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Social Media Case Study - Social Listening Report on E-retail Brands
 

Social Media Case Study - Social Listening Report on E-retail Brands

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This social media case study is a social listening report on e-retail brands.

This social media case study is a social listening report on e-retail brands.

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    Social Media Case Study - Social Listening Report on E-retail Brands Social Media Case Study - Social Listening Report on E-retail Brands Document Transcript

    • Reference No.: AA112
    • © 2013, Social Wavelength. All Rights Reserved 2Indias retail market was estimated at $470 billion in 2011 and isexpected to grow to $675 billion by 2016 and $850 billion by 2020, atan estimated CAGR of 7%. According to Forrester, the e-commercemarket in India is set to grow the fastest within the Asia-Pacific Regionat a CAGR of over 57% between 2012 and 2016.Indias e-commerce market in 2011 was about $600 million and isexpected to touch $9 billion by 2016 and $70 billion by 2020, at anestimated CAGR of 61%.A study by Assocham, states that India is one of the three fastestgrowing internet markets in the world and about 75% of onlineaudience lies between the age group of 15-34 years. This makes thenation one of the youngest online demographics, globally and socialnetworking is the most popular online activity of this age group.From the above statistics, it is easy to understand that a large numberof people use social media to share their shopping experiences. Theseexperiences, in the form of conversations on social media, are read bymillions and have an impact in influencing their decision for the nextpurchase. So it is necessary that these are tracked consistently andmeticulously.Introduction
    • © 2013, Social Wavelength. All Rights Reserved 3We used Radian6, a part of the Salesforce Marketing Cloud – asophisticated, easy-to-use, real-time monitoring tool – to extractconversations about the following e-commerce brands in India,through the use of keywords:Conversations about the above brands that happened betweenFebruary 12, 2013 and March 11, 2013 were analyzed. The buzz andsentiment for these brands were measured and compared. The keytopics of discussions were identified to understand the kind ofconversations that happened during the period. The keywords usedwere brand names and their variations.Abstract
    • © 2013, Social Wavelength. All Rights Reserved 4Volume of Conversations for eCommerce Brands on Social MediaShare of VoiceFlipkart, Snapdeal, Homeshop18 and Myntra evangelize their brandsthrough extensive use of hashtags on Twitter. These Twitter hashtags areoften part of contests, where users also need to mention the brands’official Twitter handles. This causes better online visibility for thesebrands, especially when such hashtags trend on the microblog. Brandswith a higher share of voice also seem to benefit from word-of-mouthacross social media, where their buzz increases in a compoundingmanner. More well-known brands have a higher share of voice, and thesebrands are more well-known.ONLINE REPUTATION MANAGEMENT (ORM) HELPS BRANDSINTERPRET WHAT KEEPS THEIR BUZZ HIGH OR LOW, AND WHY.
    • © 2013, Social Wavelength. All Rights Reserved 5Top Brand Conversation Topics
    • © 2013, Social Wavelength. All Rights Reserved 6Sentiment and the BRIBrand wise SentimentThe BRI also shows why social media monitoring is essential for brands. Alarger volume of conversations can also mean more negative feedbackfor the brand, as seen here for Flipkart and Homeshop18. A platform totrack complaints about a brand and respond to them real-time, greatlyenhances how people perceive a particular brand.Online Reputation Management plays a key role in enabling brands torespond to customers. Likewise, sentiment and volume of conversationsacross the industry, is essential for brands with low buzz, to attain morebrand visibility online.ORM HELPS BRANDS UNDERSTAND THEIR SENTIMENT, WHILEIDENTIFYING THE KEY POSITIVE AND NEGATIVE DISCUSSION TOPICS INCONVERSATIONS ABOUT THESE BRANDS.Brand Reputation Index is a metric introduced by Social Wavelength to identify relationshipsbetween a brand’s volume of conversations and sentiment against those of the industry.
    • © 2013, Social Wavelength. All Rights Reserved 7The Brand Advocacy MatrixThe Brand Advocacy Matrix is a tool derived by Social Wavelength, to correctly gauge the Volumevs. Sentiment positioning on social media for brands in an industry.Despite the highest volume amongst brands, Flipkart was seen to have thelowest positioning in the Matrix, an indication that more popular brands arealso more prone to more negative feedback. Other brands like HomeShop18and Infibeam also contribute a sizeable volume of negative conversations in theindustry – consistent CRM is recommended for such brands.For Snapdeal, which has positive feedback and high volume, it becomesnecessary to protect the brand from any potential online crisis through ORM.We also see a large number of brands clustered in the opportunity quadrant –these brands need to leverage industry conversations and opportunities toenhance their online visibility.SOCIAL MEDIA IS A GOOD INDICATOR OF PEOPLE’S PERCEPTION ABOUTBRANDS. ORM HELPS THESE BRANDS UNDERSTAND HOW THEY AREPOSITIONED ON THE BASIS OF THE VOLUME AND SENTIMENT OF THEIRONLINE CONVERSATIONS.
    • © 2013, Social Wavelength. All Rights Reserved 8Media Type AnalysisTypes of Media That Contributed ConversationsBrands use Twitter extensively for hashtag campaigns and due to thepublic nature of this very platform, Twitter is the number one medium toshare thoughts and opinions alike. The fact remains that it is a public andreal-time medium, thus amplifying any threat against it.Blogs have been used mainly to share offers and schemes. As for Forums,they contribute only 3.4% of the overall data and have had the highestconcentration of negative posts amongst all other platforms. This, inparticular, is an alarming indication, because unlike other media,conversations on Forums can last years and its members often converse indepth about the topic. Other platforms have contributed very little to theoverall dataset.ORM HELPS BRANDS IDENTIFY THE PLATFORMS THAT DRIVE THEIRCONVERSATIONS AS WELL AS POTENTIALLY HARMFUL MEDIA THAT MAYBE DENIGRATIVE FOR THE BRAND.
    • © 2013, Social Wavelength. All Rights Reserved 9InfluencersInfluencers Amplify Reach of ContentInfluential users on social media, even upon positive experience whileusing a brand, will usually abstain from commenting positively aboutit. Conversely, negative brand experiences have the tendency to beshared more readily by these users which, in turn, has a viral effect.AS EVEN A SINGLE POST BY AN INFLUENTIAL AUTHOR ON SOCIAL MEDIAHAS THE POTENTIAL TO IMPACT A BRAND’S ONLINE REPUTATION,TRACKING THEIR CONVERSATIONS IS AN ESSENTIAL STEP.
    • © 2013, Social Wavelength. All Rights Reserved 10Some Tweets by Prominent Authors
    • © 2013, Social Wavelength. All Rights Reserved 11 ONLINE REPUTATION MANAGEMENT HELPS BRANDS INTERPRETWHAT KEEPS THEIR BUZZ HIGH OR LOW, AND WHY. THIS ISESPECIALLY APPLICABLE IN CASE OF ECOMMERCE BRANDS, WHICHDEPEND A LOT ON SOCIAL MEDIA FOR THEIR VISIBILITY. ORM WILL HELP ECOMMERCE BRANDS UNDERSTAND THEIR SENTIMENT,WHILE IDENTIFYING THE KEY POSITIVE AND NEGATIVE DISCUSSIONTOPICS IN CONVERSATIONS ABOUT THESE BRANDS. SINCE MOST REFERENCES ON SOCIAL MEDIA ARE PERSONAL OPINIONSAND ACTUAL EXPERIENCES, IT IS A GOOD INDICATOR OF PEOPLE’SPERCEPTION ABOUT VARIOUS PRODUCTS AND SERVICES OFFERED BYECOMMERCE BRANDS. ORM HELPS THESE BRANDS UNDERSTAND THEIRPOSITIONING RELATIVE TO OTHER BRANDS, ON THE BASIS OF THEVOLUME AND SENTIMENT OF THEIR ONLINE CONVERSATIONS. ORM HELPS BRANDS IDENTIFY THE PLATFORMS THAT DRIVE THEIRCONVERSATIONS, AS WELL AS POTENTIALLY HARMFUL CONTENT ONTHESE PLATFORMS. EVEN A SINGLE POST BY AN INFLUENTIAL AUTHOR ON SOCIAL MEDIAHAS THE POTENTIAL TO IMPACT A BRAND’S ONLINE REPUTATION.HENCE, TRACKING THEIR CONVERSATIONS IS AN ESSENTIAL STEP FORECOMMERCE BRANDS, MOSTLY BECAUSE PEOPLE REPORT NEGATIVEEXPERIENCES MORE THAN POSITIVE ONES. MONITORING ONLINE CONVERSATIONS THROUGH ORM IS NECESSARYIN A BUSINESS-TO-CONSUMER INDUSTRY LIKE ECOMMERCE TO ENSURETHAT THE REPUTATION OF BRANDS REMAINS FAVORABLE AND THEIRONLINE VISIBILITY STAYS POSITIVE.Closing Thoughts
    • © 2013, Social Wavelength. All Rights Reserved 12Social Wavelength is India’s largest social media agency with presence in Mumbai, Delhi, Chennaiand Bangalore. Its’ suite of services include social media monitoring, online-reputation management,online PR, social media management and building online communities. Social Wavelength is also theauthorized reseller for Radian6 for the Indian market. More information is available onwww.socialwavelength.comServices we offer: Social Media Communication Social Media Monitoring Social Media Analytics Social Media for HRHow can Social Media Monitoring help you?So you’ve just spent the last ten or so minutes browsing through our report on e-commerce in India.Now you’re wondering what to make sense of all of this – how does this apply to you? Well it does!Hundreds of millions of ‘Likes’, ‘Comments’, ‘Shares’ happen every day; and that’s just Facebook. AddTwitter, YouTube, LinkedIn, thousands of blogs, and the countless online communities, and you get averitable social media soup!At Social Wavelength, we spend countless hours sifting through the hundreds of thousands ofconversations about the brands we manage, making sense of it all.Some of the cool services we offer include: Sentiment Understanding Business Intelligence Social CRM Customer Insights Sales OpportunitiesContact:Mihir KarkareVice President, Social Wavelengthradian6@socialwavelength.com+91-22-61274301We are located at:About Social Wavelength