The New Trend In Social Media Mining

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Information about The New Trend In Social Media Mining
Marketing

Published on March 7, 2014

Author: PeterMurane

Source: slideshare.net

Description

The new trend in social media mining is delivering actionable business intelligence.

New third generation platforms go way beyond measuring sentiment to help businesses understand brand health and identify revenue opportunities and competitive threats.

The New Trend In Social Media Mining: Delivering Actionable Business Intelligence Greg Tozian – Chief Digital Strategist & Peter Murane – President

Today’s Information Wave Changes Everything Introducing Brand Vo2

The Wave is Quickening The 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 online 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

LevelNew Trend – Identifying Actionable The 2: Considering Voice-Share and Customer Service Insights Using Level 3 Platforms • Measures… – Brand share of voice versus competitors – Customer complaints

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

Thank You Greg Tozian – Chief Digital Strategist Greg.Tozian@branduice.com Peter Murane – President Peter@brandjuice.com

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