Express, Kate Spade & Payless need social media love
Steve’s breakdown: Every now-and-then a report comes out telling us how passionate consumers are about brands. Obviously, the ones at the bottom of the list are the ones to call. This time that would be Express, Kate Spade & Payless. Read on . . .
EVERYWHERE, USA: NetBase, a global leader in enterprise social analytics, today released its 2016 NetBase Retail Brands Report, which examines top social trends and overall social performance of 60 leading retail brands in 11 categories. The report looked at more than 430 million social posts to gauge how closely the world’s leading retail brands are listening to new and existing customers on social media and what brands can learn from social to successfully drive sales. The report revealed that Amazon ranked the highest in mentions and awareness, but Tiffany & Co. was the most passionately and positively discussed brand.
“The holy grail is leveraging what you learn online – such as what really motivates your audience to click and purchase – and translating these findings into monetary ROI for your business.”
Read the full NetBase Retail Brands Report online at http://pages.netbase.com/AR-2016-Retail.html.
“It’s clear from our retail report that some brands are doing a much better job than others when it comes to meeting customer expectations regarding products or customer service. Wherever they stand, each retail brand has the opportunity to leverage social analytics to better understand their customers’ wants, dislikes and desires to best cater to their needs,” said Paige Leidig, chief marketing officer at NetBase. “The holy grail is leveraging what you learn online – such as what really motivates your audience to click and purchase – and translating these findings into monetary ROI for your business.”
The NetBase Retail Brands Report is based on monitoring conversations across the social web inclusive of Twitter, Facebook, Instagram, Tumblr and millions of other sources between July 28, 2015 and July 27, 2016 and measuring volume of conversation, awareness (as a measure of earned impressions), reach (a measure of owned impressions), net sentiment and brand passion. The brands were broken into the following categories: pharmacy and convenience stores, discount, big-box, eCommerce, clothing, luxury, shoes, athletic, department store, grocery and office supply. The overall net sentiment of the posts was 58 percent, with a 69 percent passion index, representing a mixed bag of emotions and attitude towards the retail industry.
Key findings from the report include:
- Bigger is better, but only when it comes to volume: Department stores and big-box retailers lead in mentions, owning 39 percent and 35 percent of the conversation respectively. However when looking at what categories as a whole are most loved, luxury retailers, discount retailers and eCommerce brands lead the pack.
- Aspiration purchases drive positive social conversations and brand image: For example, jewelry company Tiffany and Co. is the number one most positive and passionately discussed brand.
- While larger brands might have higher mention volume, smaller brands can cultivate more engaged, passionate customers: While Amazon holds the largest share of voice in eCommerce, it falls short when measuring passion – Zappos has more passionate customers. The same can be said of Nike in the athletic category.
- What are retailers doing right? Amazon, Nike and Best Buy are the top three most loved retail brands as result of best connecting and engaging with their customers.
- Least liked retail brands: Express, Kate Spade, Payless.
- Which categories have the most ground to make up? Department stores (37 percent), grocery (36 percent) and office supply (30 percent) ranked lowest on the brand passion index, which looks at sentiment of posts compared to their passion intensity. They have the most to learn from listening to customers on social.
The NetBase Retail Brands Report is based on brand conversations across the social web inclusive of Twitter, Facebook, Instagram, Tumblr and millions of other sources between July 28, 2015 and July 27, 2016.
Using NetBase patented technology, the report measures consumer emotions, behaviors and usage towards the industry and represented brands. NetBase maps a category using four dimensions:
- Volume – measuring the number of earned and owned mentions and conversations;
- Passion Intensity – indicating how strong consumers feel about a brand or company based on a scale of 0-100;
- Net Sentiment – measuring the overall direction of how consumers feel about a brand’s marketing, customer service and products on a scale of -100 to +100; and
- Brand Passion Index (BPI) – A brand’s net sentiment to passion ratio provides a look at how the brand is favored. A brand with a low Net Sentiment but high Passion Intensity, for example is hated, whereas a brand with a high Net Sentiment but low Passion Intensity is liked, but not loved.
These four dimensions form the NetBase Brand Passion Index™, which signals the brand health and tracks a brand’s movement over time, ultimately reflecting whether a brand is winning the hearts of the consumers. By better understanding what consumers truly want and their emotional investment, brands can turn social conversations into powerful marketing tools that truly satisfy consumer passions.
NetBase is the award-winning social analytics platform that global companies use to run brands, build businesses, and connect with consumers every second. Its platform processes millions of social media posts daily for actionable business insights for marketing, research, customer service, sales, PR, and product innovation. NetBase is a trusted partner to American Airlines, Arby’s, Coca-Cola, Ogilvy, T-Mobile, Universal Music Group Nashville, Walmart, and YUM! Brands. Learn more at www.netbase.com or @NetBase. See your brand’s social movement in real-time with NetBase LIVE Pulse™.