Upload
venuelabs
View
1.384
Download
2
Embed Size (px)
Citation preview
© 2012 Venuelabs™ | Interpreting Social Media for Retailers | January 31, 2012 |
Marshall Sponder Analytics Expert & Author
January 31, 2012
© 2012 Venuelabs™ | Interpreting Social Media for Retailers | January 31, 2012 | 2
Venuelabs Retail & Storefront Analytics
© 2012 Venuelabs™ | Interpreting Social Media for Retailers | January 31, 2012 | 3
Marshall Sponder Analytics Expert & Author
Blog: http://WebMetricsGuru.com
Booksite: http://www.smabook.com
About our Guest
Writing AllAnalytics.com, InternetEvolution.com, MyCustomer.com
Recent Speaking Engagements • Social Media Monitoring – ROI Metrics Forum • Social Media World Forum • Social CRM 2011
Clients & Companies IBM, Prudential, Citibank, Monster Worldwide, Porter Novelli, WCG, Barclays, Reuters, Digital Backpack, and may others.
© 2012 Venuelabs™ | Interpreting Social Media for Retailers | January 31, 2012 | 4
Brand Monitoring Overview
• Broad listening across the internet
• Focused on keyword matches
– Mentions of
• Brand name “Starbucks”
• Product names “Frappuccino”
• Produces valuable insights, but is exploratory in nature, as a result, it can not answer tactical questions and is not scalable.
Blogs
Social Networks
News Sites Trade Sites
Forums Press
© 2012 Venuelabs™ | Interpreting Social Media for Retailers | January 31, 2012 | 5
Brand Monitoring Providers
© 2012 Venuelabs™ | Interpreting Social Media for Retailers | January 31, 2012 | 6
8 Brand Monitoring Challenges
1. Signal to Noise Ratio
2. Not Scalable, too manual
3. Insightful vs. Actionable
4. Poor Geography / Location
5. Local Data Gap / Blind Spot
6. Lack segmentation capabilities
7. Correspondence between Online
chatter vs. Offline Word of Mouth is
Industry dependent
8. No established, universally
acceptable standards for conducting
social listening
© 2012 Venuelabs™ | Interpreting Social Media for Retailers | January 31, 2012 | 7
Signal to Noise Ratio in LBS
• 5% of content were
legitimate generated by
real customers
• 95% was spam, spoofs,
coupons &
miscellaneous
• January 2012
• Study impact of
social on retail
• 11.5 million posts
reviewed
© 2012 Venuelabs™ | Interpreting Social Media for Retailers | January 31, 2012 | 8
Not Scalable – Too Manual
A lot of work is required to turn real time exploratory data from Social Media into actionable insights (although LBS is a little easier since it has context).
© 2012 Venuelabs™ | Interpreting Social Media for Retailers | January 31, 2012 | 9
Insightful vs. Actionable
• Traditional “exploratory” SMM Insights and
outputs don’t match business goals or outcomes – Share of voice
– Sentiment
– Trends
– Topics and Themes
• And … they don’t match critical needs of retail
– What customer experiences need attention?
– Where are my most critical issues?
– Which of my locations are leaders & laggards?
© 2012 Venuelabs™ | Interpreting Social Media for Retailers | January 31, 2012 |
Geography & Location Existing SMM providers treat location as
country, region, or city and usually fail to
capture LBS data from Facebook, Foursquare and
other geo-local data.
This gap makes existing SMM providers next to
useless for retailers.
© 2012 Venuelabs™ | Interpreting Social Media for Retailers | January 31, 2012 |
Your customers are at your storefronts!
Retail is about distinct location
© 2012 Venuelabs™ | Interpreting Social Media for Retailers | January 31, 2012 | 12
Local Data Gap for Retailers
32% 68% Blind Spot
24% 76% Blind Spot
37% 63% Blind Spot
38% 62% Blind Spot
18% 82% Blind Spot
Local Content Surfaced Local Content Blind Spot
August 2011
© 2012 Venuelabs™ | Interpreting Social Media for Retailers | January 31, 2012 | 13
Local Data Gap Example
They mess up here A LOT! If I wasn’t in a rush
nor a coffee addict I would go somewhere else!
© 2012 Venuelabs™ | Interpreting Social Media for Retailers | January 31, 2012 | 14
Platforms lack segmentation capabilities
Most existing SMM (and
some LBS) platforms can
not segment and bucket
the data in a customized,
useful way, so it can
become insightful.
© 2012 Venuelabs™ | Interpreting Social Media for Retailers | January 31, 2012 | 15
Correspondence between Online chatter vs.
Offline Word of Mouth is Industry dependent
Read more: http://www.webmetricsguru.com/page/4/#ixzz1ewWAjXpj
While SMM platforms typically have poor, uncontrolled sampling bias, geo-location and LBS platforms such as Venuelabs don’t suffer, as much, from the same issues (poor sampling) because their data is generated at the storefront, via check-ins and direct store references, and is therefore, more relevant and authentic.
© 2012 Venuelabs™ | Interpreting Social Media for Retailers | January 31, 2012 | 16
No established, universally acceptable
standards for conducting online social listening
Read more: http://www.webmetricsguru.com/page/4/#ixzz1ewWAjXpj
Almost no data
consistency
or interoperability
between platforms and a
clear sense that under
the hood, all of the them
are different.
As a result, there are no
standards in how to go
about, clean and
structure social data,
which makes it harder to
take seriously.
© 2012 Venuelabs™ | Interpreting Social Media for Retailers | January 31, 2012 | 17
Retail Storefronts
Going Local
© 2012 Venuelabs™ | Interpreting Social Media for Retailers | January 31, 2012 | 18
Critical Value of Local
• Actual Customer Insights
• Actionable Intelligence
• Location specific
© 2012 Venuelabs™ | Interpreting Social Media for Retailers | January 31, 2012 | 19
Actual Customer Insights are much
better than SMM for Retailers
• 80% content
from customers
• 15% local staff
• 5% spam
© 2012 Venuelabs™ | Interpreting Social Media for Retailers | January 31, 2012 | 20
Actionable Intelligence gleamed from LBS
instead of exploratory insights from SMM
Topic Sentiment
Influence Engagement
They mess up here A LOT! If I wasn’t in a rush
nor a coffee addict I would go somewhere else!
Traditional Insights
Location Date /Time
Staff Working Managers
Local Context Unit Sales
Nearby Competitors
New Insights
© 2012 Venuelabs™ | Interpreting Social Media for Retailers | January 31, 2012 | 21
Advice: Start thinking of LBS Tactically
• What Measures in your stores do you want to
track (that can be integrated into LBS)?
• What Decisions would you make differently if
the one of the retails measures was surprisingly
high or low?
• What is the threshold of the measure? In other
words, at what point, if the value was exceeded
or dipped, would an alternative action take place?
© 2012 Venuelabs™ | Interpreting Social Media for Retailers | January 31, 2012 |
Marshall Sponder
Q&A Session