Analyze Social Media Sentiment for Retail Product Insights
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Discover how to create relationships. build advocacy and improve loyalty in your customer base using IBM Cognos Consumer Insight for social media analytics.
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Analyze Social Media Sentiment for Retail Product Insights
- 1. IBM Cognos Consumer Insight Create Relationships. Build Advocacy. Improve Loyalty .
- 2. Social Media Influence 78% of consumers trust peer recommendations Source: August 25, 2009, “The Broad Reach Of Social Technologies” Forrester report 770 million people worldwide visited a social networking site. Source: comScore, Social Networking Phenomenon
- 3. 82% of CEOs want to better understand customer needs 88% 85% of CEOs require more visibility into their businesses Source: 2010 IBM CEO Study For CEOs – It’s About Greater Customer Intimacy Businesses are focused on understanding their customers to drive more/greater business value with their marketing spend of CEOs will focus on getting closer to their customers in next 5 years
- 4. Justifying and Measuring Digital Marketing 30% + consumer media spending is through digital channels Standardization of digital metrics is fueling wider adoption Suppliers (agencies) continue embracing digital capabilities to get in front of their customers Winterbury Group, October, 2010
- 5. What Are We Selling? IBM Cognos Consumer Insight enables marketing professionals to be more precise, agile and responsive to customer demands and opinions expressed through social media by listening, measuring and analyzing large volumes of publicly available content on the Internet. It is the only solution on the market readily able to leverage a broader business analytics environment by seamlessly connecting to Cognos BI. SOCIAL NETWORKS (Publicly available) WIKIS PHOTO SHARING BLOGS 100+ million MICROBLOGS FORUMS/NEWSGROUPS 120+ million VIDEO SHARING SOCIAL MEDIA NEWS AGGREGATORS Customers Issues Public Relations Campaigns Product Sales Experience Support Community Revenue Reputation Relationships Retention
- 6. Enhance Your Reputation Understand your customer needs to target new offers and products more cost-effectively through different social media channels Create Relationships. Build Advocacy. Improve Loyalty. Evaluate your corporate reputation and make evidence-based messaging decisions that target the right stakeholders at the right time Improve your customer experience Respond more quickly with accurate, timely and relevant insight into customer requests to ensure a consistent brand experience across all channels IBM Cognos Consumer Insight Grow Your Business We provide analytics that listen, measure and analyze social media performance to more effectively:
- 18. IBM Cognos Consumer Insight
- 20. Questions? ? ? ?
- 21. © Copyright IBM Corporation 2008 All rights reserved. The information contained in these materials is provided for informational purposes only, and is provided AS IS without warranty of any kind, express or implied. IBM shall not be responsible for any damages arising out of the use of, or otherwise related to, these materials. Nothing contained in these materials is intended to, nor shall have the effect of, creating any warranties or representations from IBM or its suppliers or licensors, or altering the terms and conditions of the applicable license agreement governing the use of IBM software. References in these materials to IBM products, programs, or services do not imply that they will be available in all countries in which IBM operates. Product release dates and/or capabilities referenced in these materials may change at any time at IBM’s sole discretion based on market opportunities or other factors, and are not intended to be a commitment to future product or feature availability in any way. IBM, the IBM logo, Cognos, the Cognos logo, and other IBM products and services are trademarks of the International Business Machines Corporation, in the United States, other countries or both. Other company, product, or service names may be trademarks or service marks of others.
Notas del editor
- Much has been said regarding the proliferation of social media – its multiple channels, scope of content and subject matter. Something for everyone. Available to everyone. Immediate and impactful. But what’s different from the media explosion of television and radio some 50 year’s ago is both the sheer volume and influence of social media. 770 million people have visited a social networking site, according to comScore … According to Forrester research, 4 out of 5 Americans use social media in some capacity. But it’s the power of influence and massive distribution that make social media such a potent force in influencing consumer perceptions. In fact, 78% of consumers trust their peer’s recommendations … And it’s this volume of content, distribution and influence that is re-shaping how organizations are engaging their customers and broader constituencies through social media, there relationship to brands, products, services and issues of the day.
- We asked CEOs how their customer expectations of them would change over the next five years. And without blinking the vast majority said, greater customer intimacy. From getting closer to customers, to better understanding their needs to greater visibility into their business. Senior executives are focused on understanding their customers to drive more business value with their marketing spend.
- And this is one of the reasons why there’s surge in digital advertising spend across the board. What’s of particular note is the growing area of social applications, widgets and listening platforms to manage the increasing volumes and influence of social media. Which the Winterbury Group expects to represent roughly $300M in spend next year. More importantly, though, as social media becomes a critical component of an organization’s marketing mix, its spend is being scrutinized, with better justification and metrics required to engage a very daunting and vast social media landscape.
- This is where Consumer Insight can help. IBM Cognos Consumer Insight is the industry’s most robust social media application that enables marketing professionals to transform their customer relationships by actively incorporating their sentiment insights and advocacy into the underlying business and marketing strategy of their organization, helping them be more responsive, precise and agile to market demands. And it does this by: Understanding to your customer needs to target new offers and products more cost effectively – to allow you to grow your business. Helping you make evidence-based messaging decisions to enhance your reputation among your customers and constituencies. Enabling you to respond more quickly to customer requests to improve service level effectiveness to improve customer care.
- We’ve designed the product around business drivers that determine the impact of social media on brand, product and service. These business drivers shape the underlying capability areas, which include: The industry’s most robust search capability Multi-dimensional sentiment analysis Contextual affinity relationships to key points of analysis And related and relevant topic association above and beyond what you initially search and analyze This is all completed and assessed across diverse and multiple source areas – from facebook, to billions of discussion boards, to Twitter to Newsgroups.
- Our on-premises approach searches publicly available information on the Cloud ... It is then fed into our analytics platfom where different dimensions or kinds of content are analyzed against a standard dictionary to determine positive, neutral, negative or ambivalent sentiment – as one example. As I mentioned, you can also view this across different kinds of analysis, such as affinity and evolving topics. This is then reported via dashboards, which can then be communicated to relevant internal stakeholders. Let’s take a deeper look at how this works in more detail.
- Consumer Insight has the industry’s most robust search capabilities. It can search billions of blogs and hundreds of thousands of forums and discussion groups on publicly available websites … In this regard, we are: Highly scalable … (review section) Easy to configure … (review section) Flexible search … (review section) In addition, we can export our entire datamart as comma delimited files. This is a key differentiating capability as it enables our data to be plugged into a bigger solution for deeper analytics or larger business processes for turning the insights into operational business value.
- Another differentiator is affinity relationships: The ability to understand the relationship between areas of analysis – from hot words to snippets, for example – and their intersection with other dimensions to assess impact and potential future messages. The value is threefold: Gain insight (review bullet) Anticipate new opportunities (review bullet) Evaluate campaign messaging (review bullet)
- Evolving Topics, meanwhile, allow for the analysis of content that shares the same terms to determine related topics above and beyond your analysis of trends and common discussion topics. The main advantage of this feature is that: Determine risks and opportunities … (please review) More effectively target … (please review) Expand your social media … (please review)
- Lastly, we provide comprehensive filtering capabilities regarding the analysis of sentiment … allowing you to drill down into the specifics of the post, ascertain audience, location, media and other minute details. The result: Your organization can more definitively. Make evidence-based … (review the bullet) Identify and target … (review the bullet) Determine the effectiveness … (review the bullet)
- What does this mean for your marketing department .... For merchandise managers in retail or brand managers in CPG, it means the capacity to: (review bullets) For public relations, it means the ability to: (review bullets) For customer service, it means: (review bullets)
- Let’s review some specific use cases. This is a very typical scenario for our merchandise manager during the Holiday Season. So what’s the problem here? Analysis. And the ability to gauge and respond to consumer sentiment Our merchandise manager what’s to able to use Consumer Insight to determine product interest, online and offline shopping experiences and reaction to multi-tiered campaigns. Consumer Insight helps him do that by providing: (Review bullets under IBM Consumer Insight)
- For our public relations professionals, Consumer Insight provides him with the critical baseline to justify engagements with particular stakeholders in his company’s community. With its capacity to assess sentiment regarding attributes associated with the company’s reputation, for instance, he can provide management with a clearer picture of the publics reaction to issues. In the corporate social responsibility campaign, he’ll need to understand current reputational standing as well as the campaign’s affect on either modify or stabilizing it. Consumer Insight helps him do that by providing: (Review bullets under IBM Consumer Insight)
- Customer service, meanwhile, wants the call center during the Holiday Season to be more productive by proactively engaging consumers online. In this example, the customer service manager needs to accurately and precisely filter through sources of complaints to engage customers issues effectively and quickly. In addition, with Consumer Insight’s ability to assess evolving topics associated with the customer complaints, the customer service manager can begin to assess and provide feedback to managers on future issues. As a result Consumer Insight can deliver the following: (Review bullets)
- In summary, organizations that need to engage the customers and constituencies through social media – its multiple channels, opinions and content …. … need an application that’s scalable and robust. One that can: Understand customer needs … Evaluate corporate reputation Respond more quickly …