How to Create a Proprietary Measure Using Social Media Data
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The document describes the process of creating a proprietary measure for comparing brands using social media data. Key steps include: 1) Choosing relevant variables to measure based on sufficient public data and theoretical relevance to all brands. 2) Developing a statistical model to assign weights to each variable based on regression or other analysis. 3) Calculating raw scores for each brand by applying the model to social media data. 4) Validating results by assessing if rankings match expectations, then repeating the process as needed to refine the model. The goal is to produce a single, comparable number for each brand that provides unique insights and value to clients.
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How to Create a Proprietary Measure Using Social Media Data
- 1. #RNWebinars @LoveStats How to Create a Proprietary Measure Using Social Media Data Annie Pettit VP Research Standards, Research Now Chief Research Officer, Conversition annie@conversition.com Social media research by researchers, for researchers #RNWebinars @LoveStats
- 2. #RNWebinars @LoveStats • A single number per brand • Compare one brand to other brands • Unique to your company • Gives clients a reason to keep coming back to you What is a proprietary measure? 2
- 3. #RNWebinars @LoveStats American Customer Satisfaction Index 3
- 4. #RNWebinars @LoveStats Net Promoter Score 4
- 5. #RNWebinars @LoveStats NPS Method 5
- 6. #RNWebinars @LoveStats Social Media Mentions (Sample Sizes) 6 0 10000 20000 30000 40000 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Dollarama Future Shop JCPenney Meijer Macy's
- 7. #RNWebinars @LoveStats Social Media Sentiment (Box Scores) 7 25% 45% 65% 85% Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Dollarama Future Shop JCPenney Meijer Macy's
- 8. #RNWebinars @LoveStats 8 Key Characteristics Walmart Future Shop McDonalds Sephora 8
- 9. #RNWebinars @LoveStats Need a better way to compare how ______ are delivering on _____. Retailers/Experience Not pricing, not selection…. Start With A Theory 9
- 10. #RNWebinars @LoveStats Choose the Variables 10 Characteris>cs Future Shop Macy's McDonalds Meijer Sephora Walmart Employees 420 1623 2498 601 740 5738 Ordering 1108 549 4040 140 1784 860 WaiNng 214 517 1066 215 360 1045 Checkout Line 171 893 649 273 187 1961 Crowding 28 198 183 95 50 623 Hours 57 943 1562 457 170 1688 Delivery 38 91 638 18 63 115 Parking 66 700 782 703 6 3401 FiSng Room 0 93 1 0 0 22 Pre-‐Orders 694 21 3 4 12 262 Drive Thru 3 5 3459 29 0 78 Shopping Cart 3 6 2 84 57 342 Express Checkout 0 0 1 4 1 74 Self Checkout 0 2 3 64 6 206
- 11. #RNWebinars @LoveStats • Variables must have sufficient data • Can’t build a model based on one person • Variables must be relevant to all retailers • Grocery stores don’t have change rooms • Clothing stores don’t have to worry about employees washing their hands • Variables must… vary! • If a category is too Nght, it is possible for all the brands to have the same score • E.g., all 24 hour shops have great hours Outline the Model 11
- 12. #RNWebinars @LoveStats • Statistical theory • Regression analysis, factor analysis, etc, suggest 6 specific variables and their weights • Brain theory • Your category experience indicates 7 specific variables and their weights Apply Theory to the Model 12
- 13. #RNWebinars @LoveStats Retailer Experience = 6.7 * employees + 3.9 * ordering + 2.6 * parking + 1.9 * lines + 1.8 * store hours Theoretical Model 13
- 14. #RNWebinars @LoveStats Raw Scores 14 0 4000 8000 12000 16000 Sephora Nordstrom Barnes & Noble Bloomingdales Marks & Spencer Office Depot American Eagle Oucider Lowes Dillards Hertz Canadian Tire BMO Abercrombie Toys R Us Shoppers Drug Mart Meijer Home Depot AVERAGE Urban Ouciders Hollister JCPenney Sears IKEA Macy's Future Shop Kmart HSBC Supervalu OfficeMax Walgreens BAC CVS Target Safeway 7eleven TDCT Walmart McDonalds
- 15. #RNWebinars @LoveStats Validate the Results 15 • Does my gut say these are indeed the worst retailer experiences? • Target • Safeway • 7eleven • TDCT • Walmart • McDonalds • Does my gut say these are indeed the best retailer experiences? • Sephora • Nordstrom • Barnes & Noble • Bloomingdales • Marks & Spencer • Office Depot
- 16. #RNWebinars @LoveStats Rinse and Repeat 16 1. Choose variables 2. Choose coefficients 3. Apply the model 4. Validate the results 5. Con>nue 0. Start
- 17. #RNWebinars @LoveStats 0 to 100 Scale 17 0 25 50 75 100 BEST Sephora Nordstrom Barnes & Noble Bloomingdales Marks & Spencer Office Depot American Eagle Oucider Lowes Dillards Hertz Canadian Tire BMO Abercrombie Toys R Us Shoppers Drug Mart Meijer Home Depot AVERAGE Urban Ouciders Hollister JCPenney Sears IKEA Macy's Future Shop Kmart HSBC Supervalu OfficeMax Walgreens BAC CVS Target Safeway 7eleven TDCT Walmart McDonalds WORST
- 18. #RNWebinars @LoveStats 0 to 10 Scale 18 0 2 4 6 8 10 BEST Sephora Nordstrom Barnes & Noble Bloomingdales Marks & Spencer Office Depot American Eagle Oucider Lowes Dillards Hertz Canadian Tire BMO Abercrombie Toys R Us Shoppers Drug Mart Meijer Home Depot AVERAGE Urban Ouciders Hollister JCPenney Sears IKEA Macy's Future Shop Kmart HSBC Supervalu OfficeMax Walgreens BAC CVS Target Safeway 7eleven TDCT Walmart McDonalds WORST
- 19. #RNWebinars @LoveStats -100 to +100 Scale 19 -‐100 -‐50 0 50 100 BEST Sephora Nordstrom Barnes & Noble Bloomingdales Marks & Spencer Office Depot American Eagle Oucider Lowes Dillards Hertz Canadian Tire BMO Abercrombie Toys R Us Shoppers Drug Mart Meijer Home Depot AVERAGE Urban Ouciders Hollister JCPenney Sears IKEA Macy's Future Shop Kmart HSBC Supervalu OfficeMax Walgreens BAC CVS Target Safeway 7eleven TDCT Walmart McDonalds WORST
- 20. #RNWebinars @LoveStats • Evaluate the monthly/quarterly trend • Evaluate more retailers, different industries, different specialties, different regions, different target markets • Market and sell Re-Test Reliability 20
- 21. #RNWebinars @LoveStats • Go beyond traditional social media data • Be innovative Conclusions 21
- 22. #RNWebinars @LoveStats Thank you 22 Questions? annie@conversi>on.com hello@conversi>on.com