- Four Ways Social Data Can Generate Business Value
Full article: http://goo.gl/387coA
Big data has been described as the new oil, but perhaps a more apt metaphor is the new solar — it is a renewable source of energy, but must be cost-effectively captured and processed to be converted into new forms of value.
Companies both large and small have access to a growing stream of social data from an increasing number of sources. This stream is continually being enriched and renewed as our interactions unfold over time and as our ability to efficiently capture data about those interactions increases.
While many firms are investing time and resources into mining this data, the bulk of the attention thus far has been placed on how social data can help public relations, marketing and sales engage more relevantly with consumers. Indeed, the amount of data available for this purpose is staggering: according to a Forrester blog from 2010, American consumers were already posting more than a 1.6 billion reviews of products and services online in 2009. That number continues to climb as more sites enable user-generated reviews and ratings.
We believe, however, that firms are missing a significant opportunity to use social data to gain intimate and real-time knowledge about what is going on within, not just outside, the organization.
Today, many organizations take either a 30,000-foot view of social data or an intensely granular, technical approach. Few firms have tapped into social data in a way that allows them to connect it explicitly to operating performance data and execute on it effectively.
Social data science leaders and business thought-leaders must meet in the middle to collaborate on both how to analyze the data and why such analysis would be meaningful. We have only begun to understand social data’s potential value in the workplace, but much of this potential is dependent on having the mindsets and methods in place to make the most of our newest natural resource.
- Social Business = Social Bonding
Full article: http://goo.gl/UH0PAk
A study by FedEx and Ketchum found that 52% of respondents said social business was strengthening relationships with the general public; 51% said it was strengthening relationships with clients; and 40% said it was strengthening relationships with partners and suppliers.
Social business activities can pay off in various ways. Earlier this year, MIT Sloan Management Reviewand Deloitte highlighted benefits related to better market intelligence, faster customer service as well as improvements to internal operations, such as finding expertise, distributing knowledge and more effective project collaboration. (See our 2012 Special Report, Social Business: What Are Companies Really Doing?)
While building stronger relationships is naturally fuzzier and harder to pin down benefit than, say, “customer response time” or even something like “increased market intelligence,” improved relationships means a stronger business across and beyond the organization. (We’ve previously published on the importance of building trust with employees and customers and suppliers; see, for instance: “Unconventional Insights for Managing Stakeholder Trust,” by Michael Pirson, and Deepak Malhotra, from the July 1 2008 issue of MIT SMR.)
The FedEx/Ketchum study’s report of the connection between social business and improved stakeholder relationships is supported by other researchers in the field. In a recent interview withMIT SMR, strategy and management consultant Nilofer Merchant discussed how her research found that social enhances a firm’s relationships with employees and customers. Jacob Morgan, principal of Chess Media Group, a management consulting and strategic advisory firm on collaboration and the author of The Collaborative Organization (McGraw-Hill, 2012), told us that based on his observations, the benefits of collaboration even positively impacts the quality of life of employees at home, outside of the workplace. And Dion Hinchcliffe, in his four-stage Capability Ladder of Social Business, says that the highest level in the ladder is also relationship based, what he calls the ability to “partner with the world.”
ABOUT THE ANA
Founded in 1910, the Association of National Advertisers leads the marketing community by providing its members with insights, collaboration and advocacy. ANA’s membership includes more than 525 companies with 10,000 brands that collectively spend more than $250 billion in marketing and advertising. The ANA strives to communicate marketing best practices, lead industry initiatives, influence industry practices, manage industry affairs, and advance, promote, and protect all advertisers and marketers. For more information, visithttp://www.ana.net, follow us on Twitter, or join us on Facebook.
Nielsen Holdings N.V. (NYSE: NLSN) is a global information and measurement company with leading market positions in marketing and consumer information, television and other media measurement, online intelligence and mobile measurement. Nielsen has a presence in approximately 100 countries, with headquarters in New York, USA, and Diemen, the Netherlands. For more information, visit http://www.nielsen.com.
CooperKatz & Company for the ANA: Marcus Hardy; (917) 595-3043; firstname.lastname@example.org
CooperKatz & Company for the ANA: Luna Newton; (917) 595-3061; email@example.com
Nielsen: Anne-Taylor Adams; (646) 654-5759; firstname.lastname@example.org
Media spend attributed to multi-screen advertising campaigns is expected to grow from 20 percent of budgets today to 50 percent in the next three years, according to a new study by ANA (Association of National Advertisers) and Nielsen conducted among client-side marketers, agencies and media sellers. Multi-screen campaigns were defined as those that run during a similar timeframe across two or more screens including TV, computer, tablet, mobile phone and digital place-based media.
Emphasizing the significance of multi-screen advertising campaigns, 48 percent said they believe these campaigns are very important in effectively delivering marketing messages today. And a vast majority of those surveyed (88 percent), predict that multi-screen campaigns will be very important in three years.
“Measurement is the biggest issue that will influence the rate of growth for multi-screen advertising,” said Bill Duggan, Group Executive Vice President of the ANA. “The industry needs to adopt measures that are consistent, comparable, and combinable across screens to provide a complete picture of a campaign’s effectiveness.”
“At Nielsen we work closely with our clients to help them deploy consistent, multi-platform measurement against their advertising initiatives, so these findings confirm what we’re already seeing in the market. The potential for marketers and the industry as a whole is significant as multi-platform measurement is embraced in the marketplace,” said Randall Beard, Head of Global Advertiser Solutions for Nielsen.
“We at Nielsen are committed to providing multi-platform measurement capabilities in order to make marketing spend more effective and to grow the industry as a whole. Studies like this done in collaboration with respected industry organizations like the ANA are incredibly useful for those of us who are tasked with developing the next-generation measurement tools that inform the important decisions marketers, agencies and media sellers are making every day,” said Megan Clarken, Executive Vice President of Global Product Leadership for Nielsen.