Social data is the mass of information that is being shared by billions of users online using various social media networks.
Businesses are keenly following social media developments and the complementary social data that is getting generated everyday for making valuable, impactful decisions both for the business and the user.
Ways social data is getting utilized
Managing reputation of a business: Social data not just helps businesses understand their audience but it also helps businesses keep an eye on the reputation of the business in the market. In case of Barclays that launched an application called PingIt that helped users transfer money using only their phone number created a lot of social buzz providing real time feedback.
Barclay’s was quick to spot on negative feedback coming from individuals under 18 as they were unable to use the application. Barclay’s equipped with data turned the negative into their advantage within a week by giving access to under 18’s.
Knowing prospective customers likes and dislikes: One of the biggest advantages social data provides is the understanding of not just current customers but understanding prospective customers as well. Customer profile data collected through social login unearths the topics, places, things of interest, dislikes of a prospective customer base, helping businesses understand their current and prospective customers better. There is a lot of interest around the dislike button Facebook plans to launch as it will give distinct insight into what users dislikes.
Optimize marketing and sales messages: There is an influx of advertising and sales messages running online. Social data helps a business to gauge which of their campaigns or marketing strategies are working best. It also helps businesses keep an eye on the competition as to their performing marketing media campaigns, their success or failure. KLM airlines undertook a ‘last click’ attribution analysis to gauge if the last click before the purchase was from social media and found social drove 25 million euros in sales.
Minimise customer service issues: Social data provides for a constant connection between the business and the customer. Analyzing social data enables businesses to read their customers better, in terms of their satisfaction levels and expectations. Social data can help point out particular instances of customer dissatisfaction that can be addressed and resolved immediately to create a happy and satisfied customer base. General motors to bridge the gap between engineers and its customers uses social data to improve cars. In the words of Whitney Drake GM, Social Lead, ‘”We can resolve issues really quickly instead of waiting for a survey to come back.”
Social data helps understand the audience and the kind of content getting consumed by users. It helps create and publish audience specific content for maximum impact through content marketing: Social data helps to understand the content getting consumed by the users or customers. It also gives insight into what kind of media is getting consumed whether the inclination is towards of videos, audio or textual content.