Why Social Media Boosts Business Intelligence?
Leveraging valuable data is a top priority for marketers and business owners across the globe, but the process is not as simple as many of them would like. The time when social media was just about amassing shares, likes and followers are long gone. Today, business intelligence and social media campaigns go hand in hand on a long journey to business success. From strange bedfellows to inseparable entities, these two have come a long way in a short time. They are here to stay and will only fortify their hold on the market.
The social media landscape has transformed into a lucrative field of possibilities for marketers. They keep a close eye on the brand mentions and interactions, collecting a tremendous amount of data. The big challenge is to use these insights in a smart way and improve the process of decision-making. Well, business intelligence is what allows you to extract information scientifically and accurately. Furthermore, organizing and storing it leads to improving customer experience through social BI. This, in turn, boosts the revenue potential, cuts the costs and spreads brand awareness in the online community.
One of the great advantages of using social media for business purposes is that the data is already compiled. Social accounts reveal the person’s name, pictures, interests, comments, preferences, etc. The big data can also be related to demographics and other specific characteristics. When a customer employee demonstrates knowledge during a conversation with the user, the latter is more likely to grow fond of the brand. Gathering varying feedback from multiple sources is not the walk in the park, though, and one has to focus on core audience segmentations.
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Communication is not only a two-way street, but also a process of constant learning. Important conversations do not happen behind closed doors anymore. While secrecy has some perks, the reach is limited to the four walls. On the contrary, social media is about transparency and information sharing. Gaining new perspectives and enriching the customer experience is paramount to the business success of today. Social media is the big stage for viral content and one can detect shifts and trends when they are still only coming to life. So, one should strive to jump into conversations and influence their outcome with solid arguments and expert opinion.
Stay vigilant and alert to even the tiniest of opportunities. Add UTM parameters to your URL when sharing content in order to identify the networks and content with the most traction. That way, one can modify the stream of content and allocate funds to the cost-effective channels. An integral part of these tactics is “spying” on the competition. Seeing what works and what fails to hit the mark is something that can give you a solid competitive advantage. Remember that, ultimately, social media has enabled us to bring the personal touch back into business and humanize the relationships between companies and their customers.
Note that the market for BI tools is quite mature and corporate giants have established a strong presence here. They can satisfy the wide spectrum of business needs and suit different levels of the expertise. While some companies engage in a deeper analysis of big data, other enterprises only scratch the surface by getting into Facebook statistics. Of course, coming up with the Social media and business intelligence (SMBI) strategy is highly-dependant on the budget, industry sector, and technical capabilities. Beyond that, bear in mind that any business-oriented end user can benefit from building a trusted community around the projects and establishing meaningful connections with the brand ambassadors.
Business intelligence is huge across all industry verticals, and social media is an indispensable tool for strengthening it. A vital piece of info is just a click away, but snowed under a pile of irrelevant data. Act quickly, make important decisions in real time, and stay responsive to the needs and wants of the customers. Optimize marketing strategies and ensure the relevance of brand messages. The marriage of business intelligence and social media has spurred many benefits, thus letting you spread your story far and wide and add value to your business.