Archive for the ‘sentiment analysis’ Tag

Not So Simple Definition of Social Market Leadership

As we have gone around the country speaking on Enterprise Social Strategy, we have struck upon a simple concept that seems to resonate with senior executives; social market leadership.

On the surface, it seems simple:

  • Thought Leadership – Stepping into the vacancy in the market
  • Market Offense – demonstrating market leadership via social media
  • Brand Defense – protecting brand reputation on social media
  • Associations – creating the forum for market best practices
  • Social Influence – building relationships with key market influencers
  • Social Marketing – influencing the market’s requirements for competitive products

However, ask we dig deeper, we realize that how you measure or even how you define what you measure is critical. We have been asking industry leaders “Who is the Social Market Leader in Your Industry?”. We get a lot of “We are…” then after we ask them “how do you know?”, we get “What do you mean?”. Then when we explain what social market leadership means to us, we get “We’re not sure…”

Our definition of Social Market Leadership… defining the thought leader in the social market with influence over public social networks like Linkedin, Twitter, Facebook, etc, as well as, industry communities, groups, forums, blogs hosted by vendors, associations, publications, enthusiasts, etc. In some industries, we do an audit and find over 100 unique platforms excluding the blogs.

How do you define thought leadership? Are you sharing your information with others? It isn’t what you say, it is what other say about you. How frequently do they interact with your information? Do they react positively? Do they tell everyone about what you say?

How do you define influence? Do you have credibility and reach? it isn’t about reaching everyone n the market. It would be nice, but for most businesses, that isn’t realistic. The brand icons already have a well established brand reach and they are considered a market “brand name” that define a standard. For the rest of the companies, there is a trade off between reaching everyone and reaching the right market cost effectively. Influencers are really about prioritization. Do the influencers have the “mojo”? Do they have the reach AND credibility? Can we hit the top 10% of the market and get them to evangelize on our behalf.

Market Leadership is not just Branding – There are algorithmic formulas out there that try to measure brand strength over social media. But, I think true long term social market leadership is really about creating a better customer experience through better engagement and interaction. With the transparancy that social media provides, companies are more and more realizing that architecting a better, holistic experience is critical to leveraging and maintaining brand equity and market share. If your social market share doesn’t represent your market share, might that be an indication of a problem in the market. If they don’t feel the same way about your company as you advertise, does that negate your market investment? Does your cost of customer acquisition go up because you don’t have brand evangelists and satisfied customers?

How do you measure Social Market Leadership? I think that this is the reason most organizations are struggling. There are simple measures from: simple Facebook fans, twitter followers, retweets, etc. To a little more sophisticated; social mention frequency benchmarking, sentiment scoring, number of influencer relationships, online community membership. To more complicated; taxonomy ownership, multi-criteria customer satisfaction, reputation management dashboarding, social lead scoring, share of customer voice, sentiment analysis benchmarking.

For those really pushing the limits of unstructured data analytics – the tools are rapidly moving towards ability to build a comparable, multi-dimensional dashboard to measure market perception differences between public social networks, online community members, and customer satisfaction surveying. Social media give such a dimensionality into buyer behavior, we think that we are only seeing the tip of the iceberg in terms of behavior analysis leveraging structured data analysis to build deeper analysis of unstructured social interactions.

No so simple an answer, but potentially worth a market.

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10 Top Questions for Contemplating Social Media Monitoring

For companies contemplating social media monitoring, this post analysis is meant as a starting point for integrating such an offer with Social Gastronomy’s Enterprise Social Management consulting services.

The Social media monitoring technologies are not sufficiently mature to be “install and go”; especially if the provider is looking to integrate multiple tools. This will require additional selling, implementing, customizing, and executing to manage the integration of the multiple data stream; which are exponentially more complex beyond single tool selection. Some large brands use up to 16 different tools in its social media monitoring program, we use 10+ for just our social market audit. Adding to the complexity in tool selection is the fact that a strategic snapshot that shows the relevance to the brand and business is different than the tactical dashboard and may require a completely different tools set.

 Additionally, the competitive tool landscape becomes more complicated as provider moves up the “food chain” to sell to new levels. The expectations as to how extensive the monitoring program will become will be dictated by the CMO’s desire to consolidate efforts; ie. Across monitoring for brand, reputation management, customer contact, etc. the provider could find itself competing for a broader base of business against PR, Marketing Communications, and Contact Center firms for the Social Media business. We suspect that this will naturally (already) occur as CMO’s will come to the conclusion that the monitoring and listening capabilities should be centralized and feed data for multi-purposes.

Recommended Planning Steps

Area of Planning Key Issues Impact
Business Planning
  • Expected return
  • Ownership within Organization
  • Measure success
  • What are you really buying
  • Investment required over time
  • Resources
  • Business case
  • Technology investment to support offering
Roadmap will dictate the business and investment requirements. If requirements are more extensive than expected, will cause perception issues as to quality and ability to execute.
Program Management 
  • Pricing
  • Packaging
  • Target customers within organization
  • Tool selection now and future
  • Duplication of data
  • Data cleansing process
  • Start with a core application and add other offerings
Expectations around the offering will dictate whether one tool or many will be required. We are seeing client have more mature requirements in terms of comprehensive information collection and synthesis.
Operation Execution
  • People Requirements
  • Process Requirements
  • Technology Requirements
How far along the business requirements have gone in preparing to scale the a program
Solution Customization
  • Add’l types of listening tools
  • Process
  • Training
  • Dashboard
  • Addl tools
  • Packages?
  • Pricing
If you trend as other enterprise social media clients that we have seen, then the customization requirements eventually will be extensive. Preparing for scenarios may allow for better initial package and accelerated scalability
Integration
  • Process
  • Requirements
  • Customer training
  • Project set-up
  • Policies and procedures setup
  • Roadmap for clients

 

The enterprise customers seem to be more mature in expectations around integrating offering into their environments and not as tolerant for siloed management. Has impact on operations and customization.

 

10 Top Takeaway Questions to Answer

  1. What is the expected hand-off when Social Gastronomy does strategy?
  2. What if organization wants other tools to include into the mix?
  3. What if monitors in other areas and wants to combine – call center, pr or marcom firm?
  4. Reputation monitoring, brand reach, complaints, categories, competitive intelligence, and qualitative analysis – what are you monitoring and why?
  5. Sentiment analysis – how leverage, how integrate with other data, how overcome shortcomings?
  6. Sentiment analysis challenges and manual review, omissions, volumes, discrepancies
  7. What does the integrated tool dashboard look like? Is there a different dashboard for the daily user, weekly manager, and monthly/quarterly executive?
  8. Integration into CRM – process, results, so what?
  9. How integrate into broader programs, how to use as door-opener for new expanded social media presence management?

10.  Where does this go? Roadmap?