How Big Data Analytics Will Determine Future of Marketing and Sales: A McKinsey Report

In this era of Big Data where competition is fueled by your ability to harness the power of data in order to make it work for your business growth, the need of the hour for every brand and business organization is Analytics. In fact, a McKinsey report in the Forbes says that Big Data Analytics will determine how sales and marketing are conducted in the future.

One of the most important facets that the report highlighted was that gathering customer insights and converting that into critical business intelligence is inevitable for modern businesses. The report says, “The explosion in data and digital technologies has opened up an unprecedented array of insights into customer needs and behaviors”.

Thus, while businesses understand the importance of Big Data and Analytics, they are also making the smart move towards adopting Social Media Analytics tools for helping them make sense of their Big Data. According to the report, “Those (businesses) that use Big Data and analytics effectively show productivity rates and profitability that are 5-6 percent higher than those of their peers.” 

In other words, the report by McKinsey defines the success of organizations using Big Data to their wisdom to use analytics effectively. It says that such organizations are successful because they use analytics for the following:

  

a)      Identifying and pinpointing specifically the immense business building opportunities existing in the micromarkets.

b)      Understanding consumer decision journey and finding out what factors lead the consumer from starting with merely showing interest in ending up buying the product. Analytics are also used to spot reasons for and solve customer attrition. 
c)       Using analytics to create detailed customer profiles that include their specific likes, needs, wants and affiliations and use it to aim customers with perfectly targeted and often personalized marketing campaigns plays a crucial role in business success (increase sales by 10% and marketing ROI by 5-10 times). 

With regard to how competent must modern analytic tools be to successfully tackle the challenges of expanding data streams, McKinsey noted that that natural language processing, predictive and sentiment analytics (to decipher customer behavior) and “algorithmic marketing” will be the key components to look for in advanced analytics solutions.

We at Shout Analytics, take pride in the fact that our social media analytics solution fits the McKinsey description totally

To know more about our analytics capabilities or to find out Shout Analytics can help you in your Big Data analysis needs, write to us at info@shoutanalytics.com

Why Financial Institutions Need Business Intelligence and Analytics Tools?

Financial Institutions especially banks, stock exchange houses and wealth management enterprises or institutions broadly referred to as Banking, Financial Services and Insurance (BFSI) industries are slowly turning to social media analytics as the size of their unstructured social data grows by leaps and bounds every day.

Shout Analytics, a sophisticated big-data competent Social Media Analytics product is a viable solution for BFSI enterprises looking for a cutting edge Social Media Analytics.

Thanks to the ever increasing use and growing popularity of social media channels; that facilitate seamless sharing of information, today’s business enterprises have to deal with large streams of unstructured data. For BFSIs, this unstructured data involves both static and real-time data generated both within and outside the enterprise and primarily consists of data pouring in from the following:

• Trading rooms,
•  Call center logs,
•  Sales, research and marketing reports,
• Market pricing,
• Newscasts,
• Internet
•  Ubiquitous Social media platforms.

Now, analyzing and interpreting the above mentioned data streams are crucial to the BFSIs if they want to gain actionable insights from this rich-in-information data repository. As such, the need of the hour for BFSIs is an analytics solution that guarantees in-depth, accurate and optimal analysis of large unstructured data including social data.

Challenges for BFSIs

Advancement in technology has led to an increase in the people’s use of financial services as well as simplified the process of making financial transactions. In the wake of such advancements, I believe there are certain challenges still plaguing the BFSI enterprises. These include –

•  Detect fraud
•  Predict stock sentiment
•   Overhaul customer service
•   Customize product innovation

Can Social Media Analytics tools help BFSI enterprises to overcome these challenges?

The answer is yes. Business Intelligence and Analytics tools like Shout Analytics are equipped with advanced capabilities like text analysis, predictive analysis, and sentiment analysis among others that allows BFSI institutions to address the above mentioned challenges effectively.  Here is how social media analytics tools will help BFSIs –

• Easily detect improper or immoral practices in transactions, and find common trends in fraudulent activities using Predictive Analysis.
• Stock prices are bound to fluctuate depending on the vibe generated in the media. Breaking news  stories can adversely affect stock market performance. Using sentiment analysis BFSIs can detect the brewing consumer sentiments on the aftermath of such impactful news stories and also predict, using predict analysis the possible outcomes.
• Measure, monitor and manage their social reputation and to improve their customer engagement initiatives.
• Financial organizations can track the consumers’ online conversation and can find out their actual needs and requirements. Based on this insightful knowledge channel, innovation of new products and services which are completely in-line with the consumers’ needs and requirements can be made.

This is just a sneak peek into what business intelligence and analytics tools do to BFSIs. To know more, contact info@shoutanalytics.com and see how your organization can benefit from advanced social media analytics.

Social Media Analytics: An Unique Solution To Filter Noise From Social Data

 Author: Suraj Arukil 

 About the Author: CEO/Founder of Nuvento ( a technology firm that specializes in Business Intelligence and Software Architecture.)

In my earlier posts I tried to explain how social media analytics helps you to carefully listen to the conversations surrounding your brand’s activities and carry out an appropriate analysis. Additionally, I also discussed how can you find and engage with prospective customers. However, tracking social media platforms allows organizations to improve their brand value followed by the resourceful insights with the help of social media monitoring.
 

Consumers take decisions based on the nature of the conversations happening over a specific brand’s products and services. These mass conversations even portray wide variety of responses which could be either positive or negative and even are neutral at various occasions. Fortunately, social media is one such platform in the current market where organizations can hang out to look for their sought out answers on their brand’s performance. 

 

As of today, people are promptly responding to and sharing their views about every new and existing trends, products and services over social media. Thus, social media plays a vital role which is more than just being a mere platform of conversation and networking to a platform where organizations can receive valuable insights about the consumer responses.
 

Importance of Filtering Noise
Let me consider an example of Microsoft Corporation launching the Windows 8 Operating system in order to receive a better understanding on this subject. Before launching the new Windows 8 operating system in the market, Microsoft Corporation released the beta version of it. The main purpose behind this step was to incorporate the received customer feedback for an improved customization of its complete version. 

In such a significant juncture of business oriented steps, even an established organization like Microsoft Corporation would look out for a solution where it can get all the relevant scores of the consumer responses. However technically at this stage social media analytics stands out as the best option for being a solution in such an instance for different organizations.
 

Role of Social Media Analytics
Now the real question is, how one can separate the relevant and useful information out of the voluminous amount of social big data shared over social media? This is the scenario where social media analytics come into the picture for helping organizations and individuals compute the relevancy scores. In an instance like the Launch of the trial version of Windows 8 by Microsoft Corporation, people will be conversing over this version in the form of likes, sharing and commenting. 

At this instance social media analytics separate these relevant conversations on the brand from the extensively voluminous traffic of various conversations over numerous arrays of social media platforms. 
 

Shout Analytics is a unique patent pending solution that assists organizations to understand and engage with audience over social media. It provides resourceful insights like demographic data, social mentions, trends, etc. These insights help organizations to figure out the market responses.
 

To know more about Shout Analytics, write to us at info@shoutanalytics.com

Big Data Will Get Bigger, What Do You Plan to Do?

Author: Suraj Arukil 
About the Author: CEO/Founder of Nuvento ( a technology firm that specializes in Business Intelligence and Software Architecture.)

 The Internet is a treasure trove of data, an information mine literally.Unbelievably massive amounts of data are churned out here every day, every minute, and every second. Zillions of data set is pumped into the cloud and the volume is more than human imagination and its magnitude of growth is HUGE!

Social Media & Big Data

  The Linked data produced by various sources, though available is untapped and under leveraged.

 For example, in ONE MINUTE -
 • Google receives over 2,000,000 search queries.
 • Consumers spend $ 272,070 on web shopping.
 • Brands and organizations on Facebook receive 34,722 “likes”.
 • Apple receives 47,000 Apps downloads.
 • Flickr users add 3,175 new photos.

This clearly shows zeta bytes of data is being  generated on the internet daily through social media channels and other cloud services in the form of demographic information, opinions, reviews, likes, shares and comments.

Let’s take a look at big data and social media; social media usage by individuals and enterprises has reached a new high. Owing to advancements in technology and digitization, today, even simple tasks like weekend shopping at your neighborhood mall leaves behind a data trail that tells so many things about you –your city, your choice of brands and also your spending powers.

The variety of information generated by your weekend shopping will be resourceful to many different service providers – bankers, retailers and market researchers. CXOs within these and other industries often talk about effective brand building, gaining more ROI, increasing profits and staying ahead in the competition. Organizations, irrespective of their nature, size and target market, can achieve all of this and more if they invest their efforts in effective data mining and processing available Big Data in Social Media to extract business value.

However, big data constitutes of unstructured and disconnected data. Separating and gathering useful information from the clutter or being able to identify “music” from “noise” is a big challenge. The solution lies in cutting-edge social media analysis tools such as Shout Analytics that have proven competency to deal with big data. Modern social media analytics tools synthesize data and turn them into actionable insights to create business value. Moreover, it enables CXOs to use the big data in a more meaningful and sophisticated manner.

David Williams, CEO of Merkle believes that today, one customer with the right social network can influence thousands of friends, whose subsequent networks could represent millions of consumers. Social media analytics helps you find many such “right” customers.

To learn more about Social Media Analytics, please contact us at info@shoutanalytics.com