On paper, calculating ROI could not be simpler: (Gain of investment – Cost of investment) / Cost of investment. However, there are a few qualitative factors that could influence ROI: human resources, time invested, intangible benefits, etc. What part does social data play in all this? Look at a few examples of how social data can contribute to balancing your ROI.
Historically, market research has been based on the use of traditional methods that required large investments of time and money to carry out surveys, interviews, focus groups, etc. Such methods of insights gathering ultimately slowed down the decision-making process and ate through team budgets relatively quickly.
Today, we have one of the most powerful data sources at our fingertips: social data. Social data has become easily accessible via a variety of social networks, waiting to be extracted, and gathered in hope to provide valuable consumer insights. Once extracted such findings are transformed into audience and segment focused actionable insights, that too all within a few hours. As a result, significantly lowering the cost of your investment whilst increasing your ROI!
A large proportion of marketers are still manually identifying relevant influencers for their clients and brands, negatively influencing their ROI. Not only would such efforts require a lot more time but also introduce an element of personal taste and non-objectivity, skewing the perception of an ideal influence resulting in less effective campaigns.
The use of social data would help eliminate both these issues as influencer identification (macro, micro and niche) would be done at scale for defined audiences and segments reducing the time invested whilst maintaining an element of objectivity throughout. Influencers will be shortlisted based on authentic affinity between the influencer and their community along with their uniqueness.
Understanding your industry landscape and competition has always required large budgets and time. Established consultancies and specialized agencies may offer market share information and competitor analysis to inform your strategies however it always comes at a hefty cost.
Personalization is no longer a ground-breaking approach, however, hyper-targeting and relevancy is on the rise. Unlocking audience personality traits, interests, motivations, needs, affinities and values allows for hyper-targeting and increased relevance but can also help shape the perfect brainstorming sessions.
Several organizations are spending huge amounts of money on social data-informed product and service development. If you are not willing to invest in understanding your audience better, just remember your competitors are!
These are only a few scenarios in which social data can help you increase your ROI. Are you already harvesting the power of social data? Use Audiense Insights as your stepping stone into the world of social data, create your FREE account today.