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Tying Social Data to Business Outcomes

Social Data, Social Media Analytics, Social Media Listening, Social Media Management, Social Media Marketing, Social Media Strategy

Tying Social Data to Business Outcomes

In 2016, enterprises will see the value of integrating social data to other first party data sources in order to measure and predict business outcomes such as who, where and how to best target prospective buyers, and how a customer is likely to behave or engage with a brand. Enterprises are marrying social data into their existing “big data set” in order to complete the 360-degree view they are striving to build. Social data can no longer live in a vacuum within the confines of the social media, digital marketing, or customer care.

According to analysts at the Altimeter Group, “social data, in context of other enterprise data, will become a standard input into business decision-making. The winning technology vendors will be those who seek to solve the whole business problem, rather than looking at social [data] as a silo.” In the last few years, social listening and analytics was widely implemented to discover insights about consumers’ needs, manage reputation, and to service customers in real-time. With this ground work in place, brands will look to achieve the goal of producing, organizing and locating data easily and quickly, by removing data “boundaries,” creating a transparent and cohesive engine for the entire organization to access and leverage.

Large businesses will elevate performance with the actionable insights provided by social data, weaving them throughout the organization, and dispensing them back to employees. Enterprises have come to discover that offering employees a deeper understanding of the business and its customers will enable more accurate decision-making. Creating a collaborative environment tied together by multidimensional data to support key departments will become widespread across many industries.

The idea that social media has reached beyond the marketing department is not a new one, however the steps taken to reach this sophisticated level of integration will be met next year. Large brands have realized the value that social media and social data bring to varying departments within the enterprise. Next year, it will be seamlessly aligned with Customer Service, Sales, as well as Research and Development.

In the case of Customer Service, when social data is integrated with a support agent’s helpdesk, the influence and impact are boundless. According to the Gleanster report, How Top Performers Use Social Data to Improve Customer Service and Support, “The financial outcomes of social media monitoring in the context of the customer service function include both revenue growth, on account of increased customer loyalty and profitability, and cost reduction, by deflecting customer complaints away from the call center.” Metrics analyzed such as sentiment, reach, and engagement dictate support tactics for agents. Improving the customer experience is one of the few ways in which businesses have stayed ahead of their competition. They’ve recognized that it’s about personalizing communications, and knowing the customer has never been more critical to businesses than it is today. Social data provides insights that lead professionals to a more contextual, bespoke experience and has become an indispensable tool in directing how employees can be better at their jobs.

Sales departments have gained insights from social data, which when combined with CRM data, enables them to look closer and decipher consumer behavior and preferences throughout their journey. The data has helped to form a story about an individual, and has enabled Sales to proactively do its job. Gaining that well-rounded view for each opportunity has helped to interpret if another touch point is necessary to close a deal. Geographical data from social has helped to re-focus sales in various areas. Under the influence of social data, predictive behavior insights have improved in determining when, where and how segmented target markets make purchases. In 2016, these efforts will be further implemented within large brands’ initiatives, unleashing the true potential of social data.

Mining social data for R&D purposes has been a trending practice for some years now, however this coming year, organizations will get more serious about it. Conversations of like cohorts on social provide the ideal focus group for product development teams – and more and more organizations will begin mining full social conversations to see where they should be making investments. Enterprises will also realize that segmenting social users can further help identify unmet market needs and requirements. The ultimate goal here is to empower the organization to remain one step ahead of the competition when it comes to meeting demands, while also ensuring customers are happy with existing products.

The integration of social data company-wide will take shape in 2016, where the internal infrastructure lends itself to open communication, common goals and a free flow of information. Real-time developments and changes will be communicated company-wide, which will save time, money and create efficiencies that keep departments informed and on the same page.

2016 will see a new wave of social data making its way into the traditional enterprise and turning it on its head. The winning enterprises will embrace this and welcome social into its daily operations and goals, creating a better, more well-rounded business approach.

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