Everyone is talking, writing and discussing about Social Analytics. There is an overwhelming presence of vendors, there are the usual mergers and acquisitions and much more. But are we just talking about "hype" or is this reality.
Press the "pause" button for a minute. Everything from your TV to your Cell-Phone has gone interactive, companies today exist in a virtual world and they need your business every minute of the day. In this mad race to gain "customer" confidence, everyone is just about "social" i.e. having a facebook page, twitter accounts, "buzz" ing around you, connecting on orkut and eventually in "my(your)space", interactive TV is just the beginning with 3D television. You are educated about anything by the company that wants your attention if not then your friend or an acquaintance who has more than 6 degrees of separation can influence your thoughts by being "linked-in" to your social network.
We need to measure all these events and calculate the "profitability" from being social (from an enterprise perspective). This is where Social Analytics becomes a "reality". The ability of a company to measure how much "customer-centric" they are from being a "product" vendor and link that move to bottom line revenues is what we call Social Analytics.
It all started with the "long tail effect" and measuring its impact. Today we have cool tools that can accomplish the task, but these tools will form a solution only when implemented as a platform. Every vendor and solution integrator has claimed that they have a perfect solution and soon we will see a "magic" quadrant from Gartner on this subject and its vendor ratings et al.
In the next generation of the Data Warehouse, the measures, metrics and KPI's for any company will be led by its "customer-centricity" which largely will be social analytics driven. The new frontier of CRM+Marketing = Social Presence, will be accounted for in "Customer Revenue"+"Influencer Revenue" = Total Revenue, and Customer Profitability = Total Revenue / "Number of people influenced" (how many people did a customer influence to buy a service or product). Product and Service profitability will be driven by micro-segmented markets and neural networks will become a normal requirement to conduct business in that frontier.
The future is bright and the road to that future is being paved at a pace faster than your imagination.
Watch this blog for more information on this subject.
Press the "pause" button for a minute. Everything from your TV to your Cell-Phone has gone interactive, companies today exist in a virtual world and they need your business every minute of the day. In this mad race to gain "customer" confidence, everyone is just about "social" i.e. having a facebook page, twitter accounts, "buzz" ing around you, connecting on orkut and eventually in "my(your)space", interactive TV is just the beginning with 3D television. You are educated about anything by the company that wants your attention if not then your friend or an acquaintance who has more than 6 degrees of separation can influence your thoughts by being "linked-in" to your social network.
We need to measure all these events and calculate the "profitability" from being social (from an enterprise perspective). This is where Social Analytics becomes a "reality". The ability of a company to measure how much "customer-centric" they are from being a "product" vendor and link that move to bottom line revenues is what we call Social Analytics.
It all started with the "long tail effect" and measuring its impact. Today we have cool tools that can accomplish the task, but these tools will form a solution only when implemented as a platform. Every vendor and solution integrator has claimed that they have a perfect solution and soon we will see a "magic" quadrant from Gartner on this subject and its vendor ratings et al.
In the next generation of the Data Warehouse, the measures, metrics and KPI's for any company will be led by its "customer-centricity" which largely will be social analytics driven. The new frontier of CRM+Marketing = Social Presence, will be accounted for in "Customer Revenue"+"Influencer Revenue" = Total Revenue, and Customer Profitability = Total Revenue / "Number of people influenced" (how many people did a customer influence to buy a service or product). Product and Service profitability will be driven by micro-segmented markets and neural networks will become a normal requirement to conduct business in that frontier.
The future is bright and the road to that future is being paved at a pace faster than your imagination.
Watch this blog for more information on this subject.
Posted June 18, 2010 7:33 AM
Permalink | 1 Comment |
Twitter 
LinkedIn 
YouTube
The biggest challenge with social media is establishing a meaningful game plan to use it well. Capturing influence revenues and profitability requires very high levels of customer identification mechanisms. And of course tools that can sift through the content for meaningful extraction of sentiment.