Like every other sector, players in diamond and jewelry too are relying on social media to create awareness their brands as well as to engage the customers. In this article, let us see how five of the major brands in this sector compare to each other when it comes to actual buzz created on social media.
The brands selected for the exercise include:
The analysis of social media presence of these brands involved analyzing, the mention count, analyzing the sentiments generated, and analyze the topics of the social media conversations as well as their proportional volume.
1. Share of Volume
The metric share of volume gives us the share of each brand in overall social media buzz generated. This is a great indication of awareness about the brand on social media platforms.
From above graph, it is pretty clear that Blue Nile beats other players by very large margin when it comes to overall buzz generated. Blue Nile is followed by Szul and Jewelry TV. It is also clear that Super Jeweler needs to ramp up its social media efforts to compete effectively with other brands.
2. Sentiment Balance
Though share of volume tells about amount of buzz, it does not tell us about the nature of the buzz - whether it is negative or positive. It is sentiment balance which does this job. It tells about relative share of positive and negative buzz for each brand.
From the graph, it is seen that Blue Nile, which has largest share of volume, also has largest negative sentiments and a lower positive sentiment. For Blue Nile, this means that though there is a large brand awareness on social media, the company needs to work on managing its reputation. On the other hand, inspite of having smallest share of volume, Super Jeweler has healthiest sentiment balance. So, it will have a task of increasing the share of volume while maintaining the current sentiment balance.
3. Top Topics
Using advanced text analysis algorithms and natural language processing technology, tools like VOZIQ identify the top topics which get featured in social media conversations about the brands. The tool also gives proportion of each topic vis-a-vis other topics. For the above brands, the top topics are:
From the chart, it is clear that not only topics and their proportion is presented but also presented is the overall comparative picture for all the brands. This gives very valuable insights about performance of a brand as well as that of competing brands.
For Super Jeweler, ‘Earrings’, ‘Pendants’, and ‘Pricing’ are the top three topics. For Blue Nile, the top topics are ‘Diamonds’, ‘Gold’, and ‘Rings’. Jewelry TV has a very large share of conversations centered on ‘Bracelets’, while Palm Beach Jewelry has similar trend for topic of ‘Gold’.
This analysis shows how powerful these insights can be if marketers want to make real impact on the business goals. First of all, this chart tells you which are the most important areas as far as the customers are concerned. Secondly, it also tells you same thing about your competitor. Thirdly, combined with sentiment balance and your own judgment, you can also pinpoint topics which are generating positive or negative word of mouth. Thus, this gives you a root cause analysis instead of just counting mentions and followers. Depending upon business need, more topics can be included in this analysis.
Whether you are a diamond and jewelry brand, or any other retail business, a simple approach to listening to social media voices, with the help of monitoring and analytics solutions can help you develop strategies to stay ahead and you’re your business.
Dr. Vasudeva Akula is one of the co-founders and the director of business consulting at VOZIQ | A Social Media Analytics business based out of Washington, D.C. He manages and creates strategy for businesses of all sizes in establishing voice of customer based business performance improvement programs. In his 17 year career spanning banking & financial services, insurance, retail, technology, telecom & wireless, utility industries, he played key roles in helping Fortune 500 companies successfully deploy and realize significant ROI out of big data, contact center, self service and social media analytics solutions.
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