"Once advertising becomes totally data-driven. advertisers are going to have to build their own data agencies or partner with data agencies. That's going to be a multibillion-dollar shake-up.”
When you’re standing at a podium and looking out over the crowd while delivering a presentation - are you able to understand the thoughts of the crowd - quickly? Or looking at any crowd for that matter - can you gather insight right from the stage? And not just from a Social Media measuring or monitoring exercise - but a quick true visual of the various conversations that are taking part around a topic, person, or concept?
We read a ton about "Big Data Tools & Techniques" successful CMOs need to know. Our offices are littered with all the new tech jargon that bubbles to the top of the industry. Rarely do we read about the business challenges and decisions that need to me made first.
Here’s an article by John Kelly via eConsultancy that does just that. The article discusses fundamentals and decisions to be made first, rather than just the “big data” stuff. In summary: lead with strategy and the business decisions, and then get the data to inform your decision making. “The big five” techniques from Sandeep Sacheti, executive VP at Wolters Kluwer discusses are: A/B Testing; Net Promoter Score; Customer Lifetime Value; Recency, Frequency, Monetary Analysis; and Customer Wallet Estimation.
CompassRed Data Labs (http://www.CompassRed.com) announced today that Robert “Bob” Dawes has joined the company to lead and enhance the growing Business Intelligence (BI) offerings for its regional and national accounts. Bob comes as a key leader with a wealth of experience and leadership within the Big Data and BI industry.
As the social data and analytics industry matures, new and innovative uses of the data continue to give us insight into industry and ourselves. A study published in Preventive Medicine in October, demonstrated that, combined with external data, Yelp could be used as a real-time surveillance tool to "provid[e] near real-time information on foodborne illnesses, implicated foods and locations."
Will you be in Washington DC on August 19th? We'll be assembling some great speakers at the WashingtonPost to discuss new ways organizations are visualizing social data with Twitter, MapBox, and NodeXL. Find out more here: http://www.meetup.com/Social-Media-Analytics-DC/
This past week - we attended the Big Boulder Initiative in Boulder Colorado. The meeting was the third in it’s history and comes at a pivotal time in the development of Social Data. We’ve been following the development of organizations using social data for the past three years and we are finally relieved and happy to see it mature in it’s ability to provide meaningful insight and affect the bottom line.
How Social Data is ultimately used within any organization is a question that most organizations are asking in order to move beyond the Facebook Fan or Twitter Follower count. At somepoint, someone is going to ask - "This is great - we have doubled our follower count, but we really need to leverage this somehow." Replying with a "it gives us better insight into our customers" is a step in the right direction - but not the final answer.
The think-tank The Altimeter Group, who has always been a leader in defining how social media is leveraged in companies, recently published a report on the state of social media data: "Social Data Intelligence: Integrating Social and Enterprise Data for Competitive Advantage." The study successfully drags the field towards specifics on how most companies are beginning to see a real change to the way they leverage social data and transform themselves from "a company that leverages Social Media" to a "Social Business." Read the full report here.
Businesses and organizations as a whole have yet to see the full impact of social data on the organization - but the wave is starting to be embraced. And as that happens, even more profound and impacting data enhancements are on the way as the scale and breadth of data starts to get even larger. With wearable devices (i.e. Google Glass, the Fit Bit, and Apple's rumored "iWatch") at the onset of creating even more data - organizations that have already started to build their data foundation to become a data driven organization gathering true insight.
The MIT Sloan Management Review recently posted an article that analyzed the correlation between social business value and social business maturity. It seems that as companies mature on social business integration, their...
Such an interesting post on how important the metadata is about an individual and an organization. Not only hilarious (gotta love the wit) - insightful and instructive on making a "Social Graph" of user's affiliations.
Teams at the United Nations are bringing real-time monitoring and prediction to development and aid programs around the world using Social Data and Analytics.
One of the first steps to becoming a "Data Driven Organization": setting the criteria to benchmarking ourselves.
The "Data Gurus" in the office have over the past few years started to make it to the CMO office ... and are having a big impact.
"CMOs are most likely to be heavily utilizing socially-generated data in their operations and expressing high levels of optimism about the growing importance of social business for their function and for their business as a whole."