7 Smart Ways To Leverage Social Data - InformationWeek

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Data Management // Big Data Analytics
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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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Predict Demand 
Social media captures the voices of customers and prospects. In the fashion and retail industries, trends come and go -- seasonally and influenced by celebrities and pop culture. And the cycles are accelerating.
'We're seeing more companies looking to detect and determine future trends. Fashion is accelerating -- faster market, faster production, faster design,' said Tim Barker, chief product officer at human data intelligence company Datasift, in an interview. 'The ability to identify a future emerging trend can position a company to get [its product] to market faster. Social is a fantastic early indicator if you can wrangle industry-level insights.'
A sportswear manufacturer that produces player replica sports jerseys uses social data to gauge the popularity of a player throughout the season. If the player's popularity is growing, the company will likely produce more jerseys. If the player's popularity is waning, those jerseys may have to be discounted.
'Retailers are using [social data] to predict the demand for new products,' said Barker. 'They're using predictive algorithms to look at previous sales and combining that with Google search trends and social media data to build predictive models so they can identify how many products to manufacture. That's important because these are fast-moving industries, and supply chain management is key to profitability.'
(Image: Fulvia_Tognon via Pixabay)

Predict Demand

Social media captures the voices of customers and prospects. In the fashion and retail industries, trends come and go -- seasonally and influenced by celebrities and pop culture. And the cycles are accelerating.

"We're seeing more companies looking to detect and determine future trends. Fashion is accelerating -- faster market, faster production, faster design," said Tim Barker, chief product officer at human data intelligence company Datasift, in an interview. "The ability to identify a future emerging trend can position a company to get [its product] to market faster. Social is a fantastic early indicator if you can wrangle industry-level insights."

A sportswear manufacturer that produces player replica sports jerseys uses social data to gauge the popularity of a player throughout the season. If the player's popularity is growing, the company will likely produce more jerseys. If the player's popularity is waning, those jerseys may have to be discounted.

"Retailers are using [social data] to predict the demand for new products," said Barker. "They're using predictive algorithms to look at previous sales and combining that with Google search trends and social media data to build predictive models so they can identify how many products to manufacture. That's important because these are fast-moving industries, and supply chain management is key to profitability."

(Image: Fulvia_Tognon via Pixabay)

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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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50%
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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50%
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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50%
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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50%
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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50%
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
50%
50%
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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