Has the marketing community set the bar too low? We think so. Marketing professionals focused on social media mining believe that their current social mining tools or dashboards – as they are commonly called – have set the bar for the possibilities of analyzing information on digital platforms. They are barely scratching the surface of a massive pool of data available beyond social sites and they settle for flawed research methods.
How does MavenMagnet differ?
- Artificial Intelligence instead of Boolean Logic Eliminates Bias — Social listening depends on using Boolean logic i.e. the paring of adjectives required to make the sample size manageable. Our proprietary software and algorithms understand the context of the conversation. For example, if you were using a social listening tool to track Cricket mobile phones you have to add a modifier such as “mobile” or “phone” to make the search manageable and avoid irrelevant references to the bug, the game, the bat, the lighter. But people don’t talk using modifiers so many valuable comments are lost in the screening.
- Data Beyond Social Networks — We track and analyze all the social networks but go much deeper to include specialized areas such as professional forums, communities, blogs, chat rooms, reviews, news feeds, etc. We can also fully integrate any data sources to which your company subscribes.
- Qualitative Research on a Quantitative Scale — We are not a dashboard. We deliver a fully analyzed in-depth report that is synthesized down to key insights and actionable recommendations, appending verbatim to each of the insights from the quantitative assessment. We provide the context, nuance, and texture of qualitative research but provide it on a totally representative and projectable scale.
- EU GDPR compliant — We adhere to the most stringent industry and government standards.
At MavenMagnet, we have long been disruptors. Our patented technologies and technique garner insights that are of such quality that they map to market performance. We have created a new path-breaking approach to market research: qualitative insights on a quantitative scale, a “discovery” approach based on true customer voices (not questionnaires), verbatim available for creative development ranked by impact, analysis and integration of huge data sets, measurement and key performance indicators, and results in four weeks or less. But our key challenge is to demystify the belief that social media monitoring tools have set the bar. We’re way past it.
Facebook’s recent data breach and EU GDPR coming into effect in May place a spotlight on privacy issues. At MavenMagnet, our operating principals of adhering to the strictest privacy standards have guided us since our inception. At the beginning, we envisioned a new method for market research, a method that would use immense digital data sets culled from publicly available information, applying our patented technologies to analyze the data in a statistically reliable manner.
While we worked hard to develop our proprietary technologies and process, we were ever mindful of the privacy needs of the customers and consumers we would study. We have always followed the highest privacy standards.
- We use data only as part of custom engagements for our clients. Our insights are used for holistic decision-making about brands, products, campaigns or customer segments. We do not target individuals or micro-target ads on Facebook or any other social network.
- We only access public data. We don’t use any app on any social network to gain access to private consumer data.
- We never collect, use or share PII information about any consumer or customer. All our research is macro-level.
- We do not hold data for resale to third parties.
- We are not Facebook dependent. Facebook typically make up less than 15% of the data we use for a typical engagement.
At MavenMagnet our goal is to provide accurate insights and deep analysis while driving efficiency in the research process. We are propelled by science. We are motivated by our clients and their unique challenges. We adhere to the highest privacy standards. Contact us to discuss further.
Market research has been stuck in “status quo” mode for decades with little or no connection between qualitative and quantitative research findings. Focus groups are used for qualitative insights. Surveys of a few hundred provide quantified projections. Traditional market research is plagued with respondent bias, research fatigue, sample size limitations, and time sinks involving questionnaire development and panel recruitment, data collection and compilation of results. And after all of this, the data is tainted by the questions you ask.
Imagine instead that you could analyze tens of thousands of conversations “in the wild” and with statistical precision with insights delivered in four weeks or less. Imagine that you can drill down in level after level of detail to understand key drivers, all the way to verbatim. No questionnaires. No focus groups. Your consumers and customers speak directly. Quantitative findings are fully integrated with qualitative insights.
And this is no dream. We deliver insights in this manner. Today.
At MavenMagnet, we have been at the center of disrupting the current customs and practices in market research. The status quo standards are not acceptable to us. Our approach is based on pure discovery with large data sets using digital conversations from all types of digital sources and way beyond social networks. Our technology goes wherever there is public data. And we can work with your proprietary data sources, too. We use the most advanced technological, analytical and statistical techniques and apply these to “big data.” We believe that “leading the witness” with questions will not produce the quality of insight needed to address today’s pressing marketing challenges. We believe that technology is the key to quality, efficiency, agility and speed. Only technology will reveal your true consumer and customers’ views.
Many marketers dream of having the capability of tracking their brands vs. competition in an accurate manner that tracks with business performance and in a way that is cost effective. MavenMagnet delivers on both fronts. We have proven that our key performance indicators (KPIs) – in industry after industry – track with the business.
What goes into these KPIs? A typical study will start with a deep analysis of a brand’s positioning relative to competition. Our technology creates a “big” data repository of digital conversations gathered from across the web and way beyond just social media. Using this data, we quantitatively assess key brand drivers using a discovery approach – no questionnaires and no biases – and our analysis incorporates the nuance of focus groups. We include a visual presentation of brand attributes by impact. Further analysis determines the drivers that can be owned or shared by the brand, including recommendations that drive customers to purchase. And we identify the gaps, too.
We build on this work to create the KPI that we call our brand magnet score. We use industry benchmark data going back two years to build a standard scale. We incorporate differentiation, engagement and sentiment by creating various indices based on competitive brands’ relative performance on key purchase drivers, the relative volume of digital engagement around competitive brands, and overall sentiment trends (positive, neutral, mixed or negative).
The result is a brand magnet score, a single metric, you can use to track your brand every month or quarter or time period you choose. Accurate. Cost effective. Speedy. We deliver this score in about four weeks and then when tracking for instance monthly, within a week of a month’s close.
It is a powerful tool you can use today to track the power of your brand. And we’re not dreaming.
We’re happy to help you.
Millions of Conversations Can Be Tapped By You
Your customers and prospects talk every day about your company, brand, or products and services. And we don’t just mean via social media. They talk in industry forums. Or specialized professional sites that draw them in. Or on lifestyle web-sites where they like to spend their free time. Our technology crawls across the web to find digital conversations in blogs, news sites, forums, reviews, ratings, and yes, social networks, too. Our technology goes wherever there are conversations.
Order Out of Big Data Chaos
MavenMagnet uses contextual analysis to extract the core themes out of the noise. We find patterns in people’s opinions to define brand drivers, describe a customer persona, explore a new category or market, or drill into your company’s reputation about an issue. Just like chaos theory in mathematics, this digital analysis — when deciphered using technology and reviewed by expert analysts — finds order in what looks like total randomness. And when you look closely enough at this randomness, patterns start to emerge which provide insights to identify opportunities or to course correct.
The beauty of information extracted from chaotic digital conversations is unparalleled, especially when compared to any other way of doing market research. MavenMagnet’s methodology eliminates respondent bias and “research fatigue” that plagues traditional research techniques.
The data is vast and the power is immense. The debate about your brand is continuous and our reach is unmatched. All you need is the right technology and the right techniques to make sense of it and strategize your next move.
A key challenge for a disruptive product is to set the new bar (or standards). The more path-breaking the product, the higher the bar. With every iteration of the product, you raise the bar. The ideal approach to market a disruptive product is to get a few early adopters. The trend-setters, the people who have it in them to embrace innovation. These will be the people who will challenge you. They will imagine things and share ideas. They will see the potential and push you to raise the bar even higher. They will be your mavens. They will help you tell the world that the bar can be set higher.
The bigger challenge is convince the laggards that the current bars are set too low. These are the skeptics, the people who resist. For a disruptive product to get mass adoption, you need these people.
MavenMagnet is leading the charge to disrupt market research. The social media monitoring tools set the bar for what can be done using information on digital platforms way too low. These tools, or dashboards as they are commonly called, are not even scratching the surface as far as the potential of this massive pool of data is concerned. MavenMagnet technology and technique garner insights that are projectable to map to market performance. Over the years, we have been blessed by the early adopters. Every product we develop, ranging from competitive analysis to ethnography to customer journey, we work with early adopters who help us make these product better. We iterate, we develop new features, new products and keep raising the bar.
Our most important challenge is not to create path-breaking products. We know how to do that. We have an active pipeline to keep doing that. Our key challenge to is demystify the belief that social media monitoring tools are doing what can be done using digital data.
Status quo – the existing state of affairs, current customs and practices. In any industry, status quo is something that is widely accepted and used as standards. A disruptive product is something that challenges the status quo. An early adopter embraces the disruption. The product that perseveres through the resistance of status quo reaches mass adoption and sets new status quo.
One of the industries that has status quo set for decades is market research, we commonly refer to as traditional market research. Focus groups of tens are used for qualitative insights. Surveys of few hundred provide quantified projections.
There are quite a few issues with traditional market research. Let’s talk about the top ones. It is plagued with respondent bias. The answers are driven by the questions you ask. There is no discovery based on what consumers want. Research fatigue limits the sample sizes. Time involved in developing the questionnaire, recruiting respondents, collecting data and compiling results is way too long when the average life of products in most industries is down to months. The biggest issue that’s a key hurdle in garnering strong insights is the disconnect between qualitative insights and its natural quantification (again you can get forced quantification using the Q&A process).
What are we doing about it? We are challenging this out-dated status quo.
MavenMagnet is transforming market research. We are taking the entire concept of Q&A out of the research equation. This eliminates respondent bias and let brands hear the real voice of the consumers. The insights are completely discovery based driven by consumer perception. Our sample size is in tens of thousands, so we provide natural projection of these insights. We deliver qualitative insights on quantitative scale in one to four weeks making it actionable for brands to update their positioning, understand their consumers, and optimize their campaigns.