Speaker: Dave Linabury, David Murray, Eric Demont, Sarah Worsham, Moderator

Topic: Data Behind Social Media

Location: MRM Worldwide, Birmingham

Sponsor: MRM Worldwide

Overview:

- How to put data into digestible information for upper management? Speak to upper management’s language (margins, loss, usability). Avoid social media terminology.
- The flaws of reports. Make simple, in alignment with business objectives.
- Don’t just base on benchmarks but base on financial plans and business objectives.
- Ideation, conversation, hypothesis à actions.
- Delivery of stories, not Excel or PowerPoint.
- Put contexts into reports. Ex: bounce rate # is not enough, but the reason and recommendation are key to better reporting & insights.
- Use lifetime value of customer to measure.
- Gain/share agreement: scale of benchmark.
- Digital footprint should differ business to business (those who are in market).
- Facebook fans =/= customers.
- Should evaluate overall business strategy.
- Big Data (correlation vs coefficient vs causation).
- The approach should be mixed with marketing strategy and creativity.
- Avoid silos.
- Having some basic understanding of predictive analytics helps in every doctrine.
- It’s not so much about education, it’s about mindset & curiosity.
- How to integrate creativity with data.
- Understand methodologies of the social space.
- Failure using analytics to inform strategies (analytics being an after fact).
- Strategies need to drive creative, and analysts should be responsible for strategies before everything happens.
- Internally, continue improving learning about analytics across different departments.
- Dig deep into business objectives (and tie everything into operation and analytics).
- Big Data: what are three things to be aware of? Velocity, variety, complexity.
- Integration is key.
- Tools to come: Social media tool integrating with CRM (social CRM).
- Trustability should be earned and executed first, and then communication.
- Most consumers still appreciate the fact that brands understand their needs and wants (but there’s a fine line).
- Start with a hypothesis (takes about four days; non-hypothesis takes two weeks). Gather data to prove hypothesis.
- Look at behavior (use heat map, look what’s on the content piece).
- Try to understand behavioral vs. attitudinal (sentiment vs. survey) differences (balance b/t both).