A new way to assess the health of a brand is to examine its social media following. Social media metrics have an appeal because consumers can show their interests without regard to price. Of course, this is also the downside of social media, since it’s difficult to tell how consumer interest can be converted to revenue. In the case of professional sports, social media metrics are of special importance because team revenues are often constrained by finite stadium capacities. Another equity measurement challenge in sports is that teams are tied to specific metropolitan areas. If we don’t control for differences in market size, we would almost always find that the New York teams have the best brands and teams in markets like Kansas City and Milwaukee would appear to have weak brands.
To examine social media equity in major league baseball, we developed a model that predicts social media following (in this case the sum of Facebook likes and Twitter followers) as a function of market size, Twitter activity as measured by tweets, and variables that control for short-term variation in winning rates. We use this statistical model to predict social media following, and then compare our prediction to the team’s actual social media presence.
The number one ranked team in terms of our social media equity measure is the Boston Red Sox. Boston is followed by the Cubs, Yankees, Cardinals and Houston. The one surprise in this top 5 is the Astros. Conventional wisdom would suggest that the Astros don’t belong, but the key to our method is that we are controlling for team performance. The data says that the Astros have a much greater social media following than we would expect for a team that has had back to back 100 game loss seasons.
That the Cubs having a great fan following on social media is not a surprise but this result continues to strengthen the case that Cubs fans are the most abused in baseball. The fans consistently provide great support on every dimension, and the Cubs’ management continues to fail to produce a decent team. In an earlier study we even found that the Cubs fan support is basically unrelated to the team’s performance. We are not sure who should be the most embarrassed: the front office for their amazing lack of ability to build a constant winner or the fans for their relentless support.
The losers on the list are predictable with one exception. While the Angels and Diamondbacks being near the bottom are unsurprising, the Dodgers at third from the bottom are a shocker. In a previous study based on economic loyalty, the Dodgers were at the top of the list. The Dodgers have great fan support as evidenced by the league leading attendance. But when it comes to social media, the Dodgers struggle for some reason. For example, while the Dodgers play in the second largest market they have similar social media presences as teams such as the Rangers and Cardinals. Perhaps it is a Southern California issue, since the Angels finished dead last in our ranking.
Mike Lewis & Manish Tripathi, Emory University 2013.