New Twitter Research Highlights the Potential of Tweet Monitoring
Twitter data could unlock a range of powerful insights – right now, tweet insights are used to predict crime, to track earthquake activity, to monitor flood damage to better concentrate relief work. The power of Twitter’s real-time stream is far more important than most realize. The platform’s great for tweeting about the latest TV show / sharing memes, but there is also a key, functional value in tweets, a utility which takes it beyond these surface behaviors.
That value is significant, and could be of great benefit to those businesses that are able to tap into the stream & identify the key data points. The challenge is in that – identifying the signals amidst the noise – but as the noted instances show, the value is there.
The public nature of the platform makes this data widely accessible – similar trends would exist on FB, but they are much harder to extract, while Twitter’s concentrate breaking news-type insights also makes it more valuable for this aim in many respects.
But as noted, many people would not realize this, because Twitter does not go out of its way to promote such use cases. But there is a reason why Twitter’s data-based revenue has climbed 17% every year.
Twitter’s started a new blog series to highlight this, looking at how tweets, and tweet data, can impact financial markets, this week.
As explained by Twitter:
“We receive questions about how Twitter’s partners are using Twitter Data to modernize the investment decision-making process. While there’re countless ways in which they have innovated using Twitter Data over the past ten years, we thought it would be helpful to hear from some of Twitter’s most trusted finance partners.”
While not everyone works in the finance sector, the lessons provided on how tweets are used support some interesting food for thought. Maybe you will not be buying & selling stocks as a result of such insights, but they might get you thinking about how you could use similar approaches to better concentrate your marketing & outreach efforts.
A great instance relates to Westar Energy, and how breaking news on Twitter impacted the company’s share price.
“Twitter is a powerful outlet for regional news & reporters, and is frequently the source for breaking market moving content. In the case a local Kansas reporter covering a court case impacting the merger of Westar Energy & Great Plains Energy tweeted the following from the courtroom. Thereafter Westar Energy dropped 4.5% post-market, and the following day it fell as much as 7.7% on the New York Stock Exchange”
Use of breaking news in the way is nothing new, but the fact that Twitter connects users to such an array of real-time sources means this process is now more widely available – these who are not paying attention can quickly miss the boat & lose out.
As explained in this post on Fast Company:
“On March 8, a Royal Caribbean cruise ship arrived in Florida, with 105 passengers & 3 crew members sick with norovirus. When the news broke, it sent Royal Carribean Cruises Ltd. Share prices tumbling by 2.9%. But Dataminr customers had the news 48 minutes earlier.”
Through clever utilization of Dataminr, Twitter data, and other analytics providers, are able to locate such insights by correlating Twitter happenings with specific stocks, in real-time. But what is more, those insights aren’t nearly as complex as you might imagine – the linkage between a disease outbreak on a Royal Caribbean ship & a subsequent decline in their stock price makes perfect, logical sense. It is only the fact that these analytics providers are listening in to the right keywords that they are able to tap into that insight.
It is not the breadth of data you can access, it is the specific mentions that yield real potential.
As noted, while investing in stocks may not be your thing, investing in your business is, and if tweets like this could send the stock price falling, what do you think happens to your brand value when you are not listening in & responding to relevant mentions?
This highlights the clear value of social listening, in terms of catching a potential crisis before it blows up. In the modern, social media age, you can’t expect to contain bad news or that poor reviews and word-of-mouth will be contained. People have more ways than ever to get their voice heard – it’s important that you’re aware of the potential impacts of what is being said about your business & industry, which makes social listening a key practice.
But the other element to keep in mind is the potential of listening in to the right conversations, of tracking the right keywords & data points to detect opportunities & capitalize on them in real-time. Not everyone can do this, of course, you cannot be monitoring Twitter 24/7, but by setting up search streams in TweetDeck / Hootsuite, you can ensure you are across all the relevant mentions that could lead to you capitalizing on the ever-moving tweet stream.
But you cannot stop at simple search terms – you cannot just add in a search for your brand name & leave it at that. You need to conduct research into how your key terms are being discussed – in your local region & more widely. You need to understand what questions people are asking, what responses they are getting from others, specifically, what tweets lead everyone to businesses like yours.
It takes some work to build the right connections, but once you do, you could set up complex tweet search strings that will highlight the right mentions that you need to know about, ensuring you are capitalizing on all opportunities & are aware of key discussions.
The focus of Twitter’s report is the financial sector & how tweets help in their process, but the instance highlights the power of tweets for predictive, business purposes.
It is worth considering how such capacity could be used to keep your marketing ahead of the game.