Predict Customer Health with Big Data and Social Media Analytics


big data and social media

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The power of Big Data with Social Media Analytics is all about prediction. In this new era in technology the trend is to utilize Big Data consumed from Social Media to gain insight for evaluating customer sentiment, history and behavior in the marketplace. Big Data and Social Media Analytics can provide online marketers with a definitive basis to predict how segments of customers will respond to campaigns and monitor results to make fine adjustments quickly in digital marketing strategies.

Get a free Big Data eBook here: http://www.digital-warriors.com/big-data-marketing-analytics/

Social Media is the Largest Source of Big Data that is not effectively utilized

Did you know that 43 percent of external data sources of Big Data come from Social Media? We can use this data to baseline how well your social media engagement works for both existing and potential customers. From that baseline, we can segment customers and find new leads with the same characteristics from Social Media Channels by using Social Media Analytics. This will help focus your labor intensive work of Social Media engagement and increase your customer health.

Align your Big Data and Social Media goals with your specific business objectives

The general goals normally aligned with work on with customer health are attracting new customers, powering up the conversion rates, customer loyalty improvements and maintaining increased lifetime of valuable customers. With that said you will need to think of specific goals that are actionable to your business. For example, ‘We want to increase lifetime value of our customers’ by up selling them to our Platinum Package Y’

Be Patient and Focus on Testing then Testing Again and Again!

The key to prediction is to find the proper cohort. A cohort is simply a set of customers whom have a similar set of attributes such as geography, market vertical, number of employees, level of dependency on technology etc. You must look at your base and hypothesize what you think the most important attributes are for your baseline prediction cohort.  This may take sometime to get right so be patience! The key is to take small samples and find leads with the same attributes and target them. You can utilize a couple of methods to obtain this data. First you can look to external data providers such as D&B, TNS or Hoovers to get you a solid base data set started for your testing. Secondly, you can define some Social Media Analytics that identify folks who you think fit your cohort and use this to compare with external providers to look for correlation score. This can be tested many times and then followed up with campaigns with your Sales and Marketing teams to quantify results. Once you have the results you can actively seek out and qualify your new leads and new customers without having to pay expensive external data feeds. Also, you can mature and develop your own proprietary methods for your business that only you have the insight!

Be sure to do internal marketing of the value of Big Data and Social Media Analytics

To keep online marketing manageable, the evidence based marketing must be enforced with effective communication. Keep everyone updated by sharing and continual learning. Visualizations in form of pictures and graphs as well as using terms that can be easily understood is favorable when selling the concept internally. The key is to simplify everything. Share plans, development and results about your efforts. Start building the culture and organically growing the idea to begin integration of departments and roles with the overall customer health strategy.

Focus a specific team or partner with an expert

If you are really serious about making your online business grow then it would be best to create the following roles social marketing strategist, analytic experts and SMEs together with technical experts. Internally it is important to formulate the requirements for your effort but don’t be hesitate to partner with an marketing technology provider as this will likely speed the results and learning curve to your implementations.

Take ownership of your data!

Your website and CRM systems are collecting valuable and real time data which can surely help you improve your customer experience. This is your most valuable asset. You must dig into it because it is unique to your business and your competitors know nothing about it.  Key focus data elements are customer acquisition source, geography/market, interaction behavior, transaction behavior, rates of visits, frequency of visits, social attributes, form input, conversion rates, conversion values by product or category interests are all examples of common data that will be very useful to include in your Big Data Strategy and important collection to evaluate the effectiveness of your Social Media campaign. Understand your business process and how it populates the data. Find gaps where data quality is suspect and put in policy or process to fix these points as the return on investment will be worth it in the long run.

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Showing off the Value from your Big Data and Social Media Analytics Program

Big Data Seen Creating Value Infographic

image source; http://visual.ly/big-data-seen-creating-value

  • Actively Manage Performance from your Data

Work in actionable processes into your operations by formalizing business intelligence tools that can visualize performance scorecards.

  • Exploration of Data

From the performance data analyze, drill into the details for the outliers. Identify the why the outliers exist and make plans to mitigate their occurrence

  • Embrace a Social Analytics Culture

Formalize Social Analytics as key performance measurements. This sounds easy but many senior executives are resistant to this approach. Just start small but work to create a central concept of a customer health committee. Develop a  cross functional program that aligns to this objective and meet regularly. Understand how different parts of the business can gain value by integrating social media into their process. Develop integration projects to execute on these and begin collecting the Big Data and forming the Social Media Analytics to baseline and start predicting behavior. 

Let Digital-Warriors be your partner!

The age of Big Data has already started and we are just touching the surface in our ability to systematically learn. It is absolutely essential to discover more about utilizing Big Data and Social Media to predict customer health as not to be left in the dust by your competition. At Digital Warriors we have unique solutions with these techniques and are here to help guide you through the process as your trusted partner with your new age web presence needs! 

Get a free Big Data eBook here: http://www.digital-warriors.com/big-data-marketing-analytics/

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