7 Smart Ways To Leverage Social Data - InformationWeek

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7/28/2015
09:06 AM
Lisa Morgan
Lisa Morgan
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7 Smart Ways To Leverage Social Data

Social media data is not just for marketing anymore. Learn how companies are using these insights in novel ways to turn that data into dollars and cents.
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(Image: Geralt via Pixabay)

(Image: Geralt via Pixabay)

Social media data is morphing into a new kind of ammunition for companies open to using it. Marketers have been monitoring the effectiveness of their social media campaigns and attempting to manage their companies' reputations. In addition to determining what customers and prospects like and dislike, the information has been used to optimize sales and marketing messages, minimize customer service issues, prioritize product development, and inform product management.

While social data offers insight, it often provides more value when combined with other data sources. On an operational level, social data can be used across departments to improve operations and outcomes, whether by understanding an issue at a more granular level or embracing an alternative business model.

"People are online, speaking relentlessly to an unbelievable level of detail. It will be almost unsustainable for consumer-centric businesses not to understand the social aspect, the social dimension of their business," said Ido Hadari, CEO of healthcare insights company Treato, in an interview. "It's an additional dimension that was created a few years ago that was initially nice to have and fun -- let's dabble with it. We looked at sentiment to see if people are happy or unhappy and that was nice for starters. But now, it's as critical a business dimension as any other."

Slowly but surely, social data is spreading out through companies and being operationalized in different ways, yielding different results. Some of the challenges include the relative reliability of the data, the degree to which companies have envisioned using it, and how easy or hard it is to integrate into current workflows. It's still early days, in other words.

But, social data can result in real business impact. Here are a few ways companies are using it.

Lisa Morgan is a freelance writer who covers big data and BI for InformationWeek. She has contributed articles, reports, and other types of content to various publications and sites ranging from SD Times to the Economist Intelligent Unit. Frequent areas of coverage include ... View Full Bio

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shamika
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shamika,
User Rank: Ninja
8/20/2015 | 5:06:03 AM
Re: Social data
I agree with you. After understanding all these factors, I think main focus should be on identifying your sample and its size.
batye
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batye,
User Rank: Ninja
8/3/2015 | 1:06:35 PM
Re: Hire competent personnel and sales revenue will take care of itself
@asksqn, good point... I could not agree more... as example would be Amazon... the way they provide customer service....
batye
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batye,
User Rank: Ninja
8/3/2015 | 1:03:26 PM
Re: Hire competent personnel and sales revenue will take care of itself
@LisaMorgan, thank you, a lot of the interesting info/points....
batye
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batye,
User Rank: Ninja
8/3/2015 | 1:01:06 PM
Re: Social data
@shamika, I would say yes, but other factors are always in play... like economy - as economy this days up and down...
shamika
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shamika,
User Rank: Ninja
7/30/2015 | 1:32:54 PM
Re: Social data
@LisaMorgan true. It is more of a market research where it helps organizations to understand customer behavior. Therefore it is important to use sensible questions.
shamika
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shamika,
User Rank: Ninja
7/30/2015 | 1:30:24 PM
Re: Hire competent personnel and sales revenue will take care of itself
@asksqn I agree with you. With the new technology, there different ways to grab customer data; however customer service has become an issue.  While having all these measures in place it is important to understand the purpose of customer service.
LisaMorgan
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LisaMorgan,
User Rank: Moderator
7/29/2015 | 7:16:12 PM
Re: Social data
I think it's really cool how some organizations are pulling in social data to predict demand.  It's a little more sophisticated than gauging whether people like or dislike something; the question is will you buy it, when, and at what price.  Also, what might affect your decision or the timing?  
LisaMorgan
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LisaMorgan,
User Rank: Moderator
7/29/2015 | 7:10:39 PM
Re: Hire competent personnel and sales revenue will take care of itself
I'm sure I'm not the only one who feels your pain.  :-)
asksqn
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asksqn,
User Rank: Ninja
7/29/2015 | 6:55:33 PM
Hire competent personnel and sales revenue will take care of itself
Use of social media to predict consumer demand is nice and all, but what cos. really need to pay attention to is missing from the list:  CUSTOMER SERVICE.  While there are some cos. out there that attempt to address c/s concens via social media, my experience has been rather underwhelming - the employees tasked with attending to the co.'s social media are almost always brain dead and not very helpful.  If cos. really want to help consumers instead of spying on their social media accounts, how about hiring knowledgeable and competent employees instead of the freshly minted 22 y/o who will work 90 hrs/wk for minimum wage and has never been able to string a coherent written sentence together. 
shamika
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shamika,
User Rank: Ninja
7/29/2015 | 11:55:22 AM
Re: Social data
I think it is also an important aspect to look in to the confidentiality when using social data.
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