Make More Informed Decisions using Social Media Data

Make More Informed Decisions using Social Media Data


It can be difficult to make sense of the volume and variety of data derived from social media networks such as Facebook, Twitter, and LinkedIn. But businesses that understand social media data better than their competitors will undoubtedly give themselves an edge. This is because metrics derived from social media channels can help companies craft a better marketing strategy, make more informed business decisions, and generate better returns on the time and money spent on social media.

The first step in understanding and applying social media data is to identify what your company wants to learn – for example, how a consumer feels about a new product launch. Once you know that, data analysts can develop a program to search targeted sites to extract related data points, which can then be used to derive consumer insight.

Below are three ways in which social media data can help businesses make better, more informed business decisions.

Identify Customers' Wants and Needs

There is a major perception gap between what marketers think consumers want and what they actually prefer. In fact, 76% of marketers feel they know what their customer wants, yet only 34% have actually asked them, according to a study commissioned by The Tomorrow Project.

Social media data can be extremely valuable in bridging the perception gap, as it allows businesses to glean insights into consumers’ minds and behaviors. For example, IBM has begun testing technology that assigns core psychological traits to consumers by analyzing their tweets to help better identify their needs.

"We want to use social media to derive information about an individual—what is the overall affect of this person? How resilient is this person emotionally? People with different personalities want something different," Michelle Zhou, leader of the User Systems and Experience Research Group at IBM’s Almaden Research Center, told Mashable in a recent article.

Create More Targeted, Personalized Campaigns

As a marketer, you’re always searching for ways to better communicate with consumers and be more relevant, personalized, and targeted. And never before have companies been able to “listen in” on what consumers are saying until now. Social media data can help reveal important trends to craft more targeted, personalized campaigns. For example, Amazon uses social platform data to better target consumers. The online retail giant tracks customers’ social habits to make future product recommendations.

Evaluate Marketing Spend

Brand awareness is a difficult metric to measure; however, tapping into social media data can help you determine whether your biggest marketing spends are successfully spreading the appropriate buzz. For instance, are the social feeds filled with comments from people about your new commercial or print campaign? Instead of blindly investing money into a marketing campaign that you’re not sure will be successful, make better, more profitable decisions using data derived from social media.

It can be difficult to make sense of the volume and variety of data derived from social media networks such as Facebook, Twitter, and LinkedIn. But businesses that understand social media data better than their competitors will undoubtedly give themselves an edge. This is because metrics derived from social media channels can help companies craft a better marketing strategy, make more informed business decisions, and generate better returns on the time and money spent on social media.

The first step in understanding and applying social media data is to identify what your company wants to learn – for example, how a consumer feels about a new product launch. Once you know that, data analysts can develop a program to search targeted sites to extract related data points, which can then be used to derive consumer insight.

Below are three ways in which social media data can help businesses make better, more informed business decisions.

Identify Customers' Wants and Needs

There is a major perception gap between what marketers think consumers want and what they actually prefer. In fact, 76% of marketers feel they know what their customer wants, yet only 34% have actually asked them, according to a study commissioned by The Tomorrow Project.

Social media data can be extremely valuable in bridging the perception gap, as it allows businesses to glean insights into consumers’ minds and behaviors. For example, IBM has begun testing technology that assigns core psychological traits to consumers by analyzing their tweets to help better identify their needs.

"We want to use social media to derive information about an individual—what is the overall affect of this person? How resilient is this person emotionally? People with different personalities want something different," Michelle Zhou, leader of the User Systems and Experience Research Group at IBM’s Almaden Research Center, told Mashable in a recent article.

Create More Targeted, Personalized Campaigns

As a marketer, you’re always searching for ways to better communicate with consumers and be more relevant, personalized, and targeted. And never before have companies been able to “listen in” on what consumers are saying until now. Social media data can help reveal important trends to craft more targeted, personalized campaigns. For example, Amazon uses social platform data to better target consumers. The online retail giant tracks customers’ social habits to make future product recommendations.

Evaluate Marketing Spend

Brand awareness is a difficult metric to measure; however, tapping into social media data can help you determine whether your biggest marketing spends are successfully spreading the appropriate buzz. For instance, are the social feeds filled with comments from people about your new commercial or print campaign? Instead of blindly investing money into a marketing campaign that you’re not sure will be successful, make better, more profitable decisions using data derived from social media.

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