
CooperSydney has recently been doing some work with clients and vendors of the new age social media analytics. Our focus has been on those based in Asia, Australasia, Oceania, Asia Pacific depending on how your multinational carves up the word.
Why is this important? What Can I Do About It?This post covers who are the new new players and traditional ones too. Also what as prompted the need for these new entrants and how the market is responding. We also cover specifically why we think all business and personal brand owners from corporates to sole traders to any public or private organisation (so that includes you) should be listening and actively acting on social media because it matters and has substantial momentum.
We also include some practical tips to help get started today.
Media Analytics is not a new field however it has a number of new capabilities to address the growth of social media or web 2.0 that the traditional players are yet to deliver it seems based on our research.
New Web2.0/3.0 Players delivering on promise of social media analytics include -
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BuzzNumbers - 12 to 15 month old new kid on the block that is
really shaking up the competitor value chain by offering substantial features that are exceptionally easy to use at lower cost than the traditional players prices for wider coverage and delivered directly via web and email to brand owners (listed and unlisted national and multi-national companies primarily) and including a bunch of proprietary metrics on influence, rankings, value and more. This is probably our favourite offering because behind the scenes they are hungry and have substantial momentum
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Radian6 - very very well funded startup with reasonably complex (perhaps too much) and reasonably powerful user interface, very command and control and some nice(ish) differentiation particularly around workflow (once you find a conversation that needs to be actively managed) and also share of conversation charts. Slick pre-sales and promise of good support. A little expensive but should be useful and cost appropriate for larger brands that don't mind spashing out a little cash.
No doubt the old players will catch up fast by building or more likely acquiring either BuzzNumbers or Radian6 not least because they are eating their cake and driving up their sales cost and time to closure.
Traditional media analytics players arguably most are yet to get serious about social media analytics include -
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Google - US based global giant that everyone knows for search also provides detailed web analytics, search alert emails and more that feed client needs/wants/desires back into their core revenue engine adwords, focus is on click trail within your site and also key word search which is limited. Google alerts now do include selected twitter posts but no analytics around social generally. Mentioned first because they are free for most features and best placed to eventually acquire or build something that enters this space and cross-subsidise from their adwords business.
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Nielsen - their BuzzMetrics product is the traditional leader selling primarily via agencies who serve the big end of town with a focus on listed and multinational brands. These clients with deep pockets expect (and get) lots of people around the product to deliver it which takes a little longer but provides a rich solution that arguably covers all traditional web work with something like 70% market share in the segment as they define it, but not much coverage of the new new social media sites which is where the growth and controversy is today. This is (the) incumbent media giant with product for everyone, and based on feedback a price to match. Just getting to your correct country, product and segment account manager can be a challenge but worth the price eventually.
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Hitwise - the rolls royce at the front of the pure web site based vendor fleet, now part of Experian who purchased them for something like $250m this originated in Australia and has a web focus with relatively unique ISP raw data feeds that enable visitor click trails across sites not just within your site. Another global giant incumbent now.
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Overture (now part of Yahoo) - another web analytics provider that just spans your site but arguably with more tools and features than some of the above it was originally also a startup
acquisition called KeyLime... like the pie... which they went all the way from Pasadena in California to Carlsbad in Caifornia to buy, as an aside it makes you wonder if these global giants really look around for world's best innovation when that area represents such a tiny percentage of the world's population.
- Some other players that help track backlinks from blogs e.g.
wordpress and/or bookmarks e.g.
delicious,
digg etc but they are not really in the same space because most don't either aggregate or provide analytics or both. We don't consider them in the same space of social media analytics and researchers generally would agree although they can be useful tools for brand owners.
So how has the world changed to justify the need for new players or new approaches from old players?
Web 1.0If you were not aware, the old web was a one way street, companies published (website, press releases, advertising) and the consumer consumed the information.
But the world has changed and will continue to do so.
Web 2.0The conversation has started, talk flows two ways. Now the consumer can talk back and the company no longer controls the conversation, the consumer can complain or compliment on twitter, blogs, forums, facebook, technorati, comments on endless websites and the scary thing is many of these sites have active user numbers larger than most continents.
The world is now different, so the tools to manage it are different, now you need to seek out what people are saying about you and try to manage it with fundamental change inside the organisation (e.g. improved service, product desigg, eco sensitivity or values/ethics) and or with direct or indirect action to, with or for the consumer addressing their particular concerns.
Web 3.0The next stage which is already happening takes this much further, and empowers the consumer with tools that leverage the semantic web. This means raw data is increasingly becoming available so I can see what restaurants in my area have received fines for unhealthy conditions or exactly how much each level of my government has spent on everything from buses to defense to chaild care and exactly how that aligns in detail with the last census.
Examples - Where Social Media Analytics Can Help You Today
- Details of fair and reasonable (and not so reasonable) customer complains and compliments.
- Who is talking and who has people listening (and who to ignore) based on Influence measures.
- Job ads run by different departments that don't follow protocol, branding standards or processes set by HR.
- Duplication of advertising.
- Incorrect use of brand image materials.
- Legal action.
- Media coverage that is behind locked doors (e.g. specialist subscription services of professional media and hence highly influential but hard to find) but linked to from social media.
- M&A Transaction Insight
- Competition Insight
- Share of Industry Voice
- Industry Gossip
- Community, Regulator, Shareholder, Employee, Partner and other stakeholder opinions expressed in venues outside your reach, awareness and control
- Much much more.
Try Social Media Analytics On Your Company or Personal Brand/sAny companies that would like to try these new social media analytics services should email service at CooperSydney.com and we will provide you with a tailored time limited sample report on what people are saying about your brand online summarized and with individual conversation drill down so you can see, understand and act to maximize the positive impact and minimize the negative impact of social media on your corporate and product/service/personal brands. Costs range from hundreds of dollars per annum to tens of thousands of dollars per month. Conversations are often in the thousands of events.
Find the diamond (or the potentially ticking brand bomb) in this new enormous haystack today (and automatically delivered to your desk everyday), start
now.