With numerous services available to slice and dice social networking data, including its sentiment, music marketers are keen to see how social buzz impacts sales of music, merchandise and tickets. Here’s a warning from Coca-Cola though, based on its own research into social: “We didn’t see any statistically significant relationship between our buzz and our short-term sales.” In fact, Coke’s analysis of social buzz suggested it only affected sales by 0.01%. There’s a big caveat here: Coca-Cola is a very different beast to, say, an emerging band trying to raise awareness on social networks. “This is one study on a set of brands in a particular company within a certain segment of the consumer-packaged-goods industry. It is by no means a generalized result that applies to all industries,” explains Coca-Cola’s Eric Schmidt. His company has also identified ongoing issues with social sentiment analysis when it comes to separating positive from negative buzz. “When we say it’s positive, the machine about 21% of the time says it’s negative…”
Tools: platforms to help you reach new audiences
Tools: Kaiber
In the year or so since its launch, AI startup Kaiber has been making waves,…