Posted On : 2nd September, 2016 by ViitorCloud
The amount of data and information which is now available to crunch and parse for analysing anything is colossal, and the most interesting fact is that it is growing with each passing day. With the availability of such data, businesses may feel powerless in order to make sense of it, but, as is the case with every shift in the tide of the evolutionary leap, small changes in the strategy can help in harnessing the power of Big Data. Social Media is amongst the most underlying sources of Big Data and businesses can easily tap great opportunities using the Big Data fetched from social channels. This post will share a deep insight about how this can be done and how big data can make the businesses make sense of social media.
How Social Media is generating Big Data?
Social media, which is being widely used by people across the globe to connect with their friends, family, brands and enterprises is known to generate huge amounts of structured and unstructured data. As people share their opinions, perspectives and experiences through status updates, comments, likes, dislikes and other content, the data starts aggregating. As per the Visual Capitalist, a media website, a minute on the internet in the real time means:
- 150 million emails sent
- 701,389 logins on Facebook
- 347,222 tweets on Twitter
- 527,760 photos shared on Snapchat
- 1.04 million vine loops
- 28,194 new posts to Instagram
- 2.78 million video views on YouTube
- 2.4 million search queries on Google
- 20.8 million messages on WhatsApp
These stats clearly exhibit that why social media is referred to as the primary and the biggest source of Big Data. With so many things going around, businesses can certainly leverage the power of big data to improve their offerings, enhance their customer service, anticipate what their customers want and glean insights about the customers’ behavior.
The most significant and underlying concept to comprehend for understanding the Big Data’s impact on the marketing strategies designed for social media is that social media itself is a part of Big Data. Social Media being the biggest source of Big Data, allows the marketers to use the excerpts from the customers’s discussions and viewpoints to improve the services in a way, the customers want them to be delivered. Social Media, is no longer, just an option for the businesses. The presence on social media is vital for the enterprises for achieving brand engagement, market penetration, and other ROI metrics.
New Predictive Business Strategies
The inseparability of the Big Data and social media empowers the businesses with newer and predictive marketing strategies. Undeniably, the sheer scope and breadth of Big Data allows the development of highly predictive approaches for analysis. This implies that marketers can now have better clarity into the future for gauging the likely effectiveness of a marketing or business strategy, instead of exclusively relying on the past performance. This shall foster the creation of new approaches geared at predicting the consumer behaviour, and can aid in reducing the amount of time and cost spent on A/B testing that was required to be performed. As per a report generated by McKinsey & Company, revealed that a retail business which uses the Big Data can increase its operating margins by a whopping amount of 60 percent.
The shift towards the Big Data is expected to take us in an era of tailored algorithms, allowing the different companies to analyse their marketing strategies and efforts in the exclusive and hyper-refined terms, which are completely different from their competitors. As, the scope, scale and offerings of every business are different, its marketing efforts must also differ in order to deliver the optimum benefits. The usage of Big Data will certainly help businesses to design exclusive marketing strategies which are tailored as per a business’s scale and target audience.
The adoption of Big data will deliver the following two underlying advantages:
1. A business will no longer have to pay attention to what their counterparts or competitors are doing, and can completely focus on making the best usage of the Big Data that they have.
2. A business and its competitors will not be using the same rules and strategies, vying for exactly the same statistics over the exact same platforms.
To sum up, tapping the business benefits from Big Data generated by social media is not difficult if a business focuses on its internal assets and the insights gleaned from Big Data analysis. The proliferation of the Big Data and its analysis will empower the businesses to compete with their competitors in a different way. The success of a company, in the era of Big Data will depend not on the quantity of interactions it made with the data, but on the targeted relevance of these interactions in relation to its specific objectives and goals.
ViitorCloud is a leading digital marketing services firm that offers exceptionally advanced digital marketing initiatives which derive value from the Big Data analysis. It offers its clients the targeted strategy development and helps them design their custom marketing stratagems on the basis of what their customers are talking about on social media and expect from a brand.