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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Some companies are embracing social media to put a new spin on an old program, and that new data can be used to inform future strategies. For example, in the retail and travel and leisure industries, loyalty programs are popular. Hotel guests can earn discounts, room upgrades, free nights, and other amenities based on the number of nights spent at brand locations and money spent at hotel restaurants and shops. An increasing number of hotels are offering incentives based on a traveler's behavior and social media influence. 
'A consumer who visits San Diego 10 times a year is more interesting [to a San Diego-based hotel] than a consumer who visits once a decade. Perhaps you spend more at the restaurants or spa [than the average customer]. Perhaps you work in entertainment or media, so you have more influence, or you have a large social media following. Any of those factors make you a more valuable customer than the average customer,' said Zeev Sharon, co-founder and CEO of travel site Hotelied, in an interview. 
Historically, hotel chains have evaluated consumers based on their purchase history and behavior, disposable income, and travel loyalty status. Now, they are able to target big spenders and frequent travelers, as well as those who wield influence and can fuel word-of-mouth marketing. Brands extend their social footprint, and consumers are compensated for their influence.
(Image: Gregory Butler via Pixabay)

Compare An Alternative Business Model

Some companies are embracing social media to put a new spin on an old program, and that new data can be used to inform future strategies. For example, in the retail and travel and leisure industries, loyalty programs are popular. Hotel guests can earn discounts, room upgrades, free nights, and other amenities based on the number of nights spent at brand locations and money spent at hotel restaurants and shops. An increasing number of hotels are offering incentives based on a traveler's behavior and social media influence.

"A consumer who visits San Diego 10 times a year is more interesting [to a San Diego-based hotel] than a consumer who visits once a decade. Perhaps you spend more at the restaurants or spa [than the average customer]. Perhaps you work in entertainment or media, so you have more influence, or you have a large social media following. Any of those factors make you a more valuable customer than the average customer," said Zeev Sharon, co-founder and CEO of travel site Hotelied, in an interview.

Historically, hotel chains have evaluated consumers based on their purchase history and behavior, disposable income, and travel loyalty status. Now, they are able to target big spenders and frequent travelers, as well as those who wield influence and can fuel word-of-mouth marketing. Brands extend their social footprint, and consumers are compensated for their influence.

(Image: Gregory Butler 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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