Social media data provides a quick and efficient method of tracking the marketing process, the results of which can then be used to improve performance, thereby increasing returns on investment. For any business to succeed in today’s digital society, social data should be an integral part of their digital marketing system. The benefits are as follows:
Know your customer – Nearly every business today understands the concept of KYC (Know Your Customer), but very few know how to apply it. Social data can help digital marketers build a near accurate representation of their audience. Social data gets to the core of your audience, to retrieve information such as age, addresses, habits, and preferences. This information makes up who your customers are. Social data can also pick up on nuances or implied needs. For example, a customer may dislike a specific product in one category, and later indicate interest in another ad or product in the same category. This type of data will help digital marketers fine-tune their ad campaign so that it can meet the needs and expectations of their target audience.
Listening – Listening to your customers is an integral part of being a marketer and combining information from different social sources can help uncover actionable insights that can influence your marketing strategy.
Social data affords digital marketers the opportunity to listen to news and information relating to their particular industry or brand. With the right tools, you will also be able to interpret and expand this information to make it relevant. For instance, social data helps you gather specific reactions to your products, services, or campaigns, which is measured by the level of engagement such as comments, retweets, shares, and mentions. Measuring the level of interaction, the relevance of sentiment, and tracking over time, will help you determine how new products and services are being received by your customers. You can then model your next marketing campaign based on the results of your findings.
Identify effective platforms – During the era of TV and newspapers, marketers were able to discover the most effective marketing platforms by analysing ratings. This system was only effective up to a point because marketers were not able to determine the exact demographic that their brands appealed to. But, with social data, marketers can now effectively identify the platform that provides the highest ROI, based on a set of predefined criteria, such as age, location, and interests.