Additional revenue can be generated by network effect. Companies can influence customers to become advocates of a brand; incentives can be defined for the most influential customers.
In B-to-B, a sales representative is often assigned to a set of business customers for generating sales. But these reps find it difficult to prioritize their efforts and often go by hunch, leading to reduced ROI. By tracking social behavior of potential customers on relevant (internal and external) social media platforms, measurement of customer intent using traditional propensity models can be augmented. This can help sales prioritize their efforts and increase the ROI.
3. Identify latent needs
Listening to conversations on social media space can help identify latent demand. For example, a simple mention by an employee that "our office is getting overcrowded" is a hint the that there may be a need to shift office premises, which should ring alarm bells among property consultants to start engaging with the right set of folks.
Dell used its Ideastorm community to identify gaps and therefore find opportunities in the laptop market by crowd sourcing ideas that could help in product improvement and/or development.
Insurance business players are actively listening to customer to identify potential demand. For example, mention of keywords such as "going on a honeymoon" or "looking for a new house" all indicate a need of an insurance product in future, some of which the customers may not be thinking on an immediate basis.
Taking Social Targeting to the Next Level
Willingness from organizations to share data across firewalls has opened up new opportunities. This has been further facilitated by the presence of decision sciences and analytics companies, crowd sourcing platforms and other organizations that realize that they are sitting on a pile of data, which can be monetized. For example, Google analytics provides benchmarks on how many visits should be expected to a website of a specific genre. Imagine receiving an offer in real time from an apparel retailer when you check in at a mall on a social network.