Brandwatch Masterclass: Using Brandwatch for Product Development
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NY Masterclass 2014 - #brandwatchtips
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Brandwatch Masterclass: Using Brandwatch for Product Development
- 1. Using Brandwatch for Product Development Georgia Tregear / Account Director #brandwatchtips
- 2. LISTENING TO CUSTOMERS FINDING OPPORTUNITIES QUESTIONS #brandwatchtips © 2014 Brandwatch.com | 2
- 3. LISTENING TO THE CUSTOMER #brandwatchtips © 2014 Brandwatch.com | 3
- 4. © 2014 Brandwatch.com | 4
- 5. #brandwatchtips © 2014 Brandwatch.com | 5
- 6. #brandwatchtips © 2014 Brandwatch.com | 6
- 7. #brandwatchtips © 2014 Brandwatch.com | 7
- 8. Reality: Smart TVs are outselling 3D TVs Worldwide; September 2013; 18 years and older; Internet users Source: Ofcom & Statista #brandwatchtips © 2014 Brandwatch.com | 8
- 9. And… The Customers Aren’t Happy “79% of respondents said they regretted buying a 3D television” Voucher Codes Pro, survey of 1,000 3D TV owners #brandwatchtips © 2014 Brandwatch.com | 9
- 10. #brandwatchtips © 2014 Brandwatch.com | 10
- 11. 4K TVs #brandwatchtips © 2014 Brandwatch.com | 11
- 12. #brandwatchtips © 2014 Brandwatch.com | 12
- 13. #brandwatchtips © 2014 Brandwatch.com | 13
- 14. 3 MAIN COMPLAINTS: • Price • Lack of Content • Size #brandwatchtips © 2014 Brandwatch.com | 14
- 15. #brandwatchtips © 2014 Brandwatch.com | 15
- 16. #brandwatchtips © 2014 Brandwatch.com | 16
- 17. EXPANDING EXISTING PRODUCTS #brandwatchtips © 2014 Brandwatch.com | 17
- 18. WEARABLE TECH #brandwatchtips © 2014 Brandwatch.com | 18
- 19. FITNESS TRACKERS #brandwatchtips © 2014 Brandwatch.com | 19
- 20. Color mentions #brandwatchtips © 2014 Brandwatch.com | 20
- 21. Color Mentions #brandwatchtips © 2014 Brandwatch.com | 21
- 22. #brandwatchtips © 2014 Brandwatch.com | 22
- 23. FINDING OPPORTUNITIES #brandwatchtips © 2014 Brandwatch.com | 23
- 24. IT’S NOT ALL ABOUT TECHNOLOGY… #brandwatchtips © 2014 Brandwatch.com | 24
- 25. ENERGY BARS #brandwatchtips © 2014 Brandwatch.com | 25
- 26. 26
- 27. LEARN FROM YOUR COMPETITORS #brandwatchtips © 2014 Brandwatch.com | 27
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- 29. 29
- 30. #brandwatchtips © 2014 Brandwatch.com | 30
- 31. #brandwatchtips © 2014 Brandwatch.com | 31
- 32. #brandwatchtips © 2014 Brandwatch.com | 32
- 33. #brandwatchtips © 2014 Brandwatch.com | 33
- 34. #brandwatchtips © 2014 Brandwatch.com | 34
- 35. KEY TAKE AWAYS • Are you thinking about what consumers really want? • Who’s your target audience? • Will historical data help? • Brandwatch Rules and Categories are your friends! • Ask your customers and look at your competitors! #brandwatchtips © 2014 Brandwatch.com | 35
- 36. QUESTIONS? #brandwatchtips © 2014 Brandwatch.com | 36
- 37. Email contact@brandwatch.com Web brandwatch.com Twitter @brandwatch Telephone UK +44 (0)1273 234290 US +1 212 229 2240 DE +49 (0)30568 370 040 Document Limitation The information given in this document has been checked for accuracy and completeness however Brandwatch shall not be liable for any errors or omissions. Brandwatch is a trading name of Runtime Collective Limited. Registered in England & Wales: 3898053 4th Floor, International House, Queens Road, Brighton, BN1 3XE, United Kingdom
Hinweis der Redaktion
- Hello, my name is Georgia and I’m an account director here at BW. I’m going to talk about how to use Brandwatch and social data for product development.
- Every year there are hundreds of tech products launching globally. With such a dense market how can you make sure you’re getting it right? Creating the products that customers really want?
- First it’s important to think about product market fit and market readiness - are you making things that people actually want? What makes people tick, what haven’t you got right so far, what are the competition getting right? When launching a product, it’s vital to research the audience thoroughly – what do they really want? Of course this doesn’t just have to be product related. It could be improvements to customer service or feedback on a particular campaign that you have run.
- 3D TVs started to be pushed as the next big thing in 2010, with big advertising campaigns such as Samsung launching a new £8m 3D TV ad campaign in April 2010. We were excited at the idea of it, there was a lot of buzz.
- Big investments, big media push in advertising, big noise around this fancy new product but the reality is that 3D TVs didn’t actually do so well…
- But the reality wasn’t so great. If you look at the chart here Ofcom data shows that what the consumers are really interested in is Smart TVs not in 3D TVs –did the companies not do their research? Did they invest in the wrong area? Did they miss a beat here and not listen to what customers really wanted from the next big thing in TV land?
- From looking at Brandwatch data it’s clear that the customers aren’t happy. The mistake here was that consumer tech brands had to wait until way after the product was launched, purchased and nestled in homes before receiving useful feedback, and the feedback is on open, public forums like Twitter. Not great for publicity.
- So how could these technology companies have spotted this before they invested so much into 3D TVs? We’d love to be able to see into the future and create the perfect product which will fly off the shelves but we can’t do that… so social data can help us become Zoltar … kind of…
- Let’s look at another tech example. 4K TV’s have generated a lot of hype but again haven’t been great in terms of sales. Feedback was that quadruple the pixels makes no difference in picture quality and are not worth the extra price.
- We created a query based on 4K TVs and analysed discussion back to 2012 using Twitter Hindsight historical data. By segmenting the data using demographics and categories we established that there were 3 main groups of people discussing the technology. This gave real insight into consumer opinion of three target groups which could help advise brands of how to succeed when building, pricing and marketing their product.
- We could also see from analysing the sentiment that the conversations around 4K TVs were quite negative, we wanted to look a little closer at what was causing this negativity.
- Analysing this conversation to a more granular level some insight into the issues: Price (they cost too much), Content (lack of native 4K material like HD films and storage of large files was an issue), and Size (need a large screen for it to be worth it) stood out as the top 3.
- Using Rules we segmented the data further to uncover which of these complaints are most common within each group, to see what they really care about. So, if targeting film buffs, it’s important to focus on the file size of content for 4k, UltraHD Films aren’t very common. If targeting computing fans, price is a key consideration.
- Think about who your target consumer is going to be, use social to help you do your research, look at historical data – what did people think of similar products, what do they care about, can they be categorized into groups what are your competitors doing. CREATE A PRODUCT THAT PEOPLE REALLY WANT.
- So what about expanding new products…
- Social Research doesn't’t just have to be about wowing with new products, you can use it to improve and develop existing products too Once you’ve launched a new product you enter the NOW WHAT stage. You want to keep growing the in the market, being bigger and better, ultimately selling more.
- A recent trend in the wearable tech industry is fitness trackers. People already love the product but what can you to to develop it further. Imagine that you wanted to discover if you need to develop your tracker into other colours than the standard black? What colour should it be? The cost of development and marketing would be millions, so we need to make sure this is well researched.
- How would we do this in Brandwatch? Using a query which looks at your product, create new categories and rules to slice the data into relevant sections – here we use personal pronouns and colour – to uncover the desired colour that the customer would like their fitness tracker to be.
- Create new categories and rules - intent and colour – then you can use our charting component to discover the most wanted colour. Here we can see that gold is most popular giving the product development team insight into what could sell well if they developed the product in a new colour range.
- Here is some verbatim that came from Brandwatch. This data could justify the decision to offer additional colours - maybe colours competitors have that are popular which could work for you too. Secondary benefit – advocates! we now have a targeted audience who you can engage to promote the new colour range. You can group these in Brandwatch and have target lists to market to when you’re ready to launch.
- So what if you don’t know what you should improve? Look at the general white space conversation to find opportunities, then look at the industry and competitors to get an idea of customer wants and needs
- Let’s change it up a little bit, it’s not all about technology. Let’s talk about food.
- There is a huge market for energy food products. Every store now sells energy or health bars at the front of the store. How do I develop a product which is going to be something new? Something that will make people choose my energy bar over the one next to mine. ALL STARTS WITH ASKING THE RIGHT QUESTIONS UPFRONT What do consumers associate the existing products with? How does this differ across competitors?
- FIRST LOOK AT PRODUCT POSITIONING. Medium Sized brands in a niche market. We created three queries in Brandwatch and grouped them together in a query group. We then created 4 categories to establish what was most discussed when it came to the three brands. The data showed us the following: Cliff = energy providing - Kind = healthy - Lara bar =Gluten free Where is the gap? WHATS NEXT IN THE MARKET? SUGAR FREE? Consumers are seeking the ideal product to satisfy their individual healthy preferences.
- Use this as a chance to learn from your competitors, who’s doing it well? What do their customers say? How can you think of a strategy which is similar, or better than your competitors? Larabar are using social to interact with their consumers, show they are listening to them and developing their products based on consumer feedback.
- Think about how much money and time goes into packaging, it can be a huge cost for brands. It’s a key face of a product and often the reason why people buy it. Looking at social data showed Larabar that consumers of health bars really love to know what’s in the product. What ingredients are being used, how healthy is it really? CLEAR PACKAGING.
- Again looking at their instagram page, Larabar engage with the consumer by asking them directly what they really want - which flavour would they like to see? It’s directly asking the question on social to aid product development. You’re listening to the customer, interacting with them, developing your product based on their feedback and it makes them feel good. Got to improve sales too and you have your advocate base ready for marketing.
- Another brand which does this really well is WALKERS. Lays in the US. The opened a competition asking fans which flavours they’d like to see. They chose a top ten and then the public could vote. The winner got national glory and a monetary prize… this is creating hype around the brand, getting the consumer involved and putting a fun face to the brand.
- If you were interested pulled pork in a sticky bbq sauce was crowned the winner!!
- What about unbranded conversation. How can you look at social conversations and use the insight to help you develop products that you really want? The leading cream cheese brand Philadelphia already has the market share in cream cheese. They are already arguable the most known brand. They don’t even really need to try and sell their cream cheese, its good. It sells. But how can they develop something new? What’s the market desire? People just buy cream cheese to put on bagels right? We then created categories to break down cream cheese conversation into times of the day (breakfast, lunch, dinner, snack), and we analysed the conversation. What Philadelphia discovered was that there were TONS of conversations about cream cheese. And it really wasn’t all about bagels.
- The conversations showed a real passion for using their cream cheese in baking – cakes, sauces, stir frys. This was a whole new market and target group of consumers that P could create a brand for and market to. Student, busy working professionals, parents who need to make dinner for their children quickly. They developed a range of stir in sauces which save people time and show that Phili isn’t just for bagels, its for baking and cooking.
- And they took this a step further, they created a place for fans to come and share recipes for any type of cuisine or dish type, creating a fan base and a place for phili advocates to come and talk about how to bake with the cream cheese. Very smart and creating brand loyalty.
- REFERENCE REPORT
- Any questions?