 "BI To Rev Up Marketing Campaigns On As F1 Race Day Draws Close")
The race is on. Indian F1 race fans heaved a collective sigh of relief as the court has decided to push to next week the hearing about the race promoters evading last year’s entertainment taxes. What excites Biztech2.com more than the race is the social media chatter that makes its presence felt on the sidelines. What social media can do to make or break a marketing campaign was recently observed in Micromax's Hugh Jackman announcement .
To help marketing teams chart out similar blockbuster strategies, SAP shares some valuable insights. SAP has partnered with Vodafone McLaren Mercedes’ F1 Team that is implementing SAP HANA for 2014. The team has processed vast amounts of sensor data faster and more efficiently with SAP Social Media Analytics by NetBase, a cloud based software solution, to gain an edge in the competitive event.
The vast amount of unstructured social media traffic has been converted into valuable insights that have helped in discovering the pulse of the Indian Grand Prix across social networks. It is interesting to note that the F1 India Grand Prix is the most positively talked about street race, with more than 4224 Posts, 5,873 Mentions and 10,358,691 Views making it the most discussed sporting event next to the cricket. And out of the mentions, a whopping 68 percent talk positively about the event.
British business magnate and president and CEO of Formula One Management and Formula One Administration, Bernie Ecclestone continues to dominate the mindshare with strong support to Force India team (3157 posts).
What It Means To The Business
Applications, such as SAP, that use a natural language processing engine can more accurately identify and correlate changes in consumer views and opinions. By processing public statements in across thousands of sources such as Twitter, Facebook, personal blogs and news outlets, changes can be made in campaign decisions, promotional strategies and news events.
The advantages of social media analytics in major sporting events and other customer driven market scenarios is critical towards driving revenue and growth. By establishing the consumer preference in quantifiable measures businesses are able to make wiser and more profitable decision when considering potential investments.
By uncovering insights and trends beyond simple yes or no models, and looking in to more nuanced emotions and behaviours, companies can gain insight towards incorporating agile corrects to better serve their customers. As brand and product perceptions become clearer, companies can develop and deploy their products and services through more efficient channels.
In the space of social media analytics companies are also looking to track and optimise the social media elements in ways that would directly assist in tactical marketing campaigns. In this respect the information on the web becomes an invaluable raw commodity that needs the right refinement process. Competitive tools need to incorporate innovative technological features such as context driven and natural language processing capabilities to analyse ’likes’, ‘dislikes’ and other subtle aspects within the data cloud.
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