Facebook! Twitter! Pinterest!
If you’re a social-minded retailer, chances are you’re very familiar with these online communities. With 955 million users on Facebook, 140 million users on Twitter and 20 million (and growing) avid pinners on Pinterest, retailers cannot afford to neglect these powerful channels. However, most retailers are only using social media as a platform for broadcasting their promotions and product announcements and ignoring another important use: listening. Putting your ear to the social media ground can reveal extraordinary insights unavailable through other customer engagement tactics or sales data analyses.
Why is social media monitoring so uniquely valuable? Social media is where people go to spontaneously reveal their emotions and desires—many times about products. These proclamations are completely unsolicited (think about how many times people tweet about what they want for lunch) —unlike the info gleaned from customer surveys or focus groups—and will be the most natural and telling of your customers wants and needs.
Social media can also bring another angle of insights to just your sales data reports. To better explain this point, I’d like to quickly recap a story told by Lisa Joy Rosner, CMO of NetBase, during SAPPHIRE NOW. One of NetBase’s customers, a Greek yogurt company, wished to know which flavor of yogurt was the most popular amongst shoppers. Through analyzing sales data, the result was unshockingly…. vanilla. But through combing social media data with NetBase’s solution, the result was surely a surprise. People loved PINEAPPLE! So why the disparity? Turns out, pineapple was a limited flavor available only in small channels and specialty stores. Therefore, when people went to the usual grocery store, they could not find pineapple flavored yogurt and went for plain ol’ vanilla (and maybe added some pineapple to it). For the full story, check out the SAPPHIRE NOW video here.
Alright, so social media monitoring is important. But all social media listening tools are not created equal. Retailers need a tool that is consumer-minded, which is exactly what NetBase is. In fact, it was built in collaboration with 5 of the top 10 CPG companies. NetBase has social media filters for likes and dislikes, emotions, brands, people (product influencers), etc to fully capture the most relevant conversations for retail products. For more information about NetBase, feel free to check out this useful whitepaper.
If you live in the Seattle area, and looking for an incredible chance to learn about driving ROMI for Social Media, I would like to cordially invite you to a a complimentary executive dinner with SAP Retail, Lisa Joy Rosner (CMO of NetBase), and Dr. Natalie Petouhoff, social media ROI strategist. Please find the event info below. I hope to see you there!
Stephen / @retailbird