Social media analytics : A trick for a treat

contributed by Ayesha Prasad Narain

LexisNexis Social Media Analytics, Media Intelligence, LexisNexis BIS

Quoting Paul Gillin, ‘transparency may be the most disruptive and far-reaching innovation to come out of social media.’

Delving into consumer insights has never been this easy or efficient. In the reign of mass-media and broadcasting, to actually understand who fit the brand persona was a daunting (and tedious) task. A lot of manual reports were created and certainly not media monitoring tricks

In the wake of technology, ‘data gathering’ has been revolutionized. A small spend or a dipstick study can lead to various reports that dovetail into your overall business strategy. Harnessing data through efficient media monitoring/ social listening software/s is the key. The right insights that slice through brand reputation and sentiment analysis are important. Campaign assessment and maneuvering when encountering a small blip can mean a scalable intangible benefit for the brand. Good technology drives not just time and cost efficiency but builds brand share of mind and heart.

Social Media Analytics spans across a variety of sub-topics, which can help

  1. build a community of loyalists/ advocates/ on-lookers/ followers
  2. empower social alliances and enable the cross-functional thereby benefiting the overall value chain
  3. reach out to the end-customer, understand what makes them tick and assess need-gaps

Customer preferences, sentiments, affirmations, opinions are garnered to find a right fitment in terms of communication/ products/ services to effortlessly plug-in to their wants/needs/desires. Thereby, making the traditional marketing models of “Awareness-Interest-Desire-Action” fairly redundant.

Understanding even base level analytics can truly benefit organizations by

  1. Market segmentation
    1. Identifying the foundation for segmentation
    2. Identify characteristic traits which are unique for the given segment
    3. Benchmark against competition
  2. Market targeting
    1. Value-benefit analysis of each segment
    2. Assess if they are homogeneous/heterogeneous mix
    3. Plan a call-to-action calendar
  3. Product positioning
    1. Develop a unique selling proposition for products to fit into the segments
    2. Develop a strong marketing mix to capture & retain the segments
  4. Technology driven smart organizations are a necessity to scale brands

Paying heed to the above can enable businesses to adopt a more refined customer-centric attitude and also pave the way for product extensions and up-selling.