Social Business - Servant of Chaos

From Big Data Science to Big Data Action

Big Data, Digital Strategy, Disruptive Technology, Mining the Gold, Social Business, Social Media

From the dawn of civilisation through to the year 2003, Google calculates that humans have produced 5 exabytes of data. That’s a lot of stone tablets. But with the explosion of mobile devices, 3G and 4G networks and social networks, we now produce 5 exabytes of data every two days. That means that every photo you upload to Flickr or Facebook, every video you share with friends on YouTube or Vimeo and every one of the billions of tweets broadcast on Twitter is contributing to the avalanche of data.

But add to this the fact that each of these items comes with contextual data. At the same time that you update your profile or publish a photo, you may also be sharing your geolocation, your likes and preferences, your upstream and downstream behaviours, and your attitude to topics (based on sentiment). You may also be sharing your trust network of on and offline friends.

And this is just the tip of the big data iceberg.

The rise of big data is a blessing and a curse for CMOs

While analytics have been available to businesses for decades, but it has largely been the domain of business analysts and researchers. The rise of big data now places analytics firmly in the marketers court. Earlier in the year, a CMO Council and SAS report indicated that only 26% of marketers leverage customer data and analytics to improve decisions, targeting and personalisation.

The blessing of big data is that it is readily available to most organisations in the form of structured business data and the publicly available unstructured data coming from social networks. The curse is that in-house skills and experience with big data is scarce – with a number of marketers now looking to bolster their teams with big data scientists and data analysts.

Marketers don’t need data they need action

It’s not data scientists that marketers need, however. Already we are seeing software vendors emerging who are able to tap structured and unstructured data sources to produce business-ready dashboards. Mapped to best practice business processes, these dashboards and analytic tools promise to release marketers from the fear-inducing data tsunami that looms on the horizon.

Platform players such as Anametrix, for example, transform the science of data into actionable business knowledge for key business processes. This means you can spend less time and resources understanding the data and its various relationships, and focus instead on making decisions that impact the top and bottom lines of your business.

A great example of what can be achieved is the BrandWatch US Electoral Compass. Drawing on Twitter data and press discussion generated since July 2012, the compass matches structured information (location, policies and dates) with unstructured information (tweets, sentiment etc) to reveal the topics that are important to American voters. Now, this is not data from focus groups – it’s stated intention as revealed via status updates, commentary and attitude.

And as business analytics packages get better at mapping business flows, these reporting systems will become ever more granular. They promise to revolutionise the way that businesses engage with their customers – and that will bring another set of challenges for CMOs. The question is – are you ready for this new form of customer engagement?

You Had Me at Hello–20 Tips for Social Media Engagement

Social Business, Social Media

“I don’t have time for that”.

How many times have you heard those lines? It is often the first reaction to a new technology. It is the cold fish, slap-in-the-face of the overwhelmed. The desperate cry of the overworked.

Many times we let technology get in the way. It can confuse us or stop us from trying something new. Its first appearance looks like more work, more effort, more stress. More of everything that is bad.

But when we look back at improvements in productivity, technology is, without a doubt, the driving force. It has made our lives better – reducing boring, repetitive tasks, improving the speed of our decision making and delivering lightning fast, global communications to our desktops, fingertips and pockets. And yet, for many of us, new technology stops us in our tracks. After all, we are not all “early adopters” eager to try, use and show something new.

Often when we say “I don’t have time for that”, really we are saying, “I’m tired of this relentless change. I’m comfortable with the way I work. I’m good at it and I am busy doing what I am already doing.” In the end it appears to be change for technology’s sake.

But if the world of social media has taught us anything, it is that technology can also be transformative – it can change the way we do things. And it can change the way we think about things. It can change our attitudes.

But where do you start? This great 20 tip playbook from Salesforce Radian6 brings a decisively human element to the technology conversation (and I am not just saying this because I am mentioned in it). And while the focus is social media – this same approach can be equally applied to any communication challenge that you face. After all, it’s not about the technology – it’s about the people. Start by saying hello.

20 Ways to Succeed in Social Media Engagement from Salesforce Marketing Cloud

CMO to CIO – It’s Time We Talked

Age of Conversation, Infographics, Innovation, Social Business, The Social Way, Web/Tech

When we crowdsourced the first The Age of Conversation book back in 2008, the idea of working from the outside-in was untested. Over 100 marketing innovators from 15 countries shared their thoughts and early experiences and Drew McLellan and I produced a book that would go on to create a community, showcase the early adopters and leading social media practitioners and ultimately raise around $50,000 for charity.

People like David Berkowitz wrote about participation and its ephemeral nature in a connected world. Toby Bloomberg peered into the future, suggesting that business was personal and that technology is fueling emotional engagement. And Katie Chatfield told brands to prepare themselves for a party.

Several years on, however, how many brands are ready to party? How many can scale their digital interactions into some form of customer engagement? And how many are prepared to turn conversations into something more than a link or a like?

As this infographic from Socialcast shows, many businesses continue to restrict access to social media in the workplace. At the same time, social marketing agency Awareness suggests that better customer engagement was a top business objective for social media.

Social Media Governance a Major Concern for CIOs: The gap between the business objectives and needs of two vital organisational units – technology and marketing appear at odds. Robert Half Technology’s survey of 1400 CIOs indicates that governance concerns are high on the CIO agenda – citing security, legal liability and bandwidth as reasons for blocking social media.
Social Media Generates Productivity and Creativity Payoffs: The “micro breaks” offered by social media may actually increase productivity. But this pales into insignificance against the business value of bringing the outside-in. A recent McKinsey Global Institute report suggests that cross-enterprise collaboration is estimated to unlock in excess of $900 billion across four industries.
CMO to CIO – Let’s Talk Timing: The competing needs of the CMO and CIO are often seen through the lens of conflict. Customer demands and revenue expectations drive a marketing agenda while risk management, compliance and governance occupy the minds of the CIO. Yet, the opportunity for collaboration exists. CMOs need to understand the challenges of governance and technology and CIOs need exposure to the “front office”. The answer lies in planning and timing. And having the right conversation.

With Mobile Commerce, We Are All Retailers Now

Future of Your Brand, Infographics, Innovation, Mobility, Retail, Social Business, Social Media

The early days of eCommerce were a hard slog. The technology was cumbersome and unreliable, the gateways were expensive and the business community was sceptical. And the shoppers … well even the early adopters were hesitant – concerned about credit card numbers, identity theft and having to pay for goods in advance that may never arrive.

But over time most of those issues have been overcome. And even those that still concern us – like identity theft, security and so on – are traded for convenience. After all, we are generally happy to share our credit card information when a deal is ready to be done.

Mobile commerce – or mCommerce – however, has been able to ride the shirt tails of eCommerce. In many ways, the success of sites like Apple’s iTunes and Amazon have not only changed our sense of trust – they have changed our consumer behaviour. Just think, for example … when was the last time you bought a DVD or a music CD from a shop? For many of us, digital experience is at the core of our understanding and acceptance of so many brands.

And as we follow the bridge of convenience through our mobile devices, we will find ourselves using what businesses call mComerce (though we will just view it as convenience). And this makes me think again – that for the future of our brands, we need to think mobile first but with a social heart.

But our businesses challenges do not stop at the mobile gateway. In fact, they are just the start of a business trend that is going to transform our industries. A couple of years ago, well respected content marketing evangelist, Joe Pulizzi urged us to think about EVERY business as a “publishing business” – but now in the same way – we have no choice but to consider ourselves RETAILERS too. We are always on, always connected and always SELLING as the infographic from BigCommerce, below, shows. The question is … are you ready?

Going Social: CEOs Leading By Example

Future of Work, FutureVisions, Social Business, Social Media, The Social Way

In most businesses, social media starts its life in marketing. Tucked away in the corner, a Facebook page here or a Twitter account there, staffed during the lunch hour when your brand manager gets a moment, these efforts are truly grass roots.

But the levels of consumer use (and dare I say it, “love”) of social networks have dragged social media out of the corner desk into the corner office. These days, social isn’t so much about media as about business – and this shift has put social on the CEO radar.

But it is one thing to be “on the radar” and quite another to put “social business” into a context that works for your brand and for your organisation’s broader goals. Not only are CEOs exceptionally busy, so too are their direct reports – so making time for social media training, executive support or active participation can be a challenge.

All executives, however, understand the principle that CEOs set the culture that drives business results. And in an increasingly connected world, “social” is moving from a “nice to have” to a “game changer”. A recent study from IBM indicated that high performing companies are 30% more likely to identify “openness” (as characterised by social media) as a cultural driver.

Furthermore, with a vast pool of ready-to-harvest customer data available within enterprise systems – when coupled with the unstructured sea of social network information, 73% of CEOs are making significant investments in the area of analytics and customer insight.

But at the end of the day – how many CEOs are making a shift towards social at a personal or practical level? The 2012 Fortune 500 Social CEO Index indicates that 70% of CEOs have NO PRESENCE on social networks.

So it seems – that despite entrenched consumer and customer behaviour – businesses are lagging behind. And yet, CEOs like Rupert Murdoch and Meg Whitman are embracing – albeit experimentally – and building large personal audiences and direct connections to their business stakeholders. Are they anomalies or the very beginning of a trend? For while 70% of CEOs have no presence, 30% do. And that means, according to the theory of diffusion of innovations we are already into the “early majority” audience.

And that to me is the key.

We don’t need to see the volume now – we just need to see the trend. And it smells like disruption to me.

Conscious Consumption – Andable and the Future of Retail

Retail, Social Business, Social Media

When What’s Mine Is Yours – the groundbreaking book on collaborative consumption launched, it was at the crest of a newly emerging movement. Combining an awareness of our under-used or under-appreciated assets with online networks for managing reputation, collaborative consumption not only disrupts business models but creates new markets.

The poster child for the movement – AirBnB – showcased how the tourism/hospitality industry could be inverted – allowing travellers to stay in private accommodation and for individuals to create an income stream from by renting out their spare rooms.

Collaborative consumption, trust and human connectivity

One of the most interesting aspects of the collaborative consumption movement is that it impacts behaviour on both the buyer and vendor side of the equation – the thin veneer between public and private that we experience due to social networks becomes membrane-thin when you invite someone into your home. But the same holds true for the visitor. Think about it …

Can you trust the visitor?
Can you trust the owner?

Fundamentally, there is an intention to trust – or a willingness. And there is also a conscious decision to act. As Rohit Bhargava says, “in a world where we don’t trust institutions around us, the only real metric for trust is human connections”.

So what happens when you put a focus on this conscious decision – to purchase with a clear intention, but to do so with purpose?

Andable – retail with a social purpose

Sydney-based startup, Andable, are tapping this conscious consumption model with a globally unique online marketplace. Over the last few months, the Andable team have been working out of the Vibewire Innovation Lab in Sydney’s Ultimo, so I have had a number of opportunities to hear their story, understand their approach and see the site develop.

Featuring a wide variety of products across over 80 categories from independent retailers and individuals, Andable is allowing consumers to securely purchase while also supporting an overseas entrepreneur through micro-loan marketplace, Kiva. With each purchase 10% of the price is invested into a Kiva micro-loan.

So not only are consumers able to purchase directly from independent retailers (who often cannot afford the time or money, or do not have the confidence to create online shopfronts), they can do so in the knowledge that 10% of the purchase is performing a social good in another part of the world.

The nice thing is – is that Andable guarantee the repayment of the 10% in three months – so the vendors are not out of pocket. It’s just a slight deferral. And there is minimal risk on Andable’s side, after all, Kiva experiences a current 98.99% repayment rate for loans with all partners.

When business gets personal, consumption becomes conscious

The idea behind Andable is simple and was inspired by personal experience. The founders, Rupal Ismin and Melissa Dean, with backgrounds in media and advertising had a sense that online shoppers were wanting something more from their retail experience.

The 10% mission was inspired by Rupal’s grandfather, who, despite growing up as an impoverished boy in India, always donated 10% of his income to charity. By putting this mission at the heart of the business model – consumers are offered a conscious choice in the purchasing process.

And as the walls between our public and private identities continue to collapse, and as we continue to choose about where to invest our time, our consumption and our attention, a marketplace that offers a social and feel-good experience delivers a new dimension to our retail experiences. After all, we all want to do something good in the world – now perhaps we can have our cake and share it too.