Does Twitter Conversation Have an Effect on Tesla’s Stock Price?
By Lena HöckNov 16th
Brands, listen up!
We want to bring something to your attention – it’s not all about you.
Your brand is not the centre of your consumer’s universe. In fact, it is a significantly small part of it.
On average only 4% of consumer tweets mention brands.
So, what are they talking about the other 96% of the time and how does this impact your marketing strategy?
Understanding your key demographics has never been more important.
It is no longer all about having a remarkable product but having tailored marketing strategies that appeal to your own audience, not the mass market.
Knowing what tickles their fancy outside of your own brand will give you an edge that other competitors may be lacking.
We recently presented this case study about the clothing brand ASOS at DataIQ Now.
The compelling findings about holistically listening to consumer conversation demonstrate the huge impact this data could potentially have on a company’s marketing strategy.
All you have to do is pop your brand’s bubble and look at the wealth of data in the social sphere.
Our analysis of ASOS was based on tweeters who like the brand and have indicated this through positive tweets.
We then went on to compare the demographics metrics to see what their key interests are and how this can be used to influence marketing activity.
When comparing ASOS across markets, it becomes apparent that they have different audiences in the UK in comparison to the US.
The most notable variation is the prevalence of students.
In the UK the number is much greater than the US. In comparison, Sales/Marketing/ PR professionals have a much greater impact on Twitter conversation.
This information will direct regional marketing teams whose brand advocates may differ.
It also allows for even more granular analysis of topics which are important to consumers in relation to your brand.
For instance, students who love ASOS talk about online shopping which provides a concise reason why this brand is so popular (it being an online clothing brand with cheap delivery, free returns and student discount).
Many would assume that those who are brand advocates for the same clothing brand would have similar likes. You should never assume – surely you have heard the saying?! Ass-U-Me.
Analysis into UK and US ASOS fans has shown major variations in conversation topics.
UK consumers talk about blogging, makeup and nails while in comparison the US audience is more events-driven, chatting about the Oscars, Grammys and NYFW.
This is reflected in the American’s love of celebrities with the topic occurring frequently amongst US ASOS fans.
However, the UK market has little interest in celebrity endorsements, and instead competitions and prizes are more likely to drive conversations.
This insight will allow for targeted marketing strategies per region rather than a broad and unrelatable marketing campaign.
When analysing the data surrounding ASOS consumers, one of the most interesting trends was that of the times spent online.
This differed quite dramatically in relation to region. UK consumers were active late into the night while the US audience tailed off early evening.
As the UK market was dominated by students this could explain their late night activity!
Looking at the data provided by ASOS consumers has exposed some key characteristics that marketing teams can exploit to strengthen their campaigns.
Looking internally at their own earned mentions would have only have skimmed the surface of knowledge available.
Breaking free from the restrictions of focusing on your own brand and shifting it to demographics will allow for a greater understanding of who likes you and why!
Remember – marketing isn’t all about you!