A new way for brands to use social
A new study by Networked Insights, which monitors social conversations across networks including Twitter, YouTube and Reddit, found there's a correlation between the way consumers talk about certain brand metrics, and a retailer's same-store sales.
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The firm determines a brand's health by gauging customer satisfaction, loyalty and advocacy across social media.
"When we see in our large data sets big drop-offs in customer satisfaction and customer loyalty... we know that at some point in the near future that brand is going to have struggles," said Rick Miller, a vice president at Networked Insights.
"When we drill down into this data we can see very specifically what consumers are very unhappy about, what they're complaining about."
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Networked Insights just concluded a 15-month case study on low-price department store Kohl's, through which it monitored more than 500,000 entries about the brand. It found that as the online conversation about the retailer started to deteriorateparticularly surrounding customer loyaltyits same-store sales, as reported by Goldman Sachs, moved in sympathy.
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A new way for brands to use social