[Venuelabs] Interpreting Social Media for Retailers
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[Venuelabs] Interpreting Social Media for Retailers

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[Venuelabs] Interpreting Social Media for Retailers [Venuelabs] Interpreting Social Media for Retailers Presentation Transcript

  • Marshall Sponder Analytics Expert & Author January 31, 2012© 2012 Venuelabs™ | Interpreting Social Media for Retailers | January 31, 2012 |
  • Venuelabs Retail & Storefront Analytics© 2012 Venuelabs™ | Interpreting Social Media for Retailers | January 31, 2012 | 2
  • About our Guest Marshall Sponder Analytics Expert & Author Blog: http://WebMetricsGuru.com Booksite: http://www.smabook.comWritingAllAnalytics.com, InternetEvolution.com, MyCustomer.comRecent Speaking Engagements• Social Media Monitoring – ROI Metrics Forum• Social Media World Forum• Social CRM 2011Clients & CompaniesIBM, Prudential, Citibank, Monster Worldwide, Porter Novelli,WCG, Barclays, Reuters, Digital Backpack, and may others.© 2012 Venuelabs™ | Interpreting Social Media for Retailers | January 31, 2012 | 3
  • Brand Monitoring Overview • Broad listening across the Blogs Forums Press internet News • Focused on keyword matches Social Sites Trade Sites Networks – Mentions of • Brand name “Starbucks” • Product names “Frappuccino” • Produces valuable insights, but is exploratory in nature, as a result, it can not answer tactical questions and is not scalable.© 2012 Venuelabs™ | Interpreting Social Media for Retailers | January 31, 2012 | 4
  • Brand Monitoring Providers© 2012 Venuelabs™ | Interpreting Social Media for Retailers | January 31, 2012 | 5
  • 8 Brand Monitoring Challenges1. Signal to Noise Ratio 7. Correspondence between Online2. Not Scalable, too manual chatter vs. Offline Word of Mouth is3. Insightful vs. Actionable Industry dependent4. Poor Geography / Location 8. No established, universally acceptable standards for conducting5. Local Data Gap / Blind Spot social listening6. Lack segmentation capabilities © 2012 Venuelabs™ | Interpreting Social Media for Retailers | January 31, 2012 | 6
  • Signal to Noise Ratio in LBS• 5% of content were legitimate generated by real customers • January 2012• 95% was spam, spoofs, • Study impact of social on retail coupons & • 11.5 million posts miscellaneous reviewed© 2012 Venuelabs™ | Interpreting Social Media for Retailers | January 31, 2012 | 7
  • Not Scalable – Too ManualA lot of work is required toturn real time exploratorydata from Social Media intoactionable insights(although LBS is a littleeasier since it has context).© 2012 Venuelabs™ | Interpreting Social Media for Retailers | January 31, 2012 | 8
  • Insightful vs. Actionable • Traditional “exploratory” SMM Insights and outputs don’t match business goals or outcomes – Share of voice – Sentiment – Trends – Topics and Themes • And … they don’t match critical needs of retail – What customer experiences need attention? – Where are my most critical issues? – Which of my locations are leaders & laggards?© 2012 Venuelabs™ | Interpreting Social Media for Retailers | January 31, 2012 | 9
  • Geography & Location Existing SMM providers treat location as country, region, or city and usually fail to capture LBS data from Facebook, Foursquare and other geo-local data. This gap makes existing SMM providers next to useless for retailers.© 2012 Venuelabs™ | Interpreting Social Media for Retailers | January 31, 2012 |
  • Retail is about distinct location Your customers are at your storefronts!© 2012 Venuelabs™ | Interpreting Social Media for Retailers | January 31, 2012 |
  • Local Data Gap for Retailers Local Content Surfaced Local Content Blind Spot 32% 68% Blind Spot 24% 76% Blind Spot 37% 63% Blind Spot 38% 62% Blind Spot 18% 82% Blind Spot August 2011© 2012 Venuelabs™ | Interpreting Social Media for Retailers | January 31, 2012 | 12
  • Local Data Gap Example They mess up here A LOT! If I wasn’t in a rush nor a coffee addict I would go somewhere else!© 2012 Venuelabs™ | Interpreting Social Media for Retailers | January 31, 2012 | 13
  • Platforms lack segmentation capabilities Most existing SMM (and some LBS) platforms can not segment and bucket the data in a customized, useful way, so it can become insightful.© 2012 Venuelabs™ | Interpreting Social Media for Retailers | January 31, 2012 | 14
  • Correspondence between Online chatter vs. Offline Word of Mouth is Industry dependent While SMM platforms typically have poor, uncontrolled sampling bias, geo-location and LBS platforms such as Venuelabs don’t suffer, as much, from the same issues (poor sampling) because their data is generated at the storefront, via check-ins and direct store references, and is therefore, more relevant and authentic. Read more: http://www.webmetricsg uru.com/page/4/#ixzz1ew WAjXpj© 2012 Venuelabs™ | Interpreting Social Media for Retailers | January 31, 2012 | 15
  • No established, universally acceptable standards for conducting online social listening Almost no data consistency or interoperability between platforms and a clear sense that under the hood, all of the them are different. As a result, there are no standards in how to go about, clean and structure social data, which makes it harder to take seriously. Read more: http://www.webmetricsguru.com/page/4/#ixzz1ewWAjXpj© 2012 Venuelabs™ | Interpreting Social Media for Retailers | January 31, 2012 | 16
  • Retail Storefronts Going Local© 2012 Venuelabs™ | Interpreting Social Media for Retailers | January 31, 2012 | 17
  • Critical Value of Local • Actual Customer Insights • Actionable Intelligence • Location specific© 2012 Venuelabs™ | Interpreting Social Media for Retailers | January 31, 2012 | 18
  • Actual Customer Insights are much better than SMM for Retailers • 80% content from customers • 15% local staff • 5% spam© 2012 Venuelabs™ | Interpreting Social Media for Retailers | January 31, 2012 | 19
  • Actionable Intelligence gleamed from LBS instead of exploratory insights from SMM They mess up here A LOT! If I wasn’t in a rush nor a coffee addict I would go somewhere else! Traditional Insights New Insights Topic Location Date /Time Sentiment Staff Working Managers Influence Local Context Unit Sales Engagement Nearby Competitors© 2012 Venuelabs™ | Interpreting Social Media for Retailers | January 31, 2012 | 20
  • Advice: Start thinking of LBS Tactically• What Measures in your stores do you want to track (that can be integrated into LBS)?• What Decisions would you make differently if the one of the retails measures was surprisingly high or low?• What is the threshold of the measure? In other words, at what point, if the value was exceeded or dipped, would an alternative action take place?© 2012 Venuelabs™ | Interpreting Social Media for Retailers | January 31, 2012 | 21
  • Q&A Session Marshall Sponder© 2012 Venuelabs™ | Interpreting Social Media for Retailers | January 31, 2012 |