By now, you’ve probably heard the words “big data” used ad nauseam in discussions on social business.
Big data refers to the ability to collect large sets of complex data that are normally difficult to filter. Once your company has this data, what should be done with it? As someone who is doing business on social media, you should learn to turn those numbers into actionable insights.
Big data is not a “buzzword” any longer.
Here are three case studies that will highlight why.
Case Study 1: “Open” Business
Social media has removed the barriers between a company and its customers. At Sysomos and Marketwire, we’re seeing the rise of open business, where customers can decide with whom they do business with based on trust, transparency, authenticity and intent.
If a company fails to meet customers’ expectations in any of these areas, the customer will look at competitors. Brands need to proverbially look their customers in the eye, because their customers are now able to more clearly choose who they want to do business with, based on an alignment of actions and perceived intentions. Over the next few years, we’ll see the business market mature by providing the tools necessary to meaningfully impact key business decisions in this way.
For example, one of our high-tech clients is able to capture real-time feedback from its customers regarding new product concepts during the product development process leveraging MAP, our media analysis platform, powered by Sysomos. This allows for shorter release cycles and a more dynamic development practice, but it also gives the client the opportunity to put their customers’ feedback into action.
Case Study 2: Influencer Identification
Your brand is, most likely, looking to hone in on potential influencers, prospects and referrals – another critical business function that can be solved by creatively assessing big data. Using MAP, powered by Sysomos, we recently worked with a FORTUNE 100 company to elevate their influencer identification program to a deeper, more meaningful level.
For example, during the 2012 Shanghai Expo, this company sifted through millions of pieces of data to identify influencers in the Asian market, as well as key themes being discussed during the expo. This use of big data enabled the company to maintain a laser-like focus on the right people and targets – empowering the brand to more effectively listen, measure, understand and engage.
Case Study 3: Using Social Media to Narrow “nice”
Kingsford Charcoal sought to identify “The Nicest Person in Social Media.” They worked with our engineering team to develop a script that identified people who tweeted the words “please,” thank you” and “thanks” most frequently in 2012.
But, being nice isn’t just about please and thank you. The algorithm also accounted for people with positive sentiment scores and those who avoided “foul” language. After analyzing more than 100 billion tweets, Kingsford Charcoal and Sysomos deemed Waukesha, Wisconsin resident, IT professional, and part-time wine blogger, as 2012’s “Nicest Person in Social Media.”
Ultimately, this clever contest enabled Kingsford to promote their product during a time when many people weren’t grilling, and it provided them a way to meaningfully engage with the online community in a way they’d never done before.
At first glance, the amount of digital data can be overwhelming; however, your ability to analyze and understand the data is critical to social business success. Once you understand what’s available, get creative. True innovation lies at the intersection of data interpretation and creativity.
Big Data and Your Social Business
Which case study seems most applicable to the business that you are in? Do any of the stories above strike a chord with you, or spark new ideas on how you can take advantage of big data?
Let me know which example hits home for you and why, and let’s talk about it in the comments.