- 7/21/2014 8:58:16 AM
@Phoenix, I agree. I think companies should do the heavy monitoring and measurement of sentiment associated with their own company and brands while more loosely keeping an eye out for what's going on with competitors on the social media.
- 7/21/2014 8:48:17 AM
@CandidoNick -- no question that legwork is essential. I just think you have to get everything with your own brand measurement squared away before also trying to figure out how your brand is faring, from a social network perspective, against competitor's brands. This isn't to say assessing the competition isn't hugely important, of course.
- by CandidoNick, Data Doctor
- 7/19/2014 3:38:27 PM
Taking the time to be thorough and accurate with your own systems makes it easier to 1) update that data when necessary, and 2) gether that knowledge from the competition. That intial legwork's gotta happen.
- by Phoenix, Data Doctor
- 7/19/2014 10:49:06 AM
It is a good idea to have your competitor data as well. However, as a first step it might be more prudent to get your own data and interpret it correctly. It is a difficult task to implement a good system. So the focus should be to take things in baby steps.
- 7/18/2014 4:11:44 PM
That's a good point, Jim. But, given that many companies are struggling with how to measure their own brands, do you think they should simultaneously begin monitoring other brand performance, too? Or, should that be a second- or third-phase initiative?
- by Jamescon, Editor
- 7/18/2014 3:46:29 PM
@Beth. I agree. Brand awareness is a great starting point. I would expand that though to include brand awareness of competitors. It's easy to get self-congratulatory when you track positive social media activity on your own brand. But does that same activity apply to competitors? That's how you know if people like your brand but that customers of your competitor love them.
- 7/18/2014 2:04:25 PM
I think a good starting point for companies looking to work with social media analytics is on brand awareness -- watching the volume of buzz about a brand over time, measuring the sentiment expressed about the brand over time, and examining changes in sentiment compared to changes in the brand's market share. This is really important as people increasingly turn to Twitter, especially, to express their discontent over a brand. At the least, marketers have to have some sort of early detection system in place, I think.
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