Improving sales and service through customer centricity requires listening to and understanding your customers. And where are customers speaking these days?
You guessed it—social media. Just think about it. Each day, customers tweet 50 million times on Twitter and update their Facebook status 60 million times. Add in LinkedIn and user reviews and YouTube and blog commentary and more and you’ve got a customer data gold mine and a new frontier for marketing.
Suppose your company could learn from a Facebook fan that her son is looking for colleges, she’s shopping for a new car, and that she likes gourmet cooking and Caribbean cruises? That’s invaluable intelligence for targeted marketing. The question is how marketers can harness this information to build personalized, one-to-one customer relationships.
Harnessing social media data poses two principal challenges. One challenge is simply scaling a data integration solution to the huge volumes of social media data and parsing the information relevant to marketing (estimated at about 20 percent of the total).
The second challenge is incorporating social media data into customer profiles. How this is addressed depends on the maturity of your customer data management system. Some companies have mature solutions that use master data management (MDM) to consolidate and reconcile customer data from disparate applications into a single, trusted view.
Many companies, however, struggle with contradictory and inconsistent customer data that’s scattered across multiple systems. In theory, you could incorporate social media data into customer profiles in each of those systems, but that would obviously be problematic.
To truly take advantage of social media data, a company should have in place the technologies and processes needed to generate a complete customer view that covers accurate name, address and contact information, products and services bought, extended business and household relationships and interactions with the company.
Social media data can then enrich that single customer profile with vital information on what customers like, what they don’t like and more. The better you know your customers, the more effective you’ll be at cross-sell and up-sell. You can tailor service to customer value and improve the productivity of your sales, marketing and service teams.
To learn more about this intriguing topic and how Informatica can help, I’d encourage you to download our new social media solution brief, and check out our social media data YouTube video highlighting the challenges and opportunities around social media data.