ct social media breakfast slides jzeszut

Jennifer ZeszutChief Social Strategist Lithium Technologies@jenniferland

Measuring The Mind of the Market

1 Billion+ Online. That’s a lot of Conversations.

Source: xkcd

rants

raves

new product ideas

potential customers

unhappy customers

superfans!influencers

wishes

competitive intelligence

people about to switch

Business intelligencePleas for help

Don’t Fear the Firehose of Feedback

Thanks toreal-time social search, spam and porn filtering

importance ranking algorithmsnatural language processing

statistical modelingWe can find signals in the noise…

Insight for All

The Social Engagement Journey

Phase 1: Find and fight fires / “CYA”

Phase 2: Build Relationships, Grow Superfans

Phase 4: Revenue Realization

Phase 5: True customer-centricity. Maximum business results.

PR Marketing Support Commerce Product

Phase 3: Better Support Customers, Reduce Costs

Impressions are Easy but Advocacy Matters

Awareness

Appreciation

Action

Advocacy

Proven Business Results

Cost reduction Millions of dollars saved in call deflection (HP) Millions saved by outsourcing support completely (giff-gaff) Community engagement drives $5M value per year (Best Buy) Reduced marketing expenses by 82% (Redfin)

Revenue Growth 66% increase in likelihood of buying (FICO) 51% of their customers reported that the community had

positively influenced their decision to purchase (Redfin) 44% increase in average amount spent (FICO) Community members spend 36% more than non-community

(Betfair) Lead volume growth. 40% of inbound traffic comes in to CGC

(FICO)

Lithium has been the strongest at measuring ROI… Its case studies and reference customers show measurable business results.

My Metrics “Playlist”

Conversation share Total mentions/Overall industry mentions

Net Promoter Score (NPS) (Positive mentions + neutral mentions) – negative mentions/ Overall mentions

Social Influence Marketing Score (SIM) NPS x conversation share x 1,000

“CHI” Score: Community Health Index

Brand Advocate counts and growth rates

The $ value of a Twitter engagement

Total # of people and # of departments tuned in to social media

Team’s average response time to customer posts deemed response-worthy

My Favorite Things to Listen For

New and emerging memes of conversations

New product ideas via “wants” and “wishes”

Caveats, comparisons

Customers about to cancel / quit (real-time customer retention)

Customers having problems that your product solves (customer acquisition)

Business intelligence issues and trends

Industry benchmarks