How Retail Brands Can Harness the Power of Social Intelligence

19
HOW RETAIL BRANDS CAN HARNESS THE POWER OF SOCIAL INTELLIGENCE VIJAY RENGANATHAN SOCIAL SUCCESS EXPERT, SYNTHESIO

description

To gain a competitive edge Retailers must listen to - and analyze - what consumers are saying about them, their products, and their industry.

Transcript of How Retail Brands Can Harness the Power of Social Intelligence

  • 1. HOWRETAILBRANDSCANHARNESSTHEPOWEROFSOCIALINTELLIGENCE VIJAY RENGANATHAN SOCIAL SUCCESS EXPERT, SYNTHESIO
  • 2. JEFF BEZOS VS. THE LITERARY INDUSTRYA TALE OF REPUTATION MISMANAGEMENT SOURCE: THE BOSTON GLOBE
  • 3. SOCIAL DATA IS EVERYWHERE TWEETSPERDAYGLOBALLY, PLUS4.5B FACEBOOKLIKESAND55M NEWINSTAGRAM PHOTOS. OFCONSUMERSAREMORELIKELYTOBUYAPRODUCTFROMACOMPANYTHATTHEYCANCONTACTVIASOCIALMEDIA. OFCONSUMERSWHOACTIVELYUSESOCIALMEDIATOINTERACTWITHBUSINESSESFEELASTRONGERCONNECTIONTOTHOSEBUSINESSES. OFCONSUMERSSAYTHATTHEIRDECISIONTOBUYAPRODUCTWASINFLUENCEDBYSOMETHINGTHEYREADINABLOG. OFALLINTERNETUSERSARENOWACTIVEONSOCIALMEDIA. OFMARKETERSUSESOCIALMEDIAFORBUSINESS. 500M 50% 56% 31% 72% 93%
  • 4. SOCIAL DATA IS EVERYWHERE BUT ITS NOT ALWAYSA JOKE
  • 5. THE CONSUMER HAS CHANGED CONSUMERS: HAVEACCESSTOINFORMATION HAVEAVOICEUNLIKEANYBEFORE DEMANDAUTHENTICITYANDQUALITY EXPECTUSTOKNOWTHEM(THEIRPROFILE) KEEPWHOTHEYARE(ASAPERSON) PRIVATEANDSECURE AND THEYRE NOT AFRAID TO: ARESAVVYABOUTRESEARCH SPEAKLOUDLYANDPUBLICLY TELLUSWHENTHEYDON'TGETIT EXPECTPERSONALIZEDTREATMENT REMINDUSFREQUENTLY(ESPECIALLYWHENWEFAIL) SOCIAL MEDIA = LARGE, ORGANIC, UNBIASED FOCUS GROUP
  • 6. SOCIAL MEDIA IS CHANGING THE GAME FOR RETAIL CONSUMERSAREBECOMINGMOREDEMANDINGANDLESSWILLINGTOTOLERATEPOORSERVICE. THEYWANTASEAMLESSSHOPPINGEXPERIENCEANDTHEYWANTTOBEABLETOINTERACTWITHBRANDSONLINE. SOCIALMEDIAHASGIVENCONSUMERSAPUBLICPLATFORMTOSHARETHEIRVOICEWITHTHEWORLD, ANDALLTOOOFTENINANEGATIVETONE.
  • 7. UNDERSTAND THE RETAIL SOCIAL LANDSCAPE LISTENINGTOSOCIALMEDIAHELPSYOUHOMEINONWHEREYOURCOMMUNITIESARE: DOYOURCUSTOMERSANDPROSPECTSENGAGEONTWITTER, BLOGS, FORUMS, MAINSTREAMNEWSSITES, ORALLOFTHEABOVE? WHICHKEYWORDSDOTHEYUSEMOSTOFTEN? MAYBETHEYAREDISCUSSINGCOUPONS, MALLS, STORES, RETAIL ORSHOPPING.
  • 8. CASE STUDY ONEOFTHEWORLDSLEADINGLUXURYWATCHMANUFACTURERSUSEDTHESYNTHESIODASHBOARDTODISCOVERTHATTHEBULKOFCONVERSATIONSABOUTEXPENSIVEWATCHESWASTAKINGPLACENOTONFASHIONORLUXURYGOODSSITES, BUTONAUTOMOTIVEFORUMS PARTICULARLYTHOSERELATINGTOFORMULA1 RACING. THELUXURYWATCHBRANDUSEDTHISINSIGHTTOCONNECTWITHTHEIRCUSTOMERSBYSHARINGAPASSIONFORFASTCARSTHROUGHSPONSORINGFORMULA1 EVENTS. LUXURYWATCHMAKERFINDSOUTWHOSTALKINGABOUTEXPENSIVEWATCHES
  • 9. REACH YOUR CONSUMER BASE YOUR CONSUMER BASE FIND OUT WHO YOUR TARGET CONSUMER IS DISCOVERWHOISBUYINGYOURPRODUCTS. BUILDPROFILESFOREACHTARGETNICHE& STREAMLINEFUTURESALESEFFORTS. FISH WHERE THE FISH ARE USESOCIALINTELLIGENCETOFINDONLINECOMMUNITIESWHEREYOURTARGETCONSUMERSSPENDTIME. DONTFORGETGEOGRAPHICLOCATIONFOCUSMESSAGING& ENGAGEMENTACCOUNTINGFORREGIONALCONSIDERATIONSTHATMAYAFFECTRECEPTIONOFYOURMESSAGING. DISCOVER WHAT THEYRE SAYING ABOUT YOU WHICHTERMSAREBEINGUSEDINDISCUSSIONSABOUTYOURBRAND? CONSUMERSLIKELYUSECERTAINKEYWORDSINRELATIONTOYOURPRODUCT, BRAND, ORINDUSTRY(E.G., PRICINGORSERVICE). USETHESETOINFORMSALESSTRATEGIES. 1 2 3
  • 10. CASE STUDY SYNTHESIOWORKEDWITHALEADINGSKINCAREMANUFACTURERTOPROVIDEONGOINGMONITORINGOFMENTIONSRELATINGTOTHEIR NEWFOUNDATION. THROUGHSOCIALLISTENINGTHEYDISCOVEREDTHATCONSUMERSLOVEDTHEPRODUCTBUTSAIDITMADETHEIRFACESALITTLETOOSHINY. THEBRANDTOOKACTIONWITHANEARLYLAUNCHOFANEWPRODUCTINTHEPIPELINE-ANOIL-FREEVERSIONOFTHECREAM. SKINCAREMANUFACTURERUNCOVERSCRUCIALPRODUCTINSIGHT
  • 11. PROVIDE REAL-TIME CUSTOMER SERVICE RETAILSHOPPERSEXPECTEXCEPTIONALCUSTOMERSERVICEOFFLINEANDONLINE ANDIFTHEYDONTGETIT, THEYWILLTWEETABOUTIT. BYLISTENINGFORTHESECONVERSATIONSANDHELPINGINREAL-TIME, YOUCANTURNANEGATIVESITUATIONINTOAWINNINGCUSTOMEREXPERIENCE, ANDDEVELOPSTRONG, LIFELONGRELATIONSHIPSWITHYOURCONSUMERS. SOMEMAYEVENBECOMEADVOCATESFORYOURRETAILBRANDTHROUGHOUTTHESOCIALSPACEANDBEYOND.
  • 12. KOHLSISONEOFTHEMOSTPROACTIVERETAILBRANDSONSOCIALMEDIA, REACHINGOUTTOCUSTOMERSVIAFACEBOOK, TWITTERANDINCORPORATINGSOCIALMEDIAINTOPRODUCTREVIEWSANDSHOPPINGASSISTANCEONTHEKOHLSWEBSITEFOREASYSHARING. THEWALMARTTWITTERTEAMHASALSOSETAHIGHSTANDARDONSOCIALMEDIATHANKINGCONSUMERS, INQUIRINGABOUTCUSTOMERISSUESWITHCARE, ANDREQUESTINGFURTHERFEEDBACK. CASE STUDY RETAILGIANTSSETTHEBARFOREXCELLENCEONSOCIALMEDIA
  • 13. INFLUENCER MARKETING BYUSINGANINFLUENCERRANKINGSERVICE, YOUCANDRILLDOWNINTOYOURDATAANDDISCOVERTHEMOSTINFLUENTIALSOCIALMEDIAUSERSAROUNDYOURINDUSTRYORBRAND. 1 CONSUMERSTENDTOTRUSTTHEOPINIONSOFPEOPLETHEYKNOWOVERTRADITIONALBRANDMARKETINGANDADVERTISING, MAKINGWORDOFMOUTHONEOFTHEMOSTPOWERFULTECHNIQUESINTHEBUSINESS. 2 IDENTIFYINFLUENTIAL: BLOGGERS FACEBOOKUSERS TWITTERUSERS JOURNALISTS FORUMMEMBERS 3 ITSIMPORTANTTOUNDERSTANDWHICHCOMMUNITIESOFINTERESTAREDISCUSSINGYOURBRAND. COMMUNITIESANALYSISISANIMPORTANTMETHODOFUNDERSTANDINGIFYOURBRANDORPRODUCTSFEATURESAREBEINGDISCUSSEDBYTHERIGHTAUDIENCE. 4
  • 14. REAP THE REWARDS THEABILITYTOACCURATELYIDENTIFYTHEINFLUENCEOFABRANDMENTION, WEBSITE, ORINDIVIDUALCANPROVIDEAVARIETYOFBENEFITS, INCLUDING: FILTERINGTHROUGHTHOUSANDSOFMENTIONSTOFINDTHATNEEDLEINTHEHAYSTACK. IDENTIFYINGKEYCOMMUNITIESOFADVOCATES(ORDETRACTORS) INORDERTOMOREACCURATELYTARGETYOURADVERTISINGANDCOMMUNICATIONS. STREAMLININGCUSTOMERSERVICEEFFORTSBYPRIORITIZINGYOURRESOURCESANDRESPONSESTOULTIMATELYIMPROVEBRANDREPUTATION, CUSTOMERSATISFACTION, ANDSALES.
  • 15. TRACK YOUR BRANDS REPUTATION 3 QUICK TIPS FORONLINECRISISMONITORING DATA SPIKES LARGE CONVERSATIONS WITH MANY COMMENTS REAL-TIME ALERTS ON SENSITIVE TOPICS 1 2 3
  • 16. DONT FORGET: ENABLE YOUR STAFF
  • 17. HOW DO I MEASURE ROI? WHO: IDENTIFYANDMONITORINFLUENCERS-BOTHADVOCATESANDDETRACTORS WHAT: ARECERTAINIDEASGETTINGTRACTIONORSHAREOFVOICE? WHEN: DOSOCIALSPIKESCORRESPONDTOCAMPAIGNSORCRISES? WHERE: ARETHERESITES/PLATFORMSWHEREYOURAUDIENCELIKESTOCOMMENT? WHY: WHATMOTIVATESPEOPLETOEXPRESSOPINIONSONLINE?
  • 18. NO. 1 GLOBAL LISTENING VENDOR ENTERPRISELISTENINGPLATFORMS, 2014 Synthesio is a leader in this study due to its superior global data coverage, automated analysis built from human coding, and functional dashboard. Well-satisfied customer references score the vendor highly for its flexibility and the frequency with which it recommends new approaches.
  • 19. @SYNTHESIO SYNTHESIO.COM CONTACT US CLIENT STORIES OUR BLOG OUR RESEARCH