Taking you through two examples of how Social Media Analytics Drives Business Success

I have previously told you how social media has transformed the banking and entertainment industries.

Now, here are two Forbes reports proving my point that banks and the entertainment industry must explore social media analytics to tap greater business intelligence.

Report 1:

According to this report, the amount of stored digital data will be 48% more than the previous year. As such, banks, financial institutions and insurance companies are leaving no stones unturned to literally cash in on social media analytics in order to make sense of their mammoth Big Data.

The author, Mindy Powers, says that banks are monitoring and mining data from all kinds of digital content – from videos and news to social media data – and using analytics tools to gather insightful information about competitor strategies, market trends and most importantly understand customer behavior and traits to build detailed customer profiles. 

Using advanced social media analytics tools for creating a detailed customer profile is now an essential and inevitable part of every brand’s digital marketing blueprint. And banks cannot afford to be different.

Collecting granular details about individual customers and collating them to predict customer behavior in the future, identifying and preventing fraud and understanding customer sentiments are some of the many benefits of social medi analytics for banks. 

As Powers says, the time is just ripe (for banks around the world) for capitalizing the power of Big Data. 

Report 2:

Did you know that a music streaming service in the US is actually using social media analytics to “increase their competitiveness in a fast growing market”? 

Well, the company is Slacker and it uses analytic tools to publish what it calls their “engagement quotient” score – a weekly list of top songs (across genres) based on user-data gathered as they use and perform various tasks (number of times a track is started, a song is listened to from start to finish, a song is shared on social, song skips, channel changes or channel bans .etc) while using Slacker’s online service.

This to me is a case in point of how social media and social media analytics are going to revolutionize the entertainment industry  business in the future. 

If you think that social media analytics is the way forward for banks and entertainment industry, and want to know how we at Shout Analytics can help your business harness the power of Big Data, then write to us at info@shoutanalytics.com

Are You Happy With Your Social Media Monitoring Tool?

Why do businesses need to measure their social media efforts?

Well, if you look at it from a simple business perspective, then, you measure your social media efforts because you want to know for sure if the thousands of dollars that you spend on your social media marketing are yielding the desired, profitable yields or not. You have strategies and goals for social marketing, and the only way to find out whether those strategies have been successful and whether the goals have been met, is by measuring and analyzing your social media efforts.

And yet, you are not fully satisfied with their social media measurements, are you? You feel that somewhere, something is missing and you are not getting a complete picture. Well, you are likely to face this problem if you are stuck with a social media monitoring tool that does only a few of the several key functions of social monitoring or analytics.

In fact, what businesses actually need is a single comprehensive social media monitoring and analytics tool that monitors, measures, analyzes and provides critical business intelligence through actionable insights. Shout Analytics is one such sophisticated social media monitoring and analytics tool that offers businesses the best of both monitoring and analytics, including Sentiment Analysis, Predictive Analytics, Competitor Analysis and Intent Analysis.

                              

Shout Analytics allows businesses to measure the following critical metrics of social media marketing success:

1.Rate of Engagement:

Shout Analytics helps you find out how well your audience is appreciating and participating in your social engagement efforts. Apart from measuring ‘likes’ and ‘shares’, you will also be able to see the conversion

rate of prospects into customers.

      2.Share of Voice:

Find out the extent of social mentions and social conversations your brand generates as compared to your competition and explore the reasons behind it.

      3.Lead Generation:

Know precisely how much of traffic is referred to your website via social media. Also, learn how effective or ineffective your social pages have been in generating leads for your business.

      4.Sentiment Analysis:

Monitor and analyze correctly the sentiment surrounding your brand and products. Get insights pinpointing the reasons for positive, negative and neutral sentiments.

      5.Predictive Analytics:

Take control of future events likely to happen in your industry. Learn how present behaviours could lead to future trends and get your brand readied for challenges of the future.

This is not all. To learn everything about how Shout Analytics can help you in your social media monitoring and measuring efforts, write to us at info@shoutanalytics.com

In spite of Starting Troubles Chennai Express Is Speeding Away To Glory on the Social Media: Sentiment Analysis of the Latest SRK-Deepika Film

When Rohit Shetty’s latest directorial venture, Chennai Express’ trailers made its first presence felt on our television screens last month, it was greeted with more flak than praise.  People, especially South Indians, took offense to the female lead, Deepika Padukone’s fake Tamil accent. The film’s styling – women dancing in lungi, men with ash smeared forehead and the general stereotyping of South Indians was hugely criticized on the social media channels.

The Hindu, Kollywood Today and Telugu Times carried reports on how the first look of the film didn’t go well with most film buffs down south. Emirates247 under the headline, Bollywood Cliches: Shah Rukh draws public fury for Chennai Express, explained in detail how the film (the first trailers) is being bombarded with heavy negative reactions on the social channels, especially Twitter.

This prompted us to dig deep and analyze the social conversations surrounding Chennai Express, especially looking at the sentiment it generated in the social. Using our Social Media Analysis software, Shout Analytics we conducted an Automated Sentiment Analysis of Chennai Express.

What was done?

We studied Chennai Express for  the social conversations it generated, number of social mentions it received, its overall social activity volume and the social sentiment that it generated, its performance on Facebook, Twitter and YouTube as well as the topics that it started trending.

Sentiment analysis and opinion mining is the field of study that analyzes people's opinions, sentiments, evaluations, attitudes, and emotions from the written language though Natural Language Processing.

Here are our findings –

Current Activity:

Chennai Express got people talking the most on Twitter with the number touching over 2000 on 23 July, 2013. Similarly, the Share Of Voice was also highest on Twitter (73.07%) followed by YouTube (23.84%), Blogger (1.93%) and Facebook (1.16%).

In terms of Sentiment, there were a lot of neutral sentiments (49.02%). Positive sentiments accounted for 43.51% and negative sentiment comprised of 7.47%

Social Mentions:

There were 566055 likes, 37553 shares and 427 comments (need a little clarification here) on Facebook. On Twitter, Shah Rukh Khan himself was the lead influencer with a Klout score of 88, closely followed by India Today and Sunidhi Chauhan.

With an average video rating of 4.85 and 8898435 views, YouTube was the most sought after social channel. The official theatrical trailer starring SRK and Deepika Padukone had 41,57,921 views.

Facebook:

Analyzing sentiment that it generated on Facebook, Twitter and YouTube, we found that on Facebook, Chennai Express received 4.68% of positive sentiment while the negative sentiment was only 8.06%. The word ‘SRK’ generated the most positive buzz while the word ‘Flop’ generated the most negative buzz. 

Twitter:

The scenario was no different on Twitter with 54.89% of neutral sentiments, 39.49% of positive sentiments and only 5.62% of the Twitter conversations generating negative sentiments. Is it interesting to note that while both Shah Rukh Kahn (@iamsrk) and Deepika Padukone (@deepikapadukone) were targets of the highest positive and neutral sentiments, negative sentiments were more towards SRK than Deepika. 

                                      

What was more interesting was that words from the film’s dialogues like ‘Dictionary’, ‘Mein’ and ‘Nahi’ were some of the top five words that created the most buzz for Chennai Express.

The top three hastags were #ChennaiExpress, #CEVideobook and #K2K (Kashmir Mein Tu Kanyakumari) track. However, the tweet reach plunged from 2449 on July 23 to 105 on July 29.

YouTube:

YouTube is undoubtedly the preferred social media platform to watch promotional video clips including songs and dialogues from the movie. Our analysis found that there was more positive sentiment (55.05%) as  opposed to neutral (36.35%) or negative sentiment (8.6%) on YouTube. The top three videos that recorded the highest views were the official trailer of the film, the song, 1,2,3,4, Get On The Dance Floor and video of Deepika Padukone’s last day  on the sets of the film.

Conclusion:

Chennai Express might have started off on the wrong note, but it has been successful in creating a hugely positive buzz around it. One of the primary reasons for this we believe is that the film has Shah Rukh Khan as its lead actor. Chennai Express is cashing in on the immense popularity of Shah Rukh. Plus, we have been seeing the lead pair, Shah Rukh and Deepika aggressively promoting their films as a run up to its 9^th August,  Eid release. This too has helped the film nullify the negative sentiments that it faced earlier into extremely favorable and positive sentiments