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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Understand Product Life Cycles 
Social data is a treasure trove of information for companies developing products. Many organizations have been doing sentiment analysis to understand what people like and dislike about a product. Those judgments influence sales and marketing messages, as well as product development and product management. 
Applying natural language processing and machine learning, companies are using social data to understand where customers are on the adoption curve, and to plan the ways they should prioritize product releases.
'New product groups and R&D [need to map] out the lay of the land. In healthcare it's the disease state,' said Treato CEO Ido Hadari. 'Who are the players? What are competitors' strengths and weaknesses? What do consumers feel they need? What's the minimum feature set without which you wouldn't be considered a player? What are the emotional triggers of consumers? How do they make decisions? What do they care and not care about? 
'If you have enough data and you have the technology to dig in and connect the dots, you can understand the voice of the consumer. If you can do that, you can harness the power of that voice toward driving your consumer business.' 
(Image: Ahundt via Pixabay)

Understand Product Life Cycles

Social data is a treasure trove of information for companies developing products. Many organizations have been doing sentiment analysis to understand what people like and dislike about a product. Those judgments influence sales and marketing messages, as well as product development and product management.

Applying natural language processing and machine learning, companies are using social data to understand where customers are on the adoption curve, and to plan the ways they should prioritize product releases.

"New product groups and R&D [need to map] out the lay of the land. In healthcare it's the disease state," said Treato CEO Ido Hadari. "Who are the players? What are competitors' strengths and weaknesses? What do consumers feel they need? What's the minimum feature set without which you wouldn't be considered a player? What are the emotional triggers of consumers? How do they make decisions? What do they care and not care about?

"If you have enough data and you have the technology to dig in and connect the dots, you can understand the voice of the consumer. If you can do that, you can harness the power of that voice toward driving your consumer business."

(Image: Ahundt 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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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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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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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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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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