With internet access at our fingertips almost everywhere, we can be very easily tracked online. Everything from what we do, what we are planning to do, and how we feel can be obtained online. Social media such as Facebook, Twitter, Pinterest, Foursquare and countless others collect such information every day.
The information collected is massive in its quantity. Organizing and analyzing the information gathered can give insight into consumer behaviors. The task here is finding how this data can be organized and made good use of. Other sources of information exist, and when combined, social media's power to change things cannot be imagined.
Organizations already have internal data that is well structured and can be easily used. However, most of the data collected online are not organized. Liking a post on Facebook, viewing a YouTube advert, app stores, and chatting online with friends or company representatives is a source of massive digital information. This information needs to be made relevant. To get meaning information out of these digital records, a translation management system has to be used to organize the data and present it in a friendly format.
Social media websites account for the creation of large amounts of big data and are at the same time one of the biggest consumers of it. Social media sites are using big data to get insights into their users. With the information, they can deliver customized news feeds that interest their users. The more users use social media, the more big data is refined. It can the be used for target marketing. A good example is Facebook; when browsing, a user will only be shown news feeds and marketed product that they are likely to read or buy.
Redefined social media marketing
Big data has revolutionized social media marketing. It has enabled consumers to be targeted more efficiently. Social media is turning out to be one of the most effective marketing platforms because of big data. Customer relationship management software and marketing automation are used to gather social media data, filter, analyze and be used almost immediately to reach customers who are most likely to be converted.
For example, a company can track consumers and analyze their behaviors, from liking a brand on Facebook, adverts they watch on TV and YouTube, and what brands they read.
Platforms that every business must use to succeed
With big data, social media is a must-use platform for companies if they are to achieve success in the digital age. Social media data is a prime source of information that a business can use to gain market penetration, consumer and brand engagement and other marketing strategies and business investment metrics. For example, if a business is looking to venture into a new product, big data and social media can help them know how much they should expect to sell. On top of this, they can engage customers to enhance brand awareness.
Level playing field for businesses
Big data has made social media a level playing field. Anyone with the right skills can use the information to promote their business. A small business does not need a lot of investment to do marketing. With a small budget, they can reach just the number of customers that they require. For example, a business selling dresses can spend 20 dollars on Facebook adverts and reach a potential 10,000 customers with about 500 conversions. This is thanks to big data that is available on Facebook that targets the adverts to the right audience.
Big data is generated every minute, and immediate feedback is possible to obtain. Consumers can be gauged to measure their interest before launching a product. One can place an advert on social media and track the response within a few minutes. If a company is planning to launch a product in a new country, they can initiate a campaign to potential customers based on big data information and analyze the response.