Guest post from Basir Syed, Product Marketing, IBM Business Analytics
Everyone requires a yardstick to measure success, but how is it done in the social world?
Marketing and advertising have changed in the last 20 to 30 years, but I have learned that the foundation remains the same. Today we use GPS to help guide us from one place to another. Before that it was paper maps, and even before that it was signboards or word of mouth.
The means to an end might have changed, but the objective remains the same. Likewise for any marketing strategy to be executed successfully, there exists a logical life cycle that should be followed – assess, segment, relate, discover.
You could argue why assess, when you have a social media platform providing some level of summary? Just jump in and we’ll figure it all out. As Warren Buffet once said, “Never test the depth of the river with both feet.”
However, when measuring social media, are we talking about securing the most “Likes,” “Followers,” “Shares,” and “Hits?” The answer is NO. We are talking about the factors that impact the business: share of voice, sentiment, reach, influencers, authors, affinity, association and cause.
I’m sure we all have seen it – mostly ignored it, but some inquisitive ones like me still click on it. Even though this “click here” button has reigned the digital space for almost twenty years, has anyone considered to assess what the end user thinks about this sign? What’s the sentiment reflected when this sign flashes?
Finding true value from the social space can only come by drilling deep into the social chatter to 1) separate what is important from the chafe, and 2) provide the insights and sentiment that companies need to asses, segment, relate and discover the social media universe.
For instance, which features of a smartphone are important to married women, and how strong is their opinion?
And, most importantly, organizations that integrate these social media insights into customer processes can pinpoint campaigns to specific segments, times, channels and offers; drive consumer advocacy;
improve loyalty and customer lifetime value; and, increase revenue.
The yardstick? Marketing quickly gains insight and confidence with critical statistical evidence that is readily available to make informed decisions.
Yeah…I think we’re ready.
For more information:
· Learn more about IBM’s social media analytics solutions
Download the whitepaper, “Social Media Analytics: Making Customer Insights Actionable
· Read the Hypatia Research report of top of social analytics vendors