social media speaks out - july 2014

Social Speaks Out

What Companies Need to Know About Social Media, Social Networking &

Social Business Intelligence

Stephen J. Andriole

Thomas G. Labrecque Professor of Business Technology The Villanova School of Business

Villanova University

Comcast | July | 2014

Agenda

ü  Some: Ø  Defini;ons Ø  Capabili;es Ø  Examples Ø  Prescrip;ons

With Ac(ve Discussion

Defini;ons

ü  Web 2.0 ü  Social Media ü  Social Networking ü  Social Business Intelligence

Web 2.0 is a loosely defined intersecRon of web applicaRon technologies that facilitate parRcipatory informaRon sharing, interoperability, user-‐centered design, and collaboraRon on the World Wide Web.

A Web 2.0 technologically-‐enabled site allows users to interact and collaborate with each other as creators (prosumers) of user-‐generated content in a virtual community, in contrast to websites where users (consumers) are limited to the passive viewing of content that was created for them.

Web 2.0 technologies power social networking sites, blogs, wikis, video sharing sites, hosted services, web applicaRons, mashups and folksonomies.

Web 2.0

Web 2.0 can be described in 3 parts:

Rich Internet applica;on (RIA) — defines the experience brought from desktop to browser whether it is from a graphical point of view or usability point of view. Some buzzwords related to RIA are Ajax and Flash.

Web-‐oriented architecture (WOA) — is a key piece in Web 2.0, which defines how Web 2.0 applicaRons expose their funcRonality so that other applicaRons can leverage and integrate the funcRonality providing a set of much richer applicaRons (examples are: Feeds, RSS, Web Services, Mash-‐ups)

Social Web — defines how Web 2.0 tends to interact much more with the end user and make the end-‐user an integral part.

Web 2.0

Defini;ons


Social media takes on many different forms including magazines, Internet forums, weblogs, social blogs, micro-‐blogging, wikis, podcasts, photo-‐graphs or pictures, video, raRng and social bookmarking.

There are six different types of social media: collabora;ve projects (e.g., Wikipedia), blogs and microblogs (e.g., TwiTer), content communi;es (e.g., YouTube), social networking sites (e.g., Facebook), virtual game worlds (e.g., World of WarcraW), and virtual social worlds (e.g. Second Life).

Social media includes: blogs, picture-‐sharing, vlogs, wall-‐posRngs, email, instant messaging, music-‐sharing, crowdsourcing and voice over IP, to name a few.

Social Media

Defini;ons


Social networking is an online service, pla_orm, or site that focuses on building and reflec;ng of social networks or social rela;ons among people, who, for example, share interests and/or ac;vi;es and people with similar or somewhat similar interests, backgrounds and/or ac;vi;es make their own communi;es.

A social network consists of a representaRon of each user (o`en a profile), his/her social links, and a variety of addiRonal services. Most social network services are web-‐based and provide means for users to interact over the Internet, such as e-‐mail and instant messaging. Social networking allows users to share ideas, ac;vi;es, events, and interests within their individual networks.

Social Networking

Defini;ons


Social Business Intelligence is the analysis of social media data, informa;on & knowledge collected from various social media and social networking sites.

Social business intelligence analysts store data and analyze social data sets. The datasets are proprietary or accessible to other analysts. Users can create new and interesRng dashboards/ analyses as well as associated insight from the same data sets.

This is a new slant on business intelligence (BI) where the explora-‐ Ron of social data can lead to serious analysis and important insight that the iniRaRng user did not envisage/explore/anRcipate.


Rela;onships Among the Areas

Web 2.0 (Technologies)

Social Media (CollaboraRon & Sharing)

Social Networking (B2B, B2C, C2C, E2E)

Social Business Intelligence (Analysis of Social Data)

So What are We Taking About?

Social Speaks Out

Blogs: Blogger, LiveJournal, Open Diary, TypePad, WordPress, Vox, ExpressionEngine, Xanga Micro-‐Blogging/Presence Applica;ons: fmylife, Jaiku, Plurk, Twifer, Tumblr, Posterous, Yammer Social Networking: Bebo, BigTent, Elgg, Facebook, Geni.com, GovLoop, Hi5, LinkedIn, MySpace, Ning, Orkut, Skyrock, Plaxo, Spoke, Twifer Social Network Aggrega;on: NutshellMail, FriendFeed Events: Upcoming, Even_ul, Meetup.com Wikis: Wikipedia, PBwiki, wetpaint

The Range of Social

Social Bookmarking: Delicious, StumbleUpon, Google Reader, CiteULike Social News: Digg, Mixx, Reddit, NowPublic Opinion Sites: epinions, Yelp Photo Sharing: Flickr, Zooomr, Photobucket, SmugMug, Picasa Video Sharing: YouTube, Viddler, Vimeo, sevenload Crowdsourcing: NineSigma, InnocenRve

The Range of Social

Social News: Digg, Mixx, Reddit, NowPublic Opinion Sites: epinions, Yelp Photo Sharing: Flickr, Zooomr, Photobucket, SmugMug, Picasa Video Sharing: YouTube, Viddler, Vimeo, sevenload Crowdsourcing: NineSigma, InnocenRve Livecas;ng: Ustream.tv, JusRn.tv, SRckam, Skype Audio & Music Sharing: imeem, The Hype Machine, Last.fm, ccMixter, ShareTheMusic

The Range of Social

Product Reviews: epinions.com, MouthShut.com Business Reviews: Customer Lobby, yelp.com Community Q&A: Yahoo! Answers, WikiAnswers, Askville, Google Answers Media & Entertainment Pla_orms: Cisco Eos Virtual Worlds: Second Life, The Sims Online, Forterra Game Sharing: Miniclip, Kongregate Informa;on Aggregators: Netvibes, Twine

The Range of Social

Agenda


The first reason is reach: Facebook has more than 1,000,000,000 users and Twifer has over 400,000,000. Almost 700,000,000 use YouTube monthly. Facebook is sRll growing, and Twifer is growing even faster. In addiRon to these pla_orms are thousands of others that have specific missions (like travel, sports, poliRcs, etc.). The second reason is credibility: we know that just about everyone believes what their friends tell them versus what a paid talking head tells anyone.

Why is “Social” So Powerful?

The third reason is ubiquity and pervasiveness: the stage is set for conRnuous listening – and the analysis of what we hear. We've never had such access to customers, suppliers, employees and compeRtors. "Release-‐and-‐listen" is the new product/service development strategy. "Listen-‐or-‐die" is the new customer service mantra. The fourth reason is volume: where no one would want to develop a corporate strategy based on a few posts on a few social media sites, when there are hundreds of thousands of posts on major (and minor) brands, products and services, it's easy to infer senRment and trajectory and then cra` reacRve and proacRve responses.


The fi`h reason is demographics: while social media has been embraced by all age groups, generaRons X and Y are major parRcipants and will conRnue to parRcipate throughout their lives. GeneraRon Z will not differenRate social media from media of any kind and will fully and seamlessly integrate social media-‐based communicaRon and collaboraRon into their personal and professional lives. Put another way, the future is about social media, just as the past was about transacRonal Web sites, email and – way back when – paper.


Myth Reality: Scope

Myth: Social is (Only) Facebook & Twifer

Reality: Social is a Wide & Deep Internal & External CommunicaRons Channel:

Social Media/Networking Myths

Crowdsourcing LivecasRng

Audio & Music Sharing Product Reviews Business Reviews Community Q&A

Media & Entertainment Virtual Worlds Game Sharing

InformaRon Aggregators

Blogs/Micro-‐Blogging Social Networking

Social Network AggregaRon Events Wikis

Social Bookmarking Social News Opinion Sites Photo Sharing Video Sharing

Myth Reality: Par;cipants

Myth: Social is for Kids Having Fun

Reality: Social is for Everyone:

The Average Social Network User is 37 Years Old The Average LinkedIn User is 44 The Average Twifer User is 39 The Average Facebook User is 38

The Most Engaged Social Media-‐ites are 18 -‐ 34 90% of Consumers Online Trust RecommendaRons From People They Know

44% of Moms Use Social Media for Product Recommenda(ons 73% Trust Online RecommendaRons

85% of Consumers Look for an Independent Review Online Before Purchasing

Only 14% of People Trust AdverRsing


Myth Reality: Purpose

Myth: Social Data Has Nothing to Do With Business

Reality: Social Media/Networking is a Powerful New Business Channel

Deep Market Research Brand and MarkeRng Intelligence

CompeRRve Intelligence Product InnovaRon & Life Cycle Management

Customer Service & Social Customer RelaRonship Management ReputaRon Management

Threat Tracking ...


Social @ Work

Deep Ver;cal Market Research

What are the Social Market Research Ques9ons Social Business Intelligence Can Answer?

ü  What are the product & service trends in my industry?

ü  Where does my company stand in the marketplace?

ü  What does the compeRRve landscape look like?

ü  What are the major regulatory issues I face?

ü  What do people love/hate about our industry?

ü  How should I respond in real-‐(me (in and beyond social), near-‐real-‐(me & longer-‐term?

Social @ Work

Brand/Marke;ng Intelligence

What are the Brand & Marke9ng Intelligence Ques9ons Social Analysis Can Answer? ü  What are they saying about our products & services? ü  What products do they love/hate? Why? ü  What are they saying about our company? ü  Has senRment changed over Rme? ü  Why do customers buy from us? ü  How should I respond in real-‐(me, near-‐real-‐(me & longer-‐term?

Social @ Work

Compe;;ve Intelligence

What are the Compe99ve Research Ques9ons Social Analysis Can Help Answer? ü  Who are our major and minor compeRtors? ü  What are our customers saying about them? ü  What are they saying about us? ü  Who are we compared to? ü  Who's number 1? Why? ü  How should I respond in real-‐(me, near-‐real-‐(me & longer-‐term?

Social @ Work

Internal Efficiencies

How Can Internal Efficiencies Be Improved with Social? ü  What do employees think about the company, its leadership, brand, compeRRveness & strategy? ü  What do partners & suppliers think about the company’s leadership, brand, compeRRveness & strategy? ü  What best pracRces can be discussed & documented among supply chain parRcipants & corporate partners? ü  What best pracRces can be discussed & documented among employees?

Social @ Work

Product Innova;on & Life Cycle Management What are the Product Innova9on & Life Cycle Management Ques9ons Social Data Analysis Can Help Answer? ü  Which new products have excited our customers? ü  Which features work for them? Which do not? ü  Which features should we introduce first? ü  What new products do our customers want? ü  Which do they hate? ü  How should I respond in real-‐(me, near-‐real-‐(me & longer-‐term?

Social @ Work

Customer Service & Customer Rela;onship Management (CRM)

What are the Social Customer Service Ques9ons Social Analysis Can Help Answer?

ü  What do our customers like about our customer service? ü  What services do they like the least? ü  What are the "standard" complaints about our service? ü  What are customer service "best pracRces"? ü  What do they like most about our compeRtors customer s service? ü  How should I respond in real-‐(me, near-‐real-‐(me & longer-‐ term?

Social @ Work

Reputa;on Management & Threat Analysis What Threats Should Your Company Track? ü  What complaints are appearing over and over again? ü  What are Moms threatening to do to us? ü  What are the greatest threats we face? ü  What will the government do next? ü  What crises are likely to explode? ü  How should I respond in real-‐(me, near-‐real-‐(me & longer-‐term?

10 Things About Social Data

#1 All Social Data is Not Created Equal ü  Huge Signal/Noise Problem (1,000,000 to 10,000)

ü  Most Consultants Only Sample Social Data

ü  “Good” Social Data is Filtered According Age, Gender, LocaRon, Etc.

ü  Social Data Should Be Structured for AddiRonal Use

ü  Authors Should Be Profiled by Influence …


#2 Social Data Must Integrate ü  Social Data Must Be Structured for IntegraRon

ü  IntegraRon Targets Include Customer RelaRonship Manage-‐ ment (CRM), Business Intelligence (BI), Enterprise Resource Planning (ERP) and Other Pla_orms

ü  IntegraRon Also Assumes Process IntegraRon …

10 Things About Social Media

#3 Social Data Can Be Modeled ü  Social Data Can Predict Events & CondiRons

Ø  Corporate Performance Ø  Epidemics Ø  ElecRons Ø  Revenue Ø  Crises …


Tweets have already been used to measure movie senRment and box-‐office revenue with amazing accuracy. Note the work of Asur and Bernardo who predicted the movie “Dear John” would earn $30.71 million at the box office on its opening weekend. It actually generated $30.46 million. For the movie “The Crazies,” they predicted a $16.8 million opening: it generated $16.07 million. According to the authors of the NaRonal Science FoundaRon-‐supported study, "we use the chafer from Twifer.com to forecast box-‐office revenues for movies. We show that a simple model built from the rate at which tweets are created about par;cular topics can outperform market-‐based predictors.”


#4 Social Deriva;ves ü  Social Data Can Provide 1st, 2nd & Nth Order Insight

ü  Cosmopolitan Magazine

ü  Involved Viewer RaRngs …


#5 Social is Internal/External/Ac;ve/Passive

Engaging with Employees, Suppliers & Partners

Engaging with Customers & CompeRtors

Listening to Employees, Suppliers & Partners

Listening to Customers & CompeRtors

Internal External

Passive

Ac;ve


#6 Social Data & Real-‐Time ü  Real-‐Time is Important to Selected Listening ObjecRves, Like Threat Alerts & Crisis Management

ü  But Real-‐Time Requires Powerful Technology – that Most Social Data Analysts Do Not Have


#7 Man/Machine Synergism ü  Social Data Needs InterpretaRon Around VerRcal Contexts

ü  Machines Can Learn & Improve – But Not Replace Subject Mafer Experts (SMEs)


#8 Acquisi;on & Sourcing


#9 Measurement ü  Social Pilots Need to Be Measured for TCO & ROI

ü  DisRnguish Between Short-‐Term & Longer-‐Term TCO and ROI Metrics & Adapt CalculaRons to IniRal Social IniRaRves & Longer-‐Term ConRnuous Listening/Engagement Requirements as the Social Channel Inevitably Becomes Permanent


#10 Strategy ü  IdenRfy the Business ObjecRves & Requirements Wide & Deep Enough to Support the Development of a Viable Social Investment Strategy

ü  IdenRfy the QuesRons Whose Answers ConsRtute a Strategy

ü  Adapt the Strategy to Investment Results

Agenda


Examples

ü  Apple ü  Diabetes ü  Aetna ü  Coca Cola ü  IVR …

Agenda


Prescrip;ons

ü  “Social” is About Listening & Engaging Employees, Suppliers, Partners & Clients Through a New Communica;ons & Collabora;on Channel

Prescrip;ons: Internal Vs External





Internal External

Passive

Ac;ve

Social is Internal/External/Ac;ve/Passive





Internal External

Passive

Ac;ve

Where Should Companies Invest in SBI?






Internal External

Passive

Ac;ve


Where Should Companies Invest in SBI?

Prescrip;ons – Pilots

Requirements

Strategy & Tac;cs

Implementa;on

Pilot Projects

à SpecificaRon of Social Requirements …

SpecificaRon of Social Investment ObjecRves & IniRal TCO & ROI Metrics

IdenRficaRon & PrioriRzaRon of Candidate Pilot Projects

Objec;ves & Metrics

à

Develop Selected Project Plans à

DescripRon of IniRal Social Strategy & Social TacRcs as Principles & Projects à

à

Social Speaks Out

What Companies Need to Know About Social Media, Social Networking &


Stephen J. Andriole

Thomas G. Labrecque Professor of Business Technology The Villanova School of Business

Villanova University

Comcast | July | 2014