more than

200% since we

started

Volumes

Sentiments towards

client have shown

consistent

improvement

Sentiments

Client is perceived as

a technology pioneer

owing to its increased

online

presence/campaigns

Technology Pioneer

Spokesperson

coverage has gone

up by over 80% last

quarter

Spokesperson Coverage

Military media pick-up

of client coverage has

gone up by over 70%

in last quarter

Military Media Pick-up

Events are

increasingly getting

more coverage

across media types

Event Impact

Thank You


[email protected]

Speaker Presentation - Social Intelligence: Acquire, grow and retain your customers

Economy & Finance

Transcript of Speaker Presentation - Social Intelligence: Acquire, grow and retain your customers