How Brands Are Embracing Big Social Data
Big data analytics is steadily emerging as a viable means of generating actionable business intelligence. Wikibon has predicted that the big data market will top $84 billion in 2026. Although adoption of big data is on the rise, its utilization is less impressive with Gartner predicting that 85% of Fortune 500 companies will be unable to exploit big data for competitive advantage in 2015. Needless to say, the scope for brands to indulge in big data analytics is huge. KonnectSocial, a social listening and analytics platform has identified the key trends in this area.
Brands are eager to embrace big data in exchange for actionable insights
A 2014 study by IDG Enterprise observed that 70% of enterprise organizations have either deployed or are planning to deploy big data-related projects and programs. Several Indian brands have showed inclination towards harnessing big data analytics. They want to achieve homogeneity of data obtained from their current systems and big data. Trend spotting, demographics and psychographic evaluation are the key areas where big data analytics has been deployed.
Customer centrism is paving the way for big data applications
Mass marketed brands are taking their customer centric approach to the next level by engaging in social listening. Here’s how different sectors are going about it –
a) BFSI – Brands from this sector are punching bags for a variety of reasons such as allegations of fraud, negligence & unauthorized transactions. Currently the social listening approach taken by leading brands from this sector revolve around managing the brand’s reputation. As these brands get comfortable with brand reputation, social listening as a means of identifying sales leads and gaining real time market insights will go mainstream. This is mostly because big data applications already have analytics features built into them. Social media teams simply need to warm up to the advanced applications of such tools.
b) Telecom – This sector is perennially plagued by complaints. For brands from this sector response management is of great importance as customer attrition is high. This is mostly attributed to TRAI mandated MNP facility which allows consumers to change mobile operators while retaining the same mobile number. Not only is it critical for telecom brands to respond to every grievance, they also need to be efficient at resolving them. Social CRM workflows are need of the hour to track the response team’s turn around time and manage conversations from every online avenue.
c) FMCG – FMCG brands rely on market intelligence to launch new products and gauge sentiment for course correction. With listening tools they can now gather such intelligence in real time. We are going to witness a lot of brands engaging in social listening for accurately building psychographic profile of their TGs to drive brand engagement. Crisis management is also something brands can do much more efficiently with such big data applications.
Mass marketed brands will lead the march towards big data adoption
Thanks to the proliferation of social media, the impact of social conversations on reputation is felt by all leading brands. In order to enhance and safeguard their reputation, several brands have an active presence on social media. They have also subscribed to listening tools for discovering brand conversations and acting on them. The benefit of such big data tools is that the data from them can be churned to gain market intelligence in real time. They bring previously unknown correlations to fore. Some leading brands have started to make optimal utilization of such tools to generate predictable & tangible benefits. The benefits gained by them will serve as case studies for laggards to follow suit, say researchers.
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