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Social media and the real-time web are rapidly growing databases, which are also Large streams of consciousness. Intelligence mined from the social web has widespread implications on the data gathering process in research, gauging return on investment, campaign planning process, product development , customer relationship management and more.
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Social Media IntelligenceBlackgold of 21st Century
Bharani Setlur, CEO
AdTech London, 2011Engage & Convert Theatre, National Hall, Olympia, London22nd Sep, 2011
About Webfluenz
A sophisticated social media intelligence system to listen, monitor and engage with social media and the real-time web
What do we do?
In this presentation..
The Growth of social media and the real-time web Implications on research Social media and social change Implications on brands and companies
The internet caused a massive shift in the dynamics of communication
Social media connectivity, subsequently transformed the means by which people connected, created and shared content.
Such factors along with various other socio-economic changes have resulted in a paradigm shift in the way brands and companies interact with their customers!!
Such factors along with various other socio-economic changes have resulted in a paradigm shift in the way brands and companies interact with their customers!!
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They are large streams of consciousness where people willingly share their thoughts and views
Social media and the real-time web are rapidly growing databases or data warehouses
These databases are brimming with insights into people’s lifestyles, behaviour, habits, preferences, likes and dislikes.
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What are the Implications of this growth of social media and the real-time web on Research?
This growth has enhanced and in some cases, changed approaches and methodologies of assessing business intelligence
In the past Research was…
Intrusive since people were prompted to take part in the data collection process, as opposed to willingly contributing to discussions
Time Consuming since the data collection process used to vary from weeks to months
Restrictive in terms of scale, since the data had to be restricted to a sample set
NOW..
No more constraints on Time, Scale or Acquisition during data gathering while conducting research: Social media and the real-time web intelligence, affords for the acquisition of unprompted and more ‘honest’ and ‘real’ mentions
The scale of research is no longer restricted to a sample set that is defined by the limits of human capacity to gather and collate information
Time is no longer a constraint since conversations in the social-web happen continuously and data can be gathered in real-time
What are the Implications of this growth of social media and the real-time web on Brands and Companies?
Return On Investment
Social media Chatter is a potent measure of a company’s ROI of their marketing efforts
ROI goes one step beyond the total volume of buzz in the social media
For instance, a popular skin care brand launched a powerful online marketing campaign. At first glance, it seemed like the campaign was successful since it had resulted in substantial discussions about the product in social media platforms. A deeper analysis showed that most of the buzz in these platforms were not pertaining to the product and were infact irrelevant.
Although, the marketing campaign seemed successful at first glance, since it did not result in buzz relevant to the brand, the return on investment is actually nil.
For instance, a popular skin care brand launched a powerful online marketing campaign. At first glance, it seemed like the campaign was successful since it had resulted in substantial discussions about the product in social media platforms. A deeper analysis showed that most of the buzz in these platforms were not pertaining to the product and were infact irrelevant.
Although, the marketing campaign seemed successful at first glance, since it did not result in buzz relevant to the brand, the return on investment is actually nil.
Campaign Planning
Marketers plan campaigns based on the nature of chatter of their brands/companies
They identify where to run their marketing campaigns by analysing the break-up of chatter across various geographies
The effectiveness of campaigns is gauged by listening for conversations on social media channels pertaining to any specific ads, which might be resonating in users’ minds
Campaign planning can be tweaked based on the results of listening and monitoring online conversations
Purchase Intent
Social media has infiltrated the purchasing funnel
Consumers now make informed decisions, from what to have for lunch to where to go on a vacation
Social media chatter, a great measure of Purchase Intent with consumers constantly posting about their purchase aspirations online.
A great example of a company that used social media to measure purchase intent was a popular credit card company that took to social media to specifically track conversations that mirrored people’s intention to travel, which was later linked to their marketing efforts.
A great example of a company that used social media to measure purchase intent was a popular credit card company that took to social media to specifically track conversations that mirrored people’s intention to travel, which was later linked to their marketing efforts.
Purchase Intent
Social media has infiltrated the purchasing funnel
Consumers now make informed decisions, from what to have for lunch to where to go on a vacation
Social media chatter, a great measure of Purchase intent with consumers constantly posting about their purchase aspirations online.
A great example of a company that used social media to measure purchase intent was a popular credit card company that took to social media to specifically track conversations that mirrored people’s intention to travel, which was later linked to their marketing efforts.
A great example of a company that used social media to measure purchase intent was a popular credit card company that took to social media to specifically track conversations that mirrored people’s intention to travel, which was later linked to their marketing efforts.
Customer Relationship Management
Social media is brimming with intelligence about customers’ grievances, recommendations, likes and dislikes, which is of immense value to companies striving for better relations with customers
Real-time feedback about products is attained from the target audience
Companies address their audience’s grievances in real-time, which was practically impossible via traditional CRM channels
Reputation Management
Social media is like word-of-mouth on steroids
Bad word-of-mouth online can be the demise of even extremely promising companies
For instance, a car company had a surprisingly large number of cancellations which spiraled the company into fixing everything in their sales. Later, it was unraveled that there were a bunch of bloggers who had blogged about their disappointing after-sales service.
If the company was online and was monitoring negative comments, they could have addressed these issues before they became viral and caused such colossal damages
For instance, a car company had a surprisingly large number of cancellations which spiraled the company into fixing everything in their sales. Later, it was unraveled that there were a bunch of bloggers who had blogged about their disappointing after-sales service.
If the company was online and was monitoring negative comments, they could have addressed these issues before they became viral and caused such colossal damages
Behavioural Research
Intelligence mined from social media and the real-time web, now provide a window to understand and analyze complex human emotions, moods and habits.
For instance, online conversations are monitored to analyse the time of the day when people are happy and likely to buy a product OR the time of the day when people are likely to be put-off or distressed and likely to buy something else
For instance, online conversations are monitored to analyse the time of the day when people are happy and likely to buy a product OR the time of the day when people are likely to be put-off or distressed and likely to buy something else
To sum up…
The three factors of shorter, almost real-time intelligence, the vast scale and the lack of direct intervention on people in the information collection process are the cornerstones of the shift that has impacted the way businesses do business and being social by itself, no longer an option
