SocialNuggets delivers real time market intelligence for fast moving industries by analyzing data from various social media sources. Our mission is to liberate social media data and sentiment analysis for use in real time research of brands, products and features.
This blog post discusses the following:
- Changing landscape of marketing research
- Current approach
- Technology requirements
- How does SocialNuggets work?
- Summary
Changing landscape of market research
In the fast moving markets like smartphones, tablets, apparel and entertainment, traditional market research techniques like surveys and focus groups are just too slow and can’t be relied upon exclusively to make effective business decisions. Today, most consumers express their opinions voluntarily on various forums, blogs, review sites and social networking sites. This data, if mined correctly, is a goldmine of consumer sentiments and opinions and can serve as a source of real time market intelligence and that has been a missing piece in the market research area despite many advances in technology.
Current Approach
There are many enterprise software packages available that can be customized with lots of efforts and resources to get the right answers for a particular industry/company. Needless to say, this is expensive, time consuming, generally offered as an enterprise software behind firewall and not affordable even for many large companies.
Technology Requirements
In order to analyze this vast amount of Internet data we call social data, one needs the following tools and technologies
- Focused Harvesting
- Text Analytics
- Natural Language Processing
- Sentiment Analysis
As an example, we analyze over 1M conversations quarterly on the web related to smartphones, get rid of spam using our technology and then extract sentiments by
- Features (like long battery life is positive while long charging time is negative)
- Phone models (like HTC EVO, Apple iPhone 4)
- Brands (like HTC, RIM, Samsung, Sony Ericsson)
- Category (Android, Blackberry, iPhone, Windows Phone)
Our technology, developed over 20 man-years of effort, has been used by many companies for marketing research, customer service, lead generation and brand management.
How does SocialNuggets work?
In order to make our technology accessible to companies of all sizes with least amount of upfront investment, we have started SocialNuggets.net that provides detailed research from social media in various forms as following:
Individual nuggets that anyone can consume by embedding inside of their websites or forwarding to their friends and colleagues – this is free so long as you maintain attribution to SocialNuggets and/or Our partners
Monthly and Quarterly SocialNuggets Index for various markets which can also be used to make purchasing decisions
Data behind individual nuggets that can be purchased for internal analysis
Full data warehouse for internal analysis by companies’ internal business analytics package
Reports and Customized research reports created by our staff/our partners
Summary
We have started this site with research on smartphones and are adding new nuggets daily for anyone in this industry to consume, enjoy, share and engage in making fast but smarter business decisions.
