Can Social Media Data Bring in Profitability?
All of us know that social networking is a platform to build social networks or who have something in common with us such as backgrounds, interests, or activities we are involved with. However, the application of social media as an essential tool for growing businesses, customer base, and brand equity is steadily rising.
With the changing market scenario, even though businesses have begun to understand the impact that social media can have, many still lag behind in capitalizing upon its other major benefit in the form of access to users’ social profile data.
In a startling revelation, an article published on eMarketer titled Marketers Struggle to Link Digital Data to ‘Big Data’ Picture indicates that even though social media generates billions of data points daily, just about 35 percent of marketers are actively collecting social data.
Although social media has long been exploited to engage customers, it can open new doors of knowledge based on consumer data in terms of their habits, wants, and needs. This data can, in turn, enable businesses to effectively address consumer needs by positioning their products and services as the solutions they are seeking.
Social Media Data Can Help Step-up Marketing! How?
With so much to do with Big Data ranging from inbound marketing, sales process development, ecommerce, and customer services, among a host of other options, it has swiftly emerged as the most sought after resource for businesses to leverage when developing social media marketing strategies.
E-commerce data feed extraction and analytics can help companies extract detailed information about the users visiting their website. Social data collected can enable companies to target their marketing campaigns, content, and messaging based on the consumer data collected.
Why is Social Media Data the Need of the Hour?
Social media data is intuitive and legitimate considering the fact that when customers log on to a website using their preferred social media account, they are granting permission to access their social data.
The collection of social media data is a transparent, permission-based system that is authentic because it collects data about consumers directly from them. This makes the data from social logins more reliable and directly pertinent to the company’s marketing efforts.
Social Media Data — the Much Needed Competitive Edge
The Application Connection Priorities report of 2011, which reviewed the most urgent application connection needs and challenges facing businesses, found that businesses are increasingly recognizing the importance of social media data, seeking connectivity with popular applications Facebook, Twitter and LinkedIn.