Social media analytics - a delicious treat, but only when handled like a master chef!
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The document is a webinar recap focusing on social media analytics and its strategic applications. It highlights the importance of aligning social media efforts with corporate goals, utilizing relevant metrics, and establishing a structured approach for effective engagement. Additionally, it emphasizes the potential of social media for various applications, including marketing, customer relationship management, and fraud detection.
Social media analytics - a delicious treat, but only when handled like a master chef!
- 1. Intended for Knowledge Sharing only Social Media Analytics- nuts & bolts Webinar – Social Media Analytics & Strategy Dec 2015
- 2. Intended for Knowledge Sharing only Quick recap of what it is Intended for Knowledge Sharing only Social Media, you say?
- 3. WOOT, WOOT! Intended for Knowledge Sharing only 1-in-7 is Mobile-Social daily and spend on an average half hour a day! 1-in-6 page goes Viral! Social is cheap and easy! Personalized! 1-in-5 people in the world is Social!
- 4. Intended for Knowledge Sharing only Quick recap of what it is Intended for Knowledge Sharing only No brainer, eh?
- 5. NA AH! Intended for Knowledge Sharing only Metrics may obfuscate reality Like/follow & forget Not always actionable or relevant (don’t always know fan vs. customer) When it’s good, it’s difficult – lingo, emoticon, dialect, sarcasm Bad data-spam/gaming/bad behavior …it’s mostly reinforcement, not always influential (friend vs. expert)
- 6. Intended for Knowledge Sharing only Quick recap of what it is Intended for Knowledge Sharing only All doom & gloom? No, it has genuinely huge potential…
- 7. VAST SCOPE OF APPLICATIONS Intended for Knowledge Sharing only Product Marketing Operations Fraud Strategy 1. Monitoring throughout PLC 2. User Experience issues 3. Personalization – FB Connect 1.Promotion effectiveness 2.Brand/Public Relations initiatives 3.Cross & Up-sell/Campaign designs 1.Platform uptime 2.Conversion 3.Quicker sales 1.Social CRM 2.Proactive solutions 1.Brand Awareness, Share of Voice 2.Engagement 3.CLV 1.Needs assessment & roadmap 2.Competitive assessments 1.Fraud/gaming 2.Information Security 1.Reduced incoming calls & response times 2.Relational NPS 1.Fraud rates 2.Complex pattern identifications 3.Post incident response 1.Industry and consumer pulse 2.Consumer relationship stickiness Function Possible applications Possible metrics that it can help
- 8. NEEDS FOR IT TO BE SUCCESSFUL… Intended for Knowledge Sharing only 1 Alignment with Strategic Goals and Outcome Focused approach 2 Clearly drafted “Social Command-Control structure” –Strategic goals, success criteria, KPIs, initiatives, budget, executive ownership, a dedicated team, e.g., 1 hr SLA for Social questions followed by month end in-depth analysis. 3 Relevant to the need, e.g., Twitter/Fb for CRM & Branding/Mktg; Pinterest/Instagram for PR; Youtube for Help/PR; Discussion boards for monitoring & CRM; Deal sites for Promotions; Techcrunch for Strategy 4 Relevant to the customers, the context & a Strong Value Prop for customers to engage socially, e.g., Yelp/Angie’s for local business; Linkedin for B2B customers; Products on Amazon/ebay/Target. 5 Establish “Text Analytics” practice that translates findings into recommendations with estimated impact sizes that helps prioritization. This also helps in connecting dots across the organization (Analytics, Research, Reports, A/B Testing, etc.)
- 9. Intended for Knowledge Sharing only Quick recap of what it is Intended for Knowledge Sharing only Putting it all together
- 10. SUMMARY 10 • “Know” that Social is where Customers are • “Must have” goals, success criteria & tie up with Corporate KPIs • “Ensure” Value Prop for consumers to engage socially • “Develop” ‘learn-listen-test-learn’ framework • “Prepare” for ever more increasing personal-mobile-social world and the emerging needs. Intended for Knowledge Sharing only
- 11. Intended for Knowledge Sharing only Quick recap of what it is Intended for Knowledge Sharing only Appendix
- 12. Intended for Knowledge Sharing only Disclaimer: Participation is purely on a personal basis and does not represent VISA,Inc. in any form or matter. The talk is based on learning from work across industries and firms. Care has been taken to ensure no proprietary or work related info of any firm is used in any material. Director, Insights at Visa, Inc. Enable Decision Making at the Executives/ Product/Marketing level via actionable insights derived from Data. RAMKUMAR RAVICHANDRAN
- 13. THANK YOU! Intended for Knowledge Sharing only Would love to hear from you on any of the following forums… https://twitter.com/decisions_2_0 http://www.slideshare.net/RamkumarRavichandran https://www.youtube.com/channel/UCODSVC0WQws607clv0k8mQA/videos http://www.odbms.org/2015/01/ramkumar-ravichandran-visa/ https://www.linkedin.com/pub/ramkumar-ravichandran/10/545/67a RAMKUMAR RAVICHANDRAN 13