How social media can help companies make better business decisions

Describe how social media can help companies make better business decisions. What social media data can be collected to aid in business decisions?

If marketing success is measured by knowledge of consumers and their needs, and a company’s capability to deliver products and services that fulfil and exceed such needs, social media is a critical component. Today, social media offers companies significant marketing value by providing (1) high-level trends and detailed insights into consumer demographics, preferences and interests, (2) immediate or timely access to responses and reactions, and (3) direct, unfiltered and honest biased consumer feedback.

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Social media enables a consumer-driven marketing strategy. Rather than “pushing” content and messaging, companies can proactively “pull” or “listen for” patterns at either a detailed or aggregate level. A consumer who frequently pins, tweets, or posts about a certain topic, or who comments, re-shares, or re-posts is actively engaged, and an analysis of their social data (quantitative and/or qualitative) reveals trends in their needs and wants. Sentiment analysis and other qualitative approaches provide insight into consumers’ psychological and emotional associations and judgements of a company, product or brand. It provides a truer “voice of customer” as the data is direct and unfiltered, from the “real world” and not selected, theoretical, or biased as it may be from a focus group or survey sample. Social media is usually live, eliminating delays in receiving consumers’ reactions. Feedback is nearly real-time and provides immediate knowledge of a campaign’s performance.

Unique social data generates important user data, which can then be used to target and personalize the experience. To reap maximum insights, companies should collect as much data as possible; the challenge lies in interpreting the data and the story it tells about an individual or the larger market. Data to collect and track should include: preferences (self-declared, or inferred from user activity as likes, views, shares, votes), location, demographics, and contacts (to determine reach, network size & amplification.)

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