How to generate revenue just by having the right data

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Smart companies these days are collecting social media data and developing their own listening programs to monitor buzz about their brand, their competitors and their industry, and they have access to audience insights to learn more about their customers and their brands.

Social data can be use to generate revenue, as long as marketers know how to direct it to that purpose.

Let’s take a look at some of those options to get the best results: Use customer data to get more audience By getting in-depth audience demographics, and using them to organize marketing campaigns that suits their lifestyles you can achieve moderate results. But what about taking that data one step further?

If you have the right data, you can also create similar audiences and marketing segments and target those segments with concrete marketing messages to increase brand awareness and ultimately generate more sales. Use data to study market and partner with the right brands It is important to know about your customer’s interests, likes and dislikes and you may be collecting this data but if you don’t act on this data in the right manner you may be missing out on huge opportunities.

By knowing your audience’s interests, you can do branding, can place ads on their digital properties and also reach out to form partnerships, sponsorships and also increase your presence leading to more brand recognition and loyalty. Use data to identify and resolve leaks in your sales cycle From social data you can identify from where or from which sales process step your customers are leaving without purchasing. By knowing the whole customer journey, you can develop strategies to keep customers engaged for longer duration in the cycle, improve retention and increase revenue. Use data to create better products Social data can also be used to improve the current product offerings, and even create new ones. Using sentiment analysis, you can examine what your customers love and what disappoints them about your product. You can then rework on certain aspects of the product to make it more appealing to the customers.
You can also generate smaller data sets of this data by running social media-based focus groups and then augmenting your sentiment analysis with more qualitative data.

Social data can be used to benefit all aspects of your business including sales, marketing, product quality and customer service. It’s critical to know what kind of data will derive the best results for the business and then act on it.