SOCIAL MEDIA DATA ANALYSIS
The effectiveness of your social media efforts really depends on what objectives you had set at the start of your campaign. Set a social media-marketing goal. What are you trying to accomplish by monitoring your social media presence? Do you want to find conversations that could help drive traffic to your website? Increase your (or your company’s) thought leadership? Generate Sales, leads, buzz? Select one or two specific goals, to target your efforts and streamline your process to specifically reach those goals. Set up a Twitter account, LinkedIn Group, and Facebook Page for your company. Encourage employees to set up personal Twitter, LinkedIn, and perhaps Quora accounts. Make sure to include photo/logo, links back to your website, and content about you or your company.LinkedinPurpose is for networking, recruiting, content promoting when relevant, and generating thought leadership.
1. Use Social Data To Evaluate Marketing Spend
Social media insights can help you know whether your biggest advertising spends are creating major market buzz–and if they’re not, it might be time to pull the plug.
Ryan Eckel, vice president of brand marketing for Dick’s Sporting Goods(a newBrandAnalytics client), uses social media to measure the impact of the sports retailer’s TV ad campaigns, such as its wildly popular “Untouchable” spots. “We track volume and customer sentiment using a social intelligence platform that lets us see what’s trending in real-time. When key messages from our TV spots are picked up on social sites, blogs, and forums, I know we’ve hit on something that really resonates,” Eckel said.
From an ROI perspective, marketing messages that don’t inspire consumers to say something online could be a good reason to rethink your messaging strategy.
2. Use Social Data To Find The Perfect Site For New Locations
Investing in a new storefront is a major expense–and social media feedback can help ensure a new property is destined for success. Social data reveals that in major metropolitan areas, for example, patrons at urban restaurant locations complain more frequently about loud noise, while reviewers in the suburbs have more issues with lack of parking. If your business is looking for space to set up a new shop, then review social data from your existing locations to understand what your customers care about most, and use this to work with your real estate agent and operations team so they can choose a place that works for your customers.
3. Use Social Data To Prioritize Renovations And Upgrades
While your budget for property renovations or store improvements, social media can help determine which upgrades are really worth the spend. For example, would guest loyalty improve the most with improved food service or free WiFi connection? CMOS and operators can use social media intelligence to identify which items are the most frequently associated with guest loyalty and intent to return. Then, after implementing the upgrades, it’s easy to track a change in sentiment and the corresponding business benefit. The right insights can make it that simple.
4. Use Social Data To Test Out New Products And Pricing
Introducing a new product or service to the market can cost thousands (if not millions) of dollars, and the pressure to get it right is intense. Examine social media conversations to add another level of product insight, both in real time and over the long term, to gauge the reception and identify trends. While your POS data might tell you one thing, social customer feedback may share a very different story. Your guests may try anything once, but the real questions are: Will they choose it again, and will they be back for more?
Slicing and dicing online feedback is also an easy way to monitor the true product reception–take it a step further and use geofenced views to determine which customers are receptive to the price and value delivered by the product.
5. Use Social Data To Allocate Staff Resources
Estimating employee bandwidth is difficult for many organizations, but social media feedback can show where additional staff resources are most important. If a hotel’s online reviews show a negative trend around long wait times at the front desk, it could mean it is understaffed, or it could mean the existing attendants need better training to process check-ins more efficiently. Social data can help parse the feedback to deliver more accurate insight into the underlying issue.
Having the right resources to mine your social data can be another tough decision. Should you expand your marketing team to handle a sudden influx of social media commentary, or would implementing a tech solution make the volume manageable?
“We’d recently budgeted for a new full-time communications specialist to manage our guest reviews and monitor all online properties,” said Jennifer Motruk Loy, vice president of marketing for farmers Restaurant Group (another newBrandAnalytics client). “Even so, the high volume of feedback meant that it often took up to a week to collect, review, analyze and assemble our data for easy consumption by managers and executives.”
By automating part of this process through a social media monitoring platform that delivers insights daily, Motruk Loy and her group were able to refocus staff resources. Now they work to improve the guest experience instead of spending so much time on data collection and analysis, and management teams are able to immediately address operational issues. With more efficient systems in place, social platforms can deliver results beyond just brand awareness–they can help staff stay focused on what matters most for winning and keeping loyal guests.
Your 2014 marketing budgets may be in, but don’t call it a day just yet: A smart investment in social media delivers business intelligence all year long. By tapping into the feedback your customers share on social media platforms, you can access in real time the kind of market research that usually takes months to gather–all while getting direct, unbiased insight into the investments that will deliver the best results for both your business and your guests.
- Social Fan/follower data – how many people are in our various networks and how are they growing?
- Social interaction data – how are people interacting with, sharing and re-sharing our content on social networks?
- Social content performance – how is the content we’re producing on social sites performing?
- Traffic data – how many visits and visitors did social drive to our sites?
- Know your ROI of Social Media
- How many customers do you get on a monthly basis?
- What is your growth rate of sales and number of patrons? (% of mentions/overall number of Patrons)
- Average table size
- Are you able to put us as a user on your Google analytics?
HOW SOCIAL MEDIA IMPACTS SALES
*exclude natural growth rate
- During: Pictures, check-in, comment
- After: talking about food
- Before: Can’t wait to go
- Mentions of the brand: