By Mike Stiles on Sep 30, 2014
Day 2 of Oracle OpenWorld 2014, and there were so many takeaways for social practitioners that there’s not even room for a long opening paragraph.
The day began with a Keynote and a “wheel of customers” hosted by CEO Mark Hurd. Mark pointed out 87% of orgs are using a public cloud, and it’s projected by 2020, 1/3 of all data will reside in clouds. Yet most enterprises are still working off 20-year old legacy applications with over 80% of IT being spent on maintenance. The message: you must modernize to survive.
Walgreens CIO Tim Theriault said seamless integration from Oracle should help them leverage technology, even as IT budgets go down (falling IT budgets was a common theme today). Jamie Miller of GE said Oracle will solve the hard problems in ways we can’t even imagine today. Procter & Gamble uses Oracle to service 4 billion customers per day! Steve Little of Xerox said they have 145,000 employees and about 10,000 contractors, with no single visibility into all that because they’re on 150 HR systems worldwide! Naturally they’re moving toward one global platform. Intel’s Kim Stevenson spoke much truth when she said every industry is in a disruptive state, and she doesn’t know a business leader that thinks IT moves too fast. She asked Mark to make sure Oracle keeps innovating and driving these business transformations.
Oracle Social’s Phil Sykes moderated a session on social for retail. IDC’s Miya Knights said their research shows consumers with 5+ devices are more willing to share data with retailers, but brands must treat that data with respect. Customers are learning how valuable it is. She reminded us many use social for info on how to better use products they already have. Kristina Console of Method says they need social sites to function as commerce sites, which is why they have great interest in Twitter’s “buy now” button. They’re big on Pinterest, offering incentives there, using it to remind customers the company is green, and wrapping products in imagery that conveys feelings, thus yielding amazing engagement.
But…ROI and measurement is still the tough nut that needs cracking. Miya said social listening is an absolute prerequisite for ROI, while Kristina said even if you get huge engagement, proving what happens after it is the hard part. Oracle’s Gary Kirschner aimed for the endgame: every aspect of the customer experience being variable in real time based on customer data.
Our own Angela Wells joined Tom Cernaik of Command Post and Katie Gulas of BBVA Compass Bank to discuss social for financial services. Angela kicked things off by saying the customer journey is no funnel. It’s a figure-8 loop including brand interactions during both purchases and ownership. Katie said social touches several parts of her bank; HR, Corporate Communications, Marketing, Web, and Service. And don’t think banks can’t do social contests. BBVA did one that generated valuable one-on-one interactions with small business leads. She does suggest using a contest vendor, keeping it simple, and anticipating questions though. Tom’s advice was around those fun-filled regulations. For instance you can share 3rd party content via a disclosure banner or an interstitial disclosure. Social is subject to the same rules that apply to traditional media. You should establish documented policies and procedures, train reps on their responsibilities, and disclose & disclaim. And you should have governance based on clear signals from the C-Suite, which must be involved in social processes and policies.
Then manufacturers got their social advice from the likes of Oracle’s Bill Hobbib, Marshall Powell, and Polaris Industries’ Holly Spaeth. Bill conveyed that if a loyal customer engages, they’d like some recognition for it. Giving them dynamically personalized content will lead to more conversions. Holly actually did tell a good social ROI story. Their existing social listening tool wasn’t cutting it, so what Oracle Social Cloud offered was a way to eliminate irrelevant signals. Sounds simple, but it saved them 20-30 hours a week at $70 an hour. Money in the bank.
And of course, Oracle OpenWorld attendees continue to fill the Social Intelligence Center, where they’ve been able to see for themselves how we’re applying social listening to OpenWorld itself. Much more tomorrow!