Social Media Monitoring Market Overview

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Presentation to The Community Roundtable (@TheCR) members on 3-23-11. …

Presentation to The Community Roundtable (@TheCR) members on 3-23-11.

Social media monitoring is commonplace these days for most companies executing social initiatives. However, it's still an immature practice area, with its share of myths and misunderstandings. Join us for this call to discuss how to improve your social listening programs. We'll also learn about the current state of the social listening platform market, a framework you can adopt to guide your listening efforts, and what leading companies are doing with social listening programs.

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  • Enterprise level listening still a highly custom effort

Transcript

  • 1. Social Media Monitoring March 2011
  • 2. Outline
      • Current state of the market
        • Vendors
        • Types of platforms and services
        • Differences in approach to leading solutions
      • Coverage  
      • Major Features and Functionality
        • Engagement
        • Text Analytics
        • Sentiment
        • Competitive Intelligence
        • Influencers
      • Frameworks
      • Leading Companies & Practices
        • Companies
        • Practices
          • Listening Strategy
          • Learning Agenda
          • Target Audience
    1
  • 3. Fragmentation - The Social Data Challenge 2
  • 4. A Crowded Space. Too much choice! Hundreds of platforms to choose from, offering both the same and in cases very different products and services. 3
  • 5. Types of Social Monitoring Vendors Hundreds of platforms to choose from, offering both the same and in some cases very different products and services. 4
  • 6. Coverage: Do you know your data sources? Data  Information  Insights  Recommendations all share a critical dependency (Data Quality) Social Data Analysis Process
    • Critical to know where your data is coming from
      • Harvested manually?
      • Purchase from upstream providers?
      • Sampling or firehouse feed(s)?
    5
  • 7. Requirements Drive Features and Functionality Data  Information  Insights  Recommendations all share a critical dependency (Data Quality)
      • Brand reputation / public relations / crisis prevention
      • Search engine optimization
      • Marketing and advertising campaigns
      • Industry/Competitive Intelligence
      • Customer service
      • Business development
      • Product development / innovation
    Listening Modes Engagement and Response Text Analysis Sentiment Analysis Competitive Intelligence Influence Identification and Analysis 6
  • 8. Social Intelligence Framework More than monitoring. It’s about understanding key customer behaviors, needs and expectations
    • Discover - Harvest relevant social data
    • Analyze - Separate signal from noise
    • Segment - Segment social data by business function and/or defined categories
    • Strategize & Integrate – Make listening outputs a regular input that informs the strategic planning process
    • Execute – Informed action based on insights from strategic listening
    Social programs start by discovering data, synthesizing it into findings, segmenting / prioritizing, and shepherding insights internally to key company functional areas. 7
  • 9. Social Media Monitoring Process 8 Social Intelligence
  • 10. Understanding Customers and Audiences Monitoring and listening is a critical component of Social Business 9
  • 11. Examples of Best-in-Class Monitoring
    • Monitoring ~22k conversations per day
    • 11 Languages
    • Information used for both CRM and advertising-related measures
    • Data can be segmented based on topics of conversation, trends, geography, and language
    • Partnership with Radian6
    • Full article: http://www.clickz.com/clickz/news/1931078/dells-social-media-listening-command-center-breakdown
    Dell Gatorade
    • Tracking terms relating to their brand, competitors, as well as its athletes and sports nutrition-related topics
    • Runs detailed sentiment analysis around key topics and product and campaign launches
    • Partnership with Radian6 and IBM Consulting
    • Full article: http://mashable.com/2010/06/15/gatorade-social-media-mission-control/
    10
  • 12. Best Practices
    • Listen before you begin any social media initiative to understand the capabilities of your audience and what their needs and issues are
    • Listening means MUCH more than monitoring mentions of your company, brand, product name(s)
    • Listening relies on a combination of leading tools and platforms, but the real value is dependent on the quality of the data coming in and the quality of the analyst
    • Establish strategic listening posts, not as a one time effort, but as an ongoing strategic listening program ( Don’t turn off the insights fire hose!)
    • Online listening can positively impact many different business functions across the organization, not limited to marketing and advertising campaign improvements
    • Resource: Social Media Monitoring Tools Wiki - http://wiki.kenburbary.com
    Social Media Monitoring and Listening Tips
          • Listening Strategy
          • Learning Agenda
          • Target Audience
    11
  • 13. Ken Burbary 586-216-7931 [email_address] @kenburbary http://www.kenburbary.com