More than fifty years ago, the concept of managing the 4Ps – price, product, place and promotion –was introduced to marketing students. Today, the introduction of new technologies and fragmented media has complicated the concept, but a relatively new data set, social data, has also transformed brands’ ability to inform the 4Ps like never before.
In fact, Networked Insights’ study of a yearlong advertising campaign by a well-known CPG product shows that social data can be used to monitor consumer’s journey through the purchase funnel by tracking social mentions of words and phrases associated with the sales process (considering, buying, etc.). Furthermore, the relationship between these social purchase funnel signals also are well correlated with actual sales figures. For example when awareness (as expressed in social posts) was stimulated, sales occurred five weeks later. Likewise, consideration and purchase intent correlated to sales at four and one week lags.
The lesson? Brands who are paying close attention to consumer social data have the opportunity to optimize their media placements and campaigns in advance of sales, rather than waiting for sales data after the fact. If you would like to learn more, about using social data as an early indicator for sales, download the free report, “Social Data: Transformative Brand Power.”