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.
Change is constant, especially with Facebook. Not too long ago it changed its algorithm to allow users to see their favorite content within their New Feeds first. Then it introduced Instant Articles to help publishers create interactive articles on Facebook. This week, Facebook updated its logo and its algorithm again. This update helps users prioritize stories and posts by allowing them to select the friends and pages they'd like to see at the top of their News Feed. And now for the grand reveal...
Facebook will no longer use likes in its cost per click measurement definition.
Yes, you read correctly, Facebook is discounting the value of its likes to the point where it doesn't factor into their click metric.
Why is this happening now?
At the end of the day, ads cost money. If Facebook wants to keep that ad revenue flowing, they've got to connect those ads to the things that drive the bottom line -- items that tie back to business goals, to justify the expense to marketers. Going forward, these clicks will factor into CPC:
This is a guest post by Danielle Geoffroy, Research Associate on the AD&D team who helps with our customer service and unified communications research.
Do you hear that swooshing sound of a tweet being sent in the middle of a Google Hangout? It’s faint, but strong, and it means they’re coming. Generation Y—a generation raised entirely in a technology-driven world. This new breed of consumers demands more from companies and government agencies, with particularly high expectations for friction-free customer experiences. They’re prepared with knowledge of your company, and your top competitors. In fact, they often have more information about you and your products than your own employees.
This new generation should matter to you, because by 2018, the millennials will surpass the spending power of baby boomers. Remember: there is a dollar value to every positive and negative Yelp review, tweet, and Facebook status they target at you. With so much information at consumer’s fingertips, there is some give with the take. People don’t want to retain all of the information they receive on a daily basis. Striking a balance between the knowledge of your customers, and the methods deployed by your customer support agents, will lead to an enjoyable service experience, and keep you far away from the dreaded viral video of a support request gone wrong.
Believe it or not, the first quarter of 2015 is officially complete. Between the snow accumulations (especially) in the Northeast, the subsequent melting process, and the ever-evolving social media landscape, we've been busy. One of my takeaways from the social world is that FOMO (fear of missing out) is alive and well across several audiences. Let me recap a few social highlights and share a bit more on my takeaways.
Snapchat carries a 15 billion dollar valuation and reportedly somewhere between 100 and 200 million active users. Is Snapchat for every brand? Most likely not, but it has a measure of appeal for a particular audience. This group doesn't want to miss out on anything and they also like things that are exclusive and momentary. That's probably the draw for Snapchat's massive Millennial audience.
Recently, I talked with the CEO and founder of reBuy about the shifting dynamics in the retail sector as a result of digitalization. The use of data has evolved to the point where data has become the enterprise’s most critical business asset in the age of the customer. The business model of reBuy reCommerce — the leading German marketplace for secondhand goods — can help CIOs understand how the intelligent use of data can significantly disrupt a market such as retail.
The case of reBuy offers interesting insights into how the wider trends of the sharing and collaborative economy affect retail. If you can buy a good-quality used product with a guarantee for half the price, many people will not buy the product new. Many consumers increasingly accept product reuse and see it as an opportunity to obtain cheaper products and reduce their environmental footprint by avoiding the production of items that wouldn’t be used efficiently. The reBuy case study highlights that:
Business technology is taking the sharing economy into new realms. The reBuy business model demonstrates that consumers are starting to push the ideas of the sharing economy deep into the retail space. CIOs in all industries must prepare for the implications that this will have for their businesses.
Standalone products are at particular risk of sharing dynamics. The example of reBuy shows that businesses that sell plain products will come under even more pressure from shifting shopping behavior, where people are increasingly satisfied with buying used goods. These businesses need to add value to those products that are not available for secondhand purchase.
Industry analysts travel—a lot. It is, therefore, no surprise that I care deeply about airlines’ frequent flyer programs and track the changes to those programs as closely as baseball obsessives track star players’ slugging percentages. When I want information on what these changes mean practically in my situation (Will the new loyalty program make it harder for a 75k+ elite member looking to book a companion ticket’s upgrade on an alliance partner airline, for example), I typically do not turn directly to the airline. Instead, I log on to Flyertalk, a forum that bills itself as “the largest expert travel community.” The forum—populated by thousands of frequent fliers far more obsessive than I will ever be—consistently houses discussions of exactly the thing I want to know.
The lion’s share of people answering questions on Flyertalk and other forums like it—Cruisecritic for the cruising fans, TripAdvisor for travel and hospitality broadly, AutomotiveForums for car enthusiasts, etc.—are other consumers, albeit well-informed ones. But these non-brand controlled communities provide opportunities to brands to differentiate themselves through service. Because affinity communities have barriers to entry, including registrations and jargon, community members are usually deeply interested in the topic at hand. In communities that regularly discuss brands, these customers are also more likely to be exactly the type of high-value customers that companies want to provide with great customer experiences. But brands need to decide when and how to engage customers in these forums they do not control.
In Asia Pacific, there is growing recognition that the old way of marketing — driving awareness through push advertising — has sputtered and slowed in the wake of media fragmentation and the disruptive power of digital. Marketers need a new framework to align their marketing decisions to the customer’s experiences with the brand to define customer engagement, budget allocation, and organizational skills.
However, many companies are still in the adolescent phase of social marketing; they have crested the initial wave of social likes and followers, but are now stuck on the next steps. Few have managed to crack the social marketing conundrum — that of showing meaningful return on their social marketing investments. Marketers need to understand and map the customer journey — from enabling discovery to supporting exploration, purchase, and engagement. Astute ones will map each stage of the customer life cycle to an objective from Forrester’s marketing RaDaR model. To create discovery, the objective should be reach. To support exploration, depth is the objective. To nurture engagement, focus on relationships.