Releasing a new product or making changes to an existing service introduces a variety of challenges, the least of which is consumer reaction. But in order to prepare customer service, fine-tune messaging or expand or correct an outreach effort, an organization needs to be able to not only track expected social conversations but detect emerging trends. Being able to accurately track consumer language related to a new product or service change is almost as critical to the long-term success as the product or service performance.
A company may be prepared for consumer opinions and preferences to changes in products but the degree of social engagement and activity and the trends discussed, may surprise even the most experience marketing organization.
For example, financial institutions may expect a fee increase to inspire negative social conversations but may be surprised by expressions of loyalty. During last summer's "Bank Transfer Day" many banks were concerned about brand perception surrounding potential fee increases and the possibility that many existing customers might switch to other institutions.
Our research revealed that some brands were more closely associated than others with the concept of "Bank Transfer Day" and many customers' feelings of "insignificance". What surprised us, or perhaps just me, was when we applied the social indicator loyalty filter. Although, there were a number of social media conversation related to fees there were also a number of conversation that mentioned the convenience of multiple branches and the philanthropic behavior of some of the institutions.
Equipped with this information, a financial institution may modify their outreach effort to highlight their efforts in the community or the number of available ATMs. Of course, additional analysis would need to be performed to monitor the impact of a campaign around making a fee increase easier to accept within a charitable context. But the important point to realize is that consumer conversations can reveal unique perspective into brand perception within the context of seemingly unrelated topics. This additional social insight can be used to validate not only what's happening at the counter - are customers closing their account - but also provide unexpected opportunities for building greater brand value.