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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
7/29/2015 | 11:54:12 AM
Social data
Social data mostly used to predict demand. This is applicable for any industry. Having accurate data will help in analyzing the demand correctly. 
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