Social Media Analytics For Industry Analysis

Understanding Industry Trends

Many organizations use social media analytics to find unbranded conversations with the goal of understanding the external environment aside from their own brand performance. In this blog, we will dive deeper into how to use social media analytics in brand-agnostic conversations for trend discovery within different industries.
Used as a tool for market research, social media analytics allows organizations to listen to broad, general industry conversations instead of focusing on specific brands or products. Think of it this way: instead of researching “Bose’s QuietComfort 35 Wireless Headphones”, you would simply conduct a general research about “wireless headphones”.
Whether businesses are trying to grasp popular trends or sentiment towards a product in the market, this type of general research consists of a larger database relevant to their topic to help them understand the industry better and make informed decisions.
Imagine that you work for Nestle and you’re assigned to create a new campaign for their latest Nespresso that will be available to the market in a few months. Before you get started, in order to have a clearer idea on how to create a successful ad, you’ll have to do some market research to understand your audience, their buying behavior, as well as general research related to Nespresso’s main offering: coffee.
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We all love coffee, or we know someone who can’t live without coffee, but the reasons why people like drinking coffee vary depending on the individual. What are the main reasons why people drink coffee? Using social media analytics tools, you can dive into the conversation around “coffee” and have a general understanding on why coffee is an essential part of people’s’ lives, and ultimately, apply this understanding to inform Nestle’s marketing strategy.
Some of the questions that can be answered with unbranded analysis about coffee are:

  • What do people say when they talk about coffee?
  • How does the conversation around “coffee” compare to last year? What about 3 years ago?
  • Are there any demographics that are unique to this conversation?
  • Which side-along products that are mentioned?
  • Who are the key influencers in this unbranded conversation about coffee?

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From the data extracted from the social media conversation around “coffee”, we can see that a large portion of consumers are communal with their coffee, and enjoy their coffee with loved ones. Another major coffee discussion topic pertains to the flavor of coffee, or alternative caffeinated beverages, being consumed.

Brands like Nespresso can take information like this and make strategic decisions centered around how coffee brings together authentic and meaningful relationships. Nespresso could also create campaigns centered on new recipes and flavor compilations to better cater to this market.

Analyzing the unbranded conversation is a great way to step back and observe the bigger picture to better understand a trend in a particular industry. The nuance and the broad scope of conversations in unbranded analysis allow businesses to use social media analytics to further uncover new ideas for products as well as for creative campaigns, to find a potential product opportunity, and to support future business decisions.

If you want to learn more on how to use social media analytics to discover valuable insights, download our Fundamentals of Social Media Analytics Guide here.

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