How Orgs Can Set Up an Analytics Framework that Leverages Social Data
By Mike Stiles on Jan 24, 2014
In our last blog we discussed how a good bit of our social marketing focus should be on social listening. The wonderful product of all that listening is a wealth of social data. But what do you do with it? How do you employ it? How do you turn it into something actionable that speaks to business goals?
The answers lie in setting up a framework in the organization to move and process not just social data, but social data combined with enterprise and public and curated data. We wouldn’t want to withhold that kind of knowledge from you, so we have a new and FREE Oracle White Paper, “The Value of Social Data,” available for download on the subject.
While it certainly doesn’t cover all the bases (that’s why you need a White Paper), here are a few points from Oracle Social VP Product Development Don Springer.
- Orgs have made significant progress in deploying social CRM, but want stronger, more automated ways to socially enable customer-facing functions.
- Enterprise data growth is expected to continue at 40% through 2020, driven by consumer generated content.
- The social CRM process involves listening, engaging (1-on-1), creating relevant content, publishing, establishing and managing workflows, and analyzing.
- When that process is set up, you then amplify the social value you get by integrating with other core applications.
- A Socially Enabled Consumer Data Store can provide a 360-degree view of your customers.
- This store consists of unstructured content that captures customers intentions, interests and needs from social/internal data sources; plus quantified transactional, behavioral & customer profile data in your CX Management Applications.
- Additional “public” data can be integrated via a cloud-based Data-as-as-Service platform (DaaS).
- The key is not just getting the data, but using it to help discover the insights to connect to and improve KPIs.
- We’ve seen a need for more business applications to ingest and use “quality” curated, social, transactional reference data and corresponding insights.
- The problem for orgs is getting this data into an easily accessible system and having the contextual integration of the data/insights exportable to business applications.
- Essentially, DaaS becomes a single entry point for public data, able to extract and integrate the right data from the right sources with the right factoring at the right time.
- The CMO and CIO are collaborating out of necessity to integrate social and enterprise data into a data “pool” so all departments can leverage it.
- Over time, these analytics become your knowledge base for a data-driven approach to optimization and continuous improvement.
Don’t forget to download the full “The Value of Social Data” paper at your convenience and start pondering what your enterprise’s framework might look like.