Why Netflix failed as a social business

Today's podcast is an excerpt from a discussion between Dr. Natalie Petouhoff and I on Netflix -- and why it failed as a social business.

Our thanks to Focus.com for allowing us to replay excerpts from our 10-week Roundtable series on Simplifying Social Business. We based the Focus roundtables on our ebook series of the same name.

(If you want to watch/listen to the full discussion rather than an excerpt, you can download the file here. Select Episode 1 - The Proimse of Social CRM, part 1.)

Now, here is today's podcast...

Why Netflix failed as a social business

Simplifying Social Business–The Focus Series Recap

Woo hoo! Dr. Natalie and I just finished the last roundtable episode in our Simplifying Social Business series on Focus. If you missed any of the episodes, you can catch up on the flip flop by following the link. You’ll see a recap of all the episodes as well as links to catch the replays.

Both Natalie and I want to thank Focus for sponsoring our in-depth series. We had a great time sharing our social business thought leadership and engaging with attendees.

We based the roundtable series on our Simplifying Social Business ebook series. If you want an even deeper penetration then what Natalie and I could give each week, check out our ebooks. We’ll soon be releasing our Social Customer Service ROI Playbook and then a social marketing ROI book will follow.

 

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Collaborate or Risk Social Media Failure

There’s substantial ROI of social media, whether it for PR, Marketing, Customer Service. But if leaders don't understand the business relevance of social media, they may be doing their organization harm.

If you missed out on yesterday’s Focus roundtable, then you missed out hearing Dr. Natalie and I talk on the importance of collaborating across functional departments and what happens to brands that don't.

Among our topics, we covered:

  1. Mixed messages that have a longer life due to social. – iRobot case study
  2. Not getting the full benefit of ROI. – Dell case study
  3. Dangers of poor leadership that can cause internal weakening due to political infighting. – Aliased case study (name hidden to protect the fightees).

Catch up, though, via the replay.

 

Now It’s Time to Show Social Marketing & PR ROI

Last week, Dr. Natalie and I opened our kimonos and showed Focus roundtable listeners how to determine a social customer service ROI. We moved beyond just talking about metrics to discuss how calculate the ROI by merging information from:

  1. Traditional operational activities and metrics.
  2. Social analytics.
  3. Business results when social media is applied.

We connected the dots to show the interrelatedness and dependencies across the different types of insights and how that translated into monetary savings for a client. And we compared those gains to the costs of the social program.

This week, Dr. Natalie and I going to do the same with showing how to calculate a social marketing and PR ROI on Focus. Join us tomorrow, on November 9 at 11 am PT / 2 pm ET!

**** If you missed the live event, catch the replay!

 

How to Calculate Social Customer Service ROI

Customer Service executives and managers have the responsibility for caring for customers and delivering experiences that ultimately result in customers deciding whether to stay loyal to a company.

That decision affects the bottom-line by either increasing or decreasing costs and revenue.

Social Media represents a new dynamic in customer experiences where the company, its products, services, reputation and the way it treats customers is front and center of millions of people.

Comments, reviews, ratings and the dissatisfaction is permanently “inked-in” in the online world for millions of others to view -- forever. And while Marketing and PR may spend hundreds, or sometimes millions of dollars creating a brand image, a short message, like a Tweet or Facebook post, can activate the destruction of a brand’s reputation. In effect, Customer Service is the new PR and Marketing for a brand.

Don’t fall into the trap of “Social media ROI cannot be calculated because there are too many unknowns.” To the nay-sayers, I say baloney!

Check out this video on How to Calculate Social Customer Service ROI, originally part of a Focus.com roundtable hosted with Dr. Natalie Petouhoff. For the new and improved video format, I added a bunch of new slides.

Dr. Natalie and I are also within weeks of releasing our Kindle and Nook versions of a Social Customer Service ROI ebook as part of our Simplifying Social Business  ebook series. We’re a little behind due to work commitments.

Wrong-headed Hoopla About Social ROI

Too many social media pundits hold the view that a social Return on Investment (ROI) can’t be determined. You’ll hear all kinds of reasons like too many unknowns. And there’s my personal favorite, “Don’t worry about the ROI, just get a strategy and start doing something.”

Well, I agree with part of the above statement. You do a need a social strategy to before you can even begin to determine the social ROI (smROI). But the rest? They’re mythtaken.

Social ROI can be determined. So why do the myths around ROI persist? Here are a few reasons:

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Objectives & Strategy–Social Business Starting Points

There’s so much talk about social ROI but the focus seems to be on the endpoint (ROI). As important as determining the ROI can be, it’s the caboose on the business case train.

The starting point is objectives, followed by strategy design, KPI definition, and then lastly, the determination of the ROI. Let's talk turkey.

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Focus Roundtable – Becoming a social business

If you missed The Business of Social Business live talk on Focus, catch it on replay. This was the first of several sessions where Dr. Natalie and I discussed the 7 steps to become a social business.

This week, we covered the first 3 steps: 

  1. Understand the impact on traditional functional roles.
  2. Understand the impact on the business at large - people, process, & technology.
  3. Listen & discover with social monitoring.

Next week, Dr. Natalie and I will continue the discussion, focusing on social objectives and strategy.

Both of these sessions are based on content from our The Business of Social Business ebook.