From the Oscars to your brand’s marketing share of voice – social media has the answers.
It’s official; Las Vegas no longer has the best odds on which actors and movies will win an Oscar – that honor now goes to social media monitoring. According to a recent article in Variety, when PR firm Cision measured share of voice for all Best Actor Oscar contenders, Leonardo DiCaprio had a 16% larger share of social mentions on platforms such as Twitter, Instagram and YouTube, than his fellow nominee Matt Damon. A few weeks later, DiCaprio took home the Oscar.
A Serious Side to Oscar Fun
Last year, Amobee, a marketing company, used social media monitoring to correctly predict and post best picture winners before the Oscars. To determine winners, they simply looked at data from the first week after nominations were announced and compared it to social media activity at the time each film was released. While making Oscar predictions is a fun exercise for Amobee, the company also uses it as an engaging way to demonstrate to clients the power of social media in bringing success to their marketing strategies and campaigns.
Understanding Share of Voice and Using It to Build Winning Brands
There is a measurable relationship between how often a topic is mentioned on social media and how successful it is in the marketplace. Calculating success metrics and comparing those numbers with the mentions competitors receive is how you determine who or what has the greater share of voice. Most marketers know that using geosocial data gleaned from social media monitoring is a great way to predict trends, connect with customers and boost sales. However, it also helps companies see where they stand in the marketplace, and make better decisions about where they will stand, and what they will stand for, in the future.
Taking More In-Depth Measurements
More and more marketers are leveraging social media monitoring to measure a variety of critical data points that impact everything from strategy and culture to sales. Some of these measurements include:
- Brand Strength — How often is your brand being discussed?
- Sentiment — Are customer posts positive or negative?
- Reach — How big is your area of influence?
- Passion — How likely will customers share information about your brand?
To learn more about how you can leverage social media monitoring to give your marketing campaigns a boost, check out our recent blog post on how Geofencing Helps Car Dealerships Gain Customer Insights.