Social media can offer a lot from a marketing perspective. Have you ever given a thought as to how a real-time CRM system can be derived just by tapping the vast amount of data that is generated every second by social networking sites like Twitter and Facebook? Well, then it is high time to ponder upon it as data mining is soon to become the upcoming frontier for social media marketing.
Take a financial company for instance; can you imagine what they could gain from access to the forward-looking and rich customer data on communities like Facebook? The apparently irrelevant information and details like, apart from having two savings accounts and one mortgage, the customer is fond of gourmet cooking as well as golf, can help in making future marketing strategies on individual customers.
Thus, the social media data inevitably reveals new opportunities and patterns to the businesses. Here is how:
Transforming the data to become useful
The typical CRM system is fed by transactional data which is starkly different from the technology that usually generates social media data. Thus, the data derived is evidently stored in very distinct formats. These formats cause a hindrance to the usefulness of the social media data. Therefore, the MDM or the Master Data Management technology services have to be employed by a business. RemoteDBA.com provides such database-related solutions.
It has already been more than a decade that companies, which aim to have a 360-degree view of their customers by integrating disparate databases, have used MDM. Similarly, the integration of social media data into the already existent CRM, and getting the data filtered to extract the usefulness is equally necessary. The MDM is like a file of ongoing records for an organization that contains master data about products, suppliers, employees, and customers. To ensure the preciseness, validation, and completion of master data, MDM is to be implemented.
Social Media Data Can be Tapped
Can there be better news than this? However, the tapping process has its own challenges. Big Data is a significant example of the data stream. Streaming high percentage of relevant social media data is challenging. However, amidst the millions of online community participants, it becomes difficult for companies to identify potential customers. This problem arises even before what has been discussed above.
Evolution of Customer Identity Issue
Finding the potential customers in the social media amidst the participant pool has been a real challenge for companies. Their initial approach towards this customer identification issue was not just costly but also comparatively slower. Progressing to the technology of today, it matches, so the process has become much more comprehensive and way faster. Now, advanced algorithms are put to work that distinguishes or finds matches between names that are present both on Facebook and on the company’s customer database.
It is an undeniable fact that the data derived from social media will take targeting the market scenario to a different level altogether. Today’s advanced technology can handle the Big Data.