The Surf’s Up – How are you dealing with the data Tsunami?
Today, it is easier than ever to find out what consumers want and how they behave. Online traffic, transactional data and several Google features provide an array of data sourcing possibilities to monitor consumer behaviour. Simultaneously, social media, the bullhorn of the modern man, accounts for customer wants, needs and opinions. If just a week's worth of data for a medium sized company was collected to be analyzed (...), it could turn your insights department into a madhouse. Having the right tools in place is key here.
Disregarding these analytical issues, people are engaging in online communication; they follow each other (and brands) on Twitter, Facebook, LinkedIn, you name it. Not to mention participation or at least the reading of consumer forums.
However, having access to all this data can only benefit business decision making when used appropriately. The terabytes of information, which could potentially improve web usability, advertising effectiveness and finally sales, are often disregarded because of their size and complexity. No matter how accessible, big data remains somewhat feared and thus under-utilized.
And this is where web analytics, web listening, social media research or social media monitoring come into the game. Although the field of digital consumer behaviour research is still lacking a single coherent name, it may very well be the most important field in modern market research. Knowing your consumers’ opinions, criticisms and ideas is crucial for your company’s conduct and development. Moreover, online insights may turn your digital strategy around, or ascertain your investment in a social media presence.
How is your company dealing with today’s data tsunami?
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