Another session at Forum One’s Online Community Business Forum (OCBF2009) touched on gleaning insights from your community ecosystem featuring Matt Warburton from LinkedIn and Barbara Lewis from MarQuant Analytics.
Matt started out by talking about his work with “Voice of the Customer” programs. He described the various options for running a program starting with in-person meetings with 10 to 15 users, phone conferences structured like a focus group and a private online forum or group to provide ongoing feedback.
Matt ended by sharing his best practices for Voice of the Customer programs:
- Have participants sign an NDA
- Limit tenure to a defined period of time (say 1 year)
- Remove non-constructive and disruptive users
- Require direct staff interaction in meetings, calls and forums
- Require all participant inquiries to go through the community team
Barbara Lewis says that there are too many marketing activities to track for most companies – more than $400B per year in total – and almost all companies do not really know what is driving sales. Add in social media and the measurement gets even harder. Barbara’s company (MarQuant Analytics) uses sophisticated econometrics to help companies take their results and build models to optimize their marketing activities. MarQuant uses up to 3 years of real sales data and layers that in with external and other controllable factors.
Barbara’s recommendations included:
- Tie social media to business goals
- Identify data that measure business goal achievement
- Capture appropriate data points
- Analyze and monitor changes
- Test various options
A copy of Barbara’s complete presentation is available below or on Slideshare: