Business Intelligence Blog from arcplan
9Feb/111

Social Media Monitoring as Part of Your Business Intelligence

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A growing number of enterprises realize that Web 2.0 means communication and customer interaction, which are essential for businesses to survive in this day and age. We’re all participating in the social Web and trying to figure out if it’s worth the effort we’re putting into it. Social media monitoring is essential so companies can learn about the public perception of their products and services, monitor their competition, and more intelligently manage corporate communications. We need to know where, when, and how to respond to our constituents.

However, social media monitoring is not necessarily an option for all organizations. But the bigger a company is, the more important it becomes to develop a strategic approach for social media efforts and to devise performance targets. Many enterprises with a large customer base (like car manufacturers and banks) have been engaged in blogs and social networks such as Facebook, LinkedIn, Twitter, and Xing for years. They know that their activities and those of their stakeholders have an impact on their business, but so many companies are still struggling to know exactly what kind of impact social media efforts are having and how to continuously monitor and measure these actions.

With over 100 million active blogs, more than 65 million tweets per day,* and countless Facebook status updates, keeping track of your organization’s online reputation and customer sentiment can be a real challenge. How can you derive relevant information from all these sources? Which sources are most important for your organization? Which are essentially irrelevant? How can you process all the unstructured information about your company on the Web?

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6Jul/100

What To Do With Your Social Media Data

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We’re all seeing that social media needs to be part of our business strategy. We interact with clients on customer portals, respond to complaints on Twitter, network with partners on LinkedIn, and read the web chatter to assess the general sentiment about our business.

The media cranks out new statistics weekly – your number of Twitter followers, Facebook fans, LinkedIn connections, blog subscribers – but how do they really help us? Is social media a distraction or an attraction? Is there anything valuable in the seemingly endless amount of unstructured information that can help us make better business decisions that affect our bottom line? Yes, indeed there is. Successful organizations are collecting, analyzing, and presenting this data to the C-suite to get an enhanced view of their brand, their customers, and their prospects.

Many businesses simply don’t know where to start when it comes to aggregating the unstructured data from social media sources, let alone how to use that data to influence decision-making and drive performance. Social media data can be used not only to measure how the market perceives you and your competitors, but also to pick up early trends that can drive product development, product delivery, marketing messaging, etc. A visual representation of customer sentiment and conversation topics, for example, is necessary to really understand what’s happening on the web.

So what should you show on your newly-devised social dashboard? This depends on the goals you’re trying to meet with your social media efforts.

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