Hearing Consumers Through the Social Media Din

Cognizant HEARING CONSUMERS THROUGH THE SOCIAL G+ MEDIA DIN Y TODAY'S CONSUMER-FACING COMPANIES NEED TO KNOW WHAT THEIR CUSTOMERS ARE SAYING ABOUT THEIR BRANDS AND PRODUCTS ON SOCIAL MEDIA. LISTENING IN REAL TIME CAN GENERATE INSIGHTS FOR EFFECTIVE BRAND ENGAGEMENT. BUYING ON SOCIAL CHANNELS, THOUGH A COMPARATIVELY SMALL PORTION OF CAGR $30B OVERALL COMMERCE, +56% IS GROWING RAPIDLY $20B $14B $9B $5B 2011 2012 2013 2014 2015 Estimate Of Global Social Commerce Market f in Source: Booz & Co. analysis, http://digitalintelligencetoday.com/documents/Booz_2011.pdf 56% Follow brands MORE THAN 50% OF RETAIL CUSTOMERS FOLLOW BRANDS ON SOCIAL MEDIA SITES 12% Willing to follow Response Base: 1,512 consumers in the U.S., UK, Spain, Netherlands, France, Italy, Spain & Belgium Source: Cognizant Research Center Note: Excludes non-followers of brands. MANY CONSUMERS SPEND SIGNIFICANT TIME EACH DAY ON SOCIAL MEDIA SITES 19% Less than 15 minutes 29% 15-30 minutes 25% 30-40 minutes 16% Above 60 minutes Response Base: 1,512 consumers in the U.S., UK, Spain, Netherlands, France, Italy, Spain & Belgium Source: Cognizant Research Center Note: Excludes non-followers of brands. CONSUMERS SPEND SIGNIFICANT TIME LISTENING TO AND SHARING EXPERIENCES ON SOCIAL CHANNELS Reading reviews 49% Discovering products and services 42% Sharing promotional deals 40% 35% Sharing experiences Response Base: 1,512 consumers in the U.S., UK, Spain, Netherlands, France, Italy, Spain & Belgium Source: Cognizant Research Center Note: Multiple selections allowed. IDENTIFYING THE SOCIAL SHOPPER Gender 48% 52% 31% 25% 13% 12% 10% 9% 13-17 18-24 25-34 35-44 45-54 Above 55 Response Base: 1,028 consumers in the U.S., UK, Spain, Netherlands, France, Italy, Spain & Belgium Source: Cognizant Research Center PRODUCTS AND SERVICES MOST IMPACTED BY SOCIAL MEDIA-INFLUENCED ONLINE BUYING Top product categories Consumer 63% Beauty & Healthcare 49% Electronics Event/Movie/ 51% Health & Fitness 49% Travel Tickets Books/Magazines/ Music CDs/Videos 50% Apparel & Accessories 48% Response Base: 1,512 consumers in the U.S., UK, Spain, Netherlands, France, Italy, Spain & Belgium Source: Cognizant Research Center Note: Multiple selections allowed. MORE THAN 90% OF RETAIL BRANDS PREFER USING TWO OR MORE SOCIAL MEDIA CHANNELS TO PROMOTE THEIR BRAND AND PRODUCTS ONLINE 100% 90% 80% 70% 60% 50% 40% - 30% 20% 10% - 0% 1Q 2012 3Q 2012 1Q 2013 3Q 2013 1Q 2014 G+ Facebook Twitter Pinterest E-mail Google+ Tumblr Source: AddShoppers, http://www.businessinsider.com.au/how-social-networks-drive-commerce-2014-11 FIVE STEPS TO HARNESS SOCIAL MEDIA ANALYTICS To translate social interactions into transactions, retailers need to separate signal from noise. An intelligent social media analytics framework includes five critical steps. Listen Use social Web services that crawl Facebook, Twitter, Foursquare, YouTube, blogs, e-mails, etc. Integrate Integrate this data with the organization's data warehouse and data mart to provide a 360-degree view. Analyze Measure sentiment around the brand on social media sites using a proprietary sentiment analysis algorithm. Engage Build and deploy dashboards and reports that measure brand sentiment; apply analytics, competitive intelligence, customer insights and social media ROI calculations to assess marketing campaign effectiveness. Act Make informed decisions, take action and track the results. REAL-WORLD EVIDENCE: COGNIZANT İSMART' IN ACTION CLIENT BUSINESS PROBLEM/ RECOMMENDED CLIENT BENEFITS OBJECTIVES SOLUTION A large Achieved 89% accuracy in Implemented iSMART, a Python-based natural language processing and machine learning algorithmic solution. Make sense of food & structured/ classification of social beverage unstructured media comments. company data and For example, consider the integrate external data following two tweets: with internal 1. "The products sold on this site are good" data warehouse systems. 2. "The products sold on this site are the best Create a mechanism to ever" listen to and The level of customer understand sentiment associated with generic social the product in each case is different, where the first tweet is rationally positive (+1) while the second is customer sentiment about the brand experience. emotionally positive (+2). Implemented Cognizant Big Decisions 2.0 big data analytics platform and İSMART. • Used process automation to reduce the 4-5 days of manual effort to 2 hours, A leading Understand social consumer media reach for its goods brand and competitor brands using Facebook, Twitter, YouTube, Google Analytics, Compete.com, Klout and resulting in significant cost savings. company Eliminated manual errors. Enabled integrated view of brand and social reach, not only for its brand but also to compare with others. Peerlndex. A leading pharma Enabled understanding of Analyze customer care inbound Used İSMART to: customer sentiment and e-mail, telephone inquiry logs, Twitter feeds and websites related to • Create a customized sentiment library and industry templates. to compare with competitors' satisfaction company drivers. Extract data from Helped discover opportunities for further automation and/or proactive communication. oncology and transfers. Twitter, websites, e-mails and telephone logs. %23 Identify and classify top customer complaints and the root cause. STEPS TO MONETIZE SOCIAL LISTENING 2 3 4 7 島 Audit existing Select key commitment performance indicator Define the Secure the Create specific Integrate and social media analytics metrics for each social network site and company website. Acquire the scope and business align the necessary resources and of the resources. resources capabilities. objectives organization's (KPI) metrics for the social media and tools. leadership. that translate to business strategy. context. For more insight, visit http://www.cognizant.com/ISMART and read our white paper "Leveraging ISMART for Business Focused Solutions" http://cogniz.at/LeveragingiSMART 1 Integrated Social Media Analysis & Reporting Tool (ISMART) integrates social media data with data warehouse insights and is packaged with predefined dashboards, report templates, a data model and a sentiment analysis algorithm to help businesses make sense of historical trends and inform future plans. © Copyright 2015, Cognizant. All rights reserved. No part of this document may be reproduced, stored in a retrieval system, transmitted in any form or by any means, electronic, mechanical, photocopying, recording, or otherwise, without the express written permission from Cognizant. The information contained herein is subject to change without notice. Code HaloTM is a trademark of Cognizant Technology Solutions. All other trademarks mentioned herein are the property of their respective owners. KEEP CHALLENGING™ .....-.. AGE Percent of social-generated e-commerce revenue --------