Friday, August 30, 2013

Taking you through two examples of how Social Media Analytics Drives Business Success


I have previously told you how social media has transformed the banking and entertainment industries.
Now, here are two Forbes reports proving my point that banks and the entertainment industry must explore social media analytics to tap greater business intelligence.



Report 1:

According to this report, the amount of stored digital data will be 48% more than the previous year. As such, banks, financial institutions and insurance companies are leaving no stones unturned to literally cash in on social media analytics in order to make sense of their mammoth Big Data.

The author, Mindy Powers, says that banks are monitoring and mining data from all kinds of digital content – from videos and news to social media data – and using analytics tools to gather insightful information about competitor strategies, market trends and most importantly understand customer behavior and traits to build detailed customer profiles. 

Using advanced social media analytics tools for creating a detailed customer profile is now an essential and inevitable part of every brand’s digital marketing blueprint. And banks cannot afford to be different.
Collecting granular details about individual customers and collating them to predict customer behavior in the future, identifying and preventing fraud and understanding customer sentiments are some of the many benefits of social medi analytics for banks

As Powers says, the time is just ripe (for banks around the world) for capitalizing the power of Big Data. 

Report 2:

Did you know that a music streaming service in the US is actually using social media analytics to “increase their competitiveness in a fast growing market”? 

Well, the company is Slacker and it uses analytic tools to publish what it calls their “engagement quotient” score – a weekly list of top songs (across genres) based on user-data gathered as they use and perform various tasks (number of times a track is started, a song is listened to from start to finish, a song is shared on social, song skips, channel changes or channel bans .etc) while using Slacker’s online service.

This to me is a case in point of how social media and social media analytics are going to revolutionize the entertainment industry  business in the future. 

If you think that social media analytics is the way forward for banks and entertainment industry, and want to know how we at Shout Analytics can help your business harness the power of Big Data, then write to us at info@shoutanalytics.com

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