How to Create a Proprietary Measure Using Social Media Data

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How to Create a Proprietary Measure Using Social Media Data

Annie Pettit VP Research Standards, Research Now Chief Research Officer, Conversition [email protected] Social media research by researchers, for researchers



•  A single number per brand

•  Compare one brand to other brands

•  Unique to your company

•  Gives clients a reason to keep coming back to you

What is a proprietary measure?

2


American Customer Satisfaction Index

3


Net Promoter Score

4


NPS Method

5


Social Media Mentions (Sample Sizes)

6

0

10000

20000

30000

40000

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

Dollarama Future Shop JCPenney Meijer Macy's


Social Media Sentiment (Box Scores)

7

25%

45%

65%

85%

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

Dollarama Future Shop JCPenney Meijer Macy's


8

Key Characteristics

Walmart

Future Shop McDonalds

Sephora

8


Need a better way to compare how ______ are delivering on _____.

Retailers/Experience

Not pricing, not selection….

Start With A Theory

9


Choose the Variables

10

Characteris>cs Future Shop Macy's McDonalds Meijer Sephora Walmart

Employees 420 1623 2498 601 740 5738 Ordering 1108 549 4040 140 1784 860 WaiNng 214 517 1066 215 360 1045 Checkout Line 171 893 649 273 187 1961 Crowding 28 198 183 95 50 623 Hours 57 943 1562 457 170 1688 Delivery 38 91 638 18 63 115 Parking 66 700 782 703 6 3401 FiSng Room 0 93 1 0 0 22 Pre-‐Orders 694 21 3 4 12 262 Drive Thru 3 5 3459 29 0 78 Shopping Cart 3 6 2 84 57 342 Express Checkout 0 0 1 4 1 74 Self Checkout 0 2 3 64 6 206


•  Variables must have sufficient data •   Can’t build a model based on one person

•  Variables must be relevant to all retailers •   Grocery stores don’t have change rooms •   Clothing stores don’t have to worry about employees washing their hands

•  Variables must… vary! •   If a category is too Nght, it is possible for all the brands to have the same score

•   E.g., all 24 hour shops have great hours

Outline the Model

11


•  Statistical theory •   Regression analysis, factor analysis, etc, suggest 6 specific variables and their weights

•  Brain theory •   Your category experience indicates 7 specific variables and their weights

Apply Theory to the Model

12


Retailer Experience = 6.7 * employees + 3.9 * ordering + 2.6 * parking +

1.9 * lines + 1.8 * store hours

Theoretical Model

13


Raw Scores

14

0

4000

8000

12000

16000

Seph

ora

Nordstrom

Ba

rnes & Nob

le

Bloo

mingdales

Marks & Spe

ncer

Office Dep

ot

American Eagle Ouc

ider

Lowes

Dillards

Hertz

Canadian Tire

BM

O

Abercrom

bie

Toys R Us

Shop

pers Drug Mart

Meijer

Home De

pot

AVER

AGE

Urban Ouc

iders

Hollister

JCPe

nney

Sears

IKEA

Macy's

Future Sho

p Km

art

HSBC

Supe

rvalu

OfficeMax

Walgreens

BAC

CVS

Target

Safeway

7eleven

TDCT

Walmart

McD

onalds


Validate the Results

15

•   Does my gut say these are indeed the worst retailer experiences?

•   Target •   Safeway •   7eleven •   TDCT •   Walmart •   McDonalds

•   Does my gut say these are indeed the best retailer experiences?

•   Sephora •   Nordstrom •   Barnes & Noble •   Bloomingdales •   Marks & Spencer •   Office Depot


Rinse and Repeat

16

1. Choose variables

2. Choose coefficients

3. Apply the model

4. Validate the results

5. Con>nue

0. Start


0 to 100 Scale

17

0

25

50

75

100

BEST

Seph

ora

Nordstrom

Ba

rnes & Nob

le

Bloo

mingdales

Marks & Spe

ncer

Office Dep

ot

American Eagle Ouc

ider

Lowes

Dillards

Hertz

Canadian Tire

BM

O

Abercrom

bie

Toys R Us

Shop

pers Drug Mart

Meijer

Home De

pot

AVER

AGE

Urban Ouc

iders

Hollister

JCPe

nney

Sears

IKEA

Macy's

Future Sho

p Km

art

HSBC

Supe

rvalu

OfficeMax

Walgreens

BAC

CVS

Target

Safeway

7eleven

TDCT

Walmart

McD

onalds

WORST


0 to 10 Scale

18

0

2

4

6

8

10

BEST

Seph

ora

Nordstrom

Ba

rnes & Nob

le

Bloo

mingdales

Marks & Spe

ncer

Office Dep

ot

American Eagle Ouc

ider

Lowes

Dillards

Hertz

Canadian Tire

BM

O

Abercrom

bie

Toys R Us

Shop

pers Drug Mart

Meijer

Home De

pot

AVER

AGE

Urban Ouc

iders

Hollister

JCPe

nney

Sears

IKEA

Macy's

Future Sho

p Km

art

HSBC

Supe

rvalu

OfficeMax

Walgreens

BAC

CVS

Target

Safeway

7eleven

TDCT

Walmart

McD

onalds

WORST


-100 to +100 Scale

19

-‐100

-‐50

0

50

100

BEST

Seph

ora

Nordstrom

Ba

rnes & Nob

le

Bloo

mingdales

Marks & Spe

ncer

Office Dep

ot

American Eagle Ouc

ider

Lowes

Dillards

Hertz

Canadian Tire

BM

O

Abercrom

bie

Toys R Us

Shop

pers Drug Mart

Meijer

Home De

pot

AVER

AGE

Urban Ouc

iders

Hollister

JCPe

nney

Sears

IKEA

Macy's

Future Sho

p Km

art

HSBC

Supe

rvalu

OfficeMax

Walgreens

BAC

CVS

Target

Safeway

7eleven

TDCT

Walmart

McD

onalds

WORST


•  Evaluate the monthly/quarterly trend

•  Evaluate more retailers, different industries, different specialties, different regions, different target markets

•  Market and sell

Re-Test Reliability

20


• Go beyond traditional social media data

• Be innovative

Conclusions

21


Thank you

22

Questions?

annie@conversi>on.com hello@conversi>on.com

Technology

How to Create a Proprietary Measure Using Social Media Data