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March 20, 2012

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You Really ‘Like’ the Benefits of Social Analytics

By Larry Walsh

“Like.” It’s a simple word full of tremendous and varied meaning. It can mean that a person “likes” something. I could be a substitute for “love.” Sometimes it’s an acknowledgement that something has happened. Or it could simply act as a sentiment of approval.

In fact, the “Like” button on Facebook is all those things and more. Perhaps its most significant use is a means for gauging member sentiment toward products and services promoted through the social network by companies or individuals.

The “Like” button was a bit of a revolutionary idea when it was first introduced nearly two years ago. With one simple feature, Facebook was able to create a single touch point through which it could compare the preferences of groups and begin the process of creating actionable analytics for its sponsors and advertisers.

Social analytics is hardly new and hardly unique to Facebook. Many enterprises are now employing sophisticated analytical software to gather data, correlate trends and produce predictive analyses. This sophisticated reporting is part of a trend in which enterprises are using all of the information tools at their disposal to determine market needs, develop products and make strategic decisions with greater agility and substantially less risk.

The power of social intelligence is so great that many retailers are already using predictive data analysis on user buying patterns and future purchases. They’re using this information to influence purchases and increase average sale prices. Recently, the New York Times published an expose on how a department store knew more about a man’s teenage daughter than he did. It gained this insight not just through the girl’s purchases, but the purchases of women her age and demographic group.

Getting to this analytical nirvana isn’t easy. It requires engagement in the social fabric, the gathering of discreet but voluminous data sets, the merging with baseline intelligence and crunching huge numbers to get to a final outcome. Getting there is worth the effort, as enterprise that engage in social analytics are enjoying better sales, customer relationships and profitability.

Eye on IBM will be exploring the topic of social analytics this Thursday, March 22, in a special webcast with Mark Heid, director of social analytics at IBM. We’ll discuss in depth what social analytics is, the benefits of deep social data analysis and the systems required for social analytics.

Click here to register for what will be an informative and enlightening conversation.

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2 Comments
  1. Aug 26 2012

    I think an important part of this coiaersvtnon is that we (Americans) are angry enough to shake our fist as China takes the lead as the economic juggernaut but we are not angry enough to take our ever widening posteriors off the sofa to join the race. We lead the world in creativity and innovation. China then takes our intellectual property, mass produces it with labor costs we could never meet and we stand in line to buy those goods.In America we became the one world superpower by valuing independent thought, rewarding creative genius and taking pride in our individuality. China valued the power of the collective where every cog in the machine was exactly the same. Now that model is starting to reverse. China has discovered the power of free enterprise and compounding interest. We on the other hand continue to pass laws that reward failure and punish success. We will leave future generations scratching their heads wondering what the hell happened?

  2. Sep 19 2012

    Hi Stacie, I started using Tumblr again recently and that i could spend all day looking at the astounding stuff people today share over there. I haven’t heard about We Heart It I could give it a try soon. Many thanks to the tip!
    Ileane recently posted..Google’s Updates and the Effects on Blogging in 2012

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