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Rebel Bailey
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Win $60,000 from Santander with their competition to see which customers are satisfied. 

There is only one boss. The customer. And he can fire everybody in the company from the chairman on down, simply by spending his money somewhere else. - Sam Walton, Founder of Wal-Mart

I'm lucky enough to have seen #socialmedia  data used in some pretty inventive ways.  I'm often asked the ways that it can be used to provide the most value to business.  

I happen to think the opportunities are endless, particularly in regards to consumer research and consumer trending, however to keep things simple I thought I'd write a quick list of how I've seen it work best.  So these are the Eight Key Uses for Social Media Data I've found. I'd love to hear how others have used SM data as well!

The Eight Key Opportunities for Social Data

#ConsumerResearch : Social Media is the world’s largest focus group with over 6 billion conversations a year, using technology to identify consumer responses to unprompted questions enables researchers to discover unique insight that is organic and in the consumers own words.

EXAMPLE: Food manufacturer uses Social Media to uncover new product development ideas by researching how and why consumers discuss coffee consumption.  What need states exist for consumption, what tastes/flavours are trending and why do consumers choose brand X over brand Y.

#MarketingEconometrics  Modelling: The “word of mouth” effect is notoriously difficult to track and influence.  Building Social Media data into traditional econometrics models along with media channel spends and sales can enhance the ability to understand the media mix and measure the long term impact of campaigns.

EXAMPLE: A retailer wants to improve their marketing channel mix and better understand the impact of deep discounting to overall brand health.  By including consumer sentiment from Social Media as multiple drivers: such as Consumption Conversation (“I went to Brand X”, “I shop at Brand X”), Loyalty Discussion (“I love brand X”, “Brand X is the best”) and Generic Word of Mouth (mentions Brand X) they are better able to understand which channels are promoting the brand and which campaigns elevate brand over time vs. short term sales.

#PR /Reputation Management: Due to the nature of consumer behaviour, online searches are now the first port of call for consumers searching for your brand or category.  Social Media data can identify who’s influencing your reputation online and how and why consumers discuss your brand.  Track this conversation to identify threats and monitor reputation or consider engaging with your advocates to drive loyalty and positive discussion.

EXAMPLE: Changes in superannuation policy causes shifts in consumer perception of brands and superannuation.  Tracking the consumer understanding of these changes allows Company X to respond to consumer queries quickly (in the media space) and then understand the impact of this PR.

#CrisisManagement : Similar to reputation management, crisis management through Social Media allows companies to track in real time issues that impact their brand.

EXAMPLE: A major cruise Line suffers an onboard crisis.  They want to understand and track in real time the extent of the crisis so they can respond quickly and prepare the company to assist their passengers.  Over time they can understand the impact the crisis on brand perception from their core consumer target base and understand the reach of this crisis (compared to a previous incident to estimate the sales and long term impact of the crisis).

Better understand #SalesForecasting : Consumer sentiment from Social Media can assist sales managers in understanding the drivers during peaks and troughs of sales data that may not be explained by the business.

EXAMPLE: Tourism brand wants to understand the increase in visits to their website and interest in visiting Country X.  Through Social Media they were able to identify a group of consumers who were motivated to visit the country after it featured in a film.  Using this knowledge they are better able to identify the size of this opportunity, respond to this increase in visits and tailor messaging for this core group.

#ConsumerProfiling : Social Media data allows brands to understand more about their potential consumers, core target group or generic consumer base.  Using Social Media data technology a brand can identify a group of consumers (e.g. Brand Advocates those that have stated “I love/recommend Brand X”) and look at their overall Social Media presence and discussions online.  Understanding the topic discussions they have, how they interact with their peer and where and how they use the online space assists in developing a robust pen portrait of your consumers beyond simple demographics.

EXAMPLE: Cleaning brand is going through a major brand refresh.  They want to understand the key drivers/motivations of their core consumer group beyond cleaning.  Using social media they were able to develop detailed profiles on their consumers and how they behave.  This assists in developing messaging and branding that would resonate with these consumers.

#CustomerService : Consumers use Social Customer Service to engage with the brand, “experts” or other consumers when they encounter challenges.  Understanding how and why consumers use this channel allows brands to monitor and improve their customer satisfaction.  The use of Social Customer Service enables brands to respond quickly and openly to consumers to increase service and reduce costs.

EXAMPLE: Utility brand develops a Social Customer Service channel and is better able to assist in responding to consumers, communicating during network downtime and reduce call centre queries.  They are also able to track the key issues that concern their consumers and the responses when they make changes to their products/services.

#CompetitorTracking : In most cases Social Media data is public data and brands can monitor and track their competitors the same why they track themselves.  This enables like for like comparisons on brand tracking, customer satisfaction, consumer profiling and campaign tracking.

EXAMPLE: Electronics manufacturer tracks the discussion for their brand and competitors over the consumer decision journey.  Understanding the core drivers of purchase intent for the category and how they perform against competitors enables them to refine their positioning at this stage and overcome obstacles that impact brand switching.

#socialmediatips   #socialmediadata   #socialmediastrategy  

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Fantastic campaign from Ogilvy in Brazil.  They added software into the tills at Supermarket stores and when someone buys a Hellman's mayonnaise it also prints a recipe using the ingredients purchased. Fun, creative with added value to the consumer.  :)

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Hey All!
Support my Brother this Movember: Check out his pics he looks like Freddie Mercury.. heehee

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Interesting article on how the finance industry use Social Media.  When you often face negativity online how do you play in the Social space, how can you approach Social Care to succeed online?

Here are the two critical use cases featured in the article:
* Product Innovation: BBVA Compass is a pioneer in mining social for product and service enhancements. According to John Wessman, BBVA Compass’ executive vice president and chief marketing officer, BBVA gets “daily insights into consumer reaction to the bank and its competitors. The software we use has sped up BBVA Compass’ reaction to other trends, as well. Over the past two months, the bank has started to consider raising the cash back rewards on its credit cards because one of its larger rivals was receiving positive sentiment on its benefits.”  
* Improve Marketing Efficiency by Merging Data Sources: American Express recognized the need to merge traditional market research metrics with social media research and analysis. Christopher J. Frank, Amex’s vice president of its global marketing insights group, stated that “you look at consumer confidence intervals. You look at the overall mood. And we wanted to make sure that we really understood that, and not just from the American Express point of view, but what is on the minds of our customers.” Social media provides an avenue to quickly get a deeper understanding of your consumers – really know their needs, behaviors and wants – so you can confidently develop your marketing strategy.

There are so many unique and interesting ways to use Social... how do you use it?

Just hung out with myself for ten minutes.... didn't even know how to end it... 

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NM Incite, the company I work for, has launched a new website and blog.  While I try to avoid being biased, it is...completely awesome!  

Check out the most recent post, how to use Social Media for product development. Consistently taking Social to the next level!

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Most discussed TV adverts in April (UK social media discussion) have been released! Props for Adidas and Google+!! :)
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