Guest post from Edward Burek, product and solutions marketing manager, IBM Social Media Analytics. Follow Ed on Twitter @edburek
When I was working at a large bank dealing with IBM we would often joke because we never used the term “analytics” and would instead say metrics, measurement, predictions or reports (which to be honest is what analytics comprises).
But being from New Jersey we may have also said (in our best accent): “How youz doin’?”
In social media there are several answers one may have for “How youz doin’?”. Such as likes, influencer scoring, affinity analytics, sentiment and etc. Yet, in Social Media there are several financial questions I am asked about its use every day:
- How much does it cost?
- Which system?
- How do I measure success?
Everyone is looking for the financial justification for the use of social media, its effectiveness and as you can see in the chart, the Holy Grail, or ROI. Based on IBM’s recent Chief Marketing Officer Study, we realized several measurements for CMO’s on success are good but ROI is the pinnacle.
Now most companies, like IBM, in this space offer a cloud model which certainly helps reduce investment and increases your speed to value. However, what I find most interesting about social media is most companies are treating it as separate and silo’d. Many organizations will say the “stuff” being worked on over there, or in that group.
Nevertheless, we want to know what the value of that “stuff” over there. It’s hard to put a value on something outside of the organization and not part of a normal “analytics” approach.
It reminds me of ATMs for banks, originally they were seen as these small alternatives to Branches and a way to save money on the higher transactional costs of tellers. However, what really happened is that folks began to take our smaller dollar amounts from the ATM at much faster intervals. Once banks saw this and began to think of ATMs as a channel they brought the data into the organization!
That is what organizations must do with social media: bring this data into the organization and begin to combine, analyze and apply it as part of enterprise data. Our IBM Social Media Analytics solution is rooted in analytics that is accurate and insightful. We have the benefit of incorporating some of the best parts of IBM into our solution. We use advanced algorithms from IBM R&D for geographic, demographic and behavioral analytics. We leverage our in depth knowledge of text analytics, predictive analytics, big data and reporting to provide a platform for social media analytics. Moreover, we make it easy and secure to access the information so an organization can extend their keen insights on suppliers, risks, potential employees and of course your customers.
Adding social media to predictive models, surveys or your other analytics will allow you to extend your existing capabilities. Social media is unique in its freedom, mobility, and democratization of information but it is still made up of information or data.
We have seen organizations gain amazing insights into customer complaints, positive feedback on commercials and of course identification of prospects. But the real ROI will be in applying it across your other channel information and gaining a complete 360° view of the customer.
And data this can be used with your other data to predict call center volumes, the likelihood of small crimes at a flash mob or event, product features and a variety of other activities that can drive an ROI – So Apply Social Media analytics and make sure you are able to answer the eternal question, “How youz doin?”
For more information:
- Listen to the webinar, The ROI of Social Media is Social Media Analytics Applied
- Listen to the webinar, Driving Relevant Business Insights From Social Media