In the first post of this series, we talked about listening for what people are saying about you, your brand, your market, your products and services, or market needs that your organization has an answer for. I intentionally didn’t dig into all the things you can do with that data – some are passive and some are active. The important part was listening. Turning that data into actionable insight is where the real magic can happen, but that’s a post for a different day. 😉
A couple of weeks ago, well known social superwoman blogger Amber Naslund sent this surprised tweet out:
It is very interesting indeed. But I think I have a good idea of where that hiring company is going.
Today, I’m going to turn our attention to the second required role for your company: The Social Anthropologist.
I don’t know about you, but when I hear that phrase, it immediately brings to mind sleepy images of some British guy talking slowly and methodically on a Sunday afternoon about some displaced nomads in the bush of Botswana.
But that’s not what I am talking about here. I’ve said it once and I’ll say it again. Know your customer.
Today, most companies are doing a good job of profiling their customers based on transactional data.
(1) Who spent the most money with us this year?
(2) Who is forecasted to spend more money with us next year?
(3) What net new opportunities do we have?
We may be breaking this data down by region, SIC Code, etc. We may have history of our marketing campaigns, response rates, phone calls, web form submissions, email interactions, sales person’s notes. We’ve got it all; Mounds and mounds of data about our customers.
With all this data, we may think we know our customers. But we don’t. In fact, we know very little about them.
A more complete customer profile
Harvey Mackay set out decades ago with his Mackay 66 to learn more about his customers. It was a differentiator. This was the next step towards actually knowing our customers. Do something like this, and you’ll be heads and shoulders above most of your competition.
But what if we were to take it even one step further?
What if we were to not just know about our customers, but also about the groups of people that they were part of, who they interact with, how they interact, and why?
Wikipedia defines Social Anthropology the following way:
Social anthropology is the branch of anthropology that studies how contemporary living human beings behave in social groups.
Practitioners of social anthropology investigate… the social organization of a particular people: customs, economic and political organization, law and conflict resolution, patterns of consumption and exchange, kinship and family structure, gender relations, childrearing and socialization, religion, and so on.
Most of our customers don’t live on an island (unless they live in Hawaii, or Australia, or… Suwarrow). No, I’m not talking about that kind of island anyway.
Strive to learn about your customers (and prospects) in the context of their lives.
They (We) all have circles of friendships, professional relationships, patterns, etc. that we live by. We have patterns of decision making, and we all make decisions based on influence of those we know and trust.
By understanding more about those who influence our customer’s decisions; who they interact with, how they interact, and why they interact, we may discover valuable insights that may help us to meet our customer’s needs better, and if your organization is prepared enough, even co-create solutions with them.
Conversely, we may also begin to understand who our customers influence, and why a successful sale might not only allow us to recognize revenue from that single purchase, but also a chain of purchases based on the influence and recommendation of our customer’s purchase decision.
These insights are not only valuable for each individual prospect or customer, but also in aggregate. By profiling groups or segments of our customer base (or our target market in general), we can potentially gain key insights into who is likely deriving the most value from our products and service offerings.
The internet is compiling a huge amount of data
Feed.ly knows that 65% of my facebook friends are male, their most popular music group is U2, and their most popular movie is Gladiator.
While this may not present immediate opportunity in your mind, the point is illustrated. By knowing who I talk to, what their interests are, when and how we communicate, there are numerous opportunities to know more about me, what my preferences are, and what opportunities exist to help me in my daily life.
IBM recently did a social network analysis project called SNAzzy , to accurately chart and predict lifetime customer value and churn rates in the telecommunications industry.
James Koblieus points out on his blog the huge impact social network analysis will have on data warehouse growth and there are plenty of other challenges that await us as we begin to analyze and make sense of this data, and integrate with our existing systems and processes.
This is a new area for me and something I’ll definitely be spending more time on. If you know of any additional resources, please send them over.
Your customers and prospects are sharing, talking, conversing, and transacting. Get to know them. Partner with them, and find more people like them.