Millennials are using social media in droves — and businesses are listening. But how do businesses turn all that communication into profitable engagement?
MutualMind, a startup using IBM’s Bluemix developer portal, made it work, attracting angel investors and eventually getting acquired by forward-looking marketing firm Shapiro+Raj.
The vast majority of millennials use digital channels to research, criticize, or get support from companies, and social media significantly affects their purchasing decisions. 85% of millennials use social media to research products and services. MutualMind’s approach to hearing and activating this conversation, manifested through Bluemix, is what attracted investors.
Here are three features that led to MutualMind’s success:
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The feature: Integration with Watson, IBM’s cognitive computing system.
Why it’s important: Sentiment analysis is a critical tool in analyzing the casual speech that rules social media.
The feature: The Adaptive Listening interface allows businesses using MutualMind to spot and react to mentions immediately.
Why it’s important: 42% of consumers who make a complaint on social media expect a response within the hour. When millennials have a chance to interact with brands in a meaningful and timely way, they’re much more inclined to be loyal to, or even evangelize them.
The feature: A Command Center that pulls a business’s relevant social data into one dashboard, with real-time visualizations.
Why it’s important: With constant activity on Facebook, Instagram, Snapchat, and more, millennials don’t just use one platform to communicate. To get a handle what they’re saying, you have to defragment the landscape.
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Frequently Asked Questions
What is MutualMind?
MutualMind is a startup that built a social listening product using IBM's Bluemix developer portal. Its approach to hearing and acting on social media conversations attracted angel investors, and it was eventually acquired by marketing firm Shapiro+Raj.
Why does social media matter for reaching millennials?
The article said most millennials use digital channels to research, criticize or get support from companies, and social media significantly affects their purchasing decisions. It cited a figure that 85% of millennials use social media to research products and services.
How does MutualMind use Watson?
MutualMind integrates with Watson, IBM's cognitive computing system, to perform sentiment analysis. The article called this a critical tool for analyzing the casual speech that dominates social media.
What is MutualMind's Adaptive Listening interface?
Adaptive Listening lets businesses spot and react to mentions immediately. The article noted that 42% of consumers who complain on social media expect a response within the hour, and timely interaction makes millennials more likely to be loyal to brands.
What does MutualMind's Command Center do?
The Command Center pulls a business's relevant social data into one dashboard with real-time visualizations. Because millennials communicate across Facebook, Instagram, Snapchat and other platforms, the article said businesses need to bring that fragmented conversation together.