What if a company was able to segment how their market perceives their product by each brand experience? Wouldn't such an ability to segment enable a company to guide product development by keeping tabs on the pulse of the marketplace, and how a company is measuring up to the competition in the market place?
To illustrate, let's use the example of a webinar software company, where the company might have three brand experiences its identified the company wants to succeed within the marketplace, those brand experiences would be a) easy to use, and b) how the company explains how to present a good webinar, and lastly c) how the webinar company integrates web 2.0 technologies into the product like twitter (twebinars).
Using social media monitoring technology the webinar software company would be able to determine the volume of conversations around each brand experience.
In addition the volume of conversation around each webinar software brand experience could be tied to a vendor/competitor in the marketplace.
However, the volume of conversation around a brand experience or competitor may not be an indicator of success. One or two competitors who have a significant volume of conversation, but those conversations might have a lot of negative sentiment. Therefore its important also to segment competitor brand experience conversations using social media monitoring tools, and at the same time measure the sentiment of each brand experience by competitor. Here, we'd show a bar chart for each brand experience, sentiment rating (positive/negative/negative-positive) by each competitor in the marketplace.
Looking at the volume of conversations, the sentiment about brand experience and as they relate to a competitor will enable the webinar software company to determine what are the most important brand experiences for customers within the market, and how each competitor measures up by conversation market share and sentiment rating. Using this information the webinar software company might then model its product development strategies on the volume of conversations around brand experiences and the competitive landscape. We'd track the progress of the conversations around each brand experience by competitor. As the webinar software vendor runs campaigns the company would be able to track how each campaign influences the marketplace.
Using social media monitoring software in this way, a company can conduct initial and ongoing market and competitive intelligence, one, to manage strategy, and two, to track progress.
I'd be curious if the volume of conversation and sentiment matches the market share of competitors, or their relative growth rates. It would be great if the industry could conduct a study both on these factors, plus in measuring how a competitor compares in the market place with the recommendations of analyst firms.
If your company has a case study, with publicly available data to show on the marketplace, let me know I'd like to write up the story.