Why Precision, Not Volume, Is the Real Social Media Story for 2014

visible@barokas.com
Richard Pasewark CEO, Visible Technologies

Posted on January 14th 2014

Why Precision, Not Volume, Is the Real Social Media Story for 2014

ImageSensational social media stats like one billion Facebook profiles or Instagram reaching 150 million users always captures media attention. However, savvy businesses realize the true value of social media lies in the value of intelligence from influential posts and people. Beyond the sensational numbers is an imperative need to find the right data to make smart business decisions. To support this goal, leading analyst firm, Gartner, predictsglobal business intelligence (BI) software, including social analytics, is expected to reach over $17 billion by 2016, nearly $4 billion more than 2013.

As businesses harness the value of social intelligence, they can quickly out maneuver competitors who are slow to adopt social media as an intelligence source. When looking at the coming year for the evolution of social intelligence, here are three trends all marketers should be paying attention to in 2014:

International growth of social media analysis and engagement will greatly accelerate and become the norm in developing markets where consumers are mobile savvy and use crowdsourcing for recommendations on social channels.

As the sheer number of consumers on social grows, marketers will tap into the rich resource of social intelligence to understand global brand perceptions. Marketers will rely more on social to compare regional and country behavioral preferences, attitudes and differences. Social intelligence will inevitably become the go-to, quick, robust outlet for assessing these global markets via geo-location of social data.

Social data/intelligence will become a primary business intelligence source in mainstream marketing and business operations.

Rather than analyze online and offline data in a silo, companies will begin to integrate social with traditional data sources to create a holistic picture of their customers. With a high percentage of data available, marketers will discover the value of combining a mix of traditional consumer data with real-time social data. Companies will use these holistic views to better predict customer behavior and understand the “buyer’s journey” in real-time versus waiting months for outdated feedback from conventional research methods. Some market research teams have been slow to adopt the unstructured nature of social data. However, the fact remains that the trends outlined above will make it impossible to ignore the value of social intelligence and determine how to integrate it with other consumer intelligence.

Marketing will inherit the responsibility of managing more customer communication and support as these interactions increasingly take place over social channels.

As social media becomes integrated across business functions, marketing will become the focal point of communication in all channels (including social). Marketers will be under pressure to understand the systems, tools and metrics, and to rapidly assess data to make smart and quick decisions. This new responsibility will lead them to best-of-breed solutions for marketing/sales communications, as packaged CRM suites are unable to deliver. In 2014, we will see customer service become a multi-channel bi-directional operation, presenting messages and offerings, and responding to questions, complaints and other forms of feedback. With these two departments evolving, the mesh of customer service and marketing will be similar to how sales and marketing have historically been intertwined. Social intelligence will be a cornerstone for this shift.

For anyone who is an expert or advocate of social media intelligence, 2014 should be a banner year of usage and focus. It will also prove to be a warning call for those organizations that are slow to adopt. Expect to see more media stories of innovative brands that are leveraging social for rapid business decision making to impact product development, campaign creative and messaging, media buying and 1:1 consumer outreach programs. It’s going to be an exciting year!

visible@barokas.com

Richard Pasewark

CEO, Visible Technologies

As Chief Executive Officer of Visible, Rich brings a rare combination of marketing expertise and enterprise leadership to the organization. He views the social media landscape from an enterprise marketing perspective – leveraging his experience working with some of the most innovative brands and advertising agencies in the world.  This background helps identify ways clients can generate value and results via social intelligence software and services; and provides the inspiration for the next generation of solutions that can help marketing leadership prove results and ROI.

Prior to his current role, Rich was President of Cymfony, where he scaled the organization to meet the growing demand for insights delivered from unique social media technology and analyst services.  He brings more than two decades of experience as a business leader, strategist, and software visionary for industry icons including Quark, Adobe, and EDS.  He is a graduate of Gettysburg College and is proud to call the Pacific Northwest home.

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Comments

Martin Siegel
Posted on January 14th 2014 at 10:42PM

Bravo!

 Finally a social media practicioner who gets what social marketing was designed to do. ( and apparently knows how that without  a true understanding that  marketing is the lynchpin to its success is doomed to die a slow death. I have to laugh at the the so called social media  :mavens" who are totally clueless,

ans think 200 likes on Facebook mean something. Without quantifiication,and the ability(and knowledge) to hopefully build an ongoing relationship with your customer or client  makes social media  irrelevant.   

Its no wonder major Fortune 500 companies are hiring marketing experts, NOT  bloggers to RUN their social media programs!!! Any highschooler can blog , which if the results of their efforts cannot be measured are USELESS!!!!!

Frank Ramirez
Posted on January 15th 2014 at 12:29AM
Interesting article thanks for the POV and insights. A few thoughts to consider: * Privacy regulations vary by country this will result in fragmentation of insights. Global dashboards will be crippled by a lowest common denominator phenomenon. Result is continued reliance on local management with deep ties to cultural issues and usage behavior. * Data regulation and privacy legislation is on the rise with very substantive penalties being pursued in places like EU * New business models and tools are developing to address privacy concerns. Concern for privacy typically is expressed by 60% of internet audience and tools and services like Duckduckgo are on the way to empower consumers that seek to retain their privacy. These informed consumers may opt out of the data pipe. * Distillation of actionable insights from non-structured data analytics is more art than science at this time, good decisions and automation are a ways off. Need for good empathetic managers with feel for customers will still be required. * An enterprise contact strategy for customers is difficult to enforce. Marketing will likely develop policies/rules but then rely on specialized functional groups and more empowered to address customers needs to engage consumers. * Contact strategy will need to address marketing, sales, billing, support, account management and potentially others functional teams and external white labeled vendor/partner organizations. While business intelligence and customer insights will continue to improve marketing 2014 is not a nexus point. This is a continuum of innovation and it will evolve over the next 5 years into a sensory network and automated personalized response engines. Many companies will try to look for savings in automation. These brands may lose a human element and the accompanying positive sentiment that drives preferences. http://www.linkedin.com/in/frankjramirez/