Although social media metrics are relatively new to organizations, more and more companies are seeing the value of tracking online engagement and measuring key performance indicators (KPIs). Intelligently analyzing social media data can be used for insights in a verisimilitude of functions within the organization such as customer service, audience research, product development, human resources, marketing, communications—the list could go on. Think of social media like a car and the metrics as your navigation system. Sure you can drive a car without a GPS, but it sure is handy to have one. The great thing about social media for business purposes, is that feedback and data can be precisely measured. Without digging too deep into data, I can see: how many people have clicked on a post how long they have viewed it the peak time for engagement where people are located their age sex education (primarily available when measuring LinkedIn data) It is amazing—and slightly creepy. With this information, I can make improvements on the next campaign, replicate successful strategies and relay insights to colleagues in various departments. For this reason, companies like Microsoft are investing more in digital campaigns and hiring social media experts to monitor engagement and report on results.
A powerful component of social media from a business perspective is the ability to listen to what consumers are saying. Social listening technologies are available to track conversations around specific phrases, words or brands. As a result, companies are able to identifying new opportunities that may not have been on their radar, and many are responding with innovative product development or design. Twenty-five years ago, it would have been costly and time consuming to gather focus groups in order to gain feedback. But today, this valuable market information can be gathered in a matter of minutes—assuming of course that people are in fact talking about your brand. The food industry is a specific sector where product development is critical to success. There are a number of reasons why this specific industry is constantly creating new products or innovating existing ones. I chatted with my colleague, Karen Proper, who is a technical manager in the product and process development department at NSF International to gain more insight on this topic. Karen and her team work with clients in the food and beverage industry to help bring a product concept to life, overcome production challenges or to innovate an existing one. When asked why product development is so integral to business, especially in the food industry, Karen replied, “Product development keeps companies competitive in the marketplace, compliant to regulations, able to react to ingredient and manufacturing process changes, and also responsive to trends and consumer demands—all of which are critical to success in the food industry today.”
Organization: Pepsico Inc.; and Frito-Lay North America, Inc. Forbes Lists #40 World’s Most Valuable Brands Industry: Food, Snack, Grocery Web References: www.fritolay.com; www.doritos.com; en.wikipedia.org Product Development: New Trends Frito-Lay America, Inc. is a the forefront of Product Development and Crowdsourcing today. Using every social media tool at hand they are continually engaging the consumer for their opinions and interactions…. Read more »
What do you get when you cross Canadians with potato chips and add money? Lay’s is banking on it creating the next great chip flavour. The Lay’s® Canada Do Us A Flavour™ Contest premise is that consumers submit a new flavour of potato chip with up to 3 ingredients, what inspired the combination and the name of their inspired flavour…. Read more »