Online insight monitoring is not a silver bullet!by
Cutting through the hype surrounding online monitoring tools, such as social media monitoring, Flemming Madsen explains how to harness the potential of listening to online conversations.
With so much of the debate around markets and products now taking place online, marketers are increasingly relying on analysis of the online debate for insight. This is hardly surprising: by correctly analysing the online debate we can understand the extent of the imprint left in the minds of customers and stakeholders by various channels of marketing communications. However, there is an important element that needs to be considered in this analysis: influence.
- Popularity - Popularity concerns how well known a source is. As humans we tend to overrate the importance and relevance of those we hear about all the time, and similarly underrate those with whom we are not so familiar.
- Influence - We can define influence as the impact a source has on a particular issue, and a source does not have to be popular to be influential. It is who listens to the source that is significant and who they then impact, not how many listeners they have.
- Relative influence - is the influence-to-popularity ratio of a source. The cost of engaging with a particular stakeholder is largely related to their popularity and hence a popular celebrity may significantly increase the cost of a campaign yet yield less success. On the other hand, it may be easier and more cost effective to engage with a less popular stakeholder with high relative influence – delivering a comparatively higher return on engagement than their popularity would lead us to believe possible.