Back in January, in a blog post on the ROI of social commerce, my colleague Anne Forkutza wrote: Customer loyalty depends on a quality experience that extends beyond a simple transaction.
Essentially, she was saying that through social media, retailers have an opportunity to add value to the customer-retailer relationship -- to offer customers personalized information and to better understand their specific needs.
This is the concept of "Me-Tailing," wrote Lorna Pappas in a featured article in Retail TouchPoints (May 28).
But before companies can take steps to deliver this personalized value to customers, they need to do their homework. They need analytics.
"At the core of Me-Tailing is social media analytics. This process starts with raking blogs, forums, video posts, social media websites (including visual curation) and other online communities for predetermined Key Performance Indicators (KPIs) revealed in these posts and conversations," she adds.
"Retail organizations analyze the data and use it to profile shoppers to better personalize future social campaigns. Measurable results reveal the business intelligence that will nourish the next best retail strategies for addressing consumers’ needs."
The potential for social engagement is not lost on retailers either. A recent Retail TouchPoints survey found that 73% of respondents currently monitor social media feedback and comments from customers, and another 20% plan to do so in the future.
In her article, Pappas outlines "5 Stages of Social Media Analytics Maturity":
- Monitoring: Listening
- Discovering: Analyzing what's being monitored
- Sharing: From retailer to target audience
- Participating: A bi-directional exchange of viewpoints
- Co-creating: Ongoing wisdom tapped from target audiences