Simplify360 eBook: Predictive Analytics The Future of Social Media pdf

World’s First 360° Social Marketing Suit www.simplify360.com Simplify360 eBook: Predictive Analytics The Future of Social Media 1 World’s First 360° Social Marketing Suit www.simplify360.com Simplify360 eBook: Predictive Analytics The Future of Social Media Table of Contents PREFACE 3 WHAT ARE PREDICTIVE ANALYTICS? 5 ADITYA CHOWDHARY - CLIENT SERVICES DIRECTOR MARKETELLIGENT 5 BEYOND SENTIMENTS 10 ZISHAN ANSARI - SENIOR BUSINESS ANALYST, TARGET CORPORATION 10 SOCIAL MEDIA STRATEGIES FOR THE DATA DRIVEN NEWSROOM 17 DENNIS MORTENSEN – CEO, VISUAL REVENUE 17 TOO MUCH TALK IN ANALYTICS & TOO LITTLE ACTION! 24 AJAY KELKAR – COO, HANSA CEQUITY 24 ACTIONABLE ANALYTICS 28 JAMES TAYLOR – CEO, DECISION MANAGEMENT SOLUTIONS 28 UNDERSTANDING AND MEASURING SOCIAL INFLUENCE 34 ARUN SUNDARARAJAN - PROFESSOR AND NEC FACULTY FELLOW, NEW YORK UNIVERSITY’S STERN SCHOOL OF BUSINESS 34 HOW SOCIAL MEDIA CAN REVEAL THE MYSTERY OF BRAND LOYALTY! 37 G.K SURESH - GENERAL MANAGER, ITC FOODS 37 SCRM IN 2013: NEXT GEN SOCIAL MEDIA ANALYTICS 44 BHUPENDRA KHANAL – CEO, SIMPLIFY360 44 SOCIAL MEDIA BEST PRACTICES 53 ANKITA GABA - CO-FOUNDER, SOCIAL SAMOSA 53 INSIDE BIG DATA – WHAT’S IN IT FOR MARKETING? 57 DEEP SHERCHAN – CMO, SIMPLIFY360 57 SOCIAL MEDIA PREDICTIONS FOR 2013 62 PRASHANT JAIN - SOCIAL MEDIA ANALYST, SIMPLIFY360 62 2 World’s First 360° Social Marketing Suit www.simplify360.com Simplify360 eBook: Predictive Analytics The Future of Social Media Preface Today enterprises are overwhelmed with the possibility of social media. It’s been proven that it is no longer a fad and it means serious business. At this turning event of realization, enterprises are not equipped with right tools and human resources to leverage social media. On the other hand, we are seeing a rapid innovation in the field of social media tools and technologies – social monitoring, analytics, marketing, intelligence, scrm, big data etc. As a result, we at Simplify360 tried to connect with different professionals active in this field of social analytics and learn from them about the future of social media. In this process we kept hearing predictive analytics as a repeating term. Hence we asked our team to reach out to the experts in the field and learn about what does predictive analytics mean in social media and its role in the future of social media. We would like to thank all the people who have agreed to share their experience and knowledge about social media. 3 World’s First 360° Social Marketing Suit www.simplify360.com Simplify360 eBook: Predictive Analytics The Future of Social Media What Are Predictive Analytics? Aditya Chowdhary Aditya Chowdhary, has over 16 years of experience in areas of Application Development, Marketing and Social Media Analytics. He has worked with global companies like GE, Dell. He was instrumental at Dell to setup the Social Media Analytics practice and very recently has joined Marketelligent. 4 World’s First 360° Social Marketing Suit www.simplify360.com Simplify360 eBook: Predictive Analytics The Future of Social Media What are predictive analytics? Aditya Chowdhary - Client Services Director Marketelligent Predictive analytics have been around for a long time and slowly these analytic tools are finding their way into the marketing and social media arenas. Predictive analytics use behavioural data from past to predict how individuals will behave in the future. For instance, your credit score is a predictive model including your repayment history and other information to predict whether you're a good credit risk or not. Predictive models commonly include a number of variables, such as number of late payments, and weighing factors that reflect the importance of that variable in predicting future behavior. These are commonly regression-type models. 5 World’s First 360° Social Marketing Suit www.simplify360.com Simplify360 eBook: Predictive Analytics The Future of Social Media Modern predictive analytics use similar kind of data to build models to classify people into different groups or predict their behavior . For instance, we might build a model that predicts how much of a product we'll sell if we lower (or raise) the price. While we won't be able to predict WHO will buy at the new price, we really don't care. We only need to know if we'll sell more at the new price. Thus, predictive analytics help us determine which marketing strategies will produce the best ROI (Return on Investment). How businesses use predictive analytics? Businesses use predictive analytics in a number of ways, one such way is discussed above. In addition, a number of tools, such as CRM (Customer Relationship Management) use predictive analytics to determine marketing strategies. Another type of predictive analytic is CLV (Customer Lifetime Value) which uses purchase information to classify customers into groups and determine the level of profit reflected by each group, which is used to build marketing strategies for each group. Descriptive models and predictive analytics Descriptive models are often overlooked as tools for generating predictive analytics because they suggest strategies that will generate better results without being able to quantify how much better the results will be. 6 World’s First 360° Social Marketing Suit www.simplify360.com Simplify360 eBook: Predictive Analytics The Future of Social Media Source: griibdesign.co.uk An example is the TRA (Theory of Reasoned Action). This model states that buying behavior is impacted by a consumers attitude and beliefs about the products, as well as the norms related to that purchase. This theory, ofcourse, underpins how social media works. Social media helps in building attitude toward products, based on the references from the most credible sources - our friends – and establishes norms of behavior when we see all our friends buying the product. So, why aren't these descriptive models being used more frequently in businesses? In part, that's due to poor exchange between businesses and academics ,who seem to speak different languages. Predictive analytics and social media Social media analytics is a powerful tool for uncovering customer sentiment dispersed across the countless online sources. As businesses feel the pressure to gain new insights from social media, they require the analytics expertise to transform this flood of information into actionable strategies. There is a lot of internet chatter about social media analytics to predict the future. This field of predictive analytics is in its infancy, but there has been enough success to generate excitement about its potential. 7 World’s First 360° Social Marketing Suit www.simplify360.com Simplify360 eBook: Predictive Analytics The Future of Social Media In case of social commerce, any kind of buzz is a good buzz because it directly translates into customer demand. For example, keeping tap of all the trending topics on Twitter can be a useful exercise to predict future demands. This allows business to leverage social media and maximize sales. Though the concept is still in its infancy, 2013 is an exciting time where we could see some of these concepts being implemented. 8 World’s First 360° Social Marketing Suit www.simplify360.com Simplify360 eBook: Predictive Analytics The Future of Social Media Beyond Sentiments Zishan Ansari Zishan is a SAS certified predictive modeler with over 4 years' analytics consulting experience for global players in banking, insurance and retail domain. Zishan is currently part of Target Corporation's enterprise business intelligence team based in India that provides analytic solutions to problems in operational risk, loss prevention and profit protection area. 9 World’s First 360° Social Marketing Suit www.simplify360.com Simplify360 eBook: Predictive Analytics The Future of Social Media Beyond Sentiments Zishan Ansari - Senior Business Analyst, Target Corporation Source - http://provalisresearch.com/uploads/Sentiment.jpg If you are reading this, you probably are aware of how things in the social media world usually work. You probably have used/seen/heard of tools that tells you about the sentiment of your customers, by analyzing what they are writing over various social media platforms. And I am sure many of you would have also seen software providers making tall claims about how accurate their engines are in predicting the correct sentiment of a company’s customer base. There is no question about whether sentiment analysis is a powerful analysis technique or not, because it certainly is. The bigger question is whether it is the right thing for you or not? And if it is, then do you have the ability to apply it correctly or not? If you are looking for an answer to the question whether investment on sentiment analysis is the right thing for your business, then read further. In case you have already spent loads of cash on buying a sentiment analysis package, still read further to know how you can best utilize it. Why sentiments? Being a part of a smart and proactive organization that listens to all its customers, you would want to build a strategy where you: · Listen to all that your customers are saying about your brand or a newly launched product · Take actions based on customer sentiments · Redress customer grievances by offering him or her some brownie points · And in turn be loved by your customers for being a great listener 10 [...]... Marketing Suit www .simplify360. com Simplify360 eBook: Predictive Analytics The Future of Social Media line of thinking 27 World’s First 360° Social Marketing Suit www .simplify360. com Simplify360 eBook: Predictive Analytics The Future of Social Media Actionable Analytics James Taylor James is the CEO and a Principal Consultant of Decision Management Solutions He is the leading expert in how to use business... Simplify360 eBook: Predictive Analytics The Future of Social Media 23 World’s First 360° Social Marketing Suit www .simplify360. com Simplify360 eBook: Predictive Analytics The Future of Social Media Too much talk in Analytics & too little action! Ajay Kelkar Ajay Kelkar, Co-Founder & COO of Hansa Cequity, has over 20 years of experience in customer-driven marketing across a wide range of industries like Soft... Comcast, The Atlantic, NBC Universal and Le Monde He is the author of Data Driven Insights from Wiley and sits on the Board of the Digital Analytics Association 16 World’s First 360° Social Marketing Suit www .simplify360. com Simplify360 eBook: Predictive Analytics The Future of Social Media Social Media Strategies for the Data Driven Newsroom Dennis Mortensen – CEO, Visual Revenue Just as the Internet... Actionable Analytics James Taylor – CEO, Decision Management Solutions 28 World’s First 360° Social Marketing Suit www .simplify360. com Simplify360 eBook: Predictive Analytics The Future of Social Media The use of analytics, especially predictive analytics, to improve business results is a key focus for marketing departments around the world The potential for new sources of “big data”, such as social media, ... be shared on social media? 18 World’s First 360° Social Marketing Suit www .simplify360. com Simplify360 eBook: Predictive Analytics The Future of Social Media • If so, when should it be shared to attain the maximum impact? As a process, editors and their social media tools should essentially follow a process of (1) finding and selecting the proper content; (2) pushing that content into the social channels;... brand/product over a period of 13 World’s First 360° Social Marketing Suit www .simplify360. com Simplify360 eBook: Predictive Analytics The Future of Social Media time Figure: (Source - http://www.neoformix.com/Projects/TwitterStreamGraphs/view.php) The Stream Graph shows the usage over time for the words, which are highly associated with the search word One of these series together with a time period is... www .simplify360. com Simplify360 eBook: Predictive Analytics The Future of Social Media endless torrent of information, opinions and activity They are called upon to quickly whittle it all down, and make quick, yet significant decisions about the placement and direction of content Given social media s realtime nature, the use of predictive analytics can help data-driven editors to stay one step ahead of the game Figure... for editors to act immediately, secure in both their judgment and the interest of their publication These new tools simplify data and tell a newsroom when it should tweet and also what it should be tweeting The computerized suggestions take on the 21 World’s First 360° Social Marketing Suit www .simplify360. com Simplify360 eBook: Predictive Analytics The Future of Social Media role of a deputy editor:... editors begin to answer these questions and follow this process, they make the definition of their success in social media more precise, and they move away from the vanity metrics of the consumer marketplace It is one of the things that separate the genuine publishers from the “everybody’s a publisher” publishers Determining Success and Failure in Real Time The real-time nature of social media interaction... lunches and there are no free graphs either 14 World’s First 360° Social Marketing Suit www .simplify360. com Simplify360 eBook: Predictive Analytics The Future of Social Media You can combine the results of the sentiment analysis with the results of stream graph analysis to infer what circumstances probably led to positive or negative sentiments So even if your sentiment analysis says that 80% of your customers . 360° Social Marketing Suit www .simplify360. com Simplify360 eBook: Predictive Analytics The Future of Social Media In case of social commerce, any kind of. Suit www .simplify360. com Simplify360 eBook: Predictive Analytics The Future of Social Media Preface Today enterprises are overwhelmed with the possibility of social