Using Social Media for Business Intelligence
“Social media is like the biggest market research group that you never commissioned
because, undoubtedly, there are all sorts of conversations out there about you,”
Turning the plethora of conversations and data that are available in real time across the internet into real business changing insight is an ever growing issue for businesses. There are many ways you can use social media data for business insight. By setting up robust monitoring you’ll be able to identify:
- Who is talking about your business?
- How regularly?
- What are they talking about? (are there common triggers or topics you can enhance?)
- What is their opinion of your current offerings?
- How many hits do these comments receive?
And it’s not just about looking at who is talking about you either, it’s important your business what people are saying about your competitors, and if they are making changes to their services that you can capitalise on.
Having data to back up your business decision beats gut instinct.
Social media is some of the best business intelligence data out there. Real time surveys based around your top products, services or highlighting areas that are a real pain point to your business.
This means social media can provide valuable data to take into your meetings to make real changes to your products and services, impacting your services prevision as a whole.
Acting in Real Time
It is vital to your business that you keep on top of updates in real time as a crisis can easily spiral out of control in a matter of minutes. Checking blogs or social media once or twice a day won’t cut it – when people have access to social media on their phones.
Social listening helps you keep on top of things, alerting you when volumes of information get suddenly higher (or lower) than expected levels.
Examples of Social Media Business Intelligence
In early 2013, Maker’s Mark announced they were planning on lowering the alcohol content of its bourbon to meet increased global demand. The resulting social media uproar from customers caused Maker’s Mark to keep its original recipe and alcohol content.
Maker’s Mark’s COO, Bill Samuels said “We got the picture quickly and we are not quite as stupid as we were at this time last week.”
In late 2010, GAP redesigned their logo. After a large social media backlash GAP decided to revert to the original logo design.