Forrester & Crimson Hexagon Social Media Webinar Recap

February 16th, 2011 by Caroline Scheinfeld View Comments

Crimson Hexagon & Zach Hofer-Shall of Forrester recently hosted a webinar, focusing on social media data behaviors. Below is a summary of what was discussed.

Zach talked about the need to shift from monitoring social media data to proactively using the information, which he calls social intelligence. Businesses need to decipher the difference between monitoring and the term social intelligence. The social media ecosystem, as he sees it, resembles a ladder with creators at the top rung, followed by the conversationalists, critics, collectors, joiners, spectators and, at the bottom, the inactives,–which represent 16% of U.S. residents. Businesses must evaluate the relationship and interactions between these sub groups to evaluate people’s interactions with brands.

It appears businesses do not take advantage of the valuable information social media sites provide. While 78% of businesses collect customer data or look at feedback, a very low number of those people actually use the data–only half of that 78% actually use the data for a competitive advantage. Zach used the metaphor of the online world as a pile of garbage and one must find a needle in a haystack in terms of gathering relevant data to help one’s business. Everyday people interact with brands and share their opinions, but many businesses miss out on these key conversations with consumers. Businesses need to decipher the difference between monitoring and the term social intelligence.

The first step to analyzing social media data is monitoring the information. After, marketers must act on their findings and use their insights to discover. Thanks to the immediacy of social media, this can be achieved in real time, which means a brand’s strategy can be constantly altered.

In order to successfully execute social intelligence, Hofer-Shall listed the four Ps of social intelligence: people, purpose, platform and process. In terms of people, internal resources must be evaluated to decipher who will take charge of social media. Responsibilities and skill sets must be assigned to the team in charge of social media. The purpose is defined as having social intelligence goals parallel business goals. Social media goals, which are the business achievements that social media can help attain, also must be set. The third p, platform is really about technology: does your business have the technological dashboard to service the team? Lastly, the process, which is to allocate each goal with an insight and decide, which roles will achieve which goal.

Hofer-Shall recommends the four Ps be handled in the following ways: for people, evaluate their roles and assign appropriate responsibilities. For the purpose, determine the business and social goals. For the platform, start to return data with a potential partnership with a listening platform. Lastly, for the process, one should establish a reactive monitoring practice, than plan for a proactive insight.

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About Jay Levy

Jay Levy

Jay Levy is a co-founder and principal of Zelkova Ventures. Jay focuses most of his time in working with the current portfolio company and looking at new investments in the software-as-a-service, internet media and green tech space. More »

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