Tagged with: Monitoring
Today’s acquisition by Salesforce of Radian6 for an estimated $326 million is a strong statement to the power of social intelligence.
Congrats to the Radian6 team.
Converseon is now the only remaining independent leader in Forrester Wave’s Q3 2010 Listening Platforms report. We continue to believe we remain at the front end of what we expect to be profound growth for the social intelligence space moving forward. The intersection of “big data,” sentiment analysis and analytics is powerful and is not only becoming the impetus for business redesign, but also a plethora of new products, services and applications. We’re just scraping the surface.
While social CRM is one important use case, our focus will remain on unifying real time monitoring with the deepest level of intelligence together with robust consulting and service offerings to make social data intelligent and actionable across multiple use cases. These investments help drive even more attention and interest to the category. As we say, a rising tide raises all boats.
We’re proud of our industry leadership and of our industry. Congrats again to all involved.
The social media conversation is increasingly global. And we at Converseon continue to expand our social listening so that brands can understand these conversations across regions and languages. One of the most dynamic regions is China.
CIC is based in shanghai, independent, and is a leader in social listening in china, which is a very complex market with tremendous potential. For example:
- There are more people online in China than the entire population of the United States (420 million)….with room to grow. China’s population is 1.2 billion.
- While Facebook, Twitter and Youtube are all blocked in China, local equivalents exist in China for every online ““““social medium. These are more than just copies. In fact, they have localized and transformed social business. For example, Taobao (the ‘ebay’ killer) launched a ‘group purchase’ flash sale recently that sold 205 Mercedes Smart cars in 3.5 hours.
- There are almost as many people on social network sites in China (210 million on Facebook equivalents) as total people online in the US (220 million).
- Chinese netizens are creating 2x the volume of original online content per person, according to Forrester.
CIC is independent, like us, and they share a similar vision, methodology, etc. In addition, we have enjoyed a successful working relationship to date. This announcement builds on that relationship to bring their social listening into our global Conversation Mining solution, while CIC can now offer our consulting and multi-language solutions to their clients.
We look forward to growing and evolving our partnership as brands continue to evolve from basic monitoring to deeper global understanding of online conversations.
It’s understandable if buyers of social media monitoring services are a bit confused by all the numbers they hear in the market. I spent most of my career in text analytics, and I’ve been surprised at what I hear from monitoring companies about the accuracy of their text analytics.
It reminds me of Nigel Tufnel of the fictional rock group Spinal Tap, who “proved” that his heavy metal band was louder than others by pointing to the dials on their speakers, asserting, “The numbers all go to eleven” (which certainly beats all those other speakers that stop at 10). If you think that the accuracy claims of social media vendors sound a lot like “Ours go to eleven,” you may be right.
Let’s start by looking at what the problem is — or, rather, what the two problems are. After all, when you see the results in a social media dashboard, you need to evaluate two factors at once:
First, you are deciding whether this particular conversation is relevant — is it a conversation that actually talks about the issue that you are monitoring? Second, you want to know whether it is correctly identified as positive or negative. Your dashboard will truly be correct only if the vendor is right on both counts, and both of these problems can be very tricky in text analytics.
For relevance, you might be lucky. If you work for T-Mobile, it’s likely that every mention of “T-Mobile” is actually relevant, so algorithm-based text analytics software can do a good job at that. But if you have the same job at Sprint, you aren’t so lucky because many occurrences of the word “sprint” have nothing to do with phones. For example, such discussions might pertain to a high school track meet.
You might think that the algorithmic software could just look for a capital “S” in “Sprint” to find the right ones, but that doesn’t work very well, for lots of reasons. For example, people often skip proper capitalization when writing in social media, especially from mobile devices.
The Aberdeen Group has released a new research study called Brand Reputation Management: Using Online Monitoring to Protect the Company’s Crown Jewels
As a leading company providing social media monitoring we support the growth of the research and sharing of information in the field of online brand monitoring.
Here are a few tidbits from the study:
*Class determinations for this study are based aggregate web performance scores. Best-in-Class companies consistently use more monitoring services.
- Best-in-Class companies are 2.4-times more likely than Laggards to improve year-over-year performance in customer retention rates. On average, Best-in-Class companies improved customer retention rates 11%, compared to 1% for Laggards.
- Best-in-Class companies are 400% more likely than Laggards to improve year-over-year performance in return on marketing investment (ROMI). On average, Best-in-Class improved annual ROMI rates 16%, compared to a 1% improvement amongst Laggards.
- Best-in-Class companies are 16-times more likely than Laggards to improve their ability to protect online brand reputation.
- Best-in-Class companies are 2.7-times more likely than Laggards to improve customer satisfaction. On average, Best-in-Class improved year-over-year customer satisfaction levels by 14%, compared to a 3% improvement amongst Laggards.
Results like these add proof to the pudding we’ve been dining on for years, that listening to customers and responding to their need leads to a more engaged, satisfied and loyal customer base.
Access to the report is free until July 3 (just requires a registration), simply click here to download your copy.