Focus groups have suffered a few heart attacks in recent years and other traditional methods have fallen to the wayside in favor of analytics tools that are able to predict consumer sentiment on a much larger and consistent basis. There’s so much data and metrics but what is actually important? (Read here: 3 Metrics that Matter).
Companies now track how quickly and efficiently a message is resonating with a demographic and use that data to predict and manage consumer sentiment. Research and surveys can be expensive to implement – ROI on data is many times unknown. But with SocialRadar, Infergy’s social media monitoring and analytics platform, marketers can take sentiment analysis and apply it to five years worth of data – making surveys nearly an inconvenience.
Late last week, Infergy unveiled a major upgrade to Social Radar, now reputed to have the largest database in the sentiment industry with over 40 million records. The sheer volume of data is appealing on a variety of levels to marketers – as analyzing long-term sentiment can be almost as important as the current trends. Showing how attitudes and perceptions have shifted over time is critical to understanding whether a campaign has truly worked and whether its sustainable. Determining the winning factor behind a 120% increase in mentions is just as important as the increase itself – replicating that in the future is necessary.
A prime example of prediction use is with American Idol. Online chatter has peaked higher this year than last and sentiment is overwhelmingly positive – despite Simon Cowell’s departure last season. Steven Tyler is no Simon Cowell, but according to online sentiment, fans don’t seem to mind who runs the show.
With consumer TV trends shifting from real-time to even delayed viewing, even TV tracking is changing, putting a greater emphasis on content rather than time. This shift goes against the traditional ways of measuring television viewing like Nielsen polls. When combined with online TV viewing growth, sentiment tools may be the future to marketing predictions.
As more and more brands take on social media monitoring and begin shifting resources to sentiment tools versus traditional focus groups and surveys, we’ll see a rise in tools like Social Radar and companies like Radian6 and Lithium.
[Guest post by Stephanie Haller]