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  • 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.”

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Yes, Social Does Impact Sales | social.ogilvy.com


 

Recent research from Forrester suggests that social media has an insignificant impact on sales. While this may be true within the specific context of the study, the study’s methodology makes it impossible to draw broad conclusions around the impact of social on sales across all of the “buyer journey.”

Here are three key reasons why:

  1. More comprehensive tracking of content engagement paints a very different portrait. The Forrester study tracked social as a driver of sales only if someone clicked a link on a social property and made an online purchase within 30 days. In fact, brand social strategy is about engaging people with the brand with the intent to increase sales in the future —  both online and offline. In a quick service restaurant study we did with partner ChatThreads last year, exposure to social media was a significant drive of sales increases. And, when combined with other media (for example, editorial and billboards) social exposure resulted in a 1.5-2x higher likelihood of purchase across all 5 restaurants in the category. Further, two more studies support a social-sales link: Edison Research’s study last year showed that 28% of social media users cited social networks as influencers of their purchase decision. And in a 2011 ROI Research study, just over 50% of respondents reported they would likely purchase a product after following the brand on Facebook or Twitter. Leer más “Yes, Social Does Impact Sales | social.ogilvy.com”

La realidad social de estos Juegos Olímpicos marcará un antes y un después


marketingdirecto.com
Atres Advertising, de la mano de Volkswagen, es pionera en la venta de publicidad en Connected TV

Muchas cosas han cambiado desde los últimos Juegos Olímpicos. Entre éstas, por ejemplo, la realidad socialen la que vivimos, con unaproliferación de redes, teléfonos inteligentes y tabletas, las cuales ni siquiera existían en los Juegos Olímpicos del verano de 2008.

El uso de teléfonos inteligentes(…) Leer más “La realidad social de estos Juegos Olímpicos marcará un antes y un después”

Facebook’s 6-Point Plan for Building Brands in the Social Media Age

It’s easy to see how this reflects a TV-dominated age. In the pre-social media days, you’d see a TV ad and become aware of a brand. Then, after you got familiar with the name, you might consider if you wanted to buy it. Next, you bought it. Then, you might decide you liked it. Finally, you identified yourself with the brand. (“I’m a Budweiser guy.”)

Here is what Facebook and Forrester are proposing as the successor to the purchase funnel. It looks more like a circle:

In this schematic, social media influences every stage of the process. They hear about new brands and investigate said brands via social media. When it comes time to buy something, consumers increasingly consult their friends via social media. Then, they expect to be able to interact with the brands through social media after they buy a product.

The new environment calls for new tactics. Facebook and Forrester propose a six-point plan for building brands in the social media age: articulate, connect, engage, influence, integrate and rejuvenate. We will look at each in greater detail.


by 
http://mashable.com

The Digital Marketing Series is supported by HubSpot, an inbound marketing software company based in Cambridge, Mass., that makes a full platform of marketing software, including social media management tools.

Social media has turned the purchase funnel on its head.

That’s the crux of a study that Facebook recently published in conjunction with Forrester Research. The two canvassed 101 C-level and VP-level marketing pros in December 2011 and found the profession has changed. Or, in Facebook and Forrester’s parlance, “The connected world has rerouted the customer journey.”

How does changing media affect the way people hear about brands? First, take a look at the traditional purchase funnel:

It’s easy to see how this reflects a TV-dominated age. In the pre-social media days, you’d see a TV ad and become aware of a brand. Then, after you got familiar with the name, you might consider if you wanted to buy it. Next, you bought it. Then, you might decide you liked it. Finally, you identified yourself with the brand. (“I’m a Budweiser guy.”)

Here is what Facebook and Forrester are proposing as the successor to the purchase funnel. It looks more like a circle:

In this schematic, social media influences every stage of the process. They hear about new brands and investigate said brands via social media. When it comes time to buy something, consumers increasingly consult their friends via social media. Then, they expect to be able to interact with the brands through social media after they buy a product.

The new environment calls for new tactics. Facebook and Forrester propose a six-point plan for building brands in the social media age: articulate, connect, engage, influence, integrate and rejuvenate. We will look at each in greater detail.


1. Articulate


Facebook and Forrester recommend that companies identify components of the brand it can communicate via social media. The report has a suggestion for how to do this. “Apply a social lens to your brand identity by asking ‘What about my brand is inherently social? Why do people engage with it and why do people want to talk about it or share it with their friends in the real world?’” Often, those attributes aren’t obvious. For instance, Secret, Procter & Gamble’s deodorant brand for women, found it got currency by connecting with women on an inspirational level and got behind a Facebook-based anti-bullying campaign, “Mean Stinks.” For Coca-Cola, the attribute was “happiness,” which it attempts to express via social media. Leer más “Facebook’s 6-Point Plan for Building Brands in the Social Media Age”

What you can learn from Forrester’s new blogging policy


Image representing Forrester Research as depic...
Image via CrunchBase

I’ve been following the discussion around Forrester‘s new blogging policy. In case you weren’t aware, I was formerly a Forrester analyst covering social computing and wrote some of the early drafts of the company‘s blogging policy. Now I’m building a strategy consulting practice at Dachis Group and advising companies on social business – wherein policies and guidelines play an important role. Leer más “What you can learn from Forrester’s new blogging policy”