What should brands do with the data derived from social media monitoring and analytics?
Crimson Hexagon CTO Chris Bingham and agency executive Ben Rey sat down for a podcast interview with TBWA’s Juuso Myllyrinne on the “Not Even Beta” series to explain why brands today need the details of social insights to make informed decisions about consumer opinions around their companies. TBWA is a Crimson Hexagon global customer, and with their integrated use of social analytics, have been able to institute its successful implementation across the organization. Here’s a brief summary about some of the key topics highlighted in the podcast.
How can people utilize social analytics effectively? Who does it help?
Chris Bingham explained that social analytics users are able to tap into hundreds of billions of posts, from all different forms of content: everything from people discussing their opinions, desires, likes, dislikes, to political, socioeconomic and popular issues. All of these insights are inherently useful and relevant to a company building out the segments of people brands are trying to reach, and interpreting more about what people are discussing in that particular segment or section of conversation.
Crimson Hexagon’s strength lives in the platform’s indexed data library: having over 700 billion social media posts with 600 million more arriving every day, allows users access to a platform that makes it easier to understand key conversations and compartmentalize them into powerful insights.
Ben Rey explained how Crimson clients have used data for a wide variety of use cases: from interpreting conversations around alcohol and drug abuse to matching social conversations about flu behavior to the sales impact of flu medications and remedies.
What’s the ROI of a tweet? Proving the worth of social insights
Myllyrinne posed an interesting question: as brands create something that people like engaging with, that’s not strictly transactional in worth, how can brands measure the value of it? Bingham explained that most of the time, people are looking at social media pretty narrowly. Businesses need to focus on how they can measure what effect these social conversations are having in general, against larger, yet equally powerful conversations or data sets. By using social analytics to filter and compartmentalize their conversations into sections, brands can align important topics and concerns of potential customers with strategy.
If you are trying to broaden your base, to meet a different constituency of users, there’s a great deal of testing that needs to be conducted. Any advertiser or marketer will take their products to a focus group before bringing it to market. However, with social analytics, you can have results in seconds, analyzing top personas within a brand, reviewing and filtering conversation in different segments, flipping those criteria with changing or evolving personas on a dime. This flexibility is a unique and powerful market research strength when trying to build ideas or create products.
What are some of the key metrics that brands need to pay attention to when social data can provide so many numbers?
The social data and insights apply across the enterprise. It depends on the function of the users’ job and the use case of what the company is researching. There’s value in everything from corporate image and PR, to product development. The applications for data are endless.
“It’s increasingly becoming something bigger. [Companies] can’t afford to ignore this enormous reservoir of consumer opinion anymore.”
Here’s what should matter for brands interpreting social data: what are consumers saying about us? What are they saying about the market? Where are the opportunities, the other areas of conversation that can inform and impact creative strategy? Using these key pieces of information, businesses can strategize and plan effectively for their next campaign, key event, and targeted new market opportunity.
To learn more, listen to the full podcast recording below.