Is your social media presence supported by the right data?

Many organisations are looking to invest in services that can help them make the most of their social media presence. In every sector, organisations are looking to become more social in order to drive engagement and, ultimately, their bottom line.

However, it can be incredibly difficult to measure and understand the impact of data on an organisation’s social media efforts. Gathering and understanding the diverse and often incomplete information that individuals publish online can make it difficult to find actionable insights.

To achieve this, many organisations are now relying on the full range of data they have gathered on individuals in order to better understand how people are engaging with their brand through all touch points.

This issue was recently explored by research company Gartner, in order to understand how organisations are combining social media with the other information they have collected on individuals – through customer relation management (CRM) software for example.

According to the study, there are nine different social applications where CRM can add value and further improve a company’s operations. These include enriching the type of content an organisation is generating, selling through social media and better understanding engagement with a brand.

To make the right impact, knowledge from social applications needs to be combined with the information an organisation already collects. Through this approach, social data forms one part of the total picture a company has on each customer.

Customer data management sees increasing investment

A master set of customer data is incredibly useful for enterprises, as it provides a unified set of internal and external sources of information for each customers they sell to and engage with through social media.

The demand for this master data is also set to show a substantial increase over coming years as more organisations adopt this technology. According to a study from Research and Markets, demand for master data management is expected to almost triple over the next five years, with a compound annual growth rate of 23.2 per cent.

By 2020, global demand for management systems to handle data will grow almost threefold from US$9 billion forecast for 2015 to US$26 billion.

Underpinning this shift will be the convergence of a number of different strategies that will shape this important business process. The Research and Markets report highlighted how companies are now using both cloud-based and locally hosted software to find new insights into their customers. When combined with social media, this level of information is a valuable asset for any company.

Businesses are clearly going to need to invest more in the data and analytics to support their social media presence. For companies that get this balance right, the insights they gather on their customers will be invaluable for their future customer engagement efforts.