To many businesses big data is a seemingly strange and foreign concept. In the world we live today there are thousands upon thousands of terabytes of data being constantly produced simply by people clicking around on sites like Facebook, Twitter, and Instagram. This data has potential use for everyone, not just internet and technology based companies. It’s unquestionable that businesses who put social media data to work will consistently outperform the businesses who choose to ignore it. It is also a known fact that businesses who make use of social media reach higher revenues than those who don’t, but without big data no business can maximize the effect that social media sites have on its profits. Though sifting through this humongous stockpile of data may be a daunting task, there are plenty of services to assist businesses in making sense of it all.
How it works
Viewing simple data like new follower count is useless unless coupled with useful data such as usage time, trending topics, and buzz words related to the goals of that business. Using human intuition and patterns in data collected, any business can determine which data is valuable to them. Incorporating these types of data or related user activities into an algorithm, businesses can track details about their consumers, such as demographics and user engagement. By using this data, businesses can create customer satisfaction by adapting their social media presence and content to satisfy the values and habits of their customers. This insures that the business achieves maximum exposure and market penetration. Any business that utilizes the copious amounts of data offered through social media analytics will be able to reach more customers and ensure that they won’t fall behind in this aggressive economy.
Why it works
The average person in America spends around 3 hours per day on social media. This is a huge portion of the average American’s attention, and during this time they may view ads, business pages, or friends’ pages and walls. All of these activities contributes a little piece of information that can help businesses to determine the best way to gain exposure to the general public. Multiply that by over 200 million social media users in America alone, and you have a huge effect that businesses can use to get a leg up on the competition. Notable consultant and author Geoffrey Moore notes that “Without big data analytics, companies are blind and deaf, wandering out onto the web like deer on a freeway.” Without taking advantage of these cutting edge insights that the data collected by social media provides, businesses will miss out on gigantic profits created by this new earth-shattering advertising medium.
Who it works for
Virtually any business in America can benefit from using big data and social media to their advantage. So many people across the country interact with one another through social media, and that number is growing every single day. These are people from every age group and demographic imaginable. Any business who can net the attention of that many potential customers will undoubtedly find themselves making profits hand over fist. By using big data to gain exposure with the right demographic of Americans at the opportune time, practically any business can consistently increase their growth and overtake their competition.
By using the huge amount of data being produced every single day to their advantage, businesses can easily find the best route to success through quick and easy customer acquisition and customer satisfaction. Social media use is a powerful tool, and when a business puts big data to use for them, they will always have an advantage over those who don’t. By investing in social media big data analytics, businesses can secure a profitable future and increased exposure to consumers in the growing and quickly advancing digital age.
This article was written by Robert Cordray from Business2Community and was legally licensed through the NewsCred publisher network.