Every social tool boasts the ability to collect social data. Everyone has heard that social data can illuminate group intentions, social behaviors, and commonalities which has practical implications for high level strategy and audience insights. Social data has the ability to assign shoppers context beyond what can be gathered from even the most invasive registration forms. However, a recent survey by Oracle found that 93% of executives believe their companies are missing out on the revenue impact of their social data.
Big data is just that, big. Everyone knows it should be collected, but then what? 85% of marketers say customer insight is the best potential advantage of social media but most data being collected is just sitting there gathering cyber dust. Social data has immense potential, but it must be first understood, in order to be as useful as it can be.
Step 1 is to organize your social data from each network to be easily read and understood. Once you have collected all the social data, all the information fields must be standardized. Social data can be gathered from every social network, from Facebook’s Open Graph to every other social network with an API – Twitter, Pinterest, Google Plus, Amazon, Yahoo, LinkedIn, and more. If not standardized, social data can be hard to understand and the value from what you have gathered is much harder to glean.
After the data is organized, step 2 is to set your goals for incorporating this data into your marketing and social strategies. Social data offers three main course of actions.
Qualify: Use social data to collect verified email addresses. These are great for populating newsletter subscriptions for monthly or weekly updates and offers.
Personalize: Social data also collects information on each shopper’s interests, from favorite shows and movies to their food preferences. See what is most popular to decide prize incentives for contests or promotions. Also send personalized offers for birthdays to really resonate with your shoppers.
Target: Get specific with social data. Target your shoppers based on their location, gender or age for smart marketing campaigns.
Finally, after you’ve decided your goals and how you want to utilize social data, step 3 is to test and optimize. Test different campaigns, levels of personalization and what kind of targeting works best. Social data allows you to get personal with your shoppers and ultimately this will increase conversion rates.
Annex Cloud tools come complete with a powerful customized analytic dashboard equipped to aggregate first party social and behavioral data captured by Annex Cloud products like Social Login, Sharing and Referrals, Contests.
How do you use your social data? Let us know in the comments.