Social Media for Competitive and Market Intelligence
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1 Social Media for Competitive and Market Intelligence Stockholm Susanna Tirkkonen Head of social media
2 Agenda 1. Five main challenges 2. WHY Social Media? 3. Channels 4. How to make Social Media part of the CMI process 5. Cases 6. Tools and metrics 7. Wrap up 11/18/2015 Copyright M-Brain
3 3
4 Intro: 5 Challenges
5 Five Main Challenges 1. Data overload 2. Closed-loop 3. Stuck-in-the-past 4. Data-in-silos 5. Too much information, not enough knowledge 11/18/2015 Copyright M-Brain
6 CHALLENGE 1: Data overload A gap between raw data and analyzed information: Every year stored data grows by 28 %, and data analysis only by 5,7 %. Source: Blueocean Data Analyst Shortage /18/2015 Copyright M-Brain
7 8% external Competitors, Customers, Market developments, Growth opportunities, Potential risks Challenge 2: Closed loop Only 8 % of decisions are based on relevant external data, because it is not available in the company! Source: Blueocean 92% internal Financial reporting, Sales reporting Employee satisfaction, R&D progress reports 11/18/2015 Copyright M-Brain
8 Challenge 3: Stuck in the past 58% historical information Internal reports tell you what has worked and what has not worked but they do not tell you what you should do right now, least of all what you should do tomorrow. Source: Guts & Gigabytes Report. PWC /18/2015 Copyright M-Brain
9 Challenge 4: Information in silos Information, experience, knowledge, everything in a modern company tends to be in silos hard to access, hard to even know what already exists. 11/18/2015 Copyright M-Brain
10 Challenge 5: Too much information, not enough knowledge 58% of organizations struggle to make sense of all the information they have. Source: Global Market Intelligence Survey /18/2015 Copyright M-Brain
11 WHY Social Media?
12 Why should CMI practitioners monitor Social Media? In an environment increasingly dependent on aggregated intelligence, social media monitoring presents a significant opportunity which has yet to be fully capitalized on. 1. Potential: Social Media is an additional tool for Market Intelligence professionals 2. Efficacy: It s not too early in the development of technology to adopt effective Social Media monitoring tools 3. Critical mass: The number of informed contributors and opinion leaders, who use Social Media is at a reasonable volume to justify monitoring 13
13 What advantages does Social Media provide? The advantages are distinctly different for B2B and B2C companies. However, advantages can be categorized in two ways for both: Timeliness - Provide decision makers with the most up-to-date CMI available Thoroughness - Provide decision makers with the most comprehensive CMI possible Cost efficiency Social media provides insights cheaper than traditional CMI methods What areas of your business can these be applied to: Brand self monitoring Understand customer needs Competitor monitoring Industry dynamics Observe future trends 13 hour lead time and 52 unique tweets on the topic before picked up by traditional sources. Additionally, identifying a stream of conversation not covered in traditional sources 14
14 Channels
15 Earned ws Owned media Reach EARNED OWNED BOUGHT Control 16
16 17
17 BtoC vs BtoB? B2C vs. B2B 18
18 Top channels WHERE BRANDS ARE SOCIAL 91% 85% 73% 41% 33% 32% 29% 26% By Jason Bowden, Published September 7, 2014 Read more at 19
19 Around 700 million users (even up to 1 billion registered, passive users) Who should use it: Everyone from small to the largest multinational corporations How to get started: First learn some Twitter jargon and conventions hashtags #, retweets, direct messages. Make the profile as personal as possible What to share: Start, join and lead conversations; interact daily with companies and customers Post frequency: Multiple times per day Best practice: Porsche (BtoC and BtoB), Starbuck s (BtoC), NASA (Governance) and GE (BtoB) 20
20 Case: Twitter
21 How to make social media part of the CMI process?
22 Difference old vs. new market research Classic Information Future Information Distance Proximity Objective Subjective Representative Relevant Need to link old and new to create decisive business analytics and information based business optimization 23
23 In what ways is Social Media monitoring used by companies? A mixture of qualitative and quantitative insights provided by knowledgeable analysts is essential in translating Social Media monitoring into actionable insights How SoMe is used Ongoing monitoring of corporate presence and competitive landscape Monitoring for defined period of time Catastrophe, incident or unplanned issue monitoring/ management Resulting insights As good risk management practice, companies are provided with ongoing reporting about social media activity that may be of consequence to them. Reports include insights into issues, topics and themes revolving around customer comments, competitor activities or other discussions of interest. Companies may require insight into the reaction or narrative in the public discourse when their organisation or project is in the spotlight (e.g. new product launch or industry event) Assists organisations in better understanding public sentiment relating to their organisation during incidents or unplanned circumstances. Source: KPMG SR 7, Social Media Intelligence and Reporting,
24 Maturity of Social Media monitoring for CMI Incorporating SoMe into an MI program takes time. Many companies follow a similar path as the value created by their SoMe MI program increases Maturity Monitor Listen Learn Act Purpose Analyse what people are saying related to a product or topic Listen to specifics and relate sentiment to underlying issues related to the company or product Awareness of weaksignals, watching volumes and trends Strategically assess the value of insights and devise actions Questions What is the level of satisfaction with the product/ topic? What are specific points of (dis)satisfaction? What are the opportunities/ threats to my brand from this? What does the market need more of? How does that relate to my company? What content is being shared about the topic? What are experts saying? When is information actionable? Where is the lowest hanging fruit? How can communication be grouped in concepts? How are competitors responding? Methods and Tools Start with simple keywords and sentiment monitoring Seek more nuanced insights, using multiple tools and deeper analysis Predict future scenarios and potential solutions, including customer response Build effective communication channels that allow for actions and feedback Source: PwC, Social listening: How market sensing trumps market research 25
25 What steps are needed to develop a SoMe intelligence process Actionable insights Feedback Needs Analysis Curate important information and deliver insights Communicate Map sources of information Map important people and conversations The intelligence process for social media market intelligence, resembles that of traditional market intelligence, but needs to be augmented to account for some differences. Synthesize and analyze Structure data using analytic methods and mine data for insights. Gather data Track through network mapping and rate influence 11/18/2015 Source: McKinsey Quarterly, How Social Intelligence can guide decisions 26
26 Novice to Top Notch: How Social Media is changing Market Intelligence Social Media has provided us a new tool kit of adapted traditional analytical methods to analyse information streams and tap expertise Objective Traditional method Social-Intelligence method Industry dynamics Porter s five forces Value chain analysis Competitive landscape War games Benchmarking SWOT Future trends PESTLE Scenario planning Competitor trend exposure Customer insights Focus group Surveys Industry players engagement tracking Response to market changes Real-time CI Brand mentions Weak-signals analysis Crowd sourcing intelligence Sentiment analysis Influencer analysis 11/18/2015 Source: McKinney Quarterly, How Social Intelligence can guide decisions 27
27 Cases
28 European Hummus Research Sample Most online interest around hummus in these regions related to how to and recipes indicating, growing interest from new adopters Facts on presence of hummus per region Sweden Major hummus players in Sweden include Yohay and Maxo s Local editorial media links the success of hummus in the region to the large Lebanese community France Major hummus players in France include Monoprix (store self brand) Hummus is often grouped with cheese at food retailers in France Germany In 2014, only one in ten respondents to a survey indicated that they had ate hummus in the last year Major hummus players in Germany include Edeka and Rewe Where is online hummus interest concentrated? Sweden France Germany 1. Dalby 1. Toulouse 1. Freiburg 2. Uppsala 2. Paris 2. Berlin 3. Stockholm 3. Lyon 3. Munich Online Interest in Hummus* Sweden France Germany *Research according to regional online google search histories. hummus & humus 11/18/
29 Social Media Monitoring - Competitor Indexing In the month of Oct. 8th to Nov. 7th, mentions with the most traction related to event sponsorship, climate change, gender equality in the workplace, public discussions on the economy, as well as the publication of white-papers Mention Volume 50 0 e p g Sentiment Share-of-Voice Positive Negative Neutral Mixed Week 42 Week 43 Week 44 Week 45 E P G D A 11/18/
30 Tools and metrics
31 The Future 58% of organizations struggle to make sense of all the information they have Source: Global Market Intelligence Survey
32 M-Adaptive AS A SOFTWARE If you need access to our information sources and want to do the work yourself, use our online monitoring & engagement tool M-Adaptive. MODULE BASED SOLUTION Monitor Analyze React Engage
33 What metrics are available and how can MI professionals use them effectively Metrics B2B Priority B2C Priority Description Reach The potential viewing audience of a message Mentions The number of times a specific term is mentioned Sentiment Aims to determine the attitude of a message. Engagement Showcase s audience interaction with your content Share of Voice Groups of mentions measured and juxtaposed Region geographic origin of a message or group of messages Demographics Age, gender, salary, and others Multi-Language Auto translating messages for sentiment and meaning 34
34 Wrap up
35 START by LISTENING and ASKING Copyright M-Brain
36 Conclusions Is adopting Social Media worth worth the investment of time and money? Requirements for successful Social Media utilisation: Insights Have an achievable desired aim and outcome Use appropriate tools aimed for social media Have trained analysts able to translate data into insights and add context and action points Have an organisation culture willing to adopt SoMe for CMI Use SoMe to complement traditional CMI methods 37
37 Thank You! Kuvat: IM Creator Copyright M-Brain
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