“Big data without the right math-based analytics is a big problem,” said Wes Nichols, CEO of MarketShare, in Analytics Magazine. “The ‘right’ analytics are essential to bringing big data to life for marketing organizations, thus allowing for faster insights and better decision-making.” In other words, data does not necessarily equal useful, actionable information.
This is where the skill set of today’s Master of Science in Analytics graduates enters the picture. These professionals take the vast quantity of quantifiable data available through social media analytics and synthesize the material into business intelligence that executives can use to drive decision-making. Discover how capturing social media data can benefit businesses.
Leveraging Social Media Data
Social listening is perhaps one of the most transformative tools in combing social media for quantifiable data and actionable insights throughout the entire product and customer lifestyle. In the early stages, social listening can shape new product development and give insight into what competitors are doing. Analyzing social media data can lead to new ways to find purchase signals and gauge customer sentiment.
In an interview with SiliconANGLE, Viralheat President and CEO Jeff Revoy discussed practical, real-life applications of the predictive and proactive ways to leverage social data, stressing the two main approaches. “One side looks at brand affinity, the other side looks at definitive life changes where a person moves from one bucket to another — getting married, having a baby, graduating school. These actions can be indicators to brands,” he said.
Revoy mentioned what can happen when someone in a brand’s social community announces an engagement. This announcement opens up a new set of marketing opportunities to that person’s network of friends and followers — flights, hotels, and wedding and shower gifts.
Unfortunately, he said, businesses have been slow to embrace the potential of social media data: “For audience identification or predictive analytics it is still very, very early in terms of people understanding how to take full advantage of it for brands and consumers.”
Fortunately, social media analytics has progressed significantly from the days of merely counting likes, mentions and follows. Today’s advanced analytical tools go beyond answering basic questions about financial performance and other business metrics to penetrating deep into the psyche of a brand’s customers and potential customers. Social data give executives insight into overall brand health, customer satisfaction and marketing optimization that drive better decision-making and business success.
Image via Flickr by NEC Corporation of America