Engagement Labs Analytics About Value of Consumer Conversations Published in MIT Sloan Management Review
Jan 10, 2019, 8:00am EST
“MIT Sloan Management Review publishes top quality content, and we are delighted to be able to contribute and join a highly esteemed community of authors and researchers in the fields of business and marketing,” said Ed Keller, CEO, Engagement Labs. “I urge Fortune 500 marketing leaders to read our report and analytics that provide guidance for driving growth through online and offline social strategies.”
How Customer Conversations Affect Sales
The Engagement Labs analytics found that offline and online conversations had similarly large impacts on sales. For the 21 brands most closely studied, 9 percent of purchase decisions could be traced back to online conversations and engagement that occurred in social media (including Facebook, Twitter, Instagram, YouTube, blogs, and customer forums). A slightly larger share — 10 percent of sales — was related to offline conversations as measured through continuous surveys.
The Metrics That Matter Most
For offline conversations, the most important metric was the volume, or quantity, of conversations. While for online conversations, sentiment mattered more. Notably, the analytics found that online and offline sentiment often move in opposite directions. Another metric worth tracking is the extent to which the brand is being talked about off-line by “influencers” — people who regularly give consumer advice.
Read the full New York Business Journal article, here.
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