Like or Dislike?: Five Tips for Analyzing Social Media Sentiment

As companies prepare to implement their new social media strategies for 2011, there’s an important metric that shouldn’t be overlooked. In addition to conversation volume, share of voice, level of engagement and monthly trends, is social media sentiment a part of your monitoring process? If not, this may be an important factor missing from your listening routine.

Included in one of the three areas in which Ogilvy 360° Digital Influence categorizes metrics as part of its Conversation Impact™ measurement model, sentiment can be one of the most valuable aspects of social media. Facebook, Twitter and blogs give anyone the power to dash off their opinions to friends, followers or readers; but more importantly, these comments leave a traceable mark online. If it’s posted on a public profile or page, companies have the ability to access these remarks and gain insight into how people feel about their brands and products. During a new product launch, brand transformation or a crisis, this kind of knowledge on consumer sentiment is essential.

There are several listening tools that offer the feature of sentiment analysis. Here are five tips to keep in mind:

• Be aware of accuracy: When pulling percentages of positive and negative mentions, the accuracy of different monitoring tools varies substantially. Human emotion can be difficult to read correctly by a computer program and may be thrown off by sarcasm or slang. Some tools are built to rank sentiment mathematically after being trained by the user. While these are capable of providing very accurate data, they will also come with a higher price tag. Simpler tools may not provide reliable statistics unless a user manually categorizes posts, but they can help to quickly (and more affordably) identify strong positive or negative verbatim about a brand. Examine your budget and priorities to determine what will best fit your brand’s needs.




• Think long-term: Statistics on sentiment about a topic will usually provide more insight over an extended period of time. Make the investment to track sentiment historically by purchasing archived data or committing to analyzing it on a monthly, weekly or even daily basis and comparing the results over time.
• Dig into the conversation: While numbers and percentages are important to gauge people’s responses to a brand, campaign or product, they’re not the only important factor. Make sure to spend time digging deeper into the results and examining what people are really saying, especially negatively. It’s important to understand not just the volume but also what specifically people are praising or criticizing online.
• Listening tools won’t cover everything: Each listening tool will offer different functionalities. Ones that do provide highly accurate sentiment data may not allow the same level of ease in pulling and exporting search results as others. In addition, mentions on LinkedIn are not accessible by listening tools as of now. LinkedIn is an important platform to monitor, especially for professional organizations, and requires manual analysis to get a sense of the conversation.
• Determine the actionable value: The larger meaning of sentiment analysis will be different for every brand. Organizations will need to determine what importance the information holds for them and how they will act upon it. Will pulling sentiment results on a frequent basis help your company efficiently respond to customer complaints online? Or will it help inform changes in a product line or campaign strategy?

Have a goal in mind and a plan prepared for how tracking sentiment will help your company improve. What value have you seen in analyzing sentiment?

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Is Google Looking to Deal Groupon a Death Blow?

Following the much publicized courtship of Groupon then eventual rejection that Google got, many questions are swirling around the search giant as to what they will do next in the space they were looking to buy into.

Google’s VP of Consumer Products, Marissa Mayer, did an interview for Mediabistro’s WebNewser and was asked about next steps in that space. The gist of the answer (that starts around the 3 minute mark) is this

We already do things like this with coupons etc …. We are looking at how we can take that technology and put it to use in the location space.

It’s the location space component that Groupon currently doesn’t have and Google could have added to the deal giant’s already impressive repertoire. Now without the Groupon effect, you get the feeling that Google would like to utilize their location, places, mapping and more to allow users to walk down a street and get a Groupon like offer from anyone while the potential customer is right there. NFC technologies and more can make this a quicker reality than many might think (especially with the rumblings that next generation Android devices have parts of this already in place). Gotta admit that if that can be harnessed and delivered so the end user doesn’t go batty with offers every second, this has real potential.

I also wouldn’t underplay any drive that might have been created within Google after they were publically spurned by Groupon. What better way to say “I told you so” then by doing it better themselves and taking 50% off of Groupon’s value?

The big question that remains of course is “Can Google compete with Groupon in this space at all?” If they show signs of being able to hold their own then the race is on. Oh and we did all of this ‘analysis’ without even considering Facebook in the equation.

So will location plus the deal be the real holy grail of this space or will Groupon’s current model be enough to keep it in the front of a very well funded and revenue hungry pack?

Welcome to Speculation Station. What’s your take?

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Social Media is a Hot Topic at 2011 CES

In just two days, thousands of tech-loving folks will descend upon Las Vegas for the annual Consumer Electronics Show. Here, tech companies large and small will present the latest achievements in audio, video, computing, and mobile and they’ll be doing it with the help of social media.

Foursquare is turning badges into prizes by rewarding attendees for checkins. Five out of ten possible checkin spots will earn you a “coveted” CES badge. You can even parlay that badge into a an actual button that you can wear proudly throughout the show. Badge holders who complete the required checkins will be entered in a drawing to win a huge prize pack of nifty electronics.

A number of sponsors are offering special prizes at their booth if you stop by and “flash” your badge. To encourage participation, CES is promoting the Twitter accounts of these sponsors including @intel and @Sharp_USA.

The Parnassus Group will be sponsoring an interesting series of workshops called “The Tweet House Presents: Social Media Success Stories.”

Twitter, Facebook, YouTube etc. have proven to be extremely effective platforms for creating and supporting customers, but what are the specific philosophies, strategies and tactics that are driving results? In this workshop, the creators of the “140″ Conferences and Tweet House events will bring together executives and consultants from many of the top consumer brands to present the winning campaigns and real-world scenarios that have transformed the way they do business.

Running Friday from 9:00 am to 1:00 pm, topics include “Measurement and ROI,” “Growing Your Community,” and “Monitoring and Mining Social Media Data.”

On Wednesday and Thursday, the conference will feature sessions on Smartphones and Tablets including “iPad-Tablet-SmartPhone Advertising – the Premium Advertising Platform,” and “The Communicator, the Entertainer, the Commerce Engine – the Social Experiential Network and Device.”

Another interesting series comes from Nielsen and it’s called “Media Money Makers” which takes a look at business models for monetizing content across a variety of platforms. Sessions include “Secrets of the YouTube Superstars” and “Conquering Content Chaos.”

Can’t attend? Follow the CES Twitter anyway for links to live webcasts, videos and the latest technology releases that we’ll all be pining for throughout this coming year.

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Fish Where the Developers Are (2011 Digital Trends Part I)

Note: This is the first in a series of posts on some of Edelman Digital's eleven trends to watch for 2011. David Armano and I will release the full deck later this week.

One of the oft-repeated maxims in digital and social media circles is to fish where the fish are. Jeremiah Owyang gets due credit here for coining the phrase in this context. In 2011, this doesn't change. But as it gets harder to place bets, a smart play is to also fish where the developers are.

If you need a starting point, follow developer API trends - and how they're being adopted. According to Programmable Web, the top five types of APIs in 2010: social, Internet, mapping, search and mobile. Some of these are overlooked. Also notice the appearance of Sears on the graphic below. That's a sign of things to come. Marketers will start building their own APIs this year and also more actively courting developers.

The logic is simple. Time and again we've seen that the most successful digital businesses are those that have become platforms - part of the Internet fabric. Consider these examples...

Facebook isn't just a social network, but also a platform that conceivably can make every web site hyper personalized and social. Similarly, Twitter isn't just a web site but an entirely new platform for information that has spawned a tremendous ecosystem of applications and services. The trend is broader, however. Dropbox, Evernote, Bump and Instapaper are becoming essential services that mobile developers across platforms are adding to their apps. PayPal, in much the same way, is becoming the Bank of the Web. (PayPal is part of eBay, an Edelman client.)

Marketers typically don't try to become platforms or court developers, but that's all about to change. An ever-changing array of platforms will erode our fascination with single venues and get us thinking about how we can hedge our bets by helping developers succeed across a portfolio of them.

Our recommendation here is to dedicate some resources (and it can be small) to working with programmers - particularly those in the mobile and social space. Get in early while you can.

Photo credit: Bugbbq

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Best Buy Gets Friendly with Online and InStore Magazine

Advertising has always been about making a connection with your audience, but thanks to social media, being conversational has become even more important. Best Buy is embracing that concept with the official launch of “Best Buy On,” a chatty tech and entertainment online magazine that will also provide in-store video content.

The tricky part of this whole venture is providing interesting content that doesn’t come across as advertising. Best Buy says they’re also straying away from traditional reviews, lest they get themselves in trouble with their suppliers.

Here’s how they describe the venture:

“Best Buy On” is Best Buy’s unique take on all things technology. Well, some things technology. Think of us as an online magazine. We’re sort of like “Better Homes and Gardens,” if “Better Homes and Gardens” were completely different. . .  The goal of “Best Buy On” is to inform (and maybe entertain), but not necessarily to sell you stuff. Although, if you do decide to buy something, that’s cool too. We just want you to get as excited about technology as we are, to turn you ON to all the cool stuff you can do with it.

Two points for a sense of humor. It helps. Now here’s where they ramp up from fun to “we mean business.” According to AdAge, Best Buy is adding upwards of 100 screens to each of their stores so they can air video content specific to each department. To go along with this, they’ve rolled out an ad program that allows clients to buy into the department that best suits their needs. Outside of the obvious electronic and entertainment products, Best Buy execs say that they feel their program would be a good fit for automobiles, hospitality and travel industry ads.

Best Buy is a browsing store. The kind of place where you can feel free to wander the DVD aisles, check out the latest cell phones or sample the images on TVs larger than your whole living room. Because of that, video displays should do exceptionally well, particularly if they maintain that same trendy, sense of humor. “The Science Behind Kinect,” “Shopping for Someone Else’s Kid,” “Bruce Springsteen Live” — by entertaining instead of advertising, Best Buy’s in-store video program should help the store sell more than ever before.

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Goldman Sachs Invests $450 Million in Facebook

Facebook is reportedly receiving a combined total of $500 million in new investment money with $450 million coming from Goldman Sachs and another $50 million from Russia’s Digital Sky Technologies.

This is all happening based on a jaw dropping $50 billion valuation of Facebook.

Speculation as to what is going to be done with this money runs a wide range.

From Mashable

The first thing Facebook’s likely to do with its $2 billion in new funding is to cash out some of its existing investors and employees. The social network previously did this when DST bought $200 million in Facebook stock from its employees. Some of its early investors may also reach into the $2 billion pot and cash out.

Once that’s done, it’s all about growth.

The $2 billion number in the last quote? That comes from another funding effort that will be headed up by Goldman Sachs. In true Wall Street fashion there are special code words.

Goldman Sachs will help Facebook raise an additional $1.5 billion through a “special purpose vehicle” designed to allow outside investors to indirectly invest in the company.

Since there is speculation about just how much more room Facebook has in allowing further investment without requiring it go public this is an interesting aspect of the story but one that we will probably never really know.

Another more practical angle on what might be on the horizon

From Search Engine Land

Imagine that Facebook were to become convinced that having its own search engine was a key to delivering a better user experience overall, as well as generating new ad revenue. One obvious and immediate possibility would be to buy Blekko, which has pushed social integration with Facebook Likes further than Microsoft itself.

So while the rest of the economy is still in chaos and stuck in neutral on its best day, Facebook is looking good. Interestingly enough, it is looking good with help from a company that took $10 billion in TARP funds back in 2008 when its chief executive said it wasn’t in real trouble (it paid back those funds in about 6 months just before executive bonus season) and it recently paid $550 million in fines for misleading investors.

With a culture like that and the way Facebook views its users privacy these bedfellows are not strange at all. In fact, they appear to be ‘two peas in a pod’ and one can only imagine what lies ahead for the Wall Street robber barons and the Internet’s privacy barons. Sounds like fun!

So remember, that when you are using Facebook it may make sense to think of that great phrase “Your tax dollars hard at work!”.

What’s your take on what’s next for Facebook? Is a search engine in the making? Will that IPO finally happen? Will a select few get very rich?

Let us know your thoughts.

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Why Written Content Won’t Be Replaced

Tweet

The other day I was putting together another news article for Big4.com and it occurred to me there’s a big difference between solid Internet advertising techniques and fads that come and go. The thing that really caught my eye happened when I was writing an article based on a Deloitte press release about social media and how business is moving toward it tentatively.

The research that I did states although 65 percent of respondents plan on using social media for their businesses, a large number of those surveyed are unclear about what the return on their investment will actually be. The whole push behind the Deloitte survey seems to be defending the idea that business knows it needs to use social media but it’s not really sure why.

One of the problems helping to foster this kind of uncertainty is the fact there’s no clear way to measure the effectiveness of places like Twitter or Facebook in driving traffic and sales. Of course there are people who argue social CRM is the answer that will quantify how productive social media is as an advertising tool, but like many other things on the Web, this technique is in its infancy and nowhere near as reliable as business needs to make a full commitment to social media.

The whole argument reminds me of when you could first place a video on your website and all the hoopla that surrounded that new technology. If you listened to the kind of hyperbole that was blazing across the Internet at that time, you’d be sure that written content was dead. Now it’s all about social media and how this latest craze is poised on the brink of changing the way business does business with the younger generation.

Granted, there’s no doubt people are buying more on the Internet than ever before and  the wise business person takes a look at every means available to get the word out on their goods or service, but they need to be able to differentiate from fads and complimentary techniques that improve but do not replace good content.

In other words, I think the Deloitte survey highlights a good point about social media and it’s quite simply that business doesn’t trust it fully yet. Of course the Internet way of selling goods and services is all about engaging the customer but from a business standpoint there have to be quantifiable results to any kind of advertising campaign and up until now social media doesn’t provide that.

For now, it all comes back full circle. If you’re starting out in business or looking to upgrade or change your advertising techniques, make sure you don’t go along with those people who are trying to reinvent the wheel right away. Obviously you won’t break the bank by getting a Facebook or Twitter account to help you get exposure, but try to remember that articles, good optimized web pages and even blogs are the tried and true method of getting traffic that drives sales.

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