Social Data vs. Big Data
Date: Tuesday , January 31, 2017
Headquartered in UK, Hello Soda is a big data analytics company that aims to reach out to various sectors in India to help understand their consumers much better.
The nation is going Cashless. The PM is leading us to digitization. What does this mean? Good or bad we are all so used to the gadgets we use mobiles, which are no longer just a calling machine, we shop, we bank and we download hundred different apps, we surf, we socialize too. Also, our web searches and all the comments we make, the quotes we share, and the pictures we like, post and share. Everything we do is creating a digital footprint. The bread crumbs we leave behind through all our activities on internet. How big is the data and how important it is to the marketers today?
How Social Data Different from Big Data
Social Data analytics goes beyond the scope of traditional marketing that companies indulge in today to reach out to their consumers. While traditional forms of credit and risk analysis deliver results, digital footprints of an individual deliver many more insights, than what one understands. Behavior of an individual on social digital footprints gives companies an in depth understanding of their prospect/consumer or employee. This delivers exactly what companies have been missing out on for a long time. It is able to capture life events, positive events, and promotions in job for excellent marketing opportunities for financial, insurance or e-commerce companies. Personalized marketing to the consumer not only helps in customer acquisition but goes a long way in customer retention too.
Why is Social Data Analysis Important?
When considering the future of your marketing methods, it\'s important to not only consider current spenders, but future spenders as well. On average, a loyal customer is a lot more valuable to a business than a new customer, with many sources saying it costs five times more to attract a new customer than to sell to an existing one. With this in mind, it\'s vital to build a meaningful relationship with your customers from the first point of contact, which will likely be when they first start spending.
Better User Experience Big-data & Social Data Analysis
Big data analytics tools provide a particular advantage in that they take into account all available digital data with the consumer\'s consent; they don\'t scrape social media, and they are not social listening. This poses huge benefits for consumers and businesses, by offering more privacy and decision-power to consumers, and providing more detailed and predictive insight to businesses.
By harnessing the power of big data you can personalize the user journey from sign-up, throughout the entire relationship and adapt alongside your consumer\'s ever-changing needs. Personalization isn\'t just offering a football fan football tickets, it\'s offering a football fan tickets to their favorite team on their birthday.
Social data + Big-data Analysis is Better than Just Big Data Analysis
The social data include the individual\'s life events, their job, their friends & family, their personality, their hobbies, their lifestyle, where and when they travel, their education, as well as due diligence and ID, which provide a proper insight in an individual\'s life and hence a company is better equipped to handle them.
Traditional data costs companies vast amounts in multiple industries. Millions of potential customers miss out on loans that they can afford because of the limiting nature of traditional credit scoring; millions of rupees are lost every year to staff turnover due to hiring the wrong person for a role; and only a tiny fraction of recipients of online marketing buy something as a result due to the ineffective technique of targeting consumers. Social data and Big-data together include much more information. It takes into account the consumer as a whole, their character, their likes and dislikes, the holidays that they take, pretty much everything that is made available about them online, and tells businesses how likely they are to misuse credit cards, how organized they are, and even how they respond to marketing efforts.