Social Media Analytics for New Product Assessment
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Social Media Analytics for New Product Assessment

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Social Media Analytics for New Product Assessment Social Media Analytics for New Product Assessment Presentation Transcript

  • Social Media Analytics For New Product Assessment
  • Zip Powered Drinks • Zip Powder (fictional) is a line extension, powdered drink and a direct descendent of its iconic parent brand. Zip Powder was launched in 2008, during the depths of the recession. • We tracked early sales performance versus the Semantic Engagement Index (SEITM) from social media channels and found a highly predictive pattern. • Deep analysis of the content of early consumers found some surprising things – The fact that the powdered version closely mirrored the authentic taste of the parent brand was found to be a highly engaging quality driving consumer engagement and sales conversions. This insight changed the media messaging in the second half of the year to more emphasize the brand heritage, along with the innovation. – The convenient form and authentic taste of the product made it a favorite to take to the office. – Additional analysis also discovered much of the word-of-mouth influence affecting sales conversions for the product came through posted and re-tweeted Twitter posts. This was a very helpful insight directing social media efforts. • Despite the recession, some of these marketing course corrections helped lift the SEITM above product norm levels and resulted in the most successful new product launch in ten years. 2
  • SEITM & Sales Link: Zip Brand Sales & SEITM Time Correlations - 1.0 2.0 3.0 4.0 5.0 6.0 7.0 8.0 9.0 - 2,000,000 4,000,000 6,000,000 8,000,000 10,000,000 12,000,000 14,000,000 Zip Sales Zip.SEI.Ratio SEI Ratio Norm 3 During the early stages, robust conversations were evident and the SEITM showed a strong and predictive linkage to sales. Overall SEITM Engagement significantly above norms. Note plotted metric is ratio of Positive to Negative SEI Correl = 82.4% View slide
  • Content Motivation Drivers of Sales Conversion for Zip Powder 4 188 3,516 103 128 300 301 350 491 724 930 - 500 1,000 1,500 2,000 2,500 3,000 3,500 4,000 BaselineNetPositiveSEI GreatAroma YummyFlavors GreatGiftIdea Convenient TastesGreatColdorHot TastesGreat GreatforTakingtotheOffice TastesLiketheRealThIng TotalNetPositiveSEI Zip Powder All Social Channels Engagement Content Drivers Models reveal that the link to its parent brand in terms of Zip Powders authentic taste and the discovery that consumers liked taking the packets to the office were major drivers of engagement for the brand and were likewise key drivers of sales. View slide
  • Social Channel Drivers 5 SEI =100 Facebook SEI=107 Facebook SEI=88 Twitter SEI=144 Twitter SEI=103 Facebook SEI=95 Facebook SEI=83 CART Analysis used to identify the social channel drivers. 1. Facebook found to have first order importance as mainly an awareness builder, Twitter played the most significant role in terms of its ability to drive sales conversions. 2. Zip Brand Management should focus content and consumer conversations around Zip’s authentic taste and how it is an easy and portable beverage to enjoy at the office. D 7 D 37
  • Michael Wolfe CEO Bottom Line Analytics E: mjw@bottomlineanalytics.com M: 770.485.0270 www.bottomlineanalytics.com Masood Akhtar Partner, Analytics (EMEA) Bottom Line Analytics E: ma@bottomlineanalytics.com M: +44 7970 789 663 www.bottomlineanalytics.com