As more and more businesses are discovering, true customer understanding begins with social data. According to a recent survey sample of 2,200 marketers around the world, 71% of marketers plan to implement big data analytics into their marketing strategies within the next two years.
Why Social Data Matters
Having access to users’ social profiles and behavior data enables businesses to better tailor their marketing efforts and online experiences for increased relevancy. For instance, a user who logs in with his Facebook account grants your business access to his profile information, which can include his interests, social graph, location, and more. You can then use this data to tailor your marketing campaigns and online experience to that individual user.
How to Measure Social Data ROI
The main purpose of collecting user data is to gain a better understand of the consumers that identify the most with your brand. When evaluating the ROI of this, you’ll need to pinpoint the most relevant social data fields and track the average number of data points from each data field. To help businesses effectively measure the impact of social data on their marketing campaigns, we’ve outlined some metrics below:
- Relevant social data points – Before you ask users for their data, it’s important to figure out which data points are most relevant to your marketing strategy. For instance, a retailer that wants to offer tailored promotions on users’ birthdays will likely be interested in their customers’ interests, shopping histories, and birthdates. What types of user information will make the greatest impact on your marketing efforts?
- Average number of data points – Each data field offers a different number of data points. For example, Facebook users often list multiple items in the “interests” field of their profiles, while a more straightforward data field such as “email” can only garner one or two entries. How many data points does your business plan to collect?
Learn how to calculate the value of social data by downloading our free white paper:
Path to ROI: Understanding Customers Through Social Profile and Behavior Data