NetBase Website: http://www.netbase.com/ Video Link: https://www.youtube.com/wat
ID: 468162 • Letter: N
Question
NetBase Website:
http://www.netbase.com/
Video Link:
https://www.youtube.com/watch?v=ErCyFmvzpFc&feature=youtu.be&list=PLmx5ZFHADgNvgjryq2qa1hDFF0whZBh0L
The two links below provide more NetBase details:
http://www.bloomberg.com/research/stocks/private/snapshot.asp?privcapId=27754598
https://openforum.hbs.org/challenge/understand-digital-transformation-of-business/data/netbase-turning-social-media-babble-into-consumer-insight
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1. The SWOT Analysis for NETBASE is as under
STRENGTH
a. Domestic Market
b. Low labour cost
c. high revenue and profit
d. experienced business units
e. well managed existing distribution and sales network
f. Skilled labours and staff
WEAKNESS
a. Future profit
b. Existing cost structure
c. Market competition
d. Possibility of high loan rates
e. Small business units
OPPORTUNITIES
a. Global market opportunities
b. Growing demand
THREATS
a. Increase in cost
b. Cash Flow
c. Increase in rate of interest
d. Growing competition and lower profit
e. Increase in labour cost and limitation in financial capacity
f. Changing government regulations
g. Problems related to technology
h. External business Risks
2. NetBase has provided Aquasana with real-time monitoring and measurement with interactive insights into the underlying drivers of customer opinions, emotions, and behaviors.
NetBase's Insight Workbench provided the marketers extract customer perceptions from social media "chatter" to identify trends, discover new product uses, and learn about their competition.
Netbases made it easier for Aquasana to identify outspoken social media users who express doubts about the company's products and their performance, and correct erroneous information that is being shared about the brand.
It also helped the company to conduct research on specific product types to get more idea of how they should go ahead with the new products
The greatest impact of using NetBase's product is having a better understanding of what customers know about Aquasana and its products. Aquasana have been able to gauge quite successfully the increase in customer understanding, and therefore passion, for the Aquasana brand by tracking the conversations and sentiment.
After implementing the Netbase insight Aquasana saw
a. No of online mentions increased by more than 50%
b. Gained valuable customer feedback on new products
3. Additional Netbase Customers
a. McCann partners with Netbase to Operationalize social intelligence
McCann used the power of the insights gleaned by custom dashboards built within the NetBase Insight Composer for a leading product sold by General Mills, Cinnamon Toast Crunch cereal. Traditional research had shown tthat the main target audience for the cereal was mothers buying it for their children. McCann were able to surface comments from social media showing that “millennial males” were eating it as well – and at night. After Discovering this it opened the door for occasion-based marketing that targeted a very specific audience, and created a unique brand experience for this subset of consumers. McCann developed “late night inspired, irreverent and fun content for Facebook and Twitter that received three times the engagement.The power of NetBase’s social media intelligence adds a number of tools, a strategic and analytics component that allows to unearth truths about consumers and figure out the right message to be delivered at the right time,consumers gives the McCann team a crucial edge.
b. Netbase services to Innovate a “Hanz”-on Alternative to Lego
The Lassen Innovation team made a customized unique dashboard in Insight Composer to identify and analyze competitive intelligence around the Lego brand, and found a small percentage of online consumers talking about the concept of “Mindstorm.” Based on the idea that the users should be able to build and design their own functionality in toys and do not have to follow direction, Mindstorm generated very less % of the overall sound bites in NetBase’s real-time stream. However, this small volume of data delivered the important insight that consumers felt creativity was being inhibited in existing products on the market. Given that small amount of chatter, it was crucial that NetBase enabled Lassen to filter down to specific sentiment-rich sound bites, which allowed the team to understand how much passion consumers were expressing for Mindstorm throughout the social web.
4. STEPS FOR INTEGRATING AND ACTING ON SOCIAL MEDIA
a. STEP 1 : TAKE STOCK
Understand where you are by completing a thorough self-assessment of your current state. Consider how you are leveraging social media data and to what extent you are integrating it with other customer data. Are you able to leverage that integrated customer data at the point of interaction with customers? Finally, consider your current IT infrastructure. Is it struggling to adapt to the volume, variety, and velocity of data generated by this new social world?
b. STEP 2: IDENTIFY YOUR GOALS
Define your target state by outlining your objectives in leveraging social media data. Be sure the social strategy supports strategic enterprise goals.To get started, determine if you want to: Integrate social media data with your other customer data and analyze it Influence existing customers or gain new customers and increase sales/revenue Change public opinion of a brand/product/company Conduct customer research at a lower cost Provide improved customer service Drive product/service innovation using the voice of the customer Improve employee productivity and knowledge sharing Consider a few industry-specific objectives to clarify the point. A consumer goods company might want to leverage social media data to understand how a product is perceived by different market segments or to track the impact of a particular marketing campaign. A pharmaceutical company might consider using social media to analyze brand perception after a new drug launch or to support patients via blogs and health forums. A telecommunications provider can leverage social network analysis to provide information on mobile number portability, accurately revealing customer migration and churn behaviors to better understand new customer decision paths.
c. STEP 3 : CREATE A SOCIAL BUSINESS PLAN
Your plan should include specific details of what you want to accomplish. There are thousands of things you might do, so you have to be as specific as you can about your focus. Include a highly detailed definition of the target state, which should be validated with industry-specific benchmarks. In addition, the plan should include a detailed definition of the actions required and an estimate of the financial impact of implementing your program. A proof of concept is needed to bring together structured and unstructured data and determine what is (and is not) valuable
d. STEP 4: DESIGN A SOCIAL IT AND TRANSFORMATION PLAN
Include a detailed requirements analysis in your plan. Incorporate designs for business processes—whether new or changed—and the IT transformation required to enable these new processes. Your plan should also include estimates of transformation time and cost and be incremental in nature. Like any complex transformation, the most successful outcomes tend to come from a phased approach focused on specific business capabilities or use cases with carefully defined metrics and business-unit ownership. Finally, the plan must address the new skills and roles that will be required to drive and exploit these new capabilities
e. STEP 5 : IMPLEMENT SOCIAL BUSINESS PLAN
As you implement your social business plan, keep these characteristic activities in mind:
Combine structured data with unstructured social data to drive actionable customer insights that promote growth
Engage rather than communicate with customers
Recognize influencers and high-value customers in new segmentation models
Encourage participation, sharing, and co-creation internally first, then externally
Develop real-time analytic capabilities
Learn from interactions and respond—social learning is applied throughout the business, not just in marketing
Understand how being social can increase profitability
f. STEP 6 : GOVERN A SOCIALLY ENABLED BUSINESS
Companies must design a governance model and align it with the overall organization. For example, implement new governance processes that take into account the need for real-time analytical insights at the point of customer interaction. When establishing key measures for your program, be as specific as you can about what success looks like, keeping in mind that the metrics will vary depending on the type of business or government entity. Some measures of success include:
Metrics about the customer and sales conversion rates before and after implementing a social intelligence solution
The average elapsed time to respond to customer inquiries
The number of customers engaged with the social intelligence solution, benchmarked over set periods of time
The number of customer complaints mitigated