Social media continues to evolve as a powerful networking medium, generating huge amount of data about behavioral information such as products/brand preferences and profile information including marital status, age, and common hang out locations, etc. The combination of the two with traditional data sources provides unparalleled opportunity for corporations to know their customers and target audience. However, due to high noise to signal ratio, organizations are still trying to figure out on how to tap into these networks. Deciphering this form of data requires capabilities to handle big and unstructured data.
The mix of the above mentioned sources varies depending on the business and customer segment. Social targeting enables both sales and marketing to generate a higher ROI, because now all the communication is based on a 360-degree view of the customer. This richer knowledge about the customers enables organizations to:
- Improvement in customer engagement and retention—opt between soft sales and hard sales
- Impact topline through Cross sell and upsell opportunities
- Identify latent customer needs
The "How" of Social Targeting and 3 Benefits
In order to execute social targeting, different profiles of customers need to be combined to create a 360-degree view of the customer.
Social profiles of customers are obtained with the help of easily accessible APIs and other third-party sources. Demographic and other attributes from customer database are triangulated with social profiles from various social platforms using identity-matching algorithms. Once this connection is made, online and offline activity of customers needs to be monitored to provide actionable insights. Widely available text mining tools can be used to monitor social activity based on rules and keywords. Web analytics and business intelligence tools provide activity profiles from internal websites. With all the data, complex language processing and machine learning techniques are required to decipher the activity on social networks.