How to Create a Proprietary Measure Using Social Media Data

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Presentation by: Annie Pettit …

Presentation by: Annie Pettit
(May 2013 Webinar)

More in: Technology , Business
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  • 1. #RNWebinars        @LoveStats          How to Create a ProprietaryMeasure Using Social Media DataAnnie PettitVP Research Standards, Research NowChief Research Officer, Conversitionannie@conversition.comSocial media research by researchers, for researchers#RNWebinars    @LoveStats          
  • 2. #RNWebinars        @LoveStats          •  A single number per brand•  Compare one brand to other brands•  Unique to your company•  Gives clients a reason to keep comingback to youWhat is a proprietary measure?2
  • 3. #RNWebinars        @LoveStats          American Customer Satisfaction Index3
  • 4. #RNWebinars        @LoveStats          Net Promoter Score4
  • 5. #RNWebinars        @LoveStats          NPS Method5
  • 6. #RNWebinars        @LoveStats          Social Media Mentions (Sample Sizes)60  10000  20000  30000  40000  Jan   Feb   Mar   Apr   May   Jun   Jul   Aug   Sep   Oct   Nov   Dec  Dollarama   Future  Shop   JCPenney   Meijer   Macys  
  • 7. #RNWebinars        @LoveStats          Social Media Sentiment (Box Scores)725%  45%  65%  85%  Jan   Feb   Mar   Apr   May   Jun   Jul   Aug   Sep   Oct   Nov   Dec  Dollarama   Future  Shop   JCPenney   Meijer   Macys  
  • 8. #RNWebinars        @LoveStats          8Key CharacteristicsWalmart  Future  Shop   McDonalds  Sephora  8  
  • 9. #RNWebinars        @LoveStats          Need a better way to compare how______ are delivering on _____.Retailers/ExperienceNot pricing, not selection….Start With A Theory9
  • 10. #RNWebinars        @LoveStats          Choose the Variables10Characteris>cs  Future  Shop  Macys   McDonalds   Meijer   Sephora   Walmart  Employees     420   1623   2498   601   740   5738  Ordering     1108   549   4040   140   1784   860  WaiNng     214   517   1066   215   360   1045  Checkout  Line     171   893   649   273   187   1961  Crowding     28   198   183   95   50   623  Hours     57   943   1562   457   170   1688  Delivery     38   91   638   18   63   115  Parking     66   700   782   703   6   3401  FiSng  Room     0   93   1   0   0   22  Pre-­‐Orders     694   21   3   4   12   262  Drive  Thru     3   5   3459   29   0   78  Shopping  Cart     3   6   2   84   57   342  Express  Checkout     0   0   1   4   1   74  Self  Checkout     0   2   3   64   6   206  
  • 11. #RNWebinars        @LoveStats          •  Variables must have sufficient data•  Can’t  build  a  model  based  on  one  person  •  Variables must be relevant to all retailers•  Grocery  stores  don’t  have  change  rooms  •  Clothing  stores  don’t  have  to  worry  about  employees  washing  their  hands  •  Variables must… vary!•  If  a  category  is  too  Nght,  it  is  possible  for  all  the  brands  to  have  the  same  score  •  E.g.,  all  24  hour  shops  have  great  hours  Outline the Model11
  • 12. #RNWebinars        @LoveStats          •  Statistical theory•  Regression  analysis,  factor  analysis,  etc,  suggest  6  specific  variables  and  their  weights  •  Brain theory•  Your  category  experience  indicates  7  specific  variables  and  their  weights  Apply Theory to the Model12
  • 13. #RNWebinars        @LoveStats          Retailer Experience =6.7 * employees +3.9 * ordering +2.6 * parking +1.9 * lines +1.8 * store hoursTheoretical Model13
  • 14. #RNWebinars        @LoveStats          Raw Scores140  4000  8000  12000  16000  Sephora  Nordstrom  Barnes  &  Noble  Bloomingdales  Marks  &  Spencer  Office  Depot  American  Eagle  Oucider  Lowes  Dillards  Hertz  Canadian  Tire  BMO  Abercrombie  Toys  R  Us  Shoppers  Drug  Mart  Meijer  Home  Depot  AVERAGE  Urban  Ouciders  Hollister  JCPenney  Sears  IKEA  Macys  Future  Shop  Kmart  HSBC  Supervalu  OfficeMax  Walgreens  BAC  CVS  Target  Safeway  7eleven  TDCT  Walmart  McDonalds  
  • 15. #RNWebinars        @LoveStats          Validate the Results15•  Does  my  gut  say  these  are  indeed  the  worst  retailer  experiences?  •  Target  •  Safeway  •  7eleven  •  TDCT  •  Walmart  •  McDonalds  •  Does  my  gut  say  these  are  indeed  the  best  retailer  experiences?  •  Sephora  •  Nordstrom  •  Barnes  &  Noble  •  Bloomingdales  •  Marks  &  Spencer  •  Office  Depot  
  • 16. #RNWebinars        @LoveStats          Rinse and Repeat161.  Choose  variables  2.  Choose  coefficients  3.  Apply  the  model  4.  Validate  the  results  5.  Con>nue  0.  Start  
  • 17. #RNWebinars        @LoveStats          0 to 100 Scale170  25  50  75  100  BEST  Sephora  Nordstrom  Barnes  &  Noble  Bloomingdales  Marks  &  Spencer  Office  Depot  American  Eagle  Oucider  Lowes  Dillards  Hertz  Canadian  Tire  BMO  Abercrombie  Toys  R  Us  Shoppers  Drug  Mart  Meijer  Home  Depot  AVERAGE  Urban  Ouciders  Hollister  JCPenney  Sears  IKEA  Macys  Future  Shop  Kmart  HSBC  Supervalu  OfficeMax  Walgreens  BAC  CVS  Target  Safeway  7eleven  TDCT  Walmart  McDonalds  WORST  
  • 18. #RNWebinars        @LoveStats          0 to 10 Scale180  2  4  6  8  10  BEST  Sephora  Nordstrom  Barnes  &  Noble  Bloomingdales  Marks  &  Spencer  Office  Depot  American  Eagle  Oucider  Lowes  Dillards  Hertz  Canadian  Tire  BMO  Abercrombie  Toys  R  Us  Shoppers  Drug  Mart  Meijer  Home  Depot  AVERAGE  Urban  Ouciders  Hollister  JCPenney  Sears  IKEA  Macys  Future  Shop  Kmart  HSBC  Supervalu  OfficeMax  Walgreens  BAC  CVS  Target  Safeway  7eleven  TDCT  Walmart  McDonalds  WORST  
  • 19. #RNWebinars        @LoveStats          -100 to +100 Scale19-­‐100  -­‐50  0  50  100  BEST  Sephora  Nordstrom  Barnes  &  Noble  Bloomingdales  Marks  &  Spencer  Office  Depot  American  Eagle  Oucider  Lowes  Dillards  Hertz  Canadian  Tire  BMO  Abercrombie  Toys  R  Us  Shoppers  Drug  Mart  Meijer  Home  Depot  AVERAGE  Urban  Ouciders  Hollister  JCPenney  Sears  IKEA  Macys  Future  Shop  Kmart  HSBC  Supervalu  OfficeMax  Walgreens  BAC  CVS  Target  Safeway  7eleven  TDCT  Walmart  McDonalds  WORST  
  • 20. #RNWebinars        @LoveStats          •  Evaluate the monthly/quarterly trend  •  Evaluate more retailers, differentindustries, different specialties, differentregions, different target markets    •  Market and sellRe-Test Reliability20
  • 21. #RNWebinars        @LoveStats          •  Go beyond traditional socialmedia data•  Be innovativeConclusions21
  • 22. #RNWebinars        @LoveStats          Thank you22Questions?annie@conversi>on.com  hello@conversi>on.com