Social media is now one of the most popular communication channels in the world, and it is widely used by consumers to get information about products and connect with brands. Businesses are taking advantage of this trend by investing more in social media marketing.
Besides being a powerful marketing medium, social media also provides businesses with vast amounts of data that can be used to gain a better understanding of consumer preferences and habits.
In order to get the most out of their social media data, many businesses have begun to implement big data analytics.
Here is a look at how combining social media and big data analytics can help you achieve better business results….
Big Data’s Role in Social Media
According to IBM, an estimated 2.5 quintillion bytes of data are generated every day.
The amount of social media data created over a short period of time is more than the total amount of data that existed in the world just a few generations ago.
Major social media websites, such as Facebook, Twitter, Pinterest and Instagram, produce massive amounts of data that can provide great insights into the minds of consumers if it is properly analyzed and translated with large-scale applications. However, the data that is generated by social media is unstructured, which makes it very difficult to capture, process and analyze.
Big data analytics is a technology that is capable of managing and analyzing data sets ranging from dozens of terabytes to hundreds of petabytes.
Now, there are big data applications that are specially designed to extract insights from social media data, and they are being used by marketers to determine the impact of every like, tweet, tag or pin on their brands.
Nonetheless, big data analytics is still a relatively immature technology, and it can be difficult for businesses to use it effectively.
According to an article entitled “Is Your Big Data Going to Waste?”, a report published by The CMO Survey in 2013 revealed that big data analytics was only optimally implemented in about 30 percent of marketing projects.
Using Big Data Solutions to Analyze Social Media Data
Today’s consumers are not easy to win over.
They do comparison shopping before they buy, talk about their purchases on social media websites, demand to be treated personally and want to feel appreciated after they make purchases.
By providing profound insights into consumer behavior, big data analytics enables you to profile your target consumers more accurately, so that you can understand their preferences and needs on a real-time basis, and engage them on a more personal level.
These insights do not only help you improve your marketing and customer service efforts; they can also be used for developing better products. With big data analytics, you will be able to make better informed decisions and manage risks more effectively.
Big data analytics enables you to extract previously unattainable value from your social media data and devise the right strategies to engage and convert your target consumers.
It is a technology that is becoming essential in today’s increasingly consumer-oriented world.
About the Author: John McMalcolm is a freelance writer who writes on a wide range of subjects, from social media marketing to Cloud computing.