Friday Mar 28, 2014

Three Busted Social ROI Myths

Today’s post is from Jack Newton, Dir. of Outbound Product Management & Strategy for Oracle Social Cloud. He dispels some of the myths around social ROI, and demonstrates how to put ROI measurement on solid ground.


social media mythsI have social ROI set up as a Google Alert, and it's rare that a day goes by when there's not something posted about it. There are good reasons for this.


One is that there are many myths about measuring ROI. And just like the definition of a myth – “a… legendary story… with or without a determinable basis of fact” -- myths tend to endure, get passed down and then repeated.


Every good story needs a hero. That hero can be you by following some steps to get your company on solid ground with measuring ROI. And at the same time, set the company on a course to make the entire customer experience better.


Myth 1 There isn’t a way to correlate social indicators with broader business objectives and metrics.


You may be surprised at how social analytics being collected today can be used to show progress against business goals and objectives.


  • Conversations: Number of customers or prospects
  • Likes/followers: Customer retention or advocacy
  • Customer service requests: Customer satisfaction; time to resolve
  • Reach: Brand value or engagement
  • Demographics and location: Market expansion


Intrepid Social Spotlight blogger Mike Stiles has covered this topic in more detail – “Social Media Metrics Explained.”


Myth 2Social media only applies to marketing.


The fact is, taking advantage of social business practices and sharing insights across the organization can benefit everyone while improving CX.


  • Commerce & Sales: Stronger and more relevant messages and customer loyalty
  • Customer Support: Call center cost savings and better service
  • Human Resources: Talent pipeline strength and employee retention
  • Internal Collaboration: Speed to market with new products and services and richer consumer insights


Getting started may take some reaching out to other groups within the organization, but it’s well worth the effort. Nearly two-thirds of Marketing and IT leaders who collaborate report that they’re more effective as professionals.


Myth 3 Executive leadership isn’t interested in social ROI.


If senior leadership doesn’t show an interest in social ROI, it could be because the numbers aren’t presented in a form that’s relevant to the C-suite.


All organizations have metrics and objectives that are set by company leadership.

If you don't know the primary metrics your company and group use to measure success, you should start there.


If you’re still having trouble getting attention, share these stats to show how getting serious about digital and social can make a positive impact on revenue. According to CapGemini, companies that are more mature from a digital perspective see:

  • 9% more revenues on average
  • 26% more profit than their competitors
  • 12% higher market valuation


Busting More Myths


John Lennon once said, “I believe in everything until it’s disproved.”  Learn about 3 more myths and how to disprove them in a new whitepaper about social ROI, which can be downloaded right here.


Photo: stock.xchng

Tuesday Mar 25, 2014

Facebook Business Manager: THE Answer for Brands?

social businessSo you’ve got a lot of Facebook Pages to manage but you still haven’t employed a social relationship management platform to handle them, as well as your other social media channels.  If that’s your situation, the recent revelation Facebook is developing something called the Facebook Business Manager might have struck your interest.


It will only hold your interest, however, if you are a relatively small brand, and are social marketing only on Facebook.


What Facebook is doing with Business Manager is the best it can do, try to help brands and agencies cope with multiple Pages and ad accounts. From Facebook’s own description: management can happen in one place, ad accounts are easier to set up and manage, account permissions are easier and clearer, and you don’t have to friend someone or have their Facebook login email to give them access to accounts (which should help cut down on the building of fake profiles for business Page management).


What does this mean for brand social marketers and agencies? Well it means Facebook sees what third party developers have been doing, and they like it. They think it makes total sense. And while Business Manager is meant to help big brands and agencies, the question arises, what big brand or agency only markets on Facebook?


If anything, this underscores how indispensable a social relationship management platform that offers deeper functionalities and aggregation across multiple social channels is.

  • Aggregated analytics across all your properties.
  • Tools like Oracle Social’s “Engage” that let you triage, assign, and process all incoming engagement across social networks.
  • Publishing and scheduling via a powerful workflow system across multiple social networks.
  • Additional security features
  • Industry-leading listening capability across the Internet at large


This is modern, enterprise level social marketing. And to their credit, Facebook is not insinuating this is the end of Preferred Marketing Developers, saying, "We're also working on API availability so PMDs can build it into their tools and interfaces, as well as build their own proprietary tools and interfaces on top of it - just like they do with our ads API." They know big players need advanced features and an integrated social marketing picture that doesn’t end with Facebook.


Obviously, we’ll learn more as Facebook Business Manager rolls out to more users and continues its development. But the reality of our social multi-channel world will hopefully inspire you to look more closely into the comprehensive platforms that truly set you up for not just modern marketing, but the socially enabled enterprise.


@mikestiles
Photo: Zlyoga, stock.xchng



Friday Mar 21, 2014

Breaking Down the FFIEC’s Social Media: Consumer Compliance Risk Management Guidance

If ever there was an industry nervous about using social, it’s financial services.  There are plenty of ways to get into trouble, as opposed to using social to sell cookies. Today’s blog comes to us from Tom Chernaik, CEO of CMP.LY, a social startup whose CommandPost addresses third-party entanglement and adoption issues, disclosure and other legal and measurement challenges. In addition to the blog, give a listen to the recent webcast with Tom and Oracle Social’s Angela Wells, “Making it all Make Sense – The FFIEC’s Consumer Compliance Risk Management Guidance.”  Just register as you would for the live webinar and you'll see the listen on-demand option.


social media for financial servicesOn December 11, 2013, the Federal Financial Institutions Examination Council (FFIEC) published final guidance to address how federal consumer protection and compliance laws, regulations and policies relate to social media activities conducted by retail banks, saving associations and credit unions.


Social media use is subject to virtually the same legal requirements as other forms of business-related media use; the only exception is social media occurs solely on the Internet. Because of this, financial institutions open themselves up to heightened risk by communicating on social, even if they don’t violate specific regulations. To safeguard against these risks, the FFIEC recommends institutions perform appropriate risk assessments (that take into account the institution’s size, activities and risk profile) and build a risk management program; the higher the risk profile, the more detailed the program.

The guidance offers simple steps for creating a risk management program:

  • Understand the reason why your institution is (or is not) using social media.
  • Discuss institutional objectives for social media use.
  • Align corporate objectives with the strategic vision.
  • Enforce a governance structure that emphasizes a strong “tone from the top.”


Financial institutions also need to create clear and concise policies that address social media presence and comply with relevant consumer privacy laws and regulations, along with the laws and regulations applicable to advertising and the proper use of consumer disclosures. (For example, Bank Secrecy Act/Anti-Money Laundering Programs should be incorporated into a financial institution’s policies and procedures to ensure compliance with the Bank Secrecy Act and the Patriot Act’s recordkeeping and reporting requirements.)


comp.ly logoFurthermore, policies should address how to manage consumer information and address consumer complaints. While a financial institution doesn’t need to monitor and respond to all Internet communications on social, it should perform an appropriate review based upon previous risk assessments when evaluating how to monitor and respond to such communications.


Once social media policies have been finalized, financial institutions are responsible for policy implementation and oversight. Institutions should:

  • Identify who can use social on behalf of the company, along with what can’t be shared (e.g. private customer information or profanity).
  • Explain how employees can use social and the processes and technologies available for employee social media use for business purposes.
  • Define the frequency of content publication and processes governing workflow for approval, monitoring and enforcement.
  • Distinguish clear roles and responsibilities for supervision.


All in all, the FFIEC’s guidance was primarily intended to help financial institutions understand the risks involved with social media use, clarify existing compliance requirements and responsibilities and encourage the implementation of oversight, processes and controls. However, while practical and intended to be relatively easy to implement, the guidance should be tailored to meet a specific institution’s circumstances and needs.

Photo: stock.xchng

Tuesday Mar 18, 2014

Oracle Social and Chevrolet #IdeaRally Tapped Into YOUR Brilliance

On March 10 in Austin, concurrent with SXSW Interactive, Oracle Social and Chevrolet teamed up to harvest ideas both from those in attendance at the Oracle Discovery Lounge and those in the Twitterverse on possible innovations around 4G connected cars, in-dash applications and overall automotive technology.


As event hosts Rahim Fazal of Oracle and Richard Choi of Chevrolet quickly discovered, followers of @oraclesocial and @Chevrolet are quite the brainstormers. Search #IdeaRally and you’ll get just a small idea of how the car experience is going to be significantly changing in the very near future.


What are your favorite possible applications? Parental controls that let you know if your kid is speeding? Reminders you need something from a store you’re driving near? Directions read by celebrity voices? Immediate alerts car maintenance is needed? Feel free to continue contributing your own ideas to the hashtag. Meanwhile, here’s a speedy infographic powered by Oracle Social’s Listen functionality with stats from the rally.

IdeaRally Infographic

@mikestiles


Friday Mar 14, 2014

Tuesday Mar 11, 2014

Oracle Social at SXSW Interactive in Pictures

A huge thanks to everyone who made our time in Austin a smashing success, with plenty of parties; the announcement of our inaugural paid media partners Kenshoo, Nanigans and SHIFT; panels with top brands like LEGO, Pernod Ricard, and GM; Oracle's sponsorship of the SXSW Accelerator program; and our incredible #IdeaRally with Chevrolet.

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@mikestiles 

Sunday Mar 09, 2014

SXSW Sunday: Responsys and Orchestration Marketing

Content MarketingThe wall-to-wall socializing, networking and learning continues at SXSW Interactive.  And at the Oracle Discovery Lounge, attendees were treated to a presentation by Responsys Sr. Manager of Customer Success Jonathan Petrino on how marketing channels shouldn’t be isolated, but be orchestrated so each empowers the other. The main points for you to consider:


Marketing orchestration is email + mobile + social + display + preferences.


The big dilemma for today’s marketer ismarketing is dealing with massive growth of touch points and addressable media. Therefore, a new post-campaign era model is required.


The post-campaign era is about delivering the right portfolio of interactions across channels and time for relevant, personalized customer experiences.


The model needs to be flipped. Don't start with a campaign, which is then scheduled and sent to the masses. Start with the customers, build profiles, design experiences, and interact individually.


Flip the Model


Low orchestration, like broadcast campaigns, are low ROI. High orchestration, like cross channel campaigns, are high ROI.


Marketing orchestration lets you scale, but with the customer at the center. It takes the personalized service you’d get from a rep, and executes it to millions.


Content is delivered cross channel, depending on actions the recipient does or doesn’t take. That has proven to show significantly higher Digital Net Promoter scores.


Asking questions on first contact starts building profiles that help brands deliver highly relevant messaging.


This kind of relevant, persona messaging leads to 2.5x the average open rate and 16x the average click-through rate.


One brand has a social game where you get virtual items for giving desired info or doing things like signing up for the email list.


You can prevent "atomic opt-out" (unsubscribing from all communication) by providing clear communication preference interactions.


Display is the largest digital channel in media spend. But it's usually wasted by anonymous targeting.


Unique journeys for unique customers has led to 20-40% conversion rates.


Now mobile is being added into orchestrated marketing, not just SMS but push, passbook, location, and mobile ads.


Service brands can even use an email, SMS combo to deliver info on what kind of specific work will be done and what time service will begin.


@mikestiles

Saturday: Top Panel Takeaways from the Oracle Discovery Lounge at SXSW

Oracle Social at SXSWIt was quite the full and successful day at the Oracle Discovery Lounge at SXSW Interactive, as the social leaders of major brands shared their experiences and lessons learned around social ROI, social marketing, social customer service, and social management.


For those who couldn’t make it to Austin or the Waller Creek Boathouse, here are some of the top takeaways.


The Right POEM Equation in Today’s Shifting Social Landscape

Oracle Group VP Meg Bear, Kenshoo Social GM Sivan Metzger, Nanigans Biz Dev SVP Ben Tregoe, and SHIFT CEO James Borow

Oracle Social's Meg Bear


  • In the paid space, you must know what content is performing well and will bring good results for you if it gets some paid support.
  • You can't go forward realistically without including all stakeholders in the paid, owned, earned ecosystem.
  • Attribution is a challenge. If you make $100, how much of that went to each marketing component?
  • The ad is really the last step in a long process, and each step deserves some credit for the win.
  • Bigger companies are trying to get into more of a startup mindset so the newest tools can be tried out.
  • CMO's seeking to show how each paid social expense speaks directly to business KPI’s is the very near future.


Setting the Record Straight; Say Goodbye to Social ROI Myths

Oracle VP Erika Brookes, LEGO Director Lars Silberbauer, Pernod Ricard’s Jeremie Moritz.

Erika Brookes SXSW


  • Having social data is like having your head come up out of the water.
  • Lego empowers their front line people to do not just community management, but paid media for immediate action.
  • 500 people have been trained in social at Lego. They have a "social driver's license." The process was selective, not everybody was invited to get trained in and participate in social.
  • Getting staff to participate on internal social networks helps get everyone used to being more social overall.
  • Switch focus to smaller communities consisting of the fans who matter and who are engaging.
  • Pernod Ricard doesn't try to understand everything. Data is there to help, not do the whole job for them.


Slamming Social Into High Gear; a GM Case Study on Social

DigiDay’s John McDermott, GM Director Social Media Communications Mary Henige, GM Social Center of Expertise Lead Rebecca Harris


  • GM uses social a great deal for customer care, where owners can ask all sorts of service and product questions.
  • Their team knows the topics important to their targets and run strategy against it. It's not hit and miss.
  • GM uses photos fans send in as their Facebook cover photos, and they're among the most shared.
  • Social listening lets them know if there's something their customers aren't understanding or need help with.
  • Social and events like SXSW help get them in front of younger demos that may not be eager to walk into a showroom.
  • Social listening in a crisis helps you find your biggest advocates & defenders.


Related content you might want to check out:

  • FREE whitepaper on measuring social ROI in the enterprise.
  • See fun Instagram images coming out of SXSW mixed in with tweets from @oraclesocial with our SXSW Experience Tab.
  • Video: Oracle's Meg Bear talks with new paid social partner SHIFT's CEO James Borow.
  • Video: Oracle Social's Erika Brookes talks social ROI myths with Pernod Ricard's Jeremie Moritz.
  • Video: Oracle Social's Mike Stiles talks with GM's Mary Henige about how you manage such a massive customer base. 
  • There's a LOT going on at Oracle Social. Get access to all of it with our brand new one-stop Infowall.

    @mikestiles

Friday Mar 07, 2014

Oracle Social Giving Customers Choices with Paid Social Media Partnership Program

social media choicesPaid social media is becoming increasingly crucial as marketers seek to amplify content for greater reach, higher engagement and better concentration of resources on the most likely of targets.


To better facilitate the integration of paid media with other social relationship management functions, Oracle Social Cloud is announcing an open API-based paid media solution bringing customers vendor choice, flexibility, and expertise. Our inaugural partners in this endeavor are social ad platform leaders Kenshoo, Nanigans, and SHIFT.


What this means is customers already on their way to becoming social enabled enterprises with the Oracle SRM can capitalize on the top ad technologies available, connecting content creation & management in SRM to promotion of that content with the paid social partners’ platforms.


-- See the demos of how these paid partners work hand in hand with the Oracle SRM--


Without question, our inaugural partners represent the best in the field, chosen based on criteria including platform capabilities, technology innovation, strategic partnerships with major social networks, customer base and scale capabilities.


Oracle Social Cloud Group VP Meg Bear says, “This strategic approach signals our belief in the power of an open API strategy, and we believe this is the best solution to meet our customers’ needs to leverage performance-based, targeted advertising at scale.”


Just look at the advantages of such an API partner strategy:

  • Technology Expertise: SRM customers quickly benefit from years of focused development in the social paid media space by our partners.
  • Analytics: Comprehensive analytics will be available to users through SRM and partner sites, helping them understand the metrics behind paid, owned and earned content.
  • Coordination & Collaboration: Oracle SRM’s workflow functionality will enable better coordination and conversation between the community manager (owned and earned content), and the agency or media manager (paid content), facilitating greater efficiencies and effectiveness.
  • Custom Audiences: Customers will be able to take advantage of SRM’s Custom Audiences capability via SRM and Eloqua integrations.


Why put yourself in the best position to act on paid social possible? Advertising Age has noted nothing has bested TV’s reach since the early '50s. Now, Facebook alone surpasses the reach of the 4 broadcast networks 18-to-24 and 25-to-34. Meanwhile a Nielsen study shows 3/4 of respondents use Paid Advertising, with 64% looking to increase spend in 2014.


It’s a massive audience of prospects. And if you’re spending ad dollars to engage with them on social (as a growing number are), that paid social spend should be as informed as possible.


The choices, flexibility, connection and collaboration offered by Oracle Social’s Paid Media Partnership Program offer a tremendous opportunity to move social marketers much closer to the real-time, right people, right-time strategies that lead to measurable success.


@mikestiles
Photo: Ruth Livingstone, stock.xchng

Tuesday Mar 04, 2014

The Secrets to Making People Care About Your Social Marketing Content

boring social media contentI write about social marketing…a lot. And I’ve found that the more tech innovation comes along, the more relentless expectations by brand leaders are that marketing be executed purely from automated, algorithm-driven machines.


The tech tools are stunning in their ability to gather, analyze, inform and direct customer interactions. I’m lucky enough to be with the only company with the depth and resources in business software across the enterprise to build a fully integrated marketing and customer experience environment. If I were a brand, I’d be nervous about messing with anything else.


But success unavoidably keeps boiling down to making content that attracts, holds, and inspires people. That is a human artistic endeavor. How do you make people care about the content you’re putting out? You don’t. You take what they already care about and craft your content from that foundation. Here’s what they care about.


1. Looking Good

Being associated with you is either going to be embarrassing or empowering. Your users want to look cool. If you give them content that makes them look cool if they share it, they’ll do it. If it makes them look like your salespeople, that’s embarrassing.


2. Not Being Played for a Chump

If you bait me with an awesome headline then fail to deliver value or generate interest in the first couple of graphs, I feel tricked. And I don’t like people who think so little of me they try to trick me. 38% of people who land on a page bounce almost instantly.


3. Feeling Like They Belong

Guess why people are on social to begin with. To connect. If they don’t feel they’re getting insider info or special deals from you, they don’t regard it as much of a connection. If they praise or reach out to you and get ignored, that’s full-on rejection, one of the deepest human fears there is. Heart+Mind Strategies found 72% of US users shifting back to using social primarily to stay in touch with family and friends. Brands are losing them.


4. Feeling Known

If you care enough to know what platforms they prefer, what kind of content they respond to, when they tend to be online, what kinds of images grab their attention, which of your products they use, etc., they’re far less likely to blow off or gloss over content that comes from you.


5. Not Having Their Time Wasted

That means your stuff better either entertain, inform, or both. Keep content fresh. If you can solve a problem they’re having, solve it. If you can make them smarter (overall, not just about you and what you offer), do it. If you can make them laugh, do it.


6. Being Able to Trust You

Robert Cialdini of Arizona State University writes about six “Weapons of Influence.”

Several revolve around authority and trust. Our default is to trust authority. Brands have a head start. You’re an authority…until you violate that trust. People also commit to and defend the choices they make. They’ll go to distance to support their choice to Like you, but can be pushed too far. And they trust groupthink. If your fans are happy and participating, there won’t be much dissent. But if the tide turns against you thanks to bad content, the dominos will fall quickly.

7. Things Being Fast and Easy

Resist your corporate urge to make things as complex as possible to prove to the people up the hall how hard you work. People move through social content lightning fast. Overthink what you’re doing and they’ll say “eh…” and move right past your stuff. Quick and easy to consume, quick and easy to share.


Some brands have started to question whether social users want content from them at all. eMarketer shows over half think brands should be creating timely digital content. So much for that excuse. They want content, they just want it to be good. And they’re working diligently to edit out the noise.


Don’t be noise. Test your content, make sure it touches on basic human emotional triggers, and you’re on your way to users looking forward to your content and turning into brand advocates.


@mikestiles
Photo: stock.xchng

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