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© 2012 Copyright Genpact. All Rights Reserved.
Social Intelligence:
Acquire, grow and retain
your customers
Presenter Name: Debjani Deb, Managing Partner (EmPower Research, a Genpact company)
© 2 2012 Copyright Genpact. All Rights Reserved.
Social media: a rich repository of customer sentiments
on category and brands
1 4 %
Of those online now
use social media
14% either publish a blog/
web page or upload video
21% post ratings or
comments
31% post updates
social sites
3 1 % 2 1 % 6 6 %
Sources: www.sanfranciscosentinel.com, wwwblogs.forrester.com, Knowledge Networks
HOW MANY INTERNET USERS TURN TO SOCIAL
MEDIA WHEN MAKING PURCHASES REGULARLY TURN TO SOCIAL MEDIA
SOMETIMES TURN TO SOCIAL MEDIA
Travel
Services
4% & 24%
Financial
Services
4% & 10%
$$
Eating
Out
3% & 21%
Clothes or
Fashion
4% & 23%
Mobile
Phones
2% & 21%
Groceries or
Food
2% & 15%
Personal
Care
3% & 15%
© 3 2012 Copyright Genpact. All Rights Reserved.
Customers of financial institutions make choices based
on information they gather online
“Deciding whether to get
involved means deciding if you
want to be part of the
conversation…There will be a
conversation with or without
you…If you don’t use social
media, then your business will
go elsewhere.”
Hadley Stern, Vice President at
Fidelity Labs, a division of Fidelity
Investments Source: FIS Enterprise Strategy, “Consumer Mobile Banking Research,” February 2011, n=4,002.
70%
29%
20%
17%
12%
69%
26%
17%
13%
11%
72%
24%
18%
12%
9%
67%
23%
18%
10%
6%
74%
34%
29%
19%
6%
YouTube
MySpace
Other FI's
Community & Small Regional Banks
Credit Unions
Banks 11 to 50
Top 10 Banks
Top Social Channels by Banking Consumers
Overall, 70 percent of banking consumers are using Facebook,
and 27 percent are using YouTube
© 4 2012 Copyright Genpact. All Rights Reserved.
Many large organizations are acting on the endless
possibilities already
Monitors daily buzz to respond to any negativity before they become viral
Measures impact of their media campaigns and advertisements
Measures online sentiments to track
its reputation
Identifies customer service
alerts and responds
Tracks employee perceptions to advise institutions on hiring strategies
Engages with online influencers to drive
advocacy on its behalf
One of the leading
insurance
companies
World Leader in
Financial Services
A leading
publication
A prominent
social networking
site
A leading B2B
data storage
devices company
A leading
Financial Services
company
© 5 2012 Copyright Genpact. All Rights Reserved.
Customer Service is one of the primary topics of
conversation
Want Credit
Score on Credit
Boards Want store
cards on
phone Complaining
about Poor
Customer
Care
Resenting
High Interest
Rates
Our preliminary research shows that poor customer
service and billing issues are driving negative
sentiments in social media for credit card providers
More and more consumers are being vocal
online about their providers and thus
presenting us with a unique source for
insights on their needs
Perceptions associated with card providers
4 4 %
25%
19%
13%
6%
6%
0% 20% 40% 60%
Poor Customer Care
Re-Payment / Billing Issues
Communication Problems
Address Transfer / Verification Issues
Recovery Harassments
Poor Benefits
© 6 2012 Copyright Genpact. All Rights Reserved.
Companies are engaged at various parts of the social
media lifecycle
Market
Listen
Learn
Engage
Regulatory Bodies
M A R K E T : • How to know which channel is best for
which marketing goals?
• What are stakeholders searching for?
L I S T E N : • Who should you be listening to?
• What are stakeholders talking about
competition?
L E A R N : • What can you learn about impact of
your messages?
• What can you learn about your
reputation and voice of customers?
E N G A G E : • Who are the influencers?
• How can you engage them?
© 7 2012 Copyright Genpact. All Rights Reserved.
LISTEN (Consolidated monitoring of traditional and
social media)
L A T E S T
N E W S
1 Latest industry news and developments
2 Analyst commentary and views on your
services
3 Tracking of competition activity
4 Stakeholder awareness and sentiments
5 Emerging conversation themes and trends
6 Negativity or customer service alerts
7 Sales and engagement alerts O N L I N E
D I S C U S S I O N S
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LEARN about managing reputation across the message
journey
S E E D I N G O u t r e a c h w i t h a s t r o n g m e s s a g e
R E S O N A N C E T h i s m e s s a g e i s l i k e d b y
m e d i a / s t a k e h o l d e r s a n d i s
t r a n s m i t t e d f a r a n d w i d e
I M P A C T T h e s t r o n g m e s s a g e p u l l - t h r o u g h
t r a n s l a t e s t o a g o o d m e d i a
i m p a c t
R E P U T A T I O N T h e r e s u l t o f t h i s p o s i t i v e m e d i a
i m p a c t i s i n c r e a s e d r e p u t a t i o n
© 9 2012 Copyright Genpact. All Rights Reserved.
ENGAGE to attract customers and drive advocacy
Engage through key influential
bloggers / sites Identify key influencers
Define your engagement
objectives
Universe of influencers: A scan of
secondary sources and aggregated
datasets to arrive at the universe of
online opinion leaders
First level short listing:
Shortlisted on the basis of the
volumes around the subject of
interest and relevancy
Top Influencers:
Influencers are rated
by using Awareness,
Focus and
Engagement
Each sub-parameter is weighed and scored depending on salience to arrive at an overall value
for each parameter
Normalization through scaling is done & scores are given in the range of 1 –5 scale
Key Influencer List
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MARKET based on insights from listen to engage cycle
M A T U R E M A R K E T S
Growth First
timers
Switchers
(Comp.)
Switchers
(CMC)
Target first timers with
the right messages Action on unmet needs of
different segments Act on underlying sentiments,
to stop revenue leakage
N E W M A R K E T S
Growth First
timers
First
timers
First
timers
Promoting insurance
concept to build awareness Understanding of target
segment behavior Develop brand associations
that will create differentiation
© 11 2012 Copyright Genpact. All Rights Reserved.
Another way to look at it is how it helps the customer
life cycles
© 12 2012 Copyright Genpact. All Rights Reserved.
Each part of this cycle has a revenue or cost impact
Market Listen Learn Engage
Monitor
Chatter
Segmentation
Need
Analysis
Customer
Service
Brand
Sentiments
Usage
Drivers
New Idea
Generation
Influencer
Mapping
Cost
reduction
Top line
enhancement Online
campaigns
Social
media
presence
CI
Tracking
Compliance
Tracking
Negativity
Tracking
Barriers to
Adoption
E-Media
Strategy
Best
Practices
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Some examples
© 14 2012 Copyright Genpact. All Rights Reserved.
Brand tracking: Understand brand performance vis-à-vis
competition on social media
Solution
1. Identify Brand KPIs
2. Track these KPIs vis-à-vis
top competition over time
and act on weakness
Witnessed 28% increase in brand stickiness and loyalty along
with 12% increase in first timers
Awareness Sentiment
Consideration Perception-Comparing with
Themes
16%
23%
26%
Company Competitor 1 Competitor 2
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Event analysis: Holistic view on impact of an event
Sentiments – Time Line
9/13/10 9/20/10 9/27/10 10/4/10 10/11/10 10/18/10 10/25/10 11/1/10 11/8/10 11/15/10 11/22/10 11/29/10
Positive Negative Neutral
Pre-Event Early: Sept 12 to Oct 11
Event Mid: Oct 12 to Nov 10
Post-Event Final: Nov 11 to Nov 30
Key themes of discussion
N = 85 N = 135 N = 753
Campaign Brand A Brand B Campaign Brand A Brand B Campaign Brand A Brand B
Pre-Event Early: Sept 12 to Oct 11
Event Mid: Oct 12 to Nov 10
Post-Event Final: Nov 11 to Nov 30
Holistic tracking leading to better messaging
during event which led to 38% more positivity
post event
Solution
1. Pre-Event: Understand the
event hype on social media
2. Event: Timely alerts on
important activities during
event
3. Post-Event: Measure event
impact on target customers
© 16 2012 Copyright Genpact. All Rights Reserved.
A leading credit card provider: Integrating internal data
with community based listening
Solution
1. Competitive benchmark of
advocacy in real-time
2. Integrating multiple data
forms for holistic insights on
customer satisfaction
Co-relate sentiment/advocacy/loyalty/consideration/influence in real-time to directional NPS
30%
48%
26%
58%
33%
59% Service
Security
Respect
Safe
transactions
won
customer
confidence
Unhappy
about
verification
charges
premium
cards
provided
were
admired
Sentiments (%)
Client Competitor
© 17 2012 Copyright Genpact. All Rights Reserved.
A leading US bank: Learning about target segment (HNIs)
Exclusive holiday
packages
100%
Luxury watches
98% 89%
Electronics
89%
Precious Stones
TOP INTEREST
AREAS
Wealth managers
Self
Friends / Family
Media
55%
49%
42%
21%
High reliance on
wealth managers
and self for
investment
decisions
50% reduction in primary research costs by converting unstructured opinions to structured insights
Solution
1. Analyze behavior, interest
and attitudes of HNIs
2. Understand their
investment need drivers
and any unmet needs
© 2012 Copyright Genpact. All Rights Reserved.
A case study on tactical
implementation Understand how a leading insurance company successfully
leveraged media services for its business
© 19 2012 Copyright Genpact. All Rights Reserved.
Setting the context: Client business goals
N E A R - T E R M
To win over
customers
through
best-in-class
service
To be the insurer of choice for
its target segment (military
personnel)
O V E R A L L V I S I O N
L O N G - T E R M
To fortify corporate
reputation in the
insurance category
© 20 2012 Copyright Genpact. All Rights Reserved.
How we went about it: Step 1 – Setting up a listening
platform
Daily monitoring
Traditional media Social media
Weekly
measurement
Quarterly
measurement
2010 2012
A holistic view on issues, sentiments, perceptions, trends etc. which
require immediate management attention I M P A C T
© 21 2012 Copyright Genpact. All Rights Reserved.
How we went about it: Step 2 – Improving customer
service through timely alerts
Over 30 daily qualified alerts resulting in improved customer service and
experience leading to enhanced customer retention I M PA C T
1. Crawling across social media
channels to identify customer
service opportunities
2. Rule based real-time alerts for
early action
Shabrekia Andrews, February 8, 2012: First charges are posted,
then they disappear, then they reappear with added fees! Really?!
It would mean a lot to me if you guys kept my account in order! I
freaking love client_x but I don't mind switching banks!
Ksmithlex (12 followers) Client_x why is it so frustrating to get a
mortgage with you!
KEY INFLUENCER
Over 1.1 million unique visitors.
1000+ conversations on the client.
© 22 2012 Copyright Genpact. All Rights Reserved.
How we went about it: Step 3 – Identifying & leveraging
on key influencers
Military Stars (from twitter)
Patrick Danner
(Houston Chronicle)
Shane Kite
(Bank Technology News )
Josh Bernoff
(adage.com) Tinak
(Brand loyalist)
Mike Campbell
(from facebook)
Colonel K
(MilitaryAvenue.com)
RICOLA
(Bogleheads.Org)
Margarette Burnette
(Fox Business) Colonel K (MilitaryAvenue.com)
Deborah L. Jacobs
( Journalist)
Paul Hagen
(Forrester Blog )
Beth Wilson
(from twitter)
Kimberly
Blackmon
(from facebook)
Hank Coleman
(writer, entrepreneur &
investor)
Dan Kissinger
(militaryavenue.com)
Number of conversations on client (positive & neutral) has gone up to 2000
per week through influencer engagement I M PA C T
© 23 2012 Copyright Genpact. All Rights Reserved.
How we went about it: Step 4 – Managing brand
reputation through social engagement
Achieved 9% reduction in negative sentiment through continuous
monitoring of reputation drivers and its impact I M PA C T
1. Monitor reputation
detractors and enhancers
2. Enable faster response to
issues that impact
reputation
AdvocacyImage Word Of Mouth
Share of Voice
Perception
Topics of discussion
Loyalists
Weight x %
Weight x % Weight x %
Weight x %
Brand Preference
Weight x %
Preference over
competitionBrand
advocates
Mentions in influential channels
ReferralsFirst timers
C L I E N T B R A N D S
C O M P E T I T O R B R A N D S
Competition
TIME
Awareness
Sentiment
Weight x %
© 24 2012 Copyright Genpact. All Rights Reserved.
Implied RoI as a result of this engagement
Volumes have gone
up by more than
200% since we
started
Volumes
Sentiments towards
client have shown
consistent
improvement
Sentiments
Client is perceived as
a technology pioneer
owing to its increased
online
presence/campaigns
Technology Pioneer
Spokesperson
coverage has gone
up by over 80% last
quarter
Spokesperson Coverage
Military media pick-up
of client coverage has
gone up by over 70%
in last quarter
Military Media Pick-up
Events are
increasingly getting
more coverage
across media types
Event Impact
Thank You
© 2012 Copyright Genpact. All Rights Reserved.
ddeb@empowerresearch.com