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How social media sentiment analysis improves brand audit and quality

  
  
  

Automotive companies are very vigilant when it comes to monitoring consumer focusedsocial media sentiment analysis pushing like button resized 600 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.

real time sentiment analysis to feed brand audit resized 600

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.

Comments

Social media can no doubt prove an array of information about a product or service. However does it really make customers happy? Customers relay their information over social media and possible give negative feedbacks regarding the product or service and hence reputation is tarnished. Before this can happen we have to ensure customers problems are solved on the spot instead of waiting to get their hands on social media. Getting problems solved in real time is not something easy but an application called ECO which i have recently experienced manages to do this. Allows for an improved mode of interaction and closer interaction with customers while solving their problems on the spot. I find social media a method of just observing data but not the beat means as just observing cant really mean acting on it as damage is already done to customer satisfaction.
Posted @ Sunday, January 13, 2013 8:16 PM by Dilip Sanchez
Dear Bala, i agree with you to a certain extent regarding social media being a great platform for retrieving data. However for some industries such as the service industry in particular, social media is not as 'helpful' as you would think. Social Media gave you the false pretense of ‘doing enough’ on the internet. Being in the hotel industry for many years, i realize It allows for plain monitoring and observation of data rather than acting on it and this means unhappy customers remain unhappy.I did however come across a tool called ECO(www.geteco.com ) that stops guests from leaving the hotel unhappy in the 1st place and getting real time feedbacks from them which goes straight to management and solving them on site. Ever since using ECO i noticed guest satisfaction and positive hotel reviews increased noticeably.
Posted @ Tuesday, January 15, 2013 2:17 AM by Dilip Sanchez
Dilip, 
 
I agree with you that the first objective of any business is to ensure their customers are happy. What you are referring to is a tactical action which is of course important. However, the whole idea of using social media is to be proactive at a strategic level. For example, if your customer touch points are delayed in time - such as 3 months or 2 years after buying your product - you would need some frame of reference to understand if your customers would be "net-promoters" or net-detractor. This is where social media would be of value.
Posted @ Tuesday, January 15, 2013 6:23 AM by Bala Deshpande
Hey all, great article and love the comments been made. Just would like to add that i agree with what Dilip has to say. Lets catch our unhappy customers before they get their hands on social media. Image is everything for companies and we can afford to let customers tarnish it too much. I have actualy heard of the Eco tool you mentioned and yes it is 1 of the tools in the market that can help with image and efficient social media monitoring
Posted @ Tuesday, May 07, 2013 8:50 PM by Luke Gaiman
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