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We are often asked by our market research clients to manually code tracking study samples for any number of global markets, including English. Naturally, our curiosity was piqued when we began exploring social media tracking tools. This is not to suggest that traditional tracking studies dont offer valuable trend and sentiment insights, or to suggest that we wish to automate ourselves out of business.
Discussion on the pros and cons of using Social Media in market research is rife at todays industry conferences. According to Core Strategies Marshall Toplansky, who discussed this topic at the recent
MRA
Conference in Washington D.C., it is about harnessing the technology to gain daily insights for a cost equivalent to years of tracking research. (Summary of this session can be found at Relevant Insights.)
However, wouldnt a brand or product manager, media analyst, investor, journalist, creative agency, PR, public affairs or political campaign manager (the list is endless), be keen on sitting down with morning coffee to a quick snapshot of his or her brand equity, without having to wait for the studies to be coded and results tabulated, to be sure, at no small expense. A huge factor to social media tracking is that it is unbiased, unelicited, unobtrusive, naturally occurring, timely and relevantall of which provide the opportunity for new insights when mixed with traditional market research.
This month Localspeak began using one of these Social Media analytics tools the Netbase Insight Scorecard and Workbench. In doing so, weve observed the potential implications of a desktop tool that could track brand equity on a weekly, monthly, quarterly or annual basis against other category brands. While there are many lenses through which to measure brand equity, our exercise focused solely on brand passion intensity, a measure of strong minus weak emotions. We noticed a significant negative slide in passion intensity indices in the third week in June over the prior period for
VOD
and cable brands we had been tracking: Netflix, -9; Time Warner Cable, -17, Hulu, -14. This snapshot was even more startling against their positive passion intensity indices for the last quarter over the prior period (Netflix, +3; Time Warner, +9; Hulu, +6.
To try and understand why passion intensity for these brands had cooled so precipitously during the third week in June, we looked at the conversation drivers. The most significant change for Netflix was seen in discussions on bandwidth, movie selection and cord-cutting, respectively; while customer service was the driving issue with Time Warner; and for Hulu cost and customer service drove the downslide in brand equity.
As Social Media analytics tools begin gearing up to enable multilingual insights, and in anticipation of soon offering global brand equity insights, Localspeak is cutting its teeth on the latest listening and understanding tools. For companies who wish to experiment with these tools perhaps to track a brand or two and triangulate the results with their ongoing brand trackers this might be a good start. Please contact Localspeak if you would like to discuss our brand tracker offering.
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