How Do Price Changes Affect Consumer Perceptions?
By Kara FinnertyJun 1
Since we were involved in creating the first Social Brands 100 last year, the importance of embracing the social world as a brand has changed and developed. As such, our algorithm and data collection method for defining a social brand has evolved too.
The requirement on brands to be social has grown, and with it an opportunity to gain insights into consumer habits by the direct contact that being social offers.
Social CRM is a two-way medium and using it appropriately is key to customer satisfaction. In our studies, measuring social stats by volume alone becomes irrelevant, and identifying appropriate interaction and engagement is key.
Every brand is different and customers want to interact with them in different ways. In order to understand the social effectiveness of brands for the purposes of the Social Brands 100, we have developed complex processes to measure a brand’s social reach across Facebook and Twitter.
We take into account a wide range of metrics, giving each one an individual weighting, while normalising the data so that both big and small brands can compete on a fair playing field.
By analysing individual Facebook pages, we’ve been able to assess the level of engagement on brand pages by measuring the ratio of brand posts versus fan posts.
We’ve also calculated the level of interaction per post by analysing likes, comments and shares. By determining when, and how often, brands respond to fans and how a brand’s content is interacted with, we can identify those brands that are successfully engaging and connecting with their consumers most.
We have also been able to dig deeper than ever before into our Twitter data, to further analyse brand interactions and gain valuable insights into how, and when, they take place.
We not only measure the conversations brands engage in with their followers, and how those followers respond, but also measure the speed of response and the overall level of engagement on the platform.
How interactions are made and the value of each of those interactions on Facebook and Twitter is calculated using an algorithm developed specifically for the Social Brands 100 project, which counts and weights reach, response rate, timeliness, page engagement, type of content, and online presence.
Brandwatch’s data mining for this year’s Social Brands 100 has been combined with independent desk research from the Social Brands 100 team at Headstream. This team analysed the intensity of interactions on YouTube, Google+, foursquare, brand owned forums, brand blogs and brand websites.
These results are added to the Facebook and Twitter scores to create a Data Score. An expert judging panel then assessed each brand to create a Panel Score, which when combined with the Data Score provides the Social Brand Score on which the final ranking is based.
For more details on SB100 and for a first look at the ranking when it is revealed on May 29th visit: www.socialbrands100.com