Every industry operates differently. Depending on what product or services a company offers, operations can change ranging from slightly to extreme. Despite all this, there is one thing that remains certain among all industries: the inherent need to better understand the consumer.
Today, analysing sales data and shopping behaviour is not enough. While both of these are still critical to a business, but coupling them with social data provides unique insights into consumer behaviour that ultimately enable companies to better serve their customers and beat out the competition.
Social media posts are a virtual treasure trove for marketers or influencers. The information they hold can enable companies to innovate with confidence and future-proof their brands with data-informed strategy. Brands need a holistic view of how consumers are consuming and using products.
By scouring billions of consumer conversations you can capture every mention of every term that’s relevant to your market, from brands to products to ingredients to qualities to benefits and concerns. As a result, you will be able to obtain an ever-growing database of virtually every consumer topic of interest for analysis and exploration.
As new topics appear in the market, social media gives you the latest news on rising brands, trends, emerging ingredients, and growing consumer concerns, granting you the opportunity to take action before your competitors.
In order to understand social data at scale, a company will require structure. Through a mix of automated technology and human expertise, you can add context and colour to the so-called “chaos” of social data by compiling and cataloguing them into the appropriate categories.
Furthermore, for actual insights to be revealed, data has to be understood in context. That means evaluating individual data points against all other relevant data in order to assess its meaning and significance.
Social media is not just a tool for posting pictures to capture the attention of consumer. It is an incredible and near infinite source of data, that if properly contextualised and analysed at scale, can provide a brand with unparalleled insight into what consumers are interested in purchasing, why they are interested, and where your brand stands in the market.