Sunday, October 13, 2013

Social Media Analytics Overview and Value Metrics

Social media is a emerging medium to understand real-time consumer preferences, sentiments and intentions. Social media analytics is the tool to uncover the customer sentiments from social media dispersed across online sources.
According to Gartner’s Definition, Social analytics is monitoring, analyzing, measuring and interpreting digital interactions and relationships of people, topics, ideas and content. Interactions occur in workplace and external-facing communities. Social analytics include sentiment analysis, natural-language processing and social networking analysis (influencer identification, profiling and scoring), and advanced techniques such as text analysis, predictive modeling and recommendations, and automated identification and classification of subject/topic, people or content.

What your Management is Looking for?

The management wants to hear how the organization strategies, initiatives and business goals performing over a specific period of time. Social Media Analytic helps your organization answer many questions like:
  • What are consumers saying and hearing about my brand/Company? Is my reputation affecting?
  • Which initiative/effort has the greatest impact? 
  • What are the most talked about product attributes in my product category? 
  • Is the product/service feedback good or bad?
  • Competitor insights
  • Customer growth metrics
  • Customer Quotes
  • Customer Action Taken

Social Media Analytics Value Metrics

Social media analytics solutions in general can help your business by

  1. Capture consumer data from social media to understand opinions, attitudes, trends and manage online reputation
  2. Predict customer behavior and improve customer satisfaction by recommending next best actions
  3. Create customized campaigns and promotions that resonate with social media participants
  4. Identify the primary influencers within specific social network channels

Here is the Detailed Social Media Analytic value metrics

Brand Health and Awareness

This is nothing but the measure if how people feel about your brand, talk about and act towards your brand. By measuring the you can mitigate or block crisis and understand the scale of reputational threats and possible opportunities. The brand health can also be a measure of net promoter Score(NPS). NPS is the difference between percentage of promoters and detractors. You will have a positive brand health if the NPS is above Zero. 
  • Sentiment analysis
  • Competitive performance
  • NPS measurements

Sales & Marketing optimization

Marketing and sales divisions can measure how their marketing and sales promotion activities are performing in the market. Based on this organization can understand how the initiatives are influencing purchase behavior, brand perception etc and to plan future initiatives. Suitable correction can be applied for the ongoing initiatives as well for better benefits. Fe examples of marketing measurements are 
  • Campaign measurements
  • Influencer impact
  • Content Performance

Improved Revenue Focus

Social media cannot directly generate revenue. The revenue has to be considered as a combination of tangible components like real revenue and intangible components like generating loyal customers. Social media plays an important role in purchase process and understanding this, you can change the customer intents. But focused and continuous customer engagement and interaction, you can convert the detractors to promoters and probable customers to customers. All these efforts will be resulted in the overall revenue of the organization. Few example measurements are
  • Impact of social media search results
  • Loyalty measurements
  • Revenue

Operational Optimization

Social media interactions with customers improve not only customer experience, but also provide scale as solving one person’s problem is visible to others as well. This will help to reduce effort for repeatedly addressing the similar issue to other customers. In the same way, by effective social media customer interactions/engagement, organizations can reduce the call center call volumes and intern reduce the operation cost by answering through twitter page or similar social media forums. Few examples are
  • Cost containment opportunities
  • Potential cost savings from Contained calls
  • Super fan/Advocacy identification 

Better Customer engagement

Better customer experience will provide brand health, cost saving and revenue optimization. Social media can e considered as an early warning system. Whenever organizations found an issue in the media, they proactively fixed before the issues getting aggravated and customers keep informed. Examples of customer experience measurements are
  • Attitude
  • Intensity (Momentum of otpic)
  • Issues & crisis

Product/solution/ Service innovation

Companies can get innovative ideas from social web by monitoring feedback, comments, issues from own products and from competitors. So far companies used to get these ideas from their own websites (Eg. and now they no longer need to depend on their own sites which can even shutdown for cost optimization. Few Measurement samples are
  • Opportunities and threats
  • Idea impact and response

Major companies adopted SMA

Dell Social Media Analytic Command Center 

Social Media Analytic is widely adopted organisations especially those who are in to consumer products, entertainment business and Service. Few examples are Dell, Proctor & Gamble, Warner Bros, Star Bucks, American Express, DIRECTV, JetBlue Best Buy, Royal Bank of Canada, Whirlpool, etc.

Popular Social Media Analytic Tools

Salesforce Radian6, Alterian SM2, Adobe, IBM, Oracle, SaaS Analytics, Social mention, scout lab, Trenderr, Blogplus, Apark, Collective Intelluct etc

1 comment:

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