You all know them: people who won’t let you eat until they’ve Instagrammed their meal, pedestrians who’ve walked into you because they’re staring at their phones and scrolling through Facebook. Our society is immersed in social media- and the numbers and expectations are growing. In fact, only 28% of the online US population spurns social interactions with companies.
The pervasive use of social channels made marketers hungry for insights and feedback coming directly from the consumer’s mouths and social is one of the cheapest and best ways to do that. But social listening has been around for years, what’s so different about it now?
The gears are turning- and social listening is turning to social intelligence (finally). In the last couple of years, social listening platforms have doubled down on analytics to keep pace with the needs of customers and prove their worth for use across the enterprise by enabling insights to action. In our recent Forrester Wave™ report, we evaluated 12 vendors (Brandwatch, Cision, Clarabridge, Crimson Hexagon, NetBase, Networked Insights, Oracle, Prime Research, Salesforce, Sprinklr, Synthesio, and Sysomos) along 30 criteria that measured their abilities to:
· Integrate with other marketing and business tools. Social maturity involves tying social metrics to business objectives. Marketers in search of a social platform should include in their critical selection criteria the ease of integration with their existing CRM, customer analytics tools, or voice-of-the-customer (VoC) tools.
There’s little doubt that we are living in a “selfie” culture. The once-mundane activities of exercising at the gym, driving to work, or simply making coffee are now social spectacles that win attention and, in some cases, profit. This impulse to share daily tasks begs us to rethink the meaning of “personal” – and now consumers have even begun to expose sensitive information like their financial behaviors.
Today's channels that bridge social connections are increasingly playing into consumers’ personal financial management tactics. Forrester’s Consumer Technographics® survey data shows that the number of US online adults logging into their financial accounts through social media has more than tripled in the past two years. In fact, more consumers are turning to both social channels and their cameras to forge closer interactions with financial services providers overall:
Many times, what we want says more about us than what we do. This is why readers are fascinated with news from the Consumer Electronics Show, which gives us an aspirational glimpse at the technology of tomorrow. This is why Google publishes the most frequently searched “how-to questions,” which reveal what people are striving for. It’s also why emerging customer insights methodologies like social listening, which uncover visceral consumer reactions and desires, are gaining traction.
Two weeks ago, people around the world expressed their wishes for 2016 by sharing their New Year’s resolutions online. What do people want this year? Forrester’s analysis of the social conversation shows that physical and mental wellbeing dominated most of the resolutions posted across the globe. But certain geographical differences shed light on varied cultures and attitudes. For example, while US consumers also discussed social causes and career goals, UK consumers mentioned artistic pursuits and relaxation:
Have you been so fed up with a company you've said, "That's it, I'm tweeting?" Contrast that with the times you've been so impressed with a company you've said, "That was so awesome, I'm going to tweet about it." Customers do use social to ask brands for help. In a recent New York Times article, Jonathan Pierce, director of social media for American Airlines, shares, “You now see folks with Wi-Fi on board — if they need assistance on board, they’ll tweet us,” he said. “Perhaps if their bag isn’t there within five minutes, they’ll tweet us. There’s an expectation from the customers that we’re there to listen to that and act on it.”
Combined, online display and social media advertising spend will double between 2015 and 2020, growing from €14.4 billion to €28.7 billion.
Among the factors driving growth, the combination of mobile and premium video advertising will drive an upsurge in demand for both online display and social advertising. Advertisers will increase their investments in video and mobile ads as media consumption evolves and targeting accuracy improves.
Native mobile video advertising is already proving a winning formula in the social media sphere, and publishers will take notice as they further refine their video ad offerings to provide more premium inventory, preventing a decline of video ad CPMs as supply increases. In fact, mobile ad spend will overtake PC as PC flatlines in the next five years.
Other developments will continue to disrupt online ad revenue in the next five years:
Programmatic will become the default mechanism for trading online display
Ad blocking will force new behaviors on the publisher side, and a greater struggle to hit the sweet spot between monetization and consumer experience.
Growing rivalries between Apple, Facebook, and Google for news aggregation services will further dis-intermediate publisher mobile advertising revenue.
This week Facebook released “Reactions” for two pilot markets: Ireland and Spain. The new reactions available for posts? Love, haha, yay, wow, sad, and angry.
Myself and Forrester analysts Jennifer Wise, Samantha Ngo, Brigitte Majewski across mobile, social, and advertising pow-wowed on this new addition. Here are our thoughts:
Facebook wins from this move. Hello new and granular consumer data. Facebook can continue to optimize its own news feed experience, and grow monetization of its data with improved audience profiles and targeting for ads – on its site, and everywhere else.
Brands may get better sentiment data... Marketers need to go beyond counting likes, so what about counting “angries” vs. “yays” instead? Counts can suddenly mean positive or negative sentiment. Funneling these sentiments into consumer insights can help 1) inform ad targeting with refined consumer preferences and affinities, 2) test emotional story arcs, and 3) fuel retargeting. A clothing retailer could target consumers who react “wow” to dress posts. But the big “if” is: will Brands own Reaction data? We’re hoping yes.
For two days this week, I enjoyed Hubspot’s Inbound 2015 conference. Hubspot is an inbound marketing platform targeting small to medium-size businesses and each year the company holds a conference bringing together thought-leaders, customers, and partners. This 3.5-day event has over 250 sessions spanning a myriad of topics. Conferences provide different perspectives on the marketing landscape, customer success stories, product updates, philanthropic awareness, networking opportunities, and — my favorite — kernels that can be developed into themes with broader implications. I was happy to experience all those elements and walked away with more than a few kernels with broader implications. I’d like to share a few resulting from comments by Brian Halligan and Dharmesh Shah, Chris Brogan, and Mitch Joel. Let me forewarn you, these ideas may seem provocative, but they make for a good debate and even better research.
In chaos theory, the butterfly effect posits that seemingly small changes at one moment in time can result in large, dramatic changes at another. The subtle flap of a butterfly’s wing can trigger a violent hurricane that occurs miles away or days later. Rationally, the idea may seem like a stretch, but in a digital sense, we are witnesses to – and victims of – the butterfly effect every day through social media. A few individuals’ posts online can escalate into a chorus of voices that mobilizes communities and creates new standards. We saw this last year after a homeless man in Boston turned in a backpack and, more recently, when Cecil the lion was killed in Zimbabwe.
Social media has always been a catalyst for bringing people together as well as an outlet where consumers can vent. But when a surge of voices results in change, social media posts are more than ephemeral cybertext. And, according to Forrester’s Consumer Technographics® data, consumers around the world leverage social media to generate buzz about current events, although members of some countries are more vocal than others:
This a guest post by Danielle Geoffroy, a Research Associate on the Application Development & Delivery (AD&D) team.
Customer service teams are facing a dilemma that may bring back high school nostalgia – if you want to be one of the cool kids, you need to be social. But simply being present in the social scene doesn’t automatically make you hip to the digital customer. You need to talk the talk and have the latest gadgets.
In our recent report, we discuss the new reality of social customer service, and outline tools you should adopt for social workforce optimization. Companies have all felt social flip the table – it affects their core business model because newly empowered customers have a giant bullhorn to make their feelings known. As a result, companies must incorporate social into all realms of their business, especially customer service teams.
Customers turning to social channels for service support have high expectations (I know I do). Those expectations mean you’ll need to:
He declined to live tweet his upcoming wedding from the altar, but there is no doubt that Nick Hayes is the social media expert on Forrester’s S&R team. He has extensive knowledge of the security, privacy, archiving, and compliance challenges of social media, as well as the technical controls used to address them. He also specializes in the tools that monitor and analyze social data to improve oversight and mitigation tactics of myriad reputational, third-party, security, and operational risks. He is certainly aware of the reputational risk of staring at your cell phone when you’re supposed to say, “I do”, but maybe if you follow him (@nickhayes10), you might get lucky with a pic or two -- and some good risk thoughts to boot.