Is there an easy way to gather data that can help us in our mission to better target and serve our customers? Yes. But how do we tap into it is the larger question. Imagine if an expectant mother shares on Facebook, “Our baby is due in October!” From a marketing standpoint, wouldn’t it be grand if you could reach this new mother before the competition?
Social data, like the example above, allows marketers to view customer’s sentimental and personal insights that ten years ago would have only been a dream. Facebook alone allows marketers to have access to customer brand likes, activities, interest, and multiple life events and passions. However, this data is currently untapped and the bridge between customer likes and marketing to these guests gets tricky.
In previous years marketers depended on things like credit card data and purchased lists to try and keep up on current customer’s life happenings, such as birthdays, moves, graduations and marriages, but often these tools were based upon what had already happened – the data was delayed and inaccurate. If marketers could tap into social information customers would be directly providing information. Marketers could proactively act on this information in a time sensitive matter, letting them marketing accurate information to their customers. But how to utilize individuals’ social data to micro-target customers and do it at scale?
The science of predictive social commerce brings together social data into a customer profile which includes transaction and online behavior – website and email – information to help predict customer wants and needs. Transaction, behavior and social networks become a trifecta of data that can be user to hyper-personalize product offers, promotions and content for brands to deliver at the optimal time to their customers.
As explained by Business2Community, predictive social commerce is not about creating awareness or generating lots of ads; it’s about using the most in-depth information to increase your brand’s relevance to your customers.
According to a recent study by Nectar Online Media, less than 30% of organizations even measure social media ROI. Of those that do, only 35% are satisfied with their results. Predictive social commerce gives brands a way to drive real social media ROI by utilizing social data.
There are a number of available companies that focus on providing social monitoring tools and/or predictive analytics. Nectar Online Media uses proprietary algorithms to transaction, online behavior and social data sets to hyper-personalize customer recommendations to help increase revenue and deliver social media ROI.