For brands, to not be present on social media is to commit marketing/branding suicide. It wouldn’t be wrong to say that social media is where everything is – information on the brand/service, customers, interaction between brands and customers.
All this activity – carried out with multiple, brand specific objectives – results in the creation of colossal amounts of data. Data that gives insight into customer preferences, choices, the services/offers that excite or don’t, what techniques work or don’t, customer requests, customer response to the brand/services/overall brand experience and so on. The fact of the matter is that while companies are leveraging social media to further their brand not much effort or money is put into making something of all the information that is generated as a result of this interaction. This is where Social Business Intelligence comes in.
Social Business Intelligence (Social BI) is a sphere of expertise that has been created solely because of the proliferation of social media and its increased use by brands and companies. Social BI deals with creating intelligent data out of all the information that is fed into the social media platform.
For example, a bank may want to know what people on the internet are saying about its new product and its customer service operations in general. Given that there are multiple channels on which the bank is active and that the customer has many more on which he/she can express happiness or disappointment, it becomes nearly impossible to collate all the data and to analyse it. This is where Social BI comes in. It fetches information from across platforms, makes analytic reports, draws insightful conclusion from the data and gives recommendations that can be used by the management to make the right decisions. In this manner, Social BI assists in deciding and judging the effectiveness of Key Performance Indicators (KPIs) as well as deciding the future course of action that must be undertaken.
According to the Social Media And Business Intelligence Survey conducted by Peter J. Auditore of Unisphere Research, 60% companies (of the total respondents) are planning to monitor social media networks in a holistic manner and 36.44% companies (of the total respondents) are planning to invest in Social BI over the next 1-2 years.
These statistics give a definite picture of how soon and to what extent brands are planning to engage in social media monitoring. From all this information, it is possible to understand that companies specialising in Social BI will be the demand of the hour. Hyderabad based Helical IT Solutions is one such company that as of now is engaged in building a Social BI platform for UnifiedSocial.
I see this trend catching on quick as companies try to differentiate them from competitors on social media platforms and also try to reach out to consumers in a more personalised and direct manner by creating campaigns that specifically cater to them. Do let me know your thoughts on this.
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