Today, Altimeter Group released the report, Social Data Intelligence: Integrating Social & Enterprise Data for Competitive Advantage, by Analyst Susan Etlinger who elicited input from 12 enterprise-class brands, as well as Anametrix’s Pelin Thorogood and 23 other vendors. Etlinger delivers an imperative for Social Data Intelligence, identifying key dimensions that organizations must understand, pragmatic steps they can take toward mature integration, and how successful businesses are already using social data in the context of other critical enterprise data to drive measurable value throughout the organization.
The beginning of the report focuses on the state of social analytics. Social data is unstructured and highly complex, so “… evaluating social data in terms of traditional advertising metrics, such as ‘impressions,’ can set a team up for failure,” notes Etlinger. “Furthermore, measuring impressions or ad value equivalency without understanding the nature of the signal — a share, a like, a positive or negative comment — distorts the meaning of the signal, leading to poorly informed decisions and, ultimately, risk.” The report recommends a three-part strategy for defining core social metrics: tying metrics to business strategy, defining synthetic metrics and prioritizing metrics. Once defined, the firm’s Sample Metrics Scorecard helps organizations evaluate and communicate their ability to deliver on the most desired social metrics. Metrics That Matter: A New Framework to Reveal Truly Actionable Insights, a recent ClickZ article by Thorogood, offers a complementary strategy for defining descriptive, diagnostic and predictive metrics and applying analytics to understand the levers of change and increasing marketing-campaign ROI.
The next part of the report covers enhancing a data-driven organization by connecting social data to organizational intelligence. It helps companies determine where they fit on a maturity spectrum and illustrates next steps via the Social Data Maturity Map:
Our customers find the Anametrix Marketing Analytics Platform in Stage 3 of the model above. They’ve determined priority metrics and connected social data to other business metrics to view the analysis in context. Without Anametrix, this holistic view of customer data is hard to achieve. Etlinger reports, “Many organizations struggle with tool proliferation, multiple analytical approaches, unclear expectations, and strain on analytics resources while having to constantly respond to a steady stream of ad-hoc requests for different data cuts.” In Thorogood’s framework Stage 3 delivers a descriptive, or current-state-of-the-system, multichannel view of customer data – a very valuable step in creating a single version of the truth.
“Without a common version of the truth, organizations are vulnerable to a variety of disasters: missing a crisis, halting a highly successful campaign, overlooking a customer service issue, or underestimating a competitive threat.” – Susan Etlinger, Altimeter Group
Stage 4 is the next level of sophistication that empowers marketers to apply marketing analytics to affect business outcomes. This provides the diagnostic and predictive metrics in Thorogood’s framework, which she says, “deliver powerful decision support and deep understanding of the levers of change. When combined effectively, they provide marketers the directional guidance to prescribe a better marketing mix for higher revenue and profitability.”
The report concludes with a few recommendations for using Social Data Intelligence:
- Gain insights from the customer out, rather than the organization in.
- Use social data as a dress rehearsal for Big Data.
- Drive organizational change with Big Data.
- Make the real-time enterprise real.
What’s your favorite observation or recommendation from Altimeter Group’s Social Data Intelligence Report? Where do you fall on the Social Data Maturity Map? Post a comment below. Or engage with us any time on the Web, Twitter, LinkedIn, Facebook and Google+.