Restart Your Consumer Intelligence Clock in 2021 

The coming of the new year brings with it a time for reflection and resolutions for the future. So, there’s no reason that brands shouldn’t take this opportunity to take another peek under the hood at their social media listening and give it a good tune-up. There’s no time like the present for a first-rate recalibration to restart your consumer intelligence clock for 2021.

We’ll take a look at some of the benefits of a reassessment with a focus on:

  • Seeing what your brand looks like from a consumer and competitor’s perspective
  • The importance of customer segment exploration
  • Aggregating and analyzing your siloed intel

As food for thought, here are a few consumer-related statistics we uncovered that you’ll want to keep in mind:

  • Gen Z and Millennials have spurred growth in e-commerce during the pandemic more than older generations. Together 33% of them have increased their online spending compared to 23% of Gen X and Boomers.
  • Gen Z income is expected to grow five-fold over the next ten years to $33T in 2030. This figure would represent one-quarter of all global consumer income and stands to surpass Millennial income by 2031.
  • Understanding your demographics is vital as Millennials tend to exhibit the least patience online of any generation, while Gen Z’rs are the most likely to eschew loyalty and bounce from brand to brand.

With that, let’s jump in someone else’s shoes for a fresh perspective.

How to Discover Market Opportunities and Validate Consumer Demand

Who Are You?

Let’s face it; it’s easy for brands to get caught up in the day-to-day minutia of running a successful business. So much so that sometimes the interests, wants and needs of your target demographics can shift right under your nose. This scenario happened a lot this year.

That being the case, revisiting your baseline metrics through focused social media listening is the smart thing to do going into 2021. How do consumers really feel about your brand messaging? Are you making your competitors sweat, or are they more concerned with a rival brand?

For comparison’s sake, let’s pretend that your brand is Krampus Inc., and your main competitor in the Christmas market is none other than Santa LLC. The competition has a giant margin of the market share, but you are intent on growth. Revisiting your metrics establishes where you are today versus where you want to be next year.

consumer-intelligence-summary-metrics

In the quest to gain ground on Santa, taking a fresh look at your consumer intelligence using social media listening can help you spot shifting behaviors in:

  • Buzz and sentiment
  • Trends
  • Emotions
  • Likes and dislikes
  • Top authors
  • Top sources

And as this has been a unique year for sure, taking an honest assessment of your brand health in the current social climate will have you better positioned to grow Krampus Inc’s share of voice in the new year.

brand-passion-index-of-santa-vs-krampus

Customer Segment Exploration

Adaptability has been the key to overcoming adversity this year. Supply disruptions, technological innovations and shifting consumer behavior have kept brands on their toes. And with looming political and socio-economic factors on the horizon, brands will do well to be up to date on their consumer and competitive intelligence.

As the dust settles from the holiday season and consumers tighten their purse strings, now’s a great time to reassess who your customer is. Are you hitting your target demographic, or have they shifted away?

A demographic analysis gives us up to the minute insight as people talk about your brand online. With the click of a button, we can explore gender, age, interests, professions and more. We can see below what social media users discussing Krampus are most interested in. Arts & crafts, gaming and anime & comics take up the top spots.

consumer-intelligence-demographics

With this knowledge under our belt, it’s time to see how we measure up against our competition. And the crosstab analysis feature in the NetBase product is the perfect tool to do just that.

By bringing both of our ‘company’ topics into the analysis, we can then add relevant themes to determine where we stand against the competition. Along with the interests mentioned above, we’ve added gender and age-related themes for a broader view across demographics.

consumer-intelligence-crosstab

Though Santa carries the lead in the Christmas category, you can see that Krampus is killing it with Millennials and Gen Z in the net sentiment department.

And while the arts & crafts category enjoys the highest sentiment of our interest groups, the gaming category enjoys the widest margin over Santa.

Combining topics and themes in this way gives your brand a snapshot in time, which you can use to measure your progress as you move into the new year. And, of course, it’s super helpful in crafting precise brand messaging.

How to Discover Market Opportunities and Validate Consumer Demand

Aggregating & Analyzing Your Siloed Intel

While you are reassessing your consumer intelligence, why not upload and analyze your own internal data sets? Your brand can upload everything from customer reviews, online forums, tweets, surveys and more via a .csv file for analysis.

NetBase Quid uses next-generation artificial intelligence (AI) to deliver deep and actionable insights regarding customer satisfaction, purchase intent, competitive preferences and much more. 

Creating a custom dataset is as straightforward as dragging and dropping your .csv file, configuring your mapping options, and selecting your industry & data type using Quid Opus.

Opus-data-upload

It gives you all the functionality and flexibility you’re accustomed to in the Quid product while enlarging your consumer intelligence footprint through custom datasets. As an example, here are eighteen brand-specific call transcripts teed up and ready for analysis.

quid-pro-clusters

The NetBase product also allows you to upload data sets into your topics in minutes. Your brand can load and analyze many unstructured data types, such as surveys, star ratings, NPS scores, review data and much more. This brings your company’s customer experience data together with social media content in one powerful platform.

Every bit of consumer intelligence adds detail to the overall picture, so it’s best to use everything at your disposal. Did your hotel finish up a recent survey? Load it up and see how you’re faring against the other guys.

customer-intelligence-timeline

With all the hustle and bustle of the holiday season, has it been a minute since you revisited your voice of the consumer intel? Hitching your in-house data together with diligent social media listening paves the way for rock-solid consumer intelligence. Be sure to reach out for a demo, and we’ll get you primed and ready to put your best foot forward in 2021.

How to Discover Market Opportunities and Validate Consumer Demand

 

NetBase Product Line

Premier social media analytics platform

Tailored platform for growing businesses

Expand your social platform with LexisNexis news media

The power of social analytics for your entire team

Customer experience analytics platform

Out-of-the-box integration with other data sources

Actionable data to drive your business decisions

AI, Image Analytics, Reporting Tools & more

Product configurations to meet all needs

Quid Product Line

Media analytics and market intelligence platform

Enrich your media analytics with social data

Media coverage for historical & real-time monitoring

AI algorithms, NLP, data sources, and visualization

Tailored, configurable solutions