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By adaptive - September 17th, 2013
More attention to the data corporations have within their businesses is the key to enhanced engagement
Corporations have taken great steps forward in their understanding and utilisation of social media across their businesses. Today social media is embedded in the structure of many organisations. However, with a torrent of data flooding into these enterprises, it can still be difficult to leverage this information into useful actions across the social networking space.
Indeed, a new report from Guardian Media Network and GfK reveals that big data continues to challenge how organisations approach their social media activity. Marketers are looking to mine the data they have available to inform their organisation’s campaigns, but often the data that these businesses have isn’t used to its best advantage.
Of the respondents in the GfK report only a third stated they felt well qualified to manage the challenges that big data analysis presented to them. One respondent said: “How many marketers currently even know what an algorithm is - let alone how it can determine product development, placement, price etc?”
What’s more revealing is that if your business thought it was gaining success with targeted offers across its social media networks, think again, as over 80% of respondents to the GfK report believed businesses sell or share personal data with other companies, and over three-quarters of consumers are annoyed that the brands they deal with seem to think they know what these consumers want with the offers they receive.
Brands of course want to closely profile their customers and provide them with timely and well-targeted offers. It seems however, that consumers are suspicious of the mechanisms used to gain the personal insight that these offers are based upon.
Colin Strong, GfK’s managing director for Business and Technology said: “Consumer sensitivity about the way brands handle their personal data is coming at a time when the government’s midata initiative could potentially change the landscape. “If midata legislation was implemented it would allow consumers to manage much of their own personal data so in some instances they could choose what to share with brands. This would significantly change consumer sentiment and the dynamics of the market place, giving people what they say they want, more control over their personal data.”
A shift in the attitude that large businesses have towards social media is clear to see. Businesses are now through the discovery phase of socialising their businesses, and are now moving forward. Big data analysis continues to be a major challenge, but one that corporations are getting to grips with. Real world results, actionable insight and positive metrics are all coming out of the maturity that corporations are showing towards their social media activity.
June 2014, New York
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