5 Ways to Generate Revenue Using Social Data

5 ways to generate more revenue using social data
5 ways to generate more revenue using social data

Most marketers today are collecting varying degrees of social data through social listening and social media analytics platforms like Google Analytics. They have developed these social listening programs to monitor buzz about their brand, their competitors and their industry, and they have access to audience insights to learn more about their customers.

However, the social media data that marketers collect is only as good as the use they put it to. In other words, social data can be used to generate revenue and see their return on investment, as long as marketers know and understand how to direct it to that purpose.

Here are five ways that marketers can use the social data they collect, and analyse and gain more insights that can improve the bottom line.

1. Use data to expand your audience

So you’ve identified and developed in-depth audience profiles, and you’re using them to create stellar marketing campaigns that speak to their lifestyles on various social media accounts. Great! But what about taking that data one step further?

If you know your audience well, you can use this knowledge and insight to build lookalike audiences: segments of the market that share similar traits with your current audience. Then, you can target these segments with tailored marketing messages to increase brand awareness on multiple platforms and ultimately generate more sales and revenue.

2. Use data to partner with the right brands

There are other ways to use in-depth social data about your audience to generate revenue as well. Consider how much you know and understand about your audience’s interests, likes and dislikes, when it comes to the different social media platforms. You might be collecting this data and not making data-driven decisions, but that’s exactly how you miss out on revenue and payment opportunities.

Knowing your audience’s interests, especially on social, can help you identify brands and publications that your audience enjoys. You can then reach out to form partnerships, sponsorships or pay to place ads on their digital properties and platforms, increasing your presence and leading to more brand recognition and loyalty.

3. Use data to plug leaks in your sales cycle

Social data can show you who leaves your sales cycle before completing their purchase, and at which point they leave. By knowing the whole customer journey, you can identify and develop strategies to keep customers engaged for longer, improve retention and play a better role in their decision-making process. 

4. Use data to align content with behavior

Is your audience primarily graduate students? Does your audience use social media accounts to engage with your main content? Do they retweet your blog posts frequently? Are they consistently downloading your white papers? Understanding the type of content your audience engages with can help you inform future content and align it with their online behaviour. This leads to more user-generated content, social shares, engagement, email signups and more.

5. Use data to create better products

Social data can also be used to improve current product offerings, and even create new ones. By using media intelligence, like sentiment analysis, you can examine what your customers love (and what bores them) about your product. Then, you can rework certain aspects to make it more appealing, and serve these product offerings to them in real time.

You can also generate smaller data sets by running social media-based focus groups. By asking your audience what they like and dislike about your product, you can augment your sentiment analysis with more qualitative data.

Social data can be used to inform all aspects and departments of your business, from sales and marketing to product to customer service. Knowing what social data to examine, and how to leverage and draw insights, is critical to successfully using it to enable you to generate revenue and income, and increase your net profit.

Access Meltwater’s ‘Outside Insight’ to mine Facebook’s rich social datasets of topics, hashtags, and links as well as attached gender, age, and demographic location information. Contact us for a demo to ensure your social data on different social networks is working for you.

 

This article was written by Tukan Das from Business2Community and was legally licensed through the NewsCred publisher network.