7 Ways Social Media and Business Intelligence Go Hand in Hand
Business intelligence is essentially a blanket term used to describe the many ways industries analyze and collect raw data. When used in combination with social media, BI can provide companies information such as customer demographics, search habits, and social behaviors.
Social media is useful for many things, but one of the most useful, and often under-utilized, aspects of social media is the ability to gather data. The data businesses can glean from social networking can help to monitor SEO metrics, increase understanding of the customer experience, and set the tone for the personality of your business. For that reason, it’s important to recognize the ways that social media and business intelligence (BI) go hand in hand.
Business intelligence is essentially a blanket term used to describe the many ways industries analyze and collect raw data. When used in combination with social media, BI can provide companies information such as customer demographics, search habits, and social behaviors. Each of these factors is incredibly useful in increasing revenue opportunities, driving marketing efforts, generating leads, and raising brand awareness.
Every day, companies struggle to compete with those around them. However, top brands have learned how to harness the power of BI tools in order to positively impact their customers, and social media plays a chief role in that. If you’re interested in taking your BI tools to the next level, consider incorporating more social media.
1. No-Hassle Documentation
Social media gives business owners the option of listening to important data without requiring a place to store it. The information useful to businesses is already compiled into neat sections in the form of profiles. A single user’s name, photo, likes, birthday, location, and more are all in one place for easy analysis.
2. Gain Trusted Followers
Within the realm of your social media followers, you can develop a community that generates its own useful data. You can learn a lot when you have a group of people together in one place to unite with a business. It helps business leaders gain new perspectives on marketing best practices and brings a new perspective to the table. The little communities within your social network become the “voice of the people” as you continue to expand and progress in your business dealings.
3. Spy on Competition
Since most things on social media are available for public access, you can peak in on your competitors without any repercussions. This gives you the opportunity to detect trends and shifts in momentum within your industry. As you observe your competitors’ best (and worst) practices, you’ll gain new insights that can point your company in the right direction.
4. Learn Customer Demographics
There’s no other tool on the internet that’s better for cueing you in on trending customer conversations. You can get a close up look at things such as age, location, income, and family size, which will allow you to join in on conversations that convey what customers like, dislike, and prefer from social behaviors and stated social preferences.
5. Research and Analyze Events
Facebook is often used to promote offline events in an online setting. There’s a lot of intelligence that can be found in this avenue. By observing things such as time, location, and conversations on the page, companies can gather data about demographics, customer preferences, and what inspires customers to carry on positive conversations.
6. Ramp Up Your Content Strategy
There’s no better place to learn what content your customers love than social media. You can easily view content that’s gone viral and the content that’s largely been ignored. There’s a lot of creative genius on the internet, and collecting information about how things are received is a step in the right direction for a strong content strategy.
7. Advertise More Accurately
No advertisements perform better than those that are targeted. Ever since Facebook came out with targeted ad options, it’s been one of the most widely used trends in social networking. BI makes it possible for companies to craft their advertisements and directly sell to their target audience, based on behavioral patterns on social media. This kind of intelligence is priceless in the world of business, and it would be much more difficult to obtain without the use of social media.
Image source: Reltio
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