Have retailers been looking at social media all wrong?
Often lost among the chatter about how brands can use these platforms to boost their sales is the inverse argument: How they can use social conversations to predict – and improve – revenue trends.
A new study by Networked Insights, which monitors social conversations across networks including Twitter, YouTube and Reddit, found there’s a correlation between the way consumers talk about certain brand metrics, and a retailer’s same-store sales. The firm determines a brand’s health by gauging customer satisfaction, loyalty and advocacy across social media.