Archive for October, 2011

Moneyball, Social Intelligence and Extracting the Gold from Social Media

Thursday, October 20th, 2011

imageWhen my colleague, Scott Briggs, presented this analogy of Social Intelligence as today’s “Moneyball” opportunity for business at Social Media Masters Tour, Toronto, I was intrigued. Not knowing much about Moneyball, (aside from Brad Pitt’s involvement in the new movie) I asked Scott to clue me in so I could share his thoughts with you:

Metrics to Win

In the late 1990’s, the Oakland A’s, faced with a common business problem of limited resources, decided to flip the process of choosing new players on its head. Instead of using the traditional methods most MLB teams had been using to measure player success, they created their own darn metrics – banking on finding winning players who would be overlooked by their rivals. They predicted they could use this strategy to win while spending less money, since they would avoid a bidding war with more well-financed rivals. Their new way of measuring player success would be just as accurate, if not more so, and would save them money.

The A’s, against the advice of “traditional” baseball minds, implemented their strategy and began winning games, slowly igniting a revolution in the way baseball players were evaluated. Their strategy worked (though arguably better for the Red Sox, who went on to apply this strategy to win two world series). And the rest, as they say… is history

Extracting the Gold

So what does a Major League Baseball team (or a Brad Pitt movie, for that matter) have to do with marketing success or social media? The Oakland A’s developed a strategy that applied new data in non-traditional ways to gain a competitive advantage. Similarly in the social space, many brands are measuring, but a select few brands have become truly sophisticated in the way they use social intelligence to drive business strategy. Just as Moneyball looked beyond how players were evaluated by utilizing new data and metrics, while social intelligence looks beyond how business decisions are made today to add insights never before available.

Social Intelligence provides businesses the best opportunity they have to gain a competitive advantage. There is untapped potential that the data collected from all those social networks can provide to businesses, that goes far beyond where social media is typically applied today in marketing and communications.

Do you agree with Scott’s analogy? Is your company using social media as a predictive tool to measure product success or any other advanced application of social data?

Want to learn more about how smart brands are moneyballin’ their way to competitive advantage using social media intelligence? Join Scott Briggs for our upcoming webinar: Moneyballin’ – Mining the gold from social media with Social Intelligence. Scott will share some of the advanced techniques that brands are using to move from simply collecting data to truly analyzing and drawing insights that are fueling smart business decisions.

JUMP at the chance to get value out of a tradeshow

Monday, October 10th, 2011

imageHaving attended many tradeshows it is clear that iPads are the current give-away of choice. Yes, we give them away on occasion too, but has it become too predictable a prize? I can only imagine that if I were to wind the clock back, the fax machine was the prize du jour in the 90s. I understand from a colleague who was on our stand at DMA in Boston last week that one company was giving away a Smart Car! That’s great but…

The thing that bugs me about tradeshow give-aways are that they use very little imagination. The barrier to entry can be too low for the value of the prize, and therefore the data you collect is more likely to be a measure of how good the honey on your stand was and not a reflection of your efforts to have the right people on your stand for the right reasons.

A tradeshow prize needs to offer value to the recipient and be in keeping with your target audience. In the last few years we have upped our game at offering something of value to visitors of our stands at various shows around the world.

As a starter, we offer for free our ‘Little Books’ series, and that is because the content delivers high value on every page. It doesn’t preach or sell; it shares knowledge more than any donut, key-ring or bottle of water can ever achieve.

Competitions on stands will always to exist, but when you offer a prize, you should have some kind of barrier to entry (Hint: This is where you can get truly creative). At Social Media World Forum in London, we identified the type of people that would attend the show and what we would be demonstrating and wanting to talk about –our social media products and services in this instance. Therefore, it made sense to run a competition that would deliver a prize of high value (higher than an iPad) and would have absolute resonance with those wanting to enter – detailed social media insight relevant to your business.

We gave one of our social media insight reports away, and the uptake on the competition was very successful. The conversations we had with prospects in order to enter the competition were fruitful for both parties and made a lasting impression beyond a squeezy stress toy, boiled sweets or mug.

If you are in London on Wednesday 12 October and you will be attending JUMP, come and visit us on Stand C3, ask us for one of our Little Books of Customer Engagement (numbers are limited so be sure to make an early visit), and ask us about Alterian AlchemyTM .

As for value-added output from our stand, we are not going to be running a competition to give-away a prize on this occasion, but instead, we are hosting social media insight clinics with Patrick Massey and Luke Moore. As part of the JUMP event sign-up, attendees can register to attend a number of clinics. Most of our appointment slots are now booked up, but keep an eye out for last-minute availability via @Alterian tweets on the day.

When does a potential crisis yield a great outcome? – Behind the scenes at the DMA

Friday, October 7th, 2011

I just returned from a few days at the DMA conference in Boston. As usual, Alterian had booth space at the show, and we also participated in the Event Triggered Marketing Solutions session, a real-time showdown with two of our key competitors, Unica and Neolane. This session, run by a neutral moderator, gives each participant a campaign challenge and scenario long in advance, asks them to set up the challenge in their systems, and then each have a 15 minute portion of the session to show the audience how they would solve the particular challenge with their software.

Dashboard (2)While we have done this many times before, the difference this year was a potential crisis. The crowd filling the room looked to be in the typical range of 150 or more people. Up front were the representatives from each of the three companies, talking amongst themselves. But as the conversation went on, Mike Fazio, our presenter quickly realized the scenario they were discussing did not match his. After inquiring further, he realized the campaign challenge scenario he had built was for the NCDM conference –not the DMA challenge – and in no way compared to what was about to be shown. The other two presenters empathized with Mike’s situation and agreed to go first. They suggested he watch what they presented and try to just talk to it, since his campaign set up did not match, and they both agreed there was no way there would be time to build a new one.

Instead, Mike used the 30 minutes before his presentation, sitting at the presenters table in front of everyone, to start from scratch and build a completely new campaign including analytics, segmentations, customer triggers and calculations, and more. He then stood up 3rd in line and presented the full scenario and campaign in a flawless fashion, unbeknownst to anyone else but those 3 presenters in the room.

word clouds (2)The moderator and two other presenters were amazed he and our software were able to build up all steps of a real scenario and campaign both in that amount of time and in front of all the people without anyone realizing it, let alone Mike’s ability to present it in front of everyone flawlessly. Even though I had seen dry runs of his presentation, I did not notice what he was doing. And though the presentation seemed different to me, I did not catch on until I was told later.

Obviously, congratulations go out to Mike for the great job he did. I told him such, and he came back to me with an enthusiastic response excited with what our software allowed him to do. The fact that I didn’t even know what was going on was what he was most proud of. He later told me, “That was the most rewarding part – knowing that no one in the audience could tell what I had just experienced, even those who had already seen a dry run.  I could have never accomplished this using another solution, or even the older versions of our software.  But most of the credit really goes to Alchemy and to our developers.  They have really created something special.”

Once the stress of the potential crisis was over, he could enjoy the excitement of pulling off such a challenge in such a time frame. It doesn’t get much more “real” than that, and as Mike reflected, there are always times in a marketer’s life when they realize something is wrong in a campaign and they have little to no time to solve it… but have to.

What could have been a real crisis turned out to be the best demo I’ve ever seen. Especially when I learned the details behind it. I just wish we had been allowed to tell everyone in the presentation what had just happened. It would have impressed them all the more.