Social Business Intelligence For Retail Industry

Transcription

1 Actionable Social Intelligence SOCIAL BUSINESS INTELLIGENCE FOR RETAIL INDUSTRY Leverage Voice of Customers, Competitors, and Competitor s Customers to Drive ROI Abstract Conversations on social media are rich with very powerful insights that can transform retail companies. VOZIQ s unique VOC3 methodology offers retail companies the requisite tools, frameworks, as well as the expertise to tap into Voice of Customers, Competitors, and Competitor s Customers to create data-driven actions and accelerate business growth.

2 TABLE OF CONTENTS Introduction 3 Implications of Social for Retail Industry 3 Social Business Intelligence for Retail Industry 4 VOC3 Listening Methodology 5 What is VOC3 Listening? 5 Building VOC3 Intelligence for Retail Industry 5 VOZIQ s VOC3 Intelligence Solution for Retail Industry 6 Monitor VOC3 Conversations 7 Analyze with VOZIQ s VOC3 Analysis Engines 8 Sentiment Analysis Engine 8 Topics and Categories Analysis Engine 8 Influencer Identification Engine 8 Trending Content Analysis Engine 8 Website Analysis Engine 8 Operationalizing the VOC3 Intelligence 9 VOC3 Dashboards 10 Intelligent VOC3 Alerts 10 VOC3 Scheduled Reports 10 Conclusions 12 2

3 INTRODUCTION As the prevalence of social networks as a preferred mode of communication and sharing has exploded, more and more customers now rely on the information gained from their friends or followers to make crucial purchase decisions. Recent surveys from the Advertising Research Foundation (ARF) identified that almost one-third of shoppers said they were either introduced to a brand or product, or changed their opinion about a brand or product during the buying process, because of social media. What s more, 22% of shoppers surveyed said that social media was important in my final purchase decision. What does this mean for the businesses in consumer and retail industry? Implications of Social for Retail Industry In such a situation, attracting customers, creating great customer experiences, and building a loyal customer base is a challenging task. Creating customized experiences and offers, and delivering marketing messages that strike a chord with a particular segment of customers has become critical as well as difficult. Further, both consumer and retail businesses need to reach to the appropriate audience through appropriate channels, at a time that makes sense for the audience. This is an extremely tricky task when you do not have real time, measurable and actionable insights from the social media platforms at your disposal. Retailers can leverage Social Business Intelligence to understand customers and drive rich customer experiences. 3

4 SOCIAL BUSINESS INTELLIGENCE FOR RETAIL INDUSTRY As challenging as social media is for retail businesses, it also presents an unprecedented opportunity to tap into the minds of customers as well as competitors. These insights can help retail companies to fine-tune their strategies to create delightful customer experiences and gain a sustainable competitive edge in the market. However, considering the challenges faced by retailers in gleaning intelligence from social data, the need for a sophisticated approach to tracking, analyzing, and measuring available social media data is critical to their growth. How to listen effectively to customer preferences when the data is textual, unstructured and huge? CHALLENGES OF SOCIAL FOR RETAIL How to use data to fine-tune campaigns, increase effectiveness, and decrease spend? How to use customer feedback to identify growth opportunities? 4

5 VOC3 LISTENING METHODOLOGY Retail companies need not restrict themselves to analyzing conversations happening on their owned social media outlets to build insights about their customers. The value of social media conversations as a source of insights goes well beyond that. The VOC3 Listening Methodology is one such approach, as it helps retailers reap the full benefits of information that is freely available on various social media and online platforms. WHAT IS VOC3 LISTENING? VOC3 stands for Voice of Customers, Competitors, and Customers of Competitors. Listening to the conversations of these three provides retail companies with a complete picture of their business ecosystem by encompassing important segments of it. The VOC3 Listening Methodology also provides large enough sample data to be analyzed further to yield accurate insights by listening to all relevant conversations from digital media sites even those not owned and managed by your internal teams. VOC3 Listening provides retail companies with quantitative as well as qualitative metrics that can be used to build a 360 o view of the customers, build competitive benchmarks and to build data-driven strategies to maximize the ROI. Continuous and simultaneous monitoring and analysis of the voice of customers, competitors, and customers of competitors allows retailers to gain a better understanding of their own position in the market, to analyze market trends, to improve products and services, to provide better customer service, and most importantly to gain an insight on competition s strategic moves. BUILDING VOC3 INTELLIGENCE FOR RETAIL INDUSTRY Though VOC3 Listening Methodology is very effective in furnishing accurate and comprehensive intelligence about the entire business ecosystem, there are several challenges while deploying it for actual use How to monitor a huge number of relevant conversations? How to operationalize the intelligence for effective actions? How to achieve and maximize tangible ROI? How to achieve enterprise-wide efficiency? How to build and scale the social business intelligence efforts? VOZIQ s VOC3 Intelligence Solution provides you with all the required tools, proven processes and analytical expertise to activate the customer and competitor intelligence for maximum ROI. 5

6 VOZIQ S VOC3 INTELLIGENCE SOLUTION FOR RETAIL INDUSTRY VOZIQ s unique VOC3 Intelligence Solution offers retail companies the requisite tools, frameworks, as well as the expertise to tap into the voice of their customers, competitors, and customers of their competitors. The VOC3 Intelligence Solution has a sharp focus on maximizing ROI. To achieve this, the solution utilizes VOZIQ s 5 analysis engines, each of which focuses on specific retail KPIs, and transforms the VOC3 data into actionable intelligence. The analysis engines also have built-in operationalization features that communicate the intelligence using dashboards, reports, and push-alerts to appropriate teams and prompt timely actions. VOZIQ s VOC3 Intelligence Solution: Monitor Analyze - Operationalize VOZIQ s VOC3 analysis engines are uniquely built to address the key challenge in effectively leveraging social insights: Brand & Industry Relevance. All 5 engines work in tandem to identify relevant topics, categories, content, sentiment and influencers to drive business decisions 6

7 MONITOR VOC3 CONVERSATIONS VOZIQ s VOC3 Intelligence Solution provides you with a cutting-edge monitoring tool that tracks conversations and gathers high quality customer data from social media sites, blogs, niche websites, online news reports, comments, and online discussions. What s more, the solution also includes a built-in library of keywords and search rules, categories, and benchmarks etc., which are all specific to the retail industry. You can also build custom search rules, use Boolean and include / exclude filters to cut through the noise and track relevant conversations that matter to your retail business. You can also get access to years of historical social media posts from social media sites such as Facebook and Twitter to jumpstart the VOC3 Listening with immediate insights & baselines. Categories of Retail Industry Conversations 7

8 ANALYZE WITH VOZIQ S VOC3 ANALYSIS ENGINES VOZIQ s VOC3 Analysis Engines combine big data technologies and predictive text analysis algorithms to analyze a huge amount of unstructured data from social networks. These engines find highly relevant insights from such data and present the insights in an actionable format. SENTIMENT ANALYSIS ENGINE Sentiment Analysis Engine deploys natural language processing ability along with text analytics to classify all mentions of your brand and relevant keywords under positive, negative, and neutral sentiment categories. Sentiment Analysis: Brand Sentiments and Category-wise Sentiments TOPICS AND CATEGORIES ANALYSIS ENGINE The Topics and Categories Analysis Engine slices and dices the huge amount of data to present it in a more systematic manner. The Categorization Engine categorizes all tracked mentions of your brand into structured categories, which are specific to your business. Bubble Graph Showing Top Retail Topics, Their Affiliations, and Intensities INFLUENCER IDENTIFICATION ENGINE Influencer Identification Engine identifies and ranks relevant influencers and analysts in your market or domain. The engine tracks the updates from and about these influencers to identify engageable moments, where the update matches any of your focus areas. Top Industry Influencers Report TRENDING CONTENT ANALYSIS ENGINE The Trending Content Analysis Engine identifies the content that is trending in your industry. It helps you and your team to stay on top of new developments and trends, and it also increases the effectiveness of your content marketing efforts. Popular Content Summary For Influencer Engagement (Mar 11 th - Mar 17 th ) Sample Popular Content Summary Report WEBSITE ANALYSIS ENGINE The Website Analysis Engine helps you analyze the source of the buzz about your brand or your industry. It also helps in assessing how well your marketing efforts are doing on various channels, or identifying niche sites where you might want to focus your advertising efforts. Top Sources of Buzz 8

9 OPERATIONALIZING THE VOC3 INTELLIGENCE Big data is of no use if your internal teams are not nudged to take appropriate actions. A strong focus on operationalization is a unique feature of VOZIQ s VOC3 Solution. The operationalization takes place after relevance is identified and communicated to appropriate team through multiple ways like customizable dashboards, scheduled reports, or push-alerts on your smartphones. Here are the ways in which the VOC3 Intelligence Solution drives actions: Dashboards Alerts Reports VOZIQ s VOC3 Dashboard Showing Competitive Sentiment Benchmarking for Various Categories 9

10 VOC3 DASHBOARDS VOC3 dashboards effectively communicate the most important information at a glance. The dashboard can be customized to best suit your needs, and focus on the crucial metrics and trends. You can also share dashboard reports with stakeholders with a single click. INTELLIGENT VOC3 ALERTS Alerts about pre-defined as well as critical events can help your teams stay in-the-know of emerging trends or events about both your brand and your competitors. These alerts can be issued for events as well as geo-locations. The VOC3 alerts can be pushed to appropriate team members via messages near real-time, without requiring you to first login to the application. Some of the key events which can be configured for alerts are VOC3 rank changes, mentions that call immediate attention, sentiment score changes, and so on. VOC3 SCHEDULED REPORTS Each Analytics Engine of the VOC3 Intelligence Solution is built to find and operationalize only the most relevant insights for your business. Multiple information delivery options through user role specific dashboards, real-time alerts, and scheduled reports ensure that your team members never miss an important opportunity to drive action. The customer and competitor intelligence generated by the 5 VOC3 analysis engines is communicated to your internal teams such as your strategy and innovation team, PR and marketing team, customer service team, product development team, store managers, and even CXOs based on their preferences and roles. EXAMPLES OF DRIVING ACTION & REALIZING ROI: LOCATION SPECIFIC ALERTS Retailers can receive VOC3 alerts to monitor critical events impacting customer experience at store level. The alerts can be pushed to store managers or regional managers for immediate actions. Insight Driver for Report Sentiment Analysis Engine Influencer Analysis Engine Topics and Categorization Analysis Engine Trending Content Analysis Engine Examples of External Engagement A sentiment score drop alert on your smartphone that tells you that a particular product has dropped by 3 points and identifies the root cause as inferior manufacturing quality on recent shipments. An alert to your product sourcing teams can help address this as quickly as possible by working with your supply chain. Comprehensive feed of influencer activity tells you that an influential analyst Mr. Richard Roe has sent a tweet about shortcomings of loyalty programs. Since you have recently launched an innovative loyalty program, you take benefit of this engageable moment and reach out to Mr. Roe to share the information. Such engagement opportunities can thus amplify your own message. Your custom dashboard tells you that customers of your competitor X are increasingly talking about lack of deals and discounts. The powerful Bubble Graph informs you that this topic is showing a strong association with the clothing category. Based on this insight, you target customers of your competitors with a campaign offering attractive discounts on a new clothing line. A scheduled trending content report in your inbox tells you that a witty post by a customer about frustrating experiences in superstores is trending on social media. You share this unfiltered customer view with your frontline store managers and motivate them to make appropriate improvements to a range of different processes. Website Analysis Engine The scheduled report tells you that a lot of buzz about high-end watches is coming from a newly launched blog iwatch.com. You strike a deal with the blogger and make an attractive offer to readers of her blog. 10

11 BUSINESS BENEFITS OF VOC3 INTELLIGENCE SOLUTION VOZIQ s VOC3 Intelligence Solution is built from ground-up to help retail companies achieve and maximize ROI. Here are the ways in which VOZIQ helps you achieve quickest time-to-value from social listening: Real-time listening: Improve customer experience with the real-time listening to the most relevant conversations on social media. Spam control: Spam control with high relevance. Fine tune your searches to precisely focus on what matters most to your business. Relevance engines: 5 Powerful analysis engines to help you track the most important ROI-focused KPIs. Listening libraries: Industry specific listening templates with Boolean logic based keyword rules to help you jumpstart the analysis. Gap analysis: Find and bridge gaps with continuous tracking and benchmarking Against competitors: Compare & find gaps, create strategies to plug them, find new opportunities Across geographies: Performance of stores, markets and regions Across time windows: Trends across seasons (e.g. Holiday Season vs. Super Bowl), current quarter vs. previous quarter Quick operationalization: Drive improvements by quickly operationalizing customer and market insights with role based reports and alerts for your internal teams. Big data technologies: Process huge amount of data with big data technologies and cloud-based infrastructure from Amazon Web Services. Any customer data: Augment social customer opinions with internal data from surveys, call centers and your CRM systems optionally. Expert analysts: We closely work with your teams to fully understand your business goals and tailor the listening program to quickly reach 11

12 CONCLUSIONS VOC3 Intelligence helps you convert the challenge of acquiring and retaining the digital customer into an unprecedented opportunity to align your offerings as closely as possible with the real needs and wants of your customers. The methodology gleans data from the unstructured conversations on social networks, analyzes it, and presents it in specific actionable steps. Such a data-driven business improvement leads to a sustainable competitive advantage in any demanding and competitive market. 12

13 Thank You. See VOC3 Intelligence in action for your company; get in touch for a demo Freedom Drive, Reston, VA, USA : info@voziq.com : facebook.com/voziq : twitter.com/voziq ABOUT VOZIQ VOZIQ offers cloud based social media analytics solutions to companies in various industries. These solutions are built from the ground-up with a sharp focus on building and operationalizing social business intelligence for achieving high ROI. VOZIQ s solutions are derived from cutting-edge big-data analytics technology that converts unstructured text from social media buzz into actionable intelligence about customers and competitors. VOZIQ also offers expert analytics services to help you jumpstart your data-driven journey.