Use Social Media to Know Your Buyer

Understanding the voice of your buyers is a top-priority for companies. The buyers’ voice decides the very strategy of your business as well as the way your business should work. If there is a misalignment between what the buyers want and your offerings, your business is certainly going to fail.

Here are some ways that help you know your buyer better, using insights gained from social media –

1. What is the customer experience?

The vocal buyer of today talks about his or her experience of dealing with your company. Popular social media sites, like Facebook and Twitter, are filled with such status updates. Monitoring and analyzing relevant conversations can yield pertinent feedback regarding your own offerings. Using these insights, you can tweak your product bouquet, you can devise more effective offers, and you can change the way a buyer purchases your products. An improved customer experience goes a long way to make your business profitable.

2. How the buyer buys?

Monitoring and analyzing conversations of your buyers in real time also provides you an opportunity to understand how and when a buyer buys your product. The analysis also can tell you what influences the ultimate buying decision of a buyer. Today, the buyer does a lot of research into his or her options before the actual purchase. The buyer behavior insights from social media can tell you where the buyer is doing this research – is it a niche online discussion forum, is it Reddit, or is it a particular group on Facebook? Armed with this insight, you can focus your marketing efforts on these platforms to improve effectiveness.

3. What the buyer thinks of my products?

Using advanced text analytics, you can quickly understand what a buyer thinks of your products. For example, the Sentiment Analysis Engine of VOZIQ monitors conversations about your products on social media and automatically tags each with positive, negative, or neutral sentiment. This analysis will not only tell you about the general sentiments and their trend but also about specific action areas where you can improve or reinforce your offerings.

4. How to make my marketing more effective?

Marketing is all about communicating benefits of your products to the right audience and convincing them to buy your product. Finding and monitoring social media conversations relevant to your business can provide ample insights, helping you make your marketing more effective in terms of its impact as well as cost. These insights help you answer questions like which platforms are most frequented by your target buyers, what information these buyers typically seek, what they are looking for when they think of buying such products, who is answering their doubts, and so on. Answers to these questions can help you in focusing your efforts and money on messages and platforms that can make the largest difference to your bottom line.

With a deeper understanding of your buyers, you can take definitive steps to improve the buyer experience and help you earn profits.

If you are interested in using social media monitoring tools from VOZIQ to track and monitor online content for your brand, feel free to request a demo or open an account with VOZIQ. For latest social media marketing news and resources, follow us on Twitter.

How Telecom Companies Fared on Social Media in the First Quarter of 2014

Telecom companies have been using social media very aggressively as a channel to promote their brands, market their products, and to address customer service issues. Telecom companies are also focused on utilizing social media as a source of immense amount of data about their customers, brand perception, and customer experience. Social analytics helps these companies to mine relevant data from social media, and then analyze it to understand their performance on various KPI’s like share of volume and sentiment balance. This performance can also be benchmarked against competitors to understand the gaps and opportunities that exist in the market. In February, we did a benchmarking study of ATT and Verizon where we analyzed their relative performance on several criteria.

In this post, we have analyzed several major telecom companies to see how they performed on various social media metrics in the first quarter (Q1) of 2014.

Here is how they stack up against each other:

Share of Volume

Companies invest a lot of money into promoting their brand on social media, and create buzz about their brand and offerings. Share of volume tells us to what extent this buzz has been generated on social media. It gives a comparative picture of various brands in terms of their share of the overall buzz generated.

[lightbox href="/wp-content/uploads/1.1-Telecom-Share-of-Voice-Q1-2014.png" title="Telecom-Share-of-Voice-Q1-2014"]

Telecom Share of Voice - Q1 2014

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As the chart shows, Verizon is the leader by a very wide margin over other players viz. Vodafone, Sprint, and At&T.

However, one should note that bigger share of volume does not necessarily indicate the popularity of a brand.

Sentiments towards the brands

Social media users talk about their brand experiences very openly on social networks. This data can be harnessed to understand the sentiments of customers towards the brand. The net sentiments score shows us the proportion of positive and negative sentiments attached to a brand in the social media conversations.

[lightbox href="/wp-content/uploads/1.2-Telecom-Sentiment-Analysis-Q1-2014.png" title="Telecom-Sentiment-Analysis-Q1-2014"]

elecom Sentiment Analysis - Q1 2014

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As the chart shows, only Sprint shows abnormally lower sentiment score in this period, when compared to the other three brands.

Categories that drive conversations

Using the power of social media analytics we can identify top themes in the conversations happening around a brand, and categorize these into relevant topics. This analysis gives very important insights into the minds of customers. It also proves to be a great benchmarking metric to gain a better understanding of a competing brand.

Here are the categories for the telecom industry in Q1, 2014 -

[lightbox href="/wp-content/uploads/1.3-Telecom-Categories-Q1-2014.png" title="Telecom-Categories-Q1-2014"]

elecom Categories - Q1 2014

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To view the analysis of the telecom industry in 2013, please check the post ‘2013 – The Year in Review: Telecom Industry’.

With the VOZIQ tool, even deeper insights can be gleaned for the brands which lead us to the root cause of the scores seen.

If you are interested in using social media monitoring tools from VOZIQ to track and monitor online content for your brand, feel free to request a demo or open an account with VOZIQ.

How Restaurants Fared on Social Media in Q1, 2014?

 

Conversations on social networks, like Facebook and Twitter, have a significant impact on purchasing behavior of consumers (seethis McKinsey Global Institute study). Restaurants, like any other business, use social media to reach out to their patrons, engage them, and address their concerns. The growth of a restaurant business relies heavily on providing the best experience for their guests. For restaurants, conversations on social networks can be a great barometer of what the guests are talking about, what they like, and what they are ‘disgusted’ about. Tracking and analyzing these conversations can provide very potent insights into the minds of the guests for the restaurants.

In this article, let’s analyze conversations on popular social networks about a few major restaurant brands to see what the social web thinks about them.

The restaurants analyzed are:

  1. IHOP
  2. Applebee’s
  3. Red Lobster
  4. Olive Garden
  5. RRGB
  6. Ruby Tuesday
  7. Capitol Grille

The period of this analysis is from January 1, 2014 to March 31, 2014.

Using social media analytics tool VOZIQ, all conversations about these restaurants (and related keywords) were tracked. This data was then analyzed to gain insights about these restaurants and their guests.

An infinite number of reports can be generated from this data depending upon the need of an individual business. For this article, we will look into three primary reports that provide critical insights regarding the brands on social media – Share of volume, Sentiment Balance, and Top Topics. Let’s see how these restaurants fare in the three reports.

Share of Volume

Share of Volume gives an idea about the amount of buzz generated about a brand on social media websites. Though share of volume does not necessarily indicate social media popularity or lack of it, it does tell us about awareness of the brand on social media.

[lightbox href="/wp-content/uploads/4.1-Share-of-Volume-Q1-2014.png" title="Restaurants Social Media Share of Volume - Q1, 2014"]

Restaurants - Social Media Share of Volume - Q1 2014

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As the chart shows, IHOP leads the pack with the largest share of volume. It is followed closely by Applebee’s, Red Lobster, and Olive Garden.

Sentiment Balance

Sentiment Balance goes beyond measuring the share of buzz volume. It focuses on feelings expressed in the conversations about a particular brand. The metric, sentiment balance, gives us a balance of negative versus positive sentiments for each brand.

For doing sentiment analysis, VOZIQ analytics tool uses text analysis as well as natural language processing. Using these techniques, the data is categorized into positive, negative, and neutral sentiments. For a displayed sentiment, many factors are responsible, including the total mention count and the net sentiment score. A higher net sentiment score indicates better buzz generated for the particular brand. For details about sentiment analysis, check this page.

[lightbox href="/wp-content/uploads/4.2-Sentiment-Balance-Q1-2014.png" title="Restaurants Social Media Sentiment Balance - Q1, 2014"]

Restaurants - Social Media Sentiment Balance - Q1 2014

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As the chart shows, Capitol Grille shows very high sentiment balance compared to other restaurants. IHOP, which is a leader in the share of volume, lags behind other brands (except RRGB and Olive Garden) with a lower sentiment balance.

Top Topics

Top Topics tell us about topics occurring the most in related social media conversations.

The report also gives shares of each topic for various brands. Combined with Share of Volume and Sentiment Balance Analysis, this report provides critical insights, which has a direct impact on the bottom-line.

[lightbox href="/wp-content/uploads/4.3-Brand-Topics-Q1-2014-1.png" title="Restaurant Brands Topics - Q1, 2014"]

Restaurants Brand Topics on Social Media - Q1 2014 1

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Looking at this list of the topics in the chart, one gets a quick snapshot of what consumers are talking about regarding these restaurants on various social media platforms. This key chart beautifully demonstrates the power of social media analytics for businesses. It not only gives focus areas for the business by telling what consumers want but also gives a comparative picture of shares of these topics for the companies!

When combined together, these three reports offer important insights to restaurant owners about their consumers and the competitors. Tracking this data over time provides a clearer understanding of what is working or not working for a particular brand on social media. It also provides a critical context to the decision-making process. Armed with these insights, the CEO will definitely be in a better position to make more informed decisions.

In case you are interested in social media monitoring tools from VOZIQ to track and monitor online content for your brand, feel free to request a demo or open an account with VOZIQ.

Battle of the Brands: Nike Vs. Adidas

 

Both Adidas and Nike use social media extensively to promote their products, engage consumers and sports aficionados, and monitor the reputations of their brands. In November 2013, we saw that Adidas was not a favorite on social media. In spite of spending heavily on social media channels, Adidas lags behind its competitors on metrics such as share of volume and sentiment balance.

In this post, we have put the spotlight on the social media performances of Adidas and Nike. The study is based on the tracking and analysis of thousands of references to these brands and related keywords on various social networks, discussion forums, and online media sites. We compared the performances of two periods of time – Period 1 (23 October 2013 to 20 January 2014) and Period 2 (21 January 2014 to 20 April 2014).

Share of volume

Share of volume does not necessarily indicate popularity (or lack thereof) of a brand. It just tells about the volume of the raw buzz on social media.

Nike has a bigger share of volume compared to Adidas. However, Adidas has registered impressive growth in share of volume in Period 2 over Period 1.

 

[lightbox href="/wp-content/uploads/3.3-Share-of-volume.png" title="Nike Vs. Adidas - Share of Volume Chart - Q1, 2014"]

Nike Vs Adidas - Share of Volume Comparison Chart

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Sentiment balance

Sentiment balance shows us the proportion of positive and negative sentiments expressed about a brand in social media.

The powerful natural language processing algorithm provides us with the ability to identify sentiments hidden within conversations in social media channels. In the total volume of buzz generated, the metric chart shows us the proportion of positive vs. negative sentiments.

[lightbox href="/wp-content/uploads/3.2-Sentiment-Comparison.png" title="Nike Vs Adidas - Sentiment Balance Comparison - Q1, 2014"]

Nike Vs Adidas - Sentiment Balance Comparison

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Like share of volume, Adidas fares better than Nike with a slight improvement in sentiment balance between the two reference periods. Nike registers a decline in the sentiment balance in Period 2 over Period 1.

If you are interested in social media monitoring tools from VOZIQ to track and monitor online content for your brand, feel free to request a demo or open an account with VOZIQ.

Social Media Performance of Financial Service Brands in Q1, 2014

 

In this article, we have analyzed the social media presence of a few major financial service brands in the first quarter of 2014.

The analysis is done with the help VOZIQ’s social media analytics suite. VOZIQ’s tool mines social media data from thousands of conversations happening across various social media channels about these companies. The tool also pulls up online articles, comments, and discussions for mentions of the brand on watch and the related keywords. This data is then analyzed to create reports which give us actionable insights about the company itself, its competitors, and customers of the competitors.

The brands analyzed are –

  • Visa
  • MasterCard
  • American Express
  • Wells Fargo
  • JPM Chase
  • HSBC
  • RBC
  • Santander
  • Citibank
  • TD Bank
  • Capital One
  • Scotiabank
  • Standard Chartered
  • ICICI Bank
  • ICBC
  • US Bank
  • Sberbank
  • Commonwealth Bank
  • China Construction Bank

Share of Volume Comparison

The  share of volume report tells us about comparative standing of the companies in an industry with respect to the overall buzz generated about them on social networks.

[lightbox href="/wp-content/uploads/2.1-Share-of-Volume-BFSI.png" title="Share of Volume - Financial Service Brands - Q1, 2014"]

Share of Volume - Financial Service Brands - Q1 2014

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From the report, it can be seen that the leader of the pack is Visa, followed by MasterCard, American Express, and Wells Fargo.

In a similar social media analysis of financial services industry which we did in November of last year, Visa was the leader but the second spot was occupied by Well Fargo, which has slipped to fourth spot in first quarter of 2014.

Share of volume should not be confused with popularity (or lack of it) for a particular company. It just tells us about the amount of raw buzz about the brand on social networks. It, however, tells us about awareness about a particular brand.

What people think of these companies – the social sentiments?

On social networks and discussion forums, the users share their opinions and experiences very vocally. Analyzing such conversations can tell us about sentiments of the customers about particular companies.

How social sentiments are analyzed?

The powerful natural language processing algorithm provides the ability to identify sentiments hidden within the conversations on social media channels. In the total volume of buzz generated, the automated sentiment analysis shows us the proportion of positive vs. negative sentiments.

[lightbox href="/wp-content/uploads/2.2-Sentiment-Balance-BFSI.png" title="Share of Volume - Financial Service Brands - Q1, 2014"]

Sentiment Analysis - Financial Service Brands - Q1 2014

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From above chart, we can see that there is a high number of financial service brands who see negative sentiment balance. Notable among these are  JPM Chase, ICBC, and Santander, among others. On the other hand, Visa and MasterCard have very good positive sentiment scores (0.83 and 0.84, respectively).

Like the analysis in November, we can see that JPM Chase  actually has a high share of volume. However, it is at the bottom of the pack when it comes to the social sentiment balance. This means that most of the buzz about JPM Chase is negative in nature. This is a warning sign for the company.

The conversations on social media generate immense amount of data, which can be further analyzed to understand deeper business issues. Social media analytics tools give companies the unique ability to collect and make sense of a huge amount of data which is being generated on social networks. Using these insights, companies can avoid blind spots and can understand their customers and competitors in a better manner.

If you are interested in social media monitoring tools from VOZIQ to track and monitor online content for your brand, feel free to request a demo or open an account with VOZIQ.

Social Media Analysis of Car Brands

 

A recent CMO survey of car brands observed that though car brands are using social media for engagement and awareness purposes, they are not using social media as a channel for generating sales. This is not an uncommon problem. Although companies are adept at handling social media as a purely marketing and customer engagement tool, they are often at loss when it comes to identifying opportunities, generating leads, and driving sales. One of the main reasons for this is their inability to use the social media intelligence effectively.

In this article, we are going to delve deeper into the social media performance of car brands in the US market to see how they stack up against each other. The analysis is based on the data from thousands of relevant social media conversations.

Methodology for Social Media Analysis: The conversations are analyzed using VOZIQ’s social media analysis tool, which mines data from thousands of conversations happening across various social media channels. It also pulls up online articles, comments and discussions that have mentions of these brands as well as related keywords. This huge amount of data is then analyzed to create customized reports which have actionable insights about the brands, their customers, competitors, and customers of the competitors.

For this study, we have analyzed the performance of the following car brands on social media platforms:

  • Ford
  • Honda
  • Mercedes-Benz
  • BMW
  • Toyota
  • Audi
  • Nissan
  • Lexus
  • Hyundai
  • Volkswagen

Ford Creates Maximum Social Media Buzz

Social media buzz is reported using the share of volume metric. It tells us about the comparative standing of the companies in an industry.

[lightbox href="/wp-content/uploads/5.1-Auto-Share-of-Volume-2014.png" title="VOZIQ - Car Brands - Share-of-Volume"]

Car Brands - Share of Volume 2014

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From the report, it can be seen that Ford has a sizeable lead over other brands in the amount of buzz created on social media. Ford is followed by Honda, Mercedes-Benz, and BMW.

Share of volume should not be confused with popularity (or lack of it) for a particular company. It just tells us about the amount of raw buzz regarding a brand on social networks. It does, however, also tell us about the awareness regarding the particular brand.

What people think of these companies – the social sentiments

Vocal consumers share their opinions without holding back anything. These opinions are a goldmine of insights into preferences and pain points of consumers. Tracking, identifying and categorizing such sentiments can be done using social media analytics tools.

How are social sentiments analyzed? The expressed sentiments are often hidden within the conversations on social media. The analytics tools need a powerful natural language processing algorithm to unearth and categorize these sentiments. In the overall buzz about a brand, the sentiment balance chart shows us the proportion of positive vs. negative sentiments.

[lightbox href="/wp-content/uploads/5.2-Auto-Sentiment-Balance-2014.png" title="VOZIQ - Car Brands -Sentiment-Balance"]

Car Brands - Sentiment Balance 2014

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The best sentiment balance scores are reported by Volkswagen, Hyundai, Lexus, and Audi. Ford, which is a leader in share of volume, shows the most dismal performance with the lowest sentiment balance score. It is common sense to decipher that Ford has a very high share of negative buzz when compared to other brands.

Top themes for the car brands

The conversations on social media are full of insights into real business issues for a company. Social media users talk about their brand experiences, opinions about products, buying preferences, and so on. In many situations, these insights trump traditional market research methods.

[lightbox href="/wp-content/uploads/5.3-Auto-Topics-2014.png" title="VOZIQ - Car Brands Topics 2014"]

Car Brands - Topics 2014

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As the chart shows, the topmost topics in the social media conversations as well as their relative proportion for each brand provides good context for making effective business decisions.

The conversations on social media generate an immense amount of data, which can be further analyzed to understand deeper business issues. Social media analytics tools give companies a unique ability to collect and make sense of a huge amount of data which is being generated on social networks. Armed with these insights, companies can avoid blind spots and understand their customers and competitors in a better manner.

If you are interested in social media monitoring tools from VOZIQ to track and monitor online content for your brand, feel free to request a demo or open an account with VOZIQ.

The Story So Far in 2014 for Retail Brands – a Social Media Analysis

In December of last year, we did an analysis of major retail brands during the holiday shopping season. In this post, let us see what’s changed for these brands since January 2014.

The retail brands analyzed in this post are:

  1. Costco
  2. Home Depot
  3. KMart
  4. Kohl’s
  5. Walmart

As usual, we have analyzed the performances of these brands on the basis of data from thousands of mentions of these brands in status updates, tweets, blog posts, comments, discussions, and media articles published online. The mentions were tracked with VOZIQ Social Media Analytics Suite, and then analyzed to generate and compare a vast amount of insights about these brands as well as the retail industry.

Walmart generated maximum buzz

Walmart tops the chart when we compare the amount of buzz generated during this period. The amount of buzz is indicated by the Share of Volume metric which tracks and measures the number of mentions of the brand. Performance on this metric informs us of awareness about the brands on social networks. Though Share of Volume is not a powerful indicator of performance by itself, when combined with other metrics, it provides powerful insights when combined with other metrics.

[lightbox href="/wp-content/uploads/3.1-Share-of-Vol-Retail.png" title="VOZIQ - Share of Volume"]

Share of Volume - Retail 2014

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Kohl’s and Costco garner more positive sentiments than Walmart

As the chart shows, Walmart shows a mediocre performance in the group, while Kohl’s tops the chart with a positive sentiment score of 0.67.

[lightbox href="/wp-content/uploads/3.2-Sentiment-Balance-Retail.png" title="VOZIQ - Sentiment Balance"]

Sentiment Balance - Retail Brands 2014

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The powerful natural language processing algorithm embedded in VOZIQ Analytics Suite offers the ability to identify sentiments hidden within conversations on social media channels.

https://twitter.com/unintended17/statuses/443859491826987008

Top themes for the industry

Using advanced text analysis algorithm, mentions of these retail brands across social networks are automatically grouped into categories to find recurring themes in social media conversations. These themes can be analyzed for sentiments to find top themes for positive and negative sentiment. For the retail industry, the following are the top themes that drive positive and negative sentiments:

[lightbox href="/wp-content/uploads/3.3-Themes-Retail.png" title="VOZIQ - Top Themes"]

Themes - Retail Brands 2014

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Brands and top topics

This report shows which topics are generating the most buzz in the social space for a particular brand. Comparing specific topics against key competitors helps brands refine their positioning, and develop data-driven campaigns targeted in closing any gaps.

[lightbox href="/wp-content/uploads/3.4-Topics-Retail.png" title="VOZIQ - Top Topics"]

Topics - Retail Brands 2014

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We can add more topics and sub-topics to these charts to see the proportions of each category for these brands.

Insights like these help businesses get a 360° view of their customers, competitors, and customers of the competitors (the 3 Cs), as well as improve critical aspects of their offerings.

If you are interested in social media monitoring tools from VOZIQ to track and monitor online content for your brand, feel free to request a demo or open an account with VOZIQ. To check our Telecom Industry specific solutions, click here.

Big List of Benefits of Social Media Analytics Beyond Marketing

Tracking, measuring, and analyzing the data from thousands of conversations on social media is a given fact now. Every marketer and every CEO of a growing company understands the value of gleaning insights from social media conversations. In a recent study, almost 61% marketers hoped to increase the expenditure on technology that helps them track the results of their marketing efforts and prove ROI. Proving ROI is one of the main concerns marketers and so it is not a surprise to see social media analytics becoming an integral part of their marketing arson.

However, social media analytics is not only about marketing. It touches upon and informs a lot more aspects of modern businesses. In this post we are going to create a laundry list of all the things social media analytics helps businesses achieve beyond marketing.

Social Media Analytics and Product development

  • Understand pain points and problems in the market that need to be solved
  • Understand the market size
  • Understand feature priorities
  • Understand new markets
  • Understand cultural attributes of your target customer base
  • Understand behavior of your target customers
  • Speed up validation of your MVP

Social Media Analytics and HR

  • Understand the undercurrents in the organization
  • Understand what motivates your employees
  • Identify your prospective employees
  • Identify what motivates your prospective employees
  • Understand what the prospective employees think about your company

Social Media Analytics and Customer Service

  • Understand trends and respond
  • Make your customer service cost efficient
  • Engage with customers in real time, and proactively
  • Pre-empt issues
  • Effectively tackle reputation issues

Social Media Analytics and Startups

  • Validation of your idea
  • Qualitative as well as quantitative research into your market
  • Customer intelligence
  • Competition analysis – what works, what does not work
  • Identify best channels to spend your marketing money and efforts
  • Identify and engage influencers

Social Media Analytics and Enterprise Benefits

  • Enterprise-wide efficiency with integration of data across the internal systems of CRM, BI and ERP
  • Increased scalability to meet rapidly multiplying social media conversations
  • Improve organizational efficiencies and bring down cost
  • Increased scalability to benefit from rapidly multiplying social media conversations

As we can see, this is a long list of benefits of social media analytics beyond marketing and sales. Social media analytics gives business functionaries a context which helps them make effective and timely decisions to make most of any opportunity.

If you are interested in social media monitoring tools from VOZIQ to track and monitor online content for your brand, feel free to request a demo or open an account with VOZIQ. Follow up on Twitter to get the best content about social media marketing from across the web.