Sunday, September 15, 2013

Social data can help retailers get ahead ... and avoid disaster

http://www.theguardian.com/media-network/media-network-blog/2013/sep/13/social-data-retail-target-asos

Every day, customers turn to social media to talk about business. For popular retail brands, it happens almost every minute, as people post brand recommendations, tap into the latest product research, make complaints and look for assistance.

In a time where the phrase 'death of the high street' continually sounds in retailers' ears, and with the Christmas sales season looming ever closer, figuring out how you can engage, listen, learn from and respond to what they're saying has never been more important.
We looked at the volume of celebrity-related conversation as a percentage of total buzz around the H&M brand. Our analysis found that David Beckham and Beyonce gained the largest initial reactions to their campaigns and got the most people talking. When analysing all this conversation against actual purchase intent however, Beyonce overtook Beckham to emerge as the celebrity most likely to get people to part with their money, with 2% of her 650,000 plus mentions containing purchase intent. In comparison, only 1% of conversation around David Beckham indicated an intention to buy.