Understand Your Market with 7 Elements of Social Data

In the old days, marketing communications was primarily a monologue delivered by the seller to a buyer. The seller controlled the information and dispensed it to the buyer in a strictly controlled fashion. To break through and make a sale, the seller repeated his message louder and more frequently than the competition.

Today, however, more new information is published online every year than in the previous 5000 years of man’s history. This unfettered access to information has empowered the individual user, with dramatic implications for both marketing and sales. Information that is immediately available to anyone with an Internet connection who cares to look for it.

Since marketing 2.0 revolves around the web, everything on the net world started to change, the web just too big and too fast to deal with manually, and prospects expect you to be “open for business” 24/7 online.

The new marketing changes reflects a web-enabled shift from selling to buying, it delivers a new permission-based 1:1 relationship between seller and prospects, and is powered by new web-based automation, real-time analytics, and market insight.

However, the thing didn’t change is marketing and sales is still about people dealing with people, if you implemented well, the new marketing actually strengthens this relationship between the prospect, marketing, and sales. It helps us connecting to one another and understand the market especially when it comes to social media.

Based on this graph from twitter, you can see the amount of consumer data emerging in the social web only continues to hockey stick. A record 162.9 million people watched this year’s Super Bowl, making it the most-watched television event ever, that’s amazing number.

Altimeter recently conducted fantastic research, it is about to understand how to harness new data types in your online experiences by looking into seven elements of customer and social data. The following is a summary of a research project.

7 Elements of Customer and Social Data Guide You Understand Your Market

Demographic Data – This data types enables an effecient way to create context about consumers, yet broad survey-based research may not yield specific nuances and needs about specific individual taste as today’s consumers are given more choices and have more discrete needs.

Product Data – A data type commonly used in ecommerce websites, this data type is used to match similar products with each other, in order to cross-sell and up-sell products.

Psychographic Data – As the social web exploded in the past few years, consumers are volunteraily self-expressing their woes, pains, and aspirations in websites. This provides those who want to reach them increased opportunities to market based on lifestyle, painpoints, beyond just product sets.

Behavioral Data – There’s at least two ways to find this data, it’s in both existing customer records like CRM or ecommerce systems or also in the “digital breadcrumbs” that users are leaving in social networks using a variety of web techniques from cookies, FB connect, and other social sign on technologies.

Referral Data – Customers are emitting their recommendations for products, but positively –and negatively. Both explicitly through ratings and reviews, as well as implcity though gestures like the ‘like’ button to their social network … continuing read Entire Article Here

Need help? Have projects to work together? - contact her. Ann is an energized internet marketing professional with enthusiastic, infopreneur & e-marketing consultant. She is also a passionate blogger, into e-commerce, social media, sem & content marketing. Follow her on twitter @imannliu, connect with her on Facebook and Google Google Plus as well.

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