2:46 — Jessica will focus on social intelligence and their resulting marketing strategy at Visa. The following presentation is a version of what she presented to her marketing leadership team.
2:50 — Jessica talks about the social intelligence progression. She explains how social intelligence can provide data at every stage of the marketing process.
2:51 — At Visa, they used social intelligence in strategy planning, MSF's, and creative briefs to hone in on marketing objectives and audience. It was also used to optimize during execution and evaluate post campaign.
2:52 — Jessica got a lot of push-back from management at first. The top five reasons social data will disrupt market research:
- Social data is representative.
- People share everything!
- Younger generations will always share.
- People trust others online.
- Data is not just conversational.
2:54 — Jessica shares the value of social data for marketing intelligence: It's low cost, quick, real-time data flow, unsolicited data, sampled at point of experience, global, and less vendor dependence for research.
2:55 — Jessica: Evolution from good to great: Enable agencies to explore a more focused set of creative concepts for higher efficiency and effectiveness.
2:56 — Jessica says the possibilities for when and where the data can be used are endless.
- Attitudinal and behavioral: What encourages a consumer to use credit over cash?
- Segments: What concerns do small business owners have?
- Understanding influence: Articulate the role of influencers in enabling brands to tap into cultural phenomenons
- Competitive research: Gain knowledge of how developers view Visa compared to the competition
2:57 — She shares a case study on how they made it happen. Objective: To understand topics that matter most to small business owners to help better inform SMB marketing strategy and planning.
2:58 — Jessica explains the methodology: Identified the audience (800 queries), created a custom search database, did a conversation analysis, and finally conducted influencer research.
2:59 — Jessica: Who are the people in the panel? SMB owners are defined as owners of businesses with less than 100 employers and those with less than $25 million in annual revenue. When they queried the panel, they figured out what the small business owners wanted to talk about, how they shared content online, and how they shared their expertise on social.
3:00 — Jessica: This led to a new approach for Visa to make small businesses the hero. They had a new approach to content on social to champion the small business owners.
3:01 — Jessica shares some of the results on their social strategy: Consistent engagement rate
of over 1.00% (2x higher than LinkedIn benchmarks), 50X the number of shares/post on Twitter and LinkedIn, and 20K new business owner followers on LinkedIn.
This also sparked a new approach to events: Visa created the SMB Meetup Tour where they partnered with MeetUp to bring together SMB-related groups for exclusive Visa events around the country.
3:02 — Jessica: The second project: Affluent Consumer Interests and Behaviors. The objective: To uncover the unstated values and attitudes of affluent (and ultra-affluent) consumers, shaped by their cultural context, in order to better understand what ultimately affects their preferences, desires and behaviors. Their methodology: identified job titles making $100K +/year, determined who they followed on Twitter, used factor analysis to determine clusters of common interests, and finally did a behavioral analysis.
3:03 — Jessica: The panel produced 5 million tweets. Segmentation analysis: Did a $100Kers affinity segmentation breakdown and found the interests most unique to the affluent. They identified key influencers for each interest.
3:04 — Jessica: We created growth profiles for each interest conversation. We did a deep dive of the panelists' motivations. We had to re-evaluate what we classified as “affluent” because $100Kers were no longer the most popular — it was $250Kers. We took a new approach to the segment using $250Kers as our affluent.
3:05 — Jessica shares what's next for Visa:
- Predictive modeling of payment volume based on social conversation for new product types (ie Apple Pay).
- White space marketing opportunities to own cultural spaces.
- New sponsorships based on developer, small business owner discussions.
- Better understanding the New Grads for recruitment.
- Competitive landscape
Q & A
Q: How long did this project take and what was the scope?
A: Jessica: We crowdsource a lot of this — CrowdFlower is the agency that helps with our analysis. Once we have that first piece done (3-4 days), we have the database and then it's just real time, all the time.
Q: How did you convince stakeholders?
A: Jessica: We actually started this under the radar and brought our agency in to help us get the right results to show our leadership how this social data was useful to us. Since we already had successful results, they bought-in to our projects.
Q: What is left for the research market team?
A: Jessica: We are training the market research team to use these new online panels as a new process for research. We also still need television and other media analysis so they're still relevant.