Are your So­cial Me­dia Cam­paigns Re­ally Work­ing?

Es­tab­lish­ing pres­ence on so­cial me­dia plat­forms is one thing, but how do you judge the ef­fec­tive­ness of the cam­paigns you run there? So­cial me­dia an­a­lyt­ics is a new trend that helps do just that. Here’s how it works.

PCQuest - - TECH AND TRENDS -

A SO­CIAL ME­DIA AN­A­LYT­ICS AP­PLI­CA­TION CAN TELL YOU WHETHER SO­CIAL CON­VER­SION AROUND YOUR BRAND HAS MOVED IN CON­JUNC­TION WITH YOUR SALES PAT­TERNS.

Most cor­po­ra­tions are no longer happy to just have a Face­book page. They are us­ing so­cial me­dia to de­velop their busi­nesses and be­come so­cial en­ter­prises. Dell was one of the early pi­o­neers of this model when they used their Twit­ter ac­count @ Del­lOut­let to of­fer on­line deals. Ear­lier this year, The Coca Cola Com­pany cel­e­brated Black His­tory Month in the US by launch­ing the ‘Pay It For­ward’ cam­paign. The ob­jec­tive of this so­cial me­dia ini­tia­tive was to build a deeper community en­gage­ment by reach­ing out to young African-Amer­i­can peo­ple and help­ing them achieve their ca­reer goals. This on­line con­test al­lowed par­ents to nom­i­nate their teens (aged 16-19), giv­ing them a chance to win a short ap­pren­tice­ship with ei­ther Grammy win­ner Ne-Yo, or fash­ion de­signer Tracy Reese or Essence pres­i­dent Michelle Ebanks.

Cor­po­ra­tions are in­vest­ing in so­cial me­dia for crowd­sourc­ing ideas, re­cruit­ing tal­ent, ser­vic­ing cus­tomers with so­cial CRM, im­prov­ing sales through on­line pro­mo­tions and dis­counts, mon­i­tor­ing com­pe­ti­tion, de­vel­op­ing in­flu­encer pro­grams and of course run­ning brand cam­paigns. Where there is in­vest­ment there must be mea­sure­ment but the ques­tion is, are the indices that we use to mea­sure so­cial me­dia; indices like SOV, Sen­ti­ment Ra­tio, Share of con­ver­sa­tion, Mes­sage reach, Share of Meme (In­flu­en­tial Ideas), Vi­ral fac­tor re­ally tie back to giv­ing one straight an­swer on ROI?

It is my be­lief from in­ter­act­ing with clients across the Re­tail, CPG, Con­sumer Tech­nol­ogy and Food Ser­vices in­dus­tries that what global mar­keters want to un­der­stand is whether their spends in so­cial me­dia im­pact their sales, prof­itabil­ity, con­sumer loy­alty in the real world, be­yond a “like/dis­like’ on a cam­paign page. So, one def­i­nite trend in the so­cial me­dia an­a­lyt­ics space is the move from de­vel­op­ing “so­cial me­dia lis­ten­ing” tools and plat­forms which de­code and mea­sure so­cial me­dia data, to de­sign­ing busi­ness ap­pli­ca­tions which can in­te­grate ex­ter­nal data (sales, re­tail panel), in­ter­nal com­pany data (brand, con­sumer, tra­di­tional me­dia data) and so­cial me­dia data across a cam­paign pe­riod. This will en­able clients to un­der­stand busi­ness per­for­mance not so­cial me­dia en­gage­ments.

A busi­ness ap­pli­ca­tion which pro­vides in­te­grated in­sight works with the fol­low­ing logic—it ag­gre­gates data sets im­pacted by a cam­paign, an­a­lyzes their in­ter­plays and co-re­la­tions, and helps clients an­swer ques­tions like “Did the so­cial con­ver­sa­tion around my brand move in con­junc­tion with my sales pat­terns?” Or “Did a visit de­scrip­tion of my store on so­cial me­dia en­cour­age ac­tual foot­falls or trans­late into sam­pling or sales? “Or “Is there a sig­nif­i­cant co-re­la­tion be­tween con­sumer aware­ness of my prod­uct and so­cial me­dia men­tions?” Or “Does so­cial sen­ti­ment sug­gest that con­sumers pur­chase my com­pe­ti­tion be­cause of bet­ter deals?”

The sec­ond trend which is de­vel­op­ing in this space is what I fondly call “The Post Box Model “. Clients re­quest an­a­lyt­ics com­pa­nies to de­velop soft­ware ap­pli­ca­tions which can “tar­get the right so­cial met­rics to the right stake­holder.” For ex­am­ple; a brand man­ager in a large multi-na­tional, should not need to scan the uni­verse of in­for­ma­tion about his com­pany to fig­ure out what is hap­pen­ing on his brand. Their an­a­lyt­ics part­ner should be able to cat­e­go­rize this in­for­ma­tion across dif­fer­ent brands and pub­lish rel­e­vant brand in­sight to the rel­e­vant brand man­ager. For a mid-mar­ket com­pany, ‘role based’ so­cial in­sight can be served up. Tech­nol­ogy can be used to seg­ment the re­sults from an in­te­grated mar­ket­ing cam­paign and pro­vide the CXO with com­pany per­for­mance met­rics; the Onowl­edge F In­sight Man­agers with data cus­tom­ized across brands F the Mar­ket­ing/Brand Man­agers with per­for­mance met­rics for their in­di­vid­ual prod­uct lines. So­cial Me­dia An­a­lyt­ics is an ex­cit­ing place for a young com­pany like An­a­lyt­ics Quo­tient to be in. Ev­ery day we come to work and try to re de­fine what an an­a­lyt­ics ser­vice provider can do for clients.

Durga Prasad Kami­neni Co-Founder, In­no­va­tion Lead and CTO, An­a­lyt­ics Quo­tient

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