Social Media Spun Big Data into New BI Tool
With social media sites like Facebook crossing its 2 billion users mark, we can now safely say that our virtual presence determines our behavior in reality instead of the other way round. Social media users are more likely to share personal information than door to door surveyed. This gives industries and retailers a unique opportunity to optimize their market research regarding customer behavior and preference. Nevertheless, integrating social media metrics in business intelligence (BI) has revolutionized data-driven marketing campaigns. The shift of businesses from real platform to virtual platform—digital marketing, crypto currency, digital currency, e-commerce, online banking—is shrinking the world into a finite virtual dimension. A lot of marketers and enterprise executives are opting to gain the pattern of economic scenario, customer preferences, and future predictions of the market from social media metrics.
Social media metrics help gather big data about the volumes of shares, likes or mentions a particular article, page, information graph, status, comment and other such textual or pictorial features generated by a company or individual. An individual or company’s engagement of social media users into their digital promotion helps in word of mouth marketing in the long term. Social media sites have established various metrics tools to analyze the traffic pattern of each web page and website, such as Facebook Insights, Twitter Analytics, Google+ Insights, and Google Analytics metrics. Big data has revitalized almost every industry and the unstructured data extracted from social media and forums have a huge positive impact on the market as a whole. Companies are able to mine various unprecedented valuable data on customer behavior due to the transparency on social media users without having to prompt these users and potential customers. The social conversation regarding a brand, average visitor’s traffic, audience growth rate, and inclusion of brand name in a social conversation online can all be traced using social media and it would be a boost for business intelligence to get superior results.
Social media provides a cost-effective marketing service and engages the trending factors within the user community regarding various fields into their basic analysis. This information analysis simplifies market research by reducing physical contact between the consumers, investors, and producers. The data that are being continuously generated gives enterprises and other businesses a layout of their competitors’ strategy, social behavior under a volatile ecosystem, choice of customer segments, future research material, and popular factors within the community. Social media followers are a form of formal documentation of the size of loyal customers and viewership traffic of an online content of a brand is a testament to the growth in potential client population.
Social networking metrics help industries advertise to the accurate target in a lucrative state by engaging only the potential customers. The contents of social media created by users enrich BI data and provide a wide range of information regarding the problems of the market and what they need to create to address those problems. Viral marketing and social activism are the new tactics adopted by various companies to spread their content materials to a wide range of social media users through messaging applications, social networking services, online forum, etcetera. Collaboration among departments of an industry has the potential to grow by leveraging big data obtained from social business intelligence metrics and using it to enhance their products and services.
Our online presence has become a daily routine and our imitation of life represented on social media as an ideal is slowly being adopted as reality. It has become the most effective path to connect with base users and understand their wants and desires and create user-centric solutions. Research and analysis have been remodeled by social media metrics to cater to the ever rising demands of present and future prediction of market environment.