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The Beneficial Loop Between Social Media, Big Data and Sales
Posted on February 28th 2014
It goes without saying that social media plays a prominent role in the business world. Nearly every company, large or small, interacts with its consumers via Facebook or Twitter. However, the impact of social media on businesses expands far beyond the company Facebook page. Social media also plays a critical role in the big data and sales strategy of each company.
In what ways does social media greatly impact Big Data?
Big Data is a term referring to the entire databank of information that companies gather concerning their business activity. Various data points can then be associated and connected to enable executives and marketing experts to accurately analyze data. Primary to the success of big data analysis is increasing the number of data points in order to uncover new insights about the consumer.
Every interaction on social media-- searching, clicking, liking, sharing and commenting on specific items of Web content-- creates a new data point companies can utilize. Of course, with the great popularity of social media sites and networks among global consumers today, the amount of user information each network gathers each day is immense. The constant input of data by social media enthusiasts is a great resource for companies’ Big Data bases, providing a goldmine of leads on consumer preferences, spending habits and other relevant personal information.
In other words, big data and social media work together in a mutually beneficial loop. Social media interaction provides data that companies can analyze with big data technology, which provides insights on how to improve interactions with the consumer on social media.
What major influences does social media have on sales?
Sales teams have been collecting and analyzing data on their customers for years. All types of collectable data concerning customers and potential clients or leads for a company can be extremely revealing in terms of current and projected consumer preferences and buying habits. This data is crucial for designing future product and service advertising, promotion and marketing for companies.
Some consumer data has obvious relevance to the manner in which people spend financial resources to acquire favored products or services, such as popular product models and purchasing trends. Additional information about consumers that may seem mundane or irrelevant may actually be of great assistance to marketing experts when planning future advertising and promotional campaigns. For example, likes and dislikes of potential customers concerning products different from those now sold by a company can provide valuable insights for future plans for new product designs and releases.
In today’s complex digital business operations, social media has a profound influence on Big Data and CRM. By incorporating social media use and its vast consumer data-providing capabilities in your company’s major data compilations and CRM, you will undoubtedly experience greater success and profitability.
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