How Restaurants Fared on Social Media in Q1, 2014? | VOZIQ …
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How Restaurants Fared on Social Media in Q1, 2014?
April 29, 2014
Capitol Grille, IHOP, Industry Analysis, industry themes, net sentiment score, Olive Garden, Red Lobster, restaurants and social media, Ruby Tuesday, sentiment analysis, Social Media Analytics, social media sentiments
Conversations on social networks, like Facebook and Twitter, have a significant impact on purchasing behavior of consumers (seethis McKinsey Global Institute study). Restaurants, like any other business, use social media to reach out to their patrons, engage them, and address their concerns. The growth of a restaurant business relies heavily on providing the best experience for their guests. For restaurants, conversations on social networks can be a great barometer of what the guests are talking about, what they like, and what they are ‘disgusted’ about. Tracking and analyzing these conversations can provide very potent insights into the minds of the guests for the restaurants.
In this article, let’s analyze conversations on popular social networks about a few major restaurant brands to see what the social web thinks about them.
The restaurants analyzed are:
- IHOP
- Applebee’s
- Red Lobster
- Olive Garden
- RRGB
- Ruby Tuesday
- Capitol Grille
The period of this analysis is from January 1, 2014 to March 31, 2014.
Using social media analytics tool VOZIQ, all conversations about these restaurants (and related keywords) were tracked. This data was then analyzed to gain insights about these restaurants and their guests.
An infinite number of reports can be generated from this data depending upon the need of an individual business. For this article, we will look into three primary reports that provide critical insights regarding the brands on social media – Share of volume, Sentiment Balance, and Top Topics. Let’s see how these restaurants fare in the three reports.
Share of Volume
Share of Volume gives an idea about the amount of buzz generated about a brand on social media websites. Though share of volume does not necessarily indicate social media popularity or lack of it, it does tell us about awareness of the brand on social media.
As the chart shows, IHOP leads the pack with the largest share of volume. It is followed closely by Applebee’s, Red Lobster, and Olive Garden.
Sentiment Balance
Sentiment Balance goes beyond measuring the share of buzz volume. It focuses on feelings expressed in the conversations about a particular brand. The metric, sentiment balance, gives us a balance of negative versus positive sentiments for each brand.
For doing sentiment analysis, VOZIQ analytics tool uses text analysis as well as natural language processing. Using these techniques, the data is categorized into positive, negative, and neutral sentiments. For a displayed sentiment, many factors are responsible, including the total mention count and the net sentiment score. A higher net sentiment score indicates better buzz generated for the particular brand. For details about sentiment analysis, check this page.
As the chart shows, Capitol Grille shows very high sentiment balance compared to other restaurants. IHOP, which is a leader in the share of volume, lags behind other brands (except RRGB and Olive Garden) with a lower sentiment balance.
Top Topics
Top Topics tell us about topics occurring the most in related social media conversations.
The report also gives shares of each topic for various brands. Combined with Share of Volume and Sentiment Balance Analysis, this report provides critical insights, which has a direct impact on the bottom-line.
Looking at this list of the topics in the chart, one gets a quick snapshot of what consumers are talking about regarding these restaurants on various social media platforms. This key chart beautifully demonstrates the power of social media analytics for businesses. It not only gives focus areas for the business by telling what consumers want but also gives a comparative picture of shares of these topics for the companies!
When combined together, these three reports offer important insights to restaurant owners about their consumers and the competitors. Tracking this data over time provides a clearer understanding of what is working or not working for a particular brand on social media. It also provides a critical context to the decision-making process. Armed with these insights, the CEO will definitely be in a better position to make more informed decisions.
In case you are interested in social media monitoring tools from VOZIQ to track and monitor online content for your brand, feel free to request a demo or open an account with VOZIQ.
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How Restaurants Fared on Social Media in Q1, 2014? | VOZIQ …
