Social media and decisions with consequences: BOA & Netflix

Posted: October 23, 2011 in Posts
After reading this article:
by: Kyle Arnold for  Tulsa World

All just my perspective, all easier said than done all very possible though.

So much data is being optimized on the advertising side of these brands, social, traditional, mobile…if it’s media they’re in! How can we influence more people to influence more people? Now how do we clean this mess up?


Netflix & Bank of America Decisions and Consequences  – My work & my customer hat on here –

  

The data is so obtainable the largest focus groups in the world are easily accessible for brands to form and react to, no longer a  .001% segment from a panel sourced with incentives…it’s real time, it’s intimate now and it moves fast and it wants to be listened to and seduced.

In FB alone (700+ mill audience) the ability to pretty much predict trends between topics & engagements to brands is available with technology. Visual data is just awesome! After years of databases and queries producing reports only engineers and stats guys wanted to see now it’s pretty we have infographics and chartbeat and so many ways to make data pretty. Everyone from sales to marketing departments to customer service can see it and relate to it but is there a plan to make that data actionable?
Advertising networks are optimizing and profiting more now by analyzing brand data on an aggregate level and then optimizing across all media and other brands, are the brands profiting? Is there a net net positive in this relationship?
Since this is part of my work I use the word profiting because that’s the goal BUT it should be a net net positive effect for the customer of the brand then the brand then the services…arbitrate-optimize.
IMHO Netflix and BOA could have created interesting ways to engage with all of their customers and basically tell their customers that they have a problem and solving it can help them and the customer and here are a few options…what do you think may be best for you?
Now of course it’s safe to assume all of those options are solving a problem for BOA and Netflix there maybe some options that just don’t solve a problem for the customer. Unless they created something unique and thoughtful for the customer.
My opinion is follow and embrace the data..math doesn’t lie! Minimize the risk because what’s happening now is and is going to be even more expensive for the oops in Netflix’s case, BOA is such a different situation..banking.
Banking is a bit o’ mess currently and there are certain customers that count to BOA and then certain the math just doesn’t work for but really it doesn’t work for BOA or their customer and that may be OK depending on how that break up goes down, maybe they can part ways as friends and that could create a net net positive effect for both BOA and those customers.
I say this because I believe there are a very important % of BOA customers that understand the cost to provide certain services and unique financial functions needs to go up maybe the fee on the debit card was not the place to go for it or maybe that is actually the exact place because BOA has some great technology for businesses and customers and I am sure it’s not cheap, good tech shouldn’t be ; ).
But was this the best way to handle these cost issues?
 I listened to some of the customers and both sides of the story are compelling from customers that the dollar amount is irrelevant to and those that it is very relevant to each side had understanders and customers leaving. And maybe that’s what the BOA goal is to make the costs work 80/20 type stuff, but this is not going to be a “friendly” beak up now…that’s expensive! Brand value neglected. Netflix I don’t have a theory on their decisions other than quite possibly fear.
Netflix and BOA work with  some really smart companies and have some really smart people sometimes decisions are not so mathematical between service providers and clients especially in advertising and now it’s advertising /+ technology so this is an understatement and a half.
Some of the most advanced modeling looks something like..OH YEAH that makes total sense…duh!  At least when it’s done right but it’s not easy to source it all together at least not yet for a lot of brands. So IMHO social media (Facebook analytics alone) + prospecting/branding media have that data readily available that could indicate quite well and reliably the decision making process across all other media channels  and big changes could/should now have less risk and a more net net positive results.
It will be very interesting to me at least to follow how both of these company’s decisions play out and what new reactions and actions come.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s