Can Data Be the Holy Grail for the Marketers and Business Analysts?

July 15 2015

Social data is one of the most influential assets in the digital world as of now and Facebook's topic data can mean a lot in gaining the insights on consumer.

Can Data Be the Holy Grail for the Marketers and Business Analysts

Facebook’s topic data actually represents what the people are saying about a particular topic on the Facebook. The topic can be anything like event, brand, activity, news, sports, politics etc. The data holds a significant importance to the marketers and analysts as it helps them in building a better roadmap for the product based on the information gained from the topic data.
For example,

  1. A business selling air conditioners can see the demographics on the people talking about the hot weather in their country/state.

  2. A brand can see how people are talking about the product and can measure the brand value.

With the topic data information is already grouped and is helping the companies and brands to gain the insight on the topic from around the world. Marketer are getting the actionable and holistic view of the audience which is something that was not possible a little ago due to limitations of the technology.

But topic data is not all about the pros in fact there are challenges in using the topic data effectively and they are:

  1. Based nature of the public networks.

  2. Data cannot be normalized.

  3. Too much effort is required.

Influencers are also of great importance because with the search volume trebled the number of articles to feed that search volume has also increased. Not only this but big thanks to the social media platforms as well which has made the celebrities into channels and which in turn are controlling their audience and platforms like blogs, vodcasts, podcasts which once were at the verge of extinction have grown, consolidated and have been commercialized as well which makes it easier for the advertisers to spend the money which makes the flow of the money easier as well.

The Problem?

The problem lies in the fact that nobody knows how to value the stuff but everybody is valuing the influencers and that too in a couple of ways which are referred to as channel or as content and there are all sort of streams which can be used in assessing audience interest in an influencer.

To summarize:

  1. Talking in terms of influencer market is not helpful and no one till date has provided the concrete definition of the influencer.

  2. Caution is required against adopting the new metrics or KPIs for the influencer marketing; and to be sage it is wise to judge influencer activity against your own activity.

  3. It is recommended to use the paid media to amplify and target content that you are crating with the help of influencer.

Some of the takeaways are:

  1. Data can be dangerous if not normalized.

  2. The birth of the data industry was 3-4 years later then the birth of the social media so there is much to understand and digest.

  3. Data is actually not the Holy Grail but rather conclusion and insights are.

  4. Don’t trust the data from the outside instead use your own data and create your own insight.

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