As one of the most powerful platforms for the businesses, social media creates high volumes of data which is immensely rich, gives a better understanding of how a customer feels about a particular product/service and what experiences are more likely to result in a conversion. But, these benefits come with its own set of challenges, i.e. data overload, unstructured data and combining cross-channel metrics into one platform being the major ones.
As technological advancement accelerates, the opportunity to tap into more detailed and accurate view of the social media data has also increased. And since every marketer is keen to make the brand sound more relevant and exciting to its target audience, adaption of a tool such as a Data Management Platform becomes more apparent.
Data is abundant and it is a key element in creating a winning social media strategy. Let’s understand how DMPs can provide a new direction to silos of social media data by making it more contextual and relevant.
Social Media Data
What is social media data? It is the information or data which is collected from different social networks, such data typically displays how users share, view or engage with a brand/business. Such numbers, statistics, and percentages provide better understandings into a business’s social media strategy. But social media data is a lot more different and multifaceted, let’s understand it in details:
How Is It Different
The way consumers interact with brands has transformed, today consumers are increasingly interacting with brands via different online platforms and social networks via multiple devices (like mobile, tablet and PCs), this intense level of interaction adds a different dimension to social media data. The data gathered through social media is vastly different from the old static and transactional data that most of the businesses depend upon. Social media data is much more compound, amorphous, mobile, fluid, and often raw, but if used appropriately it can boost a brands exposure and relevance.
Its Business Benefits
- New Data Source
Being a publicly sourced information, social media data offers a completely new reference of data that a business never had in the past. With every contact, a user leaves behind valuable pieces of information which go beyond simple demographic information and present robust details like, intent, preference, sentiment, activities and social networks.
- Current Data
Earlier customer/personal data gave more of a historic view. But, today’s marketing era calls for a more current approach, this is where social media data helps a business win. Yes, social media data offers both historical and up-to-the-second view of the market. When such data is combined, businesses are able to derive a more complete picture of their audience and also use such data to predict future behaviors.
- Representative data
Social media data largely represents the users because it is a live record of their attitudes, beliefs, and actions. No other source of data can match this advantage as such data in real are gritty details into a consumer’s life. Businesses can use such data for more personalized marketing as they get to know the consumer on a more personal level.
Benefits To Marketers & Publishers
Advertising on social media is growing rapidly. This form of advertising is typically referred to as ‘Native Advertising’. As marketers and publishers realize that orthodox banner ads are largely ineffective today, they are whirling to Native Advertising as its one great strategy to complement user experience.
Native advertising offers separate sets of benefits to both marketers and publishers. The marketers are able to increase brand awareness by placing ads which match appropriately with the user experience, increase engagement touchpoints with the consumers as ads become identical with all content and power their marketing strategies by taking advantage of the social media.
The publishers, on the other hand, are able to create seamless user experiences by accurate ad placements, charge higher CPMs from advertisers due to increased ad efficiency and monetize additional content blocks on pages beyond traditional ad units.
DMPs Role In Powering Data Into Social Media Intelligence
With so many delivery channels, delivering the right message at the right time through the right channel is one big challenge. So how do you combine siloed social data to derive meaningful insights? Yes, you do it with a DMP.
By using a DMP, marketers can maximize the effectiveness of their social media marketing spend by:
- Unify data from each touch point to meet growing customer expectations
- Data integration with the major advertising and marketing platforms
- Monitoring the performance of their online campaigns in real-time
- Create Look-alike models and identify new users who share similar characteristics
- Retargeting on Social (traditional display and mobile)
- Connecting with consumers and forecasting potential touch points
- Site optimization based on social data or triggers
Data In = Results Out
Collecting data is often easy, but doing something meaningful with it is tough. But when you build a data-driven culture and have the right tools and processes in place, your social media marketing strategy can be totally revolutionized. Remember, they are your customers and it’s your brand reputation, then why leave out on data? It’s your data, just unlock its power with the next generation data management platform.
To find out how you can capture consumer behavior and react quickly on the social media, schedule a demo with Cuberoot.