10 things to do with social media analytics
Protect your brand, create a better customer experience and more
By now, most companies, both large and small, have realized the importance of listening, leveraging and engaging in social media conversations about their brands. Examples from companies in every industry – including Zappos, HSBC, Comcast and Amazon.com – illustrate the importance of this new medium.
But it's still early days for deeper analysis of social media data. Even the biggest social media success stories to date are only just starting to include analytical capabilities as part of their projects. As more products become available for monitoring, measuring and predicting the tide of consumer-generated media, however, more companies will realize the power of social media data for building brand awareness, conducting market research and providing customer support.
Read on to learn what you can do with social media analytics. Perhaps you can find even more ways to use this new data source to help meet some of your organization's existing goals.
1. Protect your brand. Identify complaints early in the process and react accordingly. For example, a hotel chain with eight sites under construction can react to online complaints by editing e-mail promotions to adjust expectations.
2. Engage the most influential voices in your market. Customizable scores for influence and reach help identify the sites and individuals whose opinions are most likely to affect your bottom line. From media outlets to bloggers who write about your brand, SAS helps you pinpoint who they are, so marketers and press managers can create strategies to engage with them and prioritize messaging efforts.
3. Understand what trends lead to sales. Combine customer service chat logs with online reviews. Then, integrate offline attributes, such as customer segments, into a complete system that flags key phrases and offers next steps based on historical sales data. Telcos are using this data to understand what trends are driving awareness, Web traffic and sales – and to have their call center staffs react accordingly.
4. Identify an untapped market. Combine sentiment analysis with segmentation, and find marketing inspiration for a new market. For example, marketers for a pro sports team might find data supporting the need for a campaign aimed at 30-something hockey moms.
5. Enhance market research. Classify market feedback to zero in on specific product details and recognize trends over time for individual product lines and customer service levels. Department stores and grocers can use this data to plan product lines and displays.
6. Understand the impact of industry changes. How did your customers feel about the federal bank bailout? What actions on your part have helped improve customer sentiment since the banking crisis started? With SAS Social Media Analytics, you can compare sentiment levels before and after.
7. Improve online advertising effectiveness. Identify specific destinations on the Web where the markets in which you compete are being talked about. Combining social influence scores with the topics consumers are talking about on the Web can improve your online effectiveness, and guide you to making a more prominent advertising presence on those sites that are more favorable to your products and services.
8. Gather competitive intelligence. What are customers saying about the rival phone carrier or newly launched, next-generation smart phone from the competition? Enhance your current competitive reporting by collecting and monitoring information about specific competitors, markets of interest, products, features and growth opportunities for your business. Results help you plan for your competitive response in a more accurate, efficient and thoughtful manner.
9. Improve warranty analysis. Pharma companies and manufacturers can analyze social data to detect product failures before they affect a large pool of customers. No company wants faulty products on the market, but when mistakes do happen, social media analytics can help you recognize issues sooner and react immediately.
10. Create a better customer experience. Whether customers are looking for recommendations for their next big purchase or providing feedback on the social Web about a recent shopping experience, they are going online to comment and collaborate. SAS Social Media Analytics can help you isolate the service factors customers care about, those where you're doing well – and those that are negatively affecting your service.
Alison Bolen is the Editor of Blogs and Social Content at SAS.