How social media sentiment analysis improves brand audit and quality
Automotive companies are very vigilant when it comes to monitoring consumer focused surveys. Studies such as initial quality survey, long term quality ratings and such are very important to the perceived value of a car or truck. The helps to determine not only the sticker prices of new products but also resale value (and hence lease prices) of used or "pre-owned" cars. Ultimately these values strongly correlate to the overall profitability of the company.
When I was an engineer at Ford, we used to be puzzled by the fact that, in spite of receiving top initial quality and long term quality ratings for some of the products - especially Lincoln and the now defunct Mercury brands, the resale value of these vehicles were significantly lower than some of the competitors. The conventional wisdom was of course, it takes a long time to positively influence the perceived value whereas it only takes one recall to negatively impact it. This was an automotive analogy of sorts for "bad news travels quickly and widely, while good news takes its own time".
There is a constant quest for what are known as leverage points which can positively influence brand positioniong. A brand audit is of course something that could be performed to assess brand position and customer sentiments. We talked in another article about how we can use sentiment analysis to run brand audits.
But in today's world of constant communication, companies do not need to wait to discover how their customers and prospect feel about their brands. The deluge of social media data can be effectively streamlined into a powerful monitor of how the brand is performing in real time. This will allow companies to be pro-active rather than reactive to problems which could later on negatively influence perceived value.
Consider the following charts created using our partner VOZIQ's social media analytics platform. Key areas of interest are monitored continuously and a dashboard is regularly updated. This particular dashboard is a monthly average of the various attributes which a company is monitoring. There are 3 monthly dashboards displayed here.
There was a lot of negative buzz about the Buying experience in the market for this luxury car maker at the start of the monitoring period. By digging into reasons for heightened negative sentiments, the company could address the issues and could bring it down to "acceptable" levels which were established at the start. This type of customer sentiment monitoring can be done very cost effectively, and considering the long term effect of such proactive interventions, it is indeed hard to imagine why any business would not want to do this!
Businesses today can ignore what’s being said about them in the social media at their own peril. In these uncertain and highly competitive times, marketing strategies need to include input and data from every available source. Only recently have businesses discovered that the buzz created in the social media can be an important element of the marketing strategy equation. New technologies have created analytic tools that can help a business understand what is being said in the various social media outlets about them, their competitors and their industry. If the analytic tools can aggregate and quantify the data in a meaningful way, businesses can take advantage of up-to-now untapped marketing opportunities.
What people are saying about the competition is just as important as what they’re saying about the business itself! It boils down to three details that need to be monitored and tracked:
• the buzz about the brand of a business
• the buzz about the competitors’ brands
• the buzz about your industry
• the buzz about the industry sector of which a business is a part
Everything about the buzz needs to be analyzed. Is it positive or is it negative? What topics are people discussing and what is the sentiment for each topic? The list goes on, and the scope of the information seems infinite. It may even seem to be an overwhelming task to aggregate and quantify the data in a meaningful way. But it CAN be aggregated and quantified, and when it is put to good use, the resulting marketing benefits are enormous.
An analytics platform combined with sound business strategy can deliver remarkable results for topline growth, positioning of new products, engaging with customers and prospects and managing a brand's reputation.
Any business can take advantage of the plentiful data that is out there. VOZIQ's platform makes it easy for companies to start using social media to their benefit right away. Contact us to find out how you can benefit from this.