It is obvious that social media is becoming increasingly important for marketers. A recent Booz & Co. and Buddy Media survey of managers from Fortune 100 companies found that 28% of respondents predicted that social media will be more than 20% of digital marketing spend within three years, 27% predict it will be between 10%-20%, and 32% predict it will be between 5%-10% in three years. By comparison, in 2011 67% of respondents said that social media made up less than 5% of total digital spend.
When asked what they were going to do with the increased spending, respondents answered as expected: creating more content, hiring employees, integrating social media with the overall marketing plan, etc. However, what I found particularly interesting is that 56% planned to use social media to generate consumer insight and 35% are doing so already. Given this, it is important to understand what types of analyses companies can pursue to collect insights from social media.
As a partial answer, I recently came across a sentiment analysis done by Jeffrey Breen, an airline consultant, of the airline industry using twitter data. Mr. Breen used the statistical package R to extract the 1500 most recent tweets mentioning each major airline, and estimated sentiment by counting the number of positive and negative words in each tweet. He then scored each airline based on the number of positive and negative words associated with them and ranked them against one another. His results were surprisingly similar to the monthly rankings produced by the American Customer Satisfaction Index. This is just one example of analysis that can be done to obtain insights from social media and I am curious to learn about others.
http://www.emarketer.com/Article.aspx?R=1008648
http://jeffreybreen.wordpress.com/2011/07/04/twitter-text-mining-r-slides/
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