Social Media Analytics: The Next ‘Poster Boy’ of TV and Entertainment Industry

As a social media enthusiast, I am impressed by the number of TV shows that have active social pages on Facebook, Twitter, and YouTube etc.

Yet, I believe that the entrainment industry still has a lot to learn from social, especially from social media analytics. That said, I can’t deny that I pleasantly surprised by RTL Nederland’s successful use of social analytics.

This Dutch multimedia and entertainment company has successfully and very, very effectively used Predictive and Sentiment Analytics for market research, program formatting and ideation, improving the quality of current shows and most of all, incorporating audience feedback into their shows and give them customized content.

For their two popular shows, So You Think You Can Dance (SYTYCD, Dutch version), a dance reality show and X Factor, a singing reality show, RTL collaborated with InSites Consulting^*, a market research agency to monitor and measure the two shows’ audiences’ comments on the social media.

Here’s what RTL Nederland achieved from social media analytics –

      a)    Improve decision making and market understanding:

Found out which topics (relating to the two shows) created the most buzz.

      b)    Analyze positive, negative or neutral sentiments:

Sentiment Analysis measured the viewers’ thoughts after the show and found that there always was an increase in the positive buzz – a clear indication that the show was hit.

      c)  Measure audience attitudes and quickly adapt the show accordingly:

When it was found that a certain contestant on SYTYCD generated no vibe at all, the show’s programmers went on to give the said contestant a complete style makeover. This new development instantly became the ‘talk of the social’ and generated much positive sentiments.

   

       d)   Understand customer needs and preferences:

 Learning that the songs and themes in X- Factor were much talked about, the show’s programmers increased their audience involvement during the finals week. They let their audiences to pick the songs that the finalists would sing in the finals.

So you see, social media analytics empowers broadcasting and entertainment businesses to effectively tap into their audiences’ psyche, and with razor sharp precision ascertain what they expect from new shows and how they want their existing favourite shows to progress.

 

As Emilie van dan Berge, RTL Nederland’s Senior Research and Intelligence Project Leader puts it, by listening to our viewers, we give the power to contribute to the creative process – helping us produce better, more compelling television for our audiences.

If you are a TV production house aiming to explore and exploit the power of social media analytics, then write to us at info@shoutanalytics.com.

Effective Customer Analysis Using Social Media Analysis Tools

We, as heads of businesses, acknowledge the fact that our consumers or customers are the real drivers of our success. A high rate of customer satisfaction is vital for the success of our brands/ products and services. And with increased use of the social media, consumers today have an online presence more than ever before and they use the social channels to make purchases, get feedback on a product, review services etc. In other words, a customer’s purchase decision – something that’s so important for our businesses – is now radically influenced by the social media.

In fact, an article by Karthik Sharma in CIO.in, summarizing a Gartner report, points out that social media is “the most compelling example of how consumerism drives enterprise IT practices.” Of course we realize this, don’t we? That’s why we specially invest in innovative social media strategies and devise social media campaigns. But, while there is no denying that social engagement will take us one step closer to our customers, we still lack in important information relating to the customer’s emotional, social and demographic state, the knowledge of which is so critical to making business decisions in the future.

I believe that organizations can do better business when they productively harness the social data surrounding their brands and products or services. Investing considerable time and effort to analyze and uncover insightful revelations about customers – both existing and potential – can prove extremely useful for your business success. The insightful data gathered from customer analysis can be used to propel superior product development plans, customer relationship management and marketing strategies.

Serving organizations in this end are efficient and highly competitive social media analytics tools which facilitate effective customer analysis using which marketing and customer relationship department heads can:

·         Understand trends in their customers’ purchase habits.

·         Know their customers’ sentiments and attitudes.

·         Identify their brand advocates and key influencers.

·         Monitor and measure their brand reputation and share of voice.

The above insights will assist organizations to:

·         Develop and design specific products that will meet customer requirements.

·         Design accurately targeted marketing campaigns.

·          Foresee negative reaction to products or promotional campaigns

·    Identify causes of customer dissatisfaction and chart strategies for resolving these issues.

Shout Analytics is one such high-end Social Media Analytics platform that enables organizations to perform an effective, efficient and insightful customer analysis for leveraging their business.

To know more about Shout Analytics, contact us at info@shoutanalytics.com

Why Financial Institutions Need Business Intelligence and Analytics Tools?

Financial Institutions especially banks, stock exchange houses and wealth management enterprises or institutions broadly referred to as Banking, Financial Services and Insurance (BFSI) industries are slowly turning to social media analytics as the size of their unstructured social data grows by leaps and bounds every day.

Shout Analytics, a sophisticated big-data competent Social Media Analytics product is a viable solution for BFSI enterprises looking for a cutting edge Social Media Analytics.

Thanks to the ever increasing use and growing popularity of social media channels; that facilitate seamless sharing of information, today’s business enterprises have to deal with large streams of unstructured data. For BFSIs, this unstructured data involves both static and real-time data generated both within and outside the enterprise and primarily consists of data pouring in from the following:

• Trading rooms,
•  Call center logs,
•  Sales, research and marketing reports,
• Market pricing,
• Newscasts,
• Internet
•  Ubiquitous Social media platforms.

Now, analyzing and interpreting the above mentioned data streams are crucial to the BFSIs if they want to gain actionable insights from this rich-in-information data repository. As such, the need of the hour for BFSIs is an analytics solution that guarantees in-depth, accurate and optimal analysis of large unstructured data including social data.

Challenges for BFSIs

Advancement in technology has led to an increase in the people’s use of financial services as well as simplified the process of making financial transactions. In the wake of such advancements, I believe there are certain challenges still plaguing the BFSI enterprises. These include –

•  Detect fraud
•  Predict stock sentiment
•   Overhaul customer service
•   Customize product innovation

Can Social Media Analytics tools help BFSI enterprises to overcome these challenges?

The answer is yes. Business Intelligence and Analytics tools like Shout Analytics are equipped with advanced capabilities like text analysis, predictive analysis, and sentiment analysis among others that allows BFSI institutions to address the above mentioned challenges effectively.  Here is how social media analytics tools will help BFSIs –

• Easily detect improper or immoral practices in transactions, and find common trends in fraudulent activities using Predictive Analysis.
• Stock prices are bound to fluctuate depending on the vibe generated in the media. Breaking news  stories can adversely affect stock market performance. Using sentiment analysis BFSIs can detect the brewing consumer sentiments on the aftermath of such impactful news stories and also predict, using predict analysis the possible outcomes.
• Measure, monitor and manage their social reputation and to improve their customer engagement initiatives.
• Financial organizations can track the consumers’ online conversation and can find out their actual needs and requirements. Based on this insightful knowledge channel, innovation of new products and services which are completely in-line with the consumers’ needs and requirements can be made.

This is just a sneak peek into what business intelligence and analytics tools do to BFSIs. To know more, contact info@shoutanalytics.com and see how your organization can benefit from advanced social media analytics.

How Social Media Analytics Tools Help Businesses?

In the previous blog post, I told you how and why excessive social data is a problem. And I also stressed that Social Media Analytics (SMA) Tool is the most viable solution to overcome the challenge.

But, how does a Social Media Analytics Tool help organizations and their marketers to extract relevant, value-laden information from their social data, infer actionable insights from it and amass critical business intelligence using the filtered data? New age social media analytics tools are equipped with high-end features and capabilities using which organizations keen on sharpening their social media strategies can do the following -

1) MEASURE the engagement level of your content
SMA tools will tell you more than just the number of ‘likes’ and ‘shares’. It will inform you how effectively or ineffectively your digital content is engaging your social audience. You can use this insightful information to plug the holes in your social engagement strategies, revamp it or design newer strategies.

2)  LEARN more about your customers
Using social media analytics tools, brand managers can easily know their consumers’ likes, dislikes and topics of interest. This information can be used to develop custom-made products and services, streamline marketing campaigns and find new ways for social engagement.
 

3) DISCOVER new customers
People express their “intent” and needs on the social networking channels. Next generation SMA tools use Natural Language Processing (NLP) techniques to conduct Intent Analysis. By scrutinizing the intents and needs expressed for their specialty products/ services, brands and organizations can effortlessly discover potential new customers and also increase their market reach.
 

4) GET the ‘who’ and ‘where’ of your customers
Knowing their customers’ demographics helps organizations to channelize their product development efforts in a specific direction and employ target oriented marketing campaigns. SMA tools reveal to you who your customers actually are as individuals. These tools tell you their gender, place of residence, age, profession, qualifications, preferences and much more.
 

6) PREDICT trends
Negative and positive sentiments expresses on the social media channels are indicators of people’s affiliations with topics of discussion around them. Through detailed sentiment analysis, SMA tools enable organizations to predict trends in people’s buying, decision-making, behavior.
 

5) MONITOR your social reputation
SMA tools assist you to track your brands’ performance on the social media channels. You can monitor your social reputation and get insights for your social media strategy.

All in all, SMA tools equip you with insights, reports and information that make up critical business intelligence that propels any organization’s performance and growth. SMA tools will drastically change the way enterprises conduct business and become the future drivers of organizational success.

Social Media Analytics: An Unique Solution To Filter Noise From Social Data

 Author: Suraj Arukil 

 About the Author: CEO/Founder of Nuvento ( a technology firm that specializes in Business Intelligence and Software Architecture.)

In my earlier posts I tried to explain how social media analytics helps you to carefully listen to the conversations surrounding your brand’s activities and carry out an appropriate analysis. Additionally, I also discussed how can you find and engage with prospective customers. However, tracking social media platforms allows organizations to improve their brand value followed by the resourceful insights with the help of social media monitoring.
 

Consumers take decisions based on the nature of the conversations happening over a specific brand’s products and services. These mass conversations even portray wide variety of responses which could be either positive or negative and even are neutral at various occasions. Fortunately, social media is one such platform in the current market where organizations can hang out to look for their sought out answers on their brand’s performance. 

 

As of today, people are promptly responding to and sharing their views about every new and existing trends, products and services over social media. Thus, social media plays a vital role which is more than just being a mere platform of conversation and networking to a platform where organizations can receive valuable insights about the consumer responses.
 

Importance of Filtering Noise
Let me consider an example of Microsoft Corporation launching the Windows 8 Operating system in order to receive a better understanding on this subject. Before launching the new Windows 8 operating system in the market, Microsoft Corporation released the beta version of it. The main purpose behind this step was to incorporate the received customer feedback for an improved customization of its complete version. 

In such a significant juncture of business oriented steps, even an established organization like Microsoft Corporation would look out for a solution where it can get all the relevant scores of the consumer responses. However technically at this stage social media analytics stands out as the best option for being a solution in such an instance for different organizations.
 

Role of Social Media Analytics
Now the real question is, how one can separate the relevant and useful information out of the voluminous amount of social big data shared over social media? This is the scenario where social media analytics come into the picture for helping organizations and individuals compute the relevancy scores. In an instance like the Launch of the trial version of Windows 8 by Microsoft Corporation, people will be conversing over this version in the form of likes, sharing and commenting. 

At this instance social media analytics separate these relevant conversations on the brand from the extensively voluminous traffic of various conversations over numerous arrays of social media platforms. 
 

Shout Analytics is a unique patent pending solution that assists organizations to understand and engage with audience over social media. It provides resourceful insights like demographic data, social mentions, trends, etc. These insights help organizations to figure out the market responses.
 

To know more about Shout Analytics, write to us at info@shoutanalytics.com

How to Measure Brand Building Initiatives?

 Author: Suraj Arukil 

 About the Author: CEO/Founder of Nuvento ( a technology firm that specializes in Business Intelligence and Software Architecture.)

 

In my previous two posts I pointed out that social media is the new tool for building successful brands. In this post, I try to understand why brands need to measure and track their social reputation.

Using social media, business organizations are successful in establishing a strong presence for their brands and reach out to a wider target segment. Successful brand building, through excellent social engagement methods, creates favorable reputation for brands. However, I believe that engagement is just one part of a successful social strategy. The bigger picture consists of monitoring your brand’s reputation and measuring the impact of your brand building initiatives.

Why Should Brands Measure Their Social Reputation?
Social engagement will undoubtedly get you closer to your customers. But if your brand building initiatives have to be exceptionally effective, then you should also make an effort to UNDERSTAND your customers. 

For this, organizations must LISTEN carefully to their customers and find out what they are talking about the brand, its products and services.

I’m sure you would agree that that this is no simple task. Organizations often find themselves in a fix when they have to filter and earmark relevant actionable information from thousands of random conversations. But organizations must find a feasible way of doing this because social conversations are the bedrock of social brand building success. These conversations provide precious actionable insights that aid in crucial decision-making.

As Brandinfection.com puts it, using Twitter search to source out pertinent conversations can be incredibly enlightening. Foraging through Facebook’s feeds for relevant posts can unearth innumerable treasures. Rummaging Reddit’s ramblings can expose intriguing conversations worth pursuing.

Image Source: webadvantage.net

How Can We Measure It? 
In my opinion, listening to and understanding social conversations is crucial for effectual brand management. But, identifying and responding to emerging consumer trends is even more important.

Therefore, we at Nuvento Systems Private Limited recognize the growing importance of modern business enterprises’ online initiatives. And to help these organizations to not only track but also measure the impacts of their brand building initiatives, we have developed Shout Analytics, a superior social media analytics platform that seamlessly gathers relevant, useful information from the organisation’s social channels of engagement and converts it into insightful reports that help enterprises make successful brand management decisions, which in turn generate new leads, boost sales and most important of all, increase ROI.
 

Shout Analytics’ Brand Intelligence module analyses and enables brand managers with vital knowledge on key trends in consumer conversation (surrounding the brand), consumer behavior and brand identity.
 

It also provides detailed analysis on demographics, brand expansion, target audience sentiments as well as share of voice and word of mouth analysis.
 

To know more about Shout Analytics, write to us at info@shoutanalytics.com