improving marketing effectiveness with social media analytics - voziq
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What are people are saying about you in the Social Media? How can you find out what is being said and use that to your advantage? The answers can mean big increases in revenue for your business! VOZIQ’s Step-by-Step Process for Using Social Media to Grow Your Business Businesses today ignore what’s being said about them in the social media at their own peril. In these uncertain and highly competitive times, marketing strategies need to include input and data from every available source. New technologies have created analytic tools that can help you understand what is being said in the various social media outlets about your business, your competitors and your industry. Listening to potential customers in the social media outlets allows you to understand what consumers are saying about both your brand and your competitors’ brands. At VOZIQ, we use analytics to make the most of the opportunities that social media conversations present. Today, you must not only know what people are saying about your business, but you must also know what’s going on throughout your industry. What people are saying about your competition is just as important as what they’re saying about you! It boils down to three details that need to be monitored and tracked: • the buzz about your brand • the buzz about your competitors’ brand • the buzz about the industry sector you are part of Everything about the buzz needs to be analyzed. Is it positive or is it negative? What topics are people discussing and what is the sentiment for each topic? The list goes on, and the scope of the information seems infinite. It may even seem to be an overwhelming task to aggregate and quantify the data in a meaningful way. But it CAN be aggregated and quantified, and when it is put to good use, the resulting marketing benefits are enormous. Using sophisticated analytical techniques, VOZIQ is able to track all that is being said about your business, about your competitors, and about your industry. Then we convert all this data so that it can be aggregated and analyzed, we combine it with metadata from the world of SEO, and we present you with a series of reports that contain specific recommendations. Our detailed reports can provide you all of the information you need in order to optimize your marketing campaign, even your entire business model. We provide our expert advice and guidance on how to make the best use of the social media buzz by following a step-by-step action plan. An example of this plan and the graphic reports that emerge from each step is shown in the attached report.TRANSCRIPT
Social Media Analytics Best Practices
What are people are saying about you in the Social Media?
How can you find out what is being said and use that to your advantage?
The answers can mean big increases in revenue for your business!
VOZIQ’s Step-by-Step Process for Using Social Media to Grow Your Business
www.voziq.com
Social Media Analytics Best Practices
www.voziq.com 1-888-427-2328 Copyright 2012 VOZIQ
Businesses today ignore what’s being said about them in the social media at their own
peril. In these uncertain and highly competitive times, marketing strategies need to include
input and data from every available source. New technologies have created analytic tools
that can help you understand what is being said in the various social media outlets about
your business, your competitors and your industry. Listening to potential customers in the
social media outlets allows you to understand what consumers are saying about both your
brand and your competitors’ brands.
At VOZIQ, we use analytics to make the most of the opportunities that social media
conversations present. Today, you must not only know what people are saying about your
business, but you must also know what’s going on throughout your industry. What people
are saying about your competition is just as important as what they’re saying about you! It
boils down to three details that need to be monitored and tracked:
� the buzz about your brand
� the buzz about your competitors’ brand
� the buzz about the industry sector you are part of
Everything about the buzz needs to be analyzed. Is it positive or is it negative? What
topics are people discussing and what is the sentiment for each topic? The list goes on,
and the scope of the information seems infinite. It may even seem to be an overwhelming
task to aggregate and quantify the data in a meaningful way. But it CAN be aggregated
and quantified, and when it is put to good use, the resulting marketing benefits are
enormous.
Using sophisticated analytical techniques, VOZIQ is able to track all that is being said
about your business, about your competitors, and about your industry. Then we convert
all this data so that it can be aggregated and analyzed, we combine it with metadata
from the world of SEO, and we present you with a series of reports that contain specific
recommendations.
Our detailed reports can provide you all of the information you need in order to optimize
your marketing campaign, even your entire business model. We provide our expert advice
and guidance on how to make the best use of the social media buzz by following a step-
by-step action plan. An example of this plan and the graphic reports that emerge from
each step is shown below.
Social Media Analytics Best Practices
www.voziq.com 1-888-427-2328 Copyright 2012 VOZIQ
Step 1: Measure Your Share of the VolumeThe first step is to understand the share of volume that your brand has in the total social
media buzz. This means that when looking at the buzz surrounding your industry, you can
see what percentage of that buzz is about each brand. We call this “share of volume.” In
other words, if 60% of the buzz in the software industry, whether it is positive or negative,
was about Company X, we would say that Company X has a 60% share of the volume.
The graph below is an example of how we would display volume share in our report.
It is important to understand that this is a “big picture” view. This gives you an idea of what
brands have the highest awareness level. But don’t mistake awareness for popularity.
Just because there is a high volume of buzz about a certain brand, it doesn’t mean that
the buzz is positive. A higher share of volume does not necessarily mean high popularity.
Social Media Analytics Best Practices
www.voziq.com 1-888-427-2328 Copyright 2012 VOZIQ
Step 2: Measure the Sentiment BalanceOnce you get a picture of how the buzz is divided in your industry (Step 1 above), it’s
important to see what kind of buzz each brand has – positive or negative. We call this the
“sentiment balance.”
In this graph, you can see how the sentiment balances of the different brands compare.
The Agricultural Bank of China is in the enviable position of have the highest possible
positive buzz rating (1.0) and the lowest possible negative buzz rating (0.0).
The combination of a brand’s positive and negative buzz ratings results in a net sentiment
balance or a net sentiment score. Scotiabank, for example, has a net sentiment score of
.552 (.776 - .224). The higher the net sentiment score, the better the buzz for that brand.
Social Media Analytics Best Practices
www.voziq.com 1-888-427-2328 Copyright 2012 VOZIQ
Step 3: Gap Analysis of Volume Share and Sentiment BalanceStep three entails combining the information from steps one and two. Obviously your
hope is that your brand has evoked a high volume of positive buzz. The graph below
allows you to get a better picture of how big the gap is between what you expected and
actual reality. This information may lead you to modify your marketing strategy and even
your business plan by looking at ways to improve the buzz about your business.
This graph also shows you how your competitors’ buzz compares to yours.
Social Media Analytics Best Practices
www.voziq.com 1-888-427-2328 Copyright 2012 VOZIQ
Step 4: Gap Analysis of Key Topics and Volume DriversNow that you know where you stand in terms of volume, sentiment, and the combination
of the two, you need to put that information into action. Improving a negative buzz or
maintaining a positive buzz is only possible if you know what are the hot topics people are
buzzing about. This analysis, as displayed in the graph below, helps you determine what
topics you want to concentrate on.
Social Media Analytics Best Practices
www.voziq.com 1-888-427-2328 Copyright 2012 VOZIQ
Step 5: Identify Influential Websites and Blogs Once you know the “what”, you need to know the “where”. You now know what topics
about which you need to improve your buzz. You can do that by discussing these topics
on the web, but what websites do you discuss them on?
The graph below helps you identify the top websites in terms of high influence, high traffic,
and sentiment balance.
Social Media Analytics Best Practices
www.voziq.com 1-888-427-2328 Copyright 2012 VOZIQ
Step 6: Identify Influential People to Amplify the ImpactFinally, you need to identify the top influencers that you need to work with to increase and
maximize your positive buzz share.
Here’s an example of how the VOZIQ analysis and report can help.
Social Media Analytics Best Practices
www.voziq.com 1-888-427-2328 Copyright 2012 VOZIQ
The social media platforms in the online world are a massive mountain of information,
and the potential value of that is incalculable. But it can seem like lines and lines of
endless nonsense. To many, it would appear that the information is so wide-ranging and
so diverse that it is beyond categorization, beyond quantification and beyond analysis.
Nothing could be farther from the truth. VOZIQ is the key to unlocking that value. We
help you see the information that is relevant to you so that you can realize your marketing
goals without wasting precious time and resources. We use technology as an enabler, and
dig deep into the data to find those key nuggets based on your specific goals by jointly
working with you as an extension of your core team.
Our unique approach to leveraging big data for big benefits involves working with you
first to fully understand your goals and challenges. We then aggregate relevant data from
social media sources, analyze it systematically, review it with your domain experts, and
iteratively refine the tracking process so you can make strategic decisions based on our
findings and grow your business.
Our approach to leveraging social media for big business benefits is simple:
Your domain experts + Social media data + VOZIQ technology and data scientists
= BIG RESULTS.
Social Media Analytics Best Practices
For more information about the information contained in this report, VOZIQ’s Social Media Analytics
solutions or to schedule a live demo, please contact [email protected] or visit us online.
Website: http://www.voziq.com
Twitter: http://twitter.com/voziq
Facebook: http://www.facebook.com/voziq
ABOUT VOZIQ
VOZIQ helps the world’s leading brands leverage social media conversations as a source of intelligence for developing marketing and business strategies. Using VOZIQ’s integrated suite of social media monitoring, analytics and engagement solutions, along with its big data analytics consulting services, organizations can tap into voice of customers and influencers, and use that information to develop marketing and customer experience improvement strategies. Based out of Washington, DC, USA, VOZIQ is powering solutions based on social media analytics for some of the world’s leading brands.
11654 Plaza America Drive, Reston, VA 20190, USA Phone: 888.427.2328 • Email: [email protected] • Web: www.voziq.com