$12.5 billion in 2005 to $22.7 billion in 2009: The amount of advertising dollars spent generating leads
2,241 U.S. companies: The number of companies measured in the study to test lead response time
37% of the companies responded within one hour, 16% responded within one to 24 hours, 24% took more than 24 hours to respond, 23% never responded
42 hours: The average response time by all companies measured
7X: If you try to contact a potential customer (i.e., a “lead”) within one hour of receiving a query, you are nearly seven times as likely to qualify that customer as those individuals who wait two hours
60X: By contacting a potential customer within one hour of a receiving a query, you are more than sixty times as likely to qualify that lead than individuals who wait 24 hours
Take-away: The fastest to respond wins the opportunity to serve a customer. Insight: Once you’re earned that opportunity, keep delighting that customer by remaining responsive.
Below is a curated list of articles from this week of innovative social analytics and business intelligence initiatives.
In this article from O’Reilly Radar, we learn that social network analysis is amalgamation of social science analysis such as sociology, political science, psychology, and anthropology combined with traditional mathematical measurements. At it’s core, social network analysis measures relationships between people and organizations. But cutting edge research is also looking at ways to leverage social network analysis as a form of early warning system for natural disasters. Much social network analysis has been regressive in nature, the future will focus more on real time analysis.
And speaking of real time analytics, the article from the Washington Post makes the argument that real time results may have a significant influence on the up-coming 2012 elections.
Perry is done,” came a Twitter posting from a viewer called (at)PatMcPsu, even while the Texas governor struggled to name the third of three federal agencies he said he would eliminate as president. Another, called (at)sfiorini, messaged, “Whoa? Seriously, Rick Perry? He can’t even name the agencies he wants to abolish. Wow. Just wow.
The key point to remember is that the “real time citizen” is no longer content to remain passive. Additionally, will the “real time citizen” quietly wait for poll stations and voting counts to close in other states before announcing the results of his/her own state? Will be interesting to watch how quiet or loud Mr. and Mrs. Real Time Citizen will react in 2012.
Finally, social app analytics start-up Kontagent snagged $12 million in a Series B round. According to an interview with Kontagent’s founder, what makes Kontagent unique is that does not perform “traditional” social analytics function (such as conversation monitoring, tabulating likes, etc) but performs deep analytics, with a focus on teasing out profitability KPIs, and has a team of data analytics and data visualization scientists working to help clients understand, interpret, and make informed business decisions based on Kontagent’s proprietary data visualization techniques.
Two broad categories frame customer loyalty: customers who become your repeat purchasers and customers who become promoters of your brand. Superior customer service across the pre-purchase, acquisition, and post-purchase stages of a typical transaction is the differentiator for brands.
The Internet consumer, more and more, is demanding personalized and targeted customer service. Data acquisition strategies, such as registration forms, tying information to a user’s social graph, etc, enable companies to perform this customization and targeting while supporting broader electronic Customer Relationship Management (eCRM) and electronic Customer Care Management (eCCM) strategies.
The researchers conducted a variety of online surveys, crunched the numbers and found that timely and personalized responses to customer complaints was a key influencer on whether a customer would switch mobile carriers. Extrapolating this to other industries one can posit that brands which leverage unified technology solutions to enable quicker and more informed customer service will undoubtably have a competitive advantage.