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Friday, July 29, 2011

Social Commerce: Part 3 : The case for and against Facebook

This is the third article in the series 'The case for and against Facebook'

While the previous strategies can be labeled as "Direct Sales", using 'Indirect sales', a retailer can create more value. And all of it can be achieved right from your fans and the fan page.

i. Using Facebook, it is easy to extract trends, identify influencers, monitor competition and glean customer insights. Here is an example of a survey conducted by an e-retailer:

Simple questions like these can provide insights around what strikes a chord with your target audience.

ii. What more? If you boast of your website's fan base, build a detailed profile of your fans using their interests, posts and other information and feed it to your CRM system. Track customer's interaction history on fan page, learn from their kudos and complaints and they will love your customer service. The important point to understand here is to move away from boasting about the number of ‘fans’ and ‘likes’ and instead explore actual consumer behavior.

iii. Another important 'scorecard' that can be derived from Facebook (and social media in general) is customer satisfaction data. It is a fast and inexpensive way to measure customer satisfaction.

With technologies like sentiment analysis and NLP (Natural language processing), you can capture:
  • Buzz - How much people are talking about your brand?
  • Net Sentiment - How positively they perceive your brand?
  • Passion Intensity - How emotionally charged their feelings are?

Hope you enjoyed this series. Feel free to share your ideas.

Previous posts in this series: Part 1 Part 2

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