NetBase Introduces Brand Passion Index
Got Burgers? Just in Time for Memorial Day, Inaugural Brand Passion Index Identifies Where We Love (and Hate) To Buy our Burgers & Beer
MOUNTAIN VIEW, Calif.—May 26, 2010—Netbase, the Insight Discovery company, today introduced the Brand Passion Index, which measures the intensity of consumer passion for brands expressed in social media. Using high precision measures across a spectrum of emotions — love, like, dislike and hate – the ConsumerBase tool from NetBase reads and understands what people are saying online and surfaces the likes and dislikes as well as the emotions and behaviors associated with brands. Each month, the index will analyze consumer passion for brands in various categories and will publish the results on the NetBase blog.
This weekend, it’s all about burgers and beer, hotdogs, watermelon, and where you buy them. Since Memorial Day is the official start to the barbeque and picnic season, the Index looked at the source of all that fun — grocery stores. As consumers rush to the supermarket to purchase hot dogs and pickles, the NetBase Brand Passion Index measured consumer emotions around popular stores. According to the Index, the most loved store with the highest emotional involvement is Costco, closely followed by Whole Foods. Walmart is the most hated of all the brands analyzed, while consumers are dispassionate about Safeway and Kroger, and merely like them.
To generate the Index, ConsumerBase reads online conversations and extracts the meaning from them, capturing the intensity of emotions that consumers express about a brand. The combination of passion level and amount of chatter determines the involvement level. The following excerpts from online discussions capture the passion that consumers feel about the most loved brand, Costco, and the most hated brand, Walmart.
“I love Costco like most everyone else, I stock up on the same host of essentials at Costco-dog food, toilet paper, paper towels, nutrigrain bars (my girls love ’em), diet coke (’cause I’m a diet coke whore), baby wipes and pull-ups for my youngest, great toys and supplies for the holidays, camera memory sticks, and DVDs, especially Disney ones.”
“As much as I hate Walmart, when it comes down to it, there is nowhere else in this town to buy half of the things I need, and I’m certainly not going to spend the gas money to drive down to Dayton to buy what I want.”
“One Sunday in March 2010 was just another ordinary day to shop at Walmart (Believe me, I hate it.) in Washington Township, New Jersey – people were grocery-shopping in the supercenter, kids were throwing their usual tantrums in hopes for gaining toys, and teens do their pranks there.”
“The NetBase Brand Passion Index demonstrates the power of social media understanding, which goes well beyond traditional social listening to extract meaning from online discussions,” said Allen Bonde, Managing Director at Evoke CRM Partners, a social media and web self-service analyst firm. “The ability to measure consumer ‘passion’ for a brand is a groundbreaking approach, and will help companies to better understand and manage relationships with their consumers.”
“We started the Brand Passion Index because it is an informative and fun way to benchmark companies across brands,” said Jonathan Spier, CEO and co-founder, NetBase. “This valuable comparison helps to normalize qualitative data into quantitative reports, helping brands see not only the intensity of passion consumers have, but more importantly why consumers feel the way they do.”
In this graphic, the amount of sentiment and chatter about a brand is indicated by the size of the bubble, while the placement of the bubble shows the intensity of passion.
These charts show the intensity of consumer emotion for each store brand – from love in the case of Costco and Whole Foods, to hate for Walmart, and like for Safeway and Kroger.
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NetBase provides insight discovery tools that are changing the way people search. Its next-generation semantic technology reads sentences to surface insights from billions of sources in public and private online information. Patent-pending lenses provide context for search results and intelligently guide users to answers. NetBase solutions are assisting market researchers at Fortune 1,000 companies with netnography and social media understanding and enabling science, technology and medical (STM) publishers to enrich their documents for researchers. Five of the top ten consumer packaged goods companies, including Procter & Gamble and Coke, and two of the top three STM publishers, including Elsevier, are using NetBase to find answers faster. Based in the heart of Silicon Valley, NetBase is a privately held company. For more information, visit: www.netbase.com.