By Mike Stiles on Oct 03, 2014
All good things must come to an end, although innovations in the Oracle Cloud and Oracle Social Cloud never end and are always an ongoing process. After all, we want to have great stories to tell and great announcements to make at Oracle OpenWorld 2015. Believe it or not, after a great night at Treasure Island with Aerosmith and Macklemore & Ryan Lewis, attendees still made it in for one final day of discussions.
In the wrap-up of CX Central (which by itself had over 2000 participants and over 300 sessions) Meg Bear and GM’s Rebecca Harris were talking about the importance of Latent Semantic Analysis in social listening. For instance, Rebecca pointed out that “good morning” is often shortened to ‘GM’ on Twitter…a problem for their monitoring, as is the fact that “Chevrolet” is in the lyrics of almost 2000 songs.
Meg said we’re well past discussions of whether social is a fad and are now hearing more stories about product innovations coming through and from brand social channels. Orgs can turn that into strategic value. Rebecca said every department touches social in some way, with each department believing they’re doing what’s right. But there must be an integrated strategy through the customer lens, which involves stakeholder meetings that aren’t always pleasant.
Oracle’s Rahim Fazal and Mike Ballard led a great session on how governments and utilities can effectively use social before and during disasters/ emergencies. From its very beginnings in Rome, government was intended to be local, instant, personal and social. So governments must consider all channels to serve all constituents of all ages in all socio-economic groups, wherever they are. At its peak, Instagram users uploaded Sandy-related pictures at a rate of 10/second. Facebook mentions of Sandy and Frankenstorm were up 1 million percent!
During a crisis, don’t try to control the conversation. Let people vent. Your job is to provide actionable info. Mike said 624 million customers worldwide are expected to engage with utilities by the end of 2017. You won’t have much trust if you create a social presence when a major issue happens. It has to already be there and ready. Even if a utility is doing a great job in a disaster, nobody will know without steady communication. Mike suggests developing a social engagement and resource strategy, then stress test it to make sure it’ll work during the real deal.
Altimeter Group’s Andrew Jones had a nice chat with us about the importance of social identities. Limited insight will only lead to messages and ads that lack context and make no sense. 57% of consumers are fine with providing personal info if they benefit and it’s used responsibly. 77% would trust business more if they explained how they’re using personal info to improve their online experience.
The benefits of compiling social identities include richer customer profiles, cross-channel engagements, efficiencies of marketing budgets, and social media ROI. It also lets you leverage influencers, identify prospects, reach custom audiences, find lookalike audiences, nurture leads, personalize products, gain real time insight, retain and reactivate, reward loyalty, and tap advocates. Gee, is that all?
Then it was on to Rahim’s super-casual chat about social data with BlueKai’s Molly Parr and Marriott Rewards’ Michelle Lapierre. Disparate data creates marketing complexity and lost revenue. If they can’t pull together all their data, marketers fail to target the right customers. Yet 82% of enterprise marketers have NO synchronized view of customer data. 58% say social data is important but 52% collect little to none of it.
Molly says data is fine, but the ability to activate on data is finer. Most data is tied to specific execution, but today it must be “unchained,” with focus shifting from campaigns to customers. Can multiple small vendors deliver that kind of unchained, actionable data across the enterprise? Michelle said that’s a tough way to go. It’s putting functionalities under one umbrella that makes more sense.
Thanks to all who attended our social and CX Central sessions at this year’s Oracle OpenWorld and for those who have virtually attended through this blog and @oraclesocial. But don’t leave now. Keep your eyes on these space as we continue to build the power of social listening and data into the newly upgraded Oracle Cloud.