Infegy Social Analytics White Paper


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Infegy Social Analytics White Paper

  1. 1. How to Use Social Analytics to Build a Better Brand
  2. 2. Executive Summary The buzz about social media and social analytics continues to hit new highs—but now it’s a matter of learning how to capitalize on these mediums to impact your bottom line. Smart companies are taking note and analyzing the millions of conversations available online, integrating the information gained into their overall go-to-market and business strategy. Whether it’s product development, brand management, customer acquisition or retention strategies, effective Social Analytics can bring you closer to your customer, uncover untapped markets, and provide insight into your industry/competitors like never before. This Social Analytics white paper provides a framework and educational information for jumpstarting your navigation of the Social Analytics landscape. Inside, you’ll nd: · Facts and Figures that boil down the vast Social Media space to what it really means for today’s businesses · De nitions around Social Analytics and How it Works · Tips on understanding detailed analytics data: In uencers, Sentiment, and Buzz · A framework to apply Social Analytics to Drive Revenue Notes and Resources Research and representative charts/graphs contained were created by Infegy, provider of Social Radar®, the industry’s most intelligent social media monitoring and analytics platform.1
  3. 3. Introduction The world has changed—social networks, the blogosphere and the exploding amount of Web-based content means companies need to gure out how to listen to the millions of conversations occurring online, and, then, decipher and analyze what those conversations and content mean to all facets of their strategy. Whether it’s product development, brand management, customer acquisition or retention strategies, tapping in to what is being said and then extrapolating actionable and intelligent information to improve your business is more crucial than ever in 2011. Businesses are starting to get it. A recent study conducted by Gartner found that over 60 percent of Fortune 1000 companies “with a website will connect to or host some form of online community to build customer relationships.”i Yet, while engaging customers and prospects by signing up for a Twitter account, offering support through Facebook and integrating your website with Digg is crucial to being part of the conversation online, listening to what customers and prospects are saying about your brand and your products to potential customers is just as, if not more, essential to business-building strategy. There is a wealth of information that can be gleaned from not just participating in social media, but analyzing the conversation, and integrating the information provided there into your overall go-to-market and business strategy is intrinsic to success. Social Analytics gives companies the data they need to competitively differentiate, bring superior products to market faster, and, plainly, grow business—fast. In this report, you’ll learn: The Importance and Breadth of Social Media and Internet Content The tide isn’t just rising, it’s surging when it comes to social media adoption by Internet users worldwide. If you’re still not convinced customers (and potential customers) are talking about you online, here are a few facts to consider: In early November reported that Twitter had 175 million users; that number was expected to reach the 200 million mark in January of 2011.ii There are currently 26.2 million bloggers and 112.7 million blog readers according to eMarketer. In 2011, the number of bloggers will reach 28.1 million, while the number of readers will reach 122.6 million.iii According to the Keller Fay Group, the average American consumer mentions speci c brand names 60 times per week in conversations.iv According to PWC’s 2010-2014 Global Entertainment and Media Outlook Report, in 2010 there were approximately 493.49 million broadband and 160.89 million dial-up households worldwide. In the United States, broadband Internet penetration reached 85.5 million households in 2010.v Okay, you say, I get it. People are talking. A lot. But, do these conversations occur often enough to justify implementing an ongoing Social Analytics program? Why not just track and analyze online conversations pertinent to my brand on a quarterly basis? Or why not just use manual Google searches? The answer is, simply, because it is not good enough. Instead, innovative companies that prioritize proactive brand/product strategy have no choice but to keep their ngers on the pulse of the online conversation. This is essential to act strategically on the knowledge gleaned from analyzing the importance and sentiment of what is heard across the online universe. There is a lot of information out there, and more every second. A recent Berkeley study found that more information has been created in the past ve years than in the whole of human history, and that data grows exponentially daily.2
  4. 4. Consider the following: In June 2010 it was noted that based on daily activity, about 750 posts were posted by Twitter users every Current events and crises spur conversations and spikes in online chatter, adding to the growing mountain of evidence that social media can be used to gauge what’s on the world’s mind—and what matters to consumers most at a particular point in time. Analysis using Infegy’s Social Radar® on March 21, 2011 showed 3x as many people are talking about Japan vs. Libya.vii What does this mean for marketing? It means that social media analytics is a viable resource to determine real-world trends. Going beyond nding and tracking all this information—which is an impossible task without social media monitoring and analytics platforms—how do you gain a perspective on it, and then, rapidly institute action now and into the future? As technology grows faster, easier to use and more affordable, online users are quickly becoming a near perfect cross-section of consumers, replacing traditional focus groups when analyzed correctly. New information is published online about your brand and your products every second. Knowing which conversations matter, and turning those conversations Online users are quickly becoming a near into actionable information to improve your product, build buzz around perfect cross-section of consumers, a brand, and re-position resources exactly where they’re needed to replacing traditional focus groups when positively impact your product’s reception in the marketplace is analyzed correctly. New information is absolutely essential to building revenue in 2011. published online about your brand and your products every second. Online conversation sentiment analysis of “Southwest Airlines” from March 5 - April 5, 2011 using Infegys Social Radar. Conversations around Southwest Airlines had been above 80% positive prior to the news that a foot-long section of fuselage ripped open during a Southwest ight on April 1. Once the news was announced, conversation immediately spiked to 61% negative. The emergency landing quickly became the most discussed topic in Southwest conversations for the month. Marketers and public relations professionals might use analysis such as this to measure where to allocate crisis management resources, what language to use in accompanying copy, and which areas are most important to address for immediate damage control. Social Analytics and How It Works What is Social Analytics exactly? And what’s the difference between Social Media and Social Analytics? Well, the difference is simple: Social Media includes web-based technologies/sites that enable and foster social conversations online. Social Analytics takes these conversations and allows users to search for what people, experts, and social media users are saying about products, companies, and unique brands online, measure positive or negative sentiment trends within those conversations, and with advanced tools, to set any number of lters (time period, place, and speci c medium, such as blogs vs. Twitter) within the search.3
  5. 5. Having a rm understanding of the key components of Social Analytics is the rst step in helping you effectively utilize the data. There are many tools available today, with similar functionalities, but core to Social Analytics are: Searching: Social Analytics uses customized tools designed to effectively track, analyze, and dissect key topics and brands most relevant to your business over a historical period and extending to near-real time. Extrapolating: The detailed information extracted from a customized Social Analytics search can provide instant understanding of how a brand, product, event, etc. is being received and viewed in relation to competitors. Reporting: Social Analytics breaks information into easy to read charts, graphs and visual data elds. Each is in nitely customizable, and can be generated instantly and automatically, making it easy to distribute and communicate important details from each of your searches, much like how information is disseminated through the company following a series of focus groups—only faster. While static search and analysis is a great way to determine public opinion on a particular product at a speci c moment in time, performing the same analysis over time, comparing it to past periods, and measuring it against opinions on competing products is a great way to track a brand’s share of online conversation. Creating custom reports to be updated at regular intervals keeps this information dynamic—and applicable to the immediate needs of your customers. Acting on the Intelligence: Social Analytics reports are must-haves for any organization looking to determine and predict the success of strategic shifts or campaigns. A few examples of the actionable ways to use Social Analytics include: Identifying consumer needs in advance of potential new products; Keeping investors informed of public opinion surrounding your brand; Drumming up support for resources in a badly-needed area. (Need to raise funds for more customer service reps? A report on sentiment regarding your brand might help demonstrate that need with real-time data.) The uses for Social Analytics in driving revenue are nearly in nite, whether in determining short-term needs, long-term brand, advertising and product strategy, or simply identifying the key topics associated with your brand. Understanding the Data/Using Social Analytics to Drive Revenue The bene ts of Social Analytics are vast: segmented data from targeted queries provides companies the opportunity to review and analyze various components of their social media footprint and to develop strategies that are more aligned with consumer sentiment and values. Some key data points provided by dynamic Social Analytics include: In uences How it works: Algorithms using more than ten unique data points determine the most in uential sources on a topic. One determinant of in uence is the number of inbound links to the source (be it a blogger, a Twitter user, or an online media outlet). Social Analytics can lter “speakers” to those with the most in uence—going way beyond simple and manual and hash-tag searches for speci c sites.4
  6. 6. How to Use it: By measuring how many and which websites are linking to blog posts, articles or social media feeds about your product against the in uence of what’s being said about a competitor’s product to determine if you need to step up your marketing strategy, hold steady, or roll out something new altogether. Knowing who has the most in uence in online conversations about your product is an added value for your PR and marketing team as well. Sentiment How It Works: Proprietary language analysis allows companies to examine the quality of conversations around a product and to quantify the amount of positive, negative or neutral language associated with the product into actionable data. Analysis can be applied within a historical context, reaching from near real-time all the way back to 2007. Country analysis of online conversations using the brand name How to Use it: View topics of "Android" from March 19 - April 19, 2011. discussion within posts about your or a Social Radar can be used to determine international "buzz" for brands competitor’s product or brand and and products. historically see how sentiment has shifted. Also, identify which topics tend to portray the product or brand in a positive light vs. which topics trend negative in similar discussions. By analyzing the differences and discrepancies found, multiple lines of business from marketing to product development can determine in real-time—whether within hours of a product launch, or two months into its release—where to allocate and focus enterprise resources for overall improvements that align with business growth objectives and strategies. This Social Radar Visualizer chart shows inbound and outbound links between websites and blogs using the term "nuclear energy" from March 19 to April 19, 2011. The larger the circle shown, the larger its respective audience as determined by page views, inbound links, outbound links and other Social Radar proprietary algorithms of measurement. Social Radars Top Sources and Visualizer tools are great ways to use social analytics to identify key in uencers in your market and to measure the spread of trends and ideas across the internet.5
  7. 7. Buzz How It Works: Measure the sheer volume of conversations happening around your product. How to Use It: Compare amount of conversations around your product to those of your competitors, analyze which features of a product are most talked about and more. Then, to get a closer understanding of what’s being said, zoom in within those trends to review individual articles, blog posts and tweets to use as pull quotes in support of larger trend arguments. Going beyond just listening to online conversations, true social media analytics provides valuable, actionable insight for shifting strategic focus through four main components: Searching for pertinent conversations; Extrapolating intelligent data from those conversations; Reporting that data to determine trends and needs; and, nally, Acting on the intelligence. Bene ts of the insight gained through ongoing, detailed Social Analytics include: Identifying New Markets/Targets Understanding the Competition and Capitalizing on it Identifying Product Development Opportunities/Improvements Developing Effective Brand Management Marketing Campaign Measurement and Tracking Conclusion: Listening, Analyzing and Acting is Not New—It’s Just Easier Now Listening to the needs of customers has been a staple of best business practices long before the Internet even existed. Our inter-connected world and the rising tide of social media—which give both consumers and brands an easy and quick platform through which to instantly engage—have not changed the principal that listening and analysis is as essential to building business as communication itself. It’s just easier now. Remember the old adage “Think before you speak?” Social Analytics makes use of the most cutting-edge information technology and analyzes mediums in which we communicate today to enable businesses to do just that: think before they speak; know before they act; and in turn, build better brand strategies, sell better products, and succeed in a ercely-competitive and crowded marketplace.6
  8. 8. About Infegy Founded in 2007, Infegy is the provider of Social Radar®, the industry’s most intelligent social media monitoring and web analytics platform. Delivered through the cloud, Social Radar® enables organizations, from agencies to enterprises, to instantly listen and discern meaning from all of the conversations that occur every moment on the web and through social channels. Social Radar®s patent-pending analytics and algorithms extract valuable, sentiment-based and actionable information within a historical context that is used to develop successful marketing strategies and bring to market competitive and improved products and services that better meet the needs of consumers and business users. Tapped by enterprises, advertising agencies, and market research rms, Social Radar® is used by and for some of the world’s most innovative brands including Viacom, 3M, Sprint, Pizza Hut, Sony, H&R Block, and DirecTV to determine the tone of the marketplace and tune into what consumers want. Infegy can be found on the web at References: i ii iii iv v “Global entertainment and media outlook: 2010 – 2014,” PWC vi vii