The New Trend In Social Media Mining
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Transcript of The New Trend In Social Media Mining
Greg Tozian – Chief Digital Strategist &
Peter Murane – President
The New Trend In Social Media Mining:Delivering Actionable Business Intelligence
Introducing Brand Vo2
Today’s Information Wave Changes Everything
The Wave is QuickeningThe speed at which human knowledge doubles globally
• 1900: doubles every 100 years*• 1945: every 25 years*• Today (2014): every year• 2016: every 12 hours (when wireless
internet connectivity completely covers the globe)**
* Noted scientist, philosopher, futurist, R. Buckminster Fuller** IBM forecast
There’s Too Much Online Chatter – Way Too Much Noise
• Everyone knows there’s too much noise in social media, blurring actionable insights
• Key Question: how do you find what’s pertinent for you?
Social Media Overwhelms Many
Organizations are struggling to keep up with on-line conversation glut from social media, the media, review sites, blogs, videos, etc.
Social Media Monitoring – Tools Not Measuring Up
• The need to monitor, understand and respond to online conversations has spawned many social media monitoring/engagement software platforms
• There’ve been two major levels …
Level 1: Tracking Volume &Low Level Sentiments
• At this level, people measure such things as:– Percentage of positive, negative and neutral
comments– Volume of referred traffic to main corporate
websites – Unique page views, total pages viewed, time
on site from referrals, etc.
Level 2 Platforms: Considering Share of Voice and Customer Service
• Measures…– Share of conversation volume– Customer complaints
Deficiencies In Level 1 & 2 Social Media Mining Platforms
• Too broadly focused data collection – “boiling the ocean” for insights
• User has to do the heavy lifting• Difficult to obtain truly actionable insights • Emerging trends, brand health are
invisible
Level 2: Considering Voice-Share and Customer Service
• Measures…– Brand share of voice versus competitors– Customer complaints
The New Trend – Identifying Actionable Insights Using Level 3 Platforms
What Is Level 3?• Takes online conversations and measures…– How healthy your brand is– How social media drives KPIs
• Identifies opportunities:– Where competition is weak– What products/services you should develop– Where the category/markets are going
Level 3 Attributes
• Applies category-specific linguistic lenses instead of a one-size-fits-all framework
• Removes noise to present only relevant social conversations
• Brand health measured across a range of attributes
Level 3 Deliverables – Scoring
• Dow Jones-like prescriptive brand health scoring– Delivers one big number of brand health– Benchmarks versus selected competitors– Benchmarks versus the category average
Level 3 Deliverables – ROI Analysis
• Ties online conversations to specific business metrics like…– Store visits– Market share– Marketing effectiveness– Operational performance
Level 3 Deliverables –Trend Spotting
• Providing early warning of emerging trends– New consumer behaviors– Competitor weaknesses– New forms of competition– Changes taking place in the value landscape– Emerging, unmet desires for new
products/services
Level 3 Deliverables – Analyst Support
• A talented analyst using a Level 3 platform is a potential game-changer:– Drives relevancy for the Enterprise– Gets to insights more quickly– Lower cost than traditional market research
tools
Summary – Truly Actionable Insights
• There’s no stopping the information wave• Adopting Level 3 platforms to gain truly
actionable brand/business insights allow organizations to keep pace and excel
Greg Tozian – Chief Digital Strategist
Peter Murane – President
Thank You