Big Data has always been one of the main mechanisms of predictive market analysis, an integral feature of digital marketing. However, in most cases before, these data banks collected over hundreds of sources and computed in large volumes to reach any solid conclusion.
Over the years however, things have changed a little.
Today, one of the largest sources of Big Data is social media itself. Everything from hash tags, re-tweets, to likes and comments give away a lot about current trends and market inclinations.
What are marketers doing about it?
With this new development, not only do they have product and service data, but everything from reviews, likings, and customer behaviour is on the line. This makes it easier for even small companies to have fair amount of competitive data compared to their bigger counterparts!
Also, it gives an edge when it comes to marketing itself. As part of their social media management efforts, companies can collect data and customize them as per their needs. Not just that, but it also allows marketing teams to learn what developments people want and design products accordingly.
Some experts also feel that the convergence of Big Data and Social Media will lead to the development of more customized algorithms.
Ones that will only work to meet the ends of a specific company, giving market insight like never before.
The data gathered from social media is far more individualistic in its specifications and not just numbers on a sheet. There are approvals in the form of social media acts and become an elaborate worldwide survey of sorts.
Marketers are using recent social media features like Facebook poll as an organic and effective means of digital marketing to know real public opinion. The union, if not anything else, has converted data collection for online marketing to a democratic structure making other forms of data collection quite redundant.
Even small start-ups today can easily use their social media presence to get an idea of things they could do to penetrate the market better.
It is union that was meant to be; one that will definitely make an indelible mark on both social media management of companies and the online marketing world!
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