IMAGE VIA MARKETING INSIDER GROUP
In marketing fraternity, handling “BIG DATA” is more of challenge to in order to deduce meaningful information out of it. Artificial Neural Networks has the capability to transform data into productive information through detecting patterns in the data. There are several domains in which ANN is being employed such as image processing, sales forecasting, market research and chat bots.
Good Read to have insight:
ARTIFICIAL NEURAL NETWORKS: WHAT EVERY MARKETER SHOULD KNOW
We have witnessed mushroom growth in the last decade, where businesses acquired social media profiles for their marketing and customer support activities. At the same time due to raised awareness and easy to use platforms, consumers provide feedback about the brand frequently. Number of reviews posted every minute by Yelp users is 26,380. Interestingly if any brand rectifies the complaint quickly then they keep 95% of their disgruntled customers which is good number. On the other hand 86% people hesitate in buying products or service of the brand which have negative online reviews. These facts reveal that Online Reputation Management (ORM) is indeed one of the key functions of modern day businesses.
Although you can find hefty ORM agents in the market but it is pertinent to understand the subject before dealing with it. If you have basic knowledge of Risk Management, Digital Marketing and Legal then you are at a better position to understand and resolve the subject.
Process is required to streamline ORM practices and rules, which is stated below:
Businesses should have mechanisms through which regularly content about the brand should be fetched either automatically or manually from web sphere. Your social media and search engine resources should report all the reviews and mentions to the central repository of ORM either through emails or other means.
There are some tools which can assist you in elicitation:
- Google Alerts
- Yahoo Alerts
- Social Mention
All reviews and social mentions needs to be classified into atleast three categories which will be aligned respectively with suggested counter measure in later stage of CONTROL STRATEGY. Excess of anything is BAD here therefore moderation is suggested. When you say that your business is transparent then it should be again upto certain level don’t forget that two third online shoppers drop the idea of buying if they see two to three negative comments online. Therefore, classify all the comments into Positive, Negative & Opportunity comments. I think first two classes are self explanatory but the third one needs more deliberation. Opportunity comments include reviews or mentions which are on negative side but at the same time they provide opportunity to respond in a way that will either result in minimum loss or can be resolved by explaining the situation. These comments help in earning trust of the customer because they feel that brand is being transparent and giving exposure to Positive and negative comments both.
After classification applying counter measures is a pretty straight forward task where all the positive comments are aggressively promoted in the shape of testimonials on all platforms of web. Secondly, Negative comments are either tried to be removed from web or it is suppressed by positive comments down so that their exposure to users become restricted as we know that 93% of search engine users never go beyond first page of the search result. Lastly, opportunity comments can be utilized in the shape of case studies and then promoted in-order to explain the complete context of error and how fast it is resolved.
At the end of the process it is very important to quantify the brand value in-order to realize that where it is going. You need holistic approach to evaluate your brand value through multiple tools which are mentioned below:
- Yelp & Other review websites
- Alexa Rank
- Google Rank