Yesterday, Adweek hosted a webinar where our CMO Pernille Bruun-Jensen and Managing Director of Reputation at Purple Strategies Robert Fronk discussed the growing importance of social analytics on managing brand reputation. The value of brand reputation is undergoing a major transformation with social playing a bigger-than-ever role in understanding consumer perceptions. Many are beginning to use social to increase brand value while reducing and managing risks to reputation.
Pernille and Robert focused the discussion on the following points:
- How to innovate around business value
- What leading brands are doing to rapidly identify social decision situations
- How to reduce costs and improve notification across the team
The Cost of Missed Opportunities
When it comes to identifying and putting a cost of social decision situations, Pernille shared recent study results of NetBase clients that showed the cost of decision situations and delayed actions. We’ve found that an average enterprise company in CPG, Retail, Financial Services and Food and Beverage industries has at least 300 social decision situations (many have thousands per year) where immediate action is necessary. Social media analytics helps teams understand the severity and velocity of the situation in the context of other issues in the industry. This accurate understanding helps save costs and also take advantage of new opportunities. In fact, the value of wrong or delayed action ranges between $30 thousand and $9 million, according to NetBase clients.
War Rooms in Peace Time
Many brands and agencies are beginning to innovate with real-time social media dashboards. So why do brands need war rooms in time of peace? Having a central place with all the data needed to make accurate decisions helps brands act with confidence and avoid crisis situations. Robert shared that one of his retail clients successfully implemented LIVE Pulse dashboards so that it could act instantly on client feedback about operations and item availability.
To learn more about innovation around brand value, critical success metrics, and decision situation management, please take a look at the webinar.
