Becoming “customer centric” is a top priority today, and for good reason: as if it weren’t important enough that customers buy products and contract for services, they now do much more than simply buy. Customers participate in social media networks and chat rooms; they write blogs and contribute to comment sites; and they share information through sites such as YouTube and Flickr. Their activities and expressions not only reveal personal buying behavior and interests, but they also bring into focus their influence on purchasing by others in their social networks.
Social media networks have given organizations exciting new channels for marketing and customer engagement. Just as important, however, is that by creating data trails in social media networks, participants generate new types of data that hold great potential for customer insight. Advanced analytics technologies, modern data management and integration systems, and growing “big data” sources are enabling organizations to gain far greater depth and breadth of knowledge about customers, influencers, prospects, and the competitive marketplace. Social media data analysis can expand customer analytics by providing an unfettered, outside-looking-in view of an organization’s brands, products, services, and competitors.
This TDWI Best Practices Report examines organizations’ current practices and future plans for customer analytics technology implementations, with a special focus on how organizations are adapting to the knowledge potential as well as challenges of social media networks. The report offers recommendations for achieving greater return on investment (ROI) from customer analytics processes.
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