More than 2.5 Quintilian
bytes (that is 2,500,000,000,000,000,000) of data is created every day says
DOMO’s Data Never sleeps report from 2018. Data is growing rapidly, and social media
is contribution to the surge. An estimation is that, in 20, 1, 7 megabytes of
data is created every second for every person on the planet,
These numbers are from
internet users searching for information on a search engine, signing up to a
social media network, posting a tweet, comment or a status update, a photo in a
relevant channel, watching a video, downloading a song, and so much more,
resulting in the proliferation of data.
Data has and will
continue to be a key asset for businesses for it helps observe market trends,
understand customer pain points, improve customer experience, enhance a product
feature, etc.
Social media data is a
gold mine of information. It shows how your target audience engage with your
content, the type of content they engage with the most and more. It is possible
that most of your social media followers will offer opinions, share their
sentiments, provide product feedback and ask for recommendations.
Every reaction or engagement (like, retweet, share, comment) is a piece data that, if mined, provides valuable insights about your brand and your products, and reveals market trends and customer behavior.
Storing social data
Before businesses analyze data to make key business decisions, it needs to be collected and stored in a way that’s easier to manage and access. It’s also essential that the data repositories are protected against cyber threats to ensure confidential and key data isn’t stolen or damaged.
Social management applications
Social networks do not
sleep, and data is generated round the clock, which is why a social management
tool is key to monitoring the conversations about your brand.
Handling social media
data also requires storage solutions that can provide information in real-time,
which is achieved with the help of social media tools and applications.
They store all your
brand mentions on social networks, enabling you to group conversations and
profile mentions with special filters to identify those most important to your
brand.
Being able to manage large volumes of social data is another key facet of social tools.
Data warehouse
Storing your social
media data in separate tools, in other words soiling your data, is detrimental
to deriving key information for your social marketing strategy.
All your tools collect
and store data separately but if you were to change services at any point, you
might lose all the data stored in the tool.
Centralization and ownership of data sets not only overcome the limits of data silos, but they are effective for analytics. Once all your data is centralized, in a data warehouse the plethora of Business Intelligence BI tools can help glean actionable insights.
Data archiving
Data is almost always
delivered in real-time, with social media data being a prime example.
Archiving your social data is assenting to performing to gain customer insights. To get the most out of your social analytics platform, your must group the small object (such as tweets) ) into a large file for analysis.
Graph database (Graph DB)
It is a data
management solution that handles large sets of structured, semi-structured and
unstructured data. It enables businesses to access, store and analyze data
coming from different sources and is useful for integrating social media data
to perform analytics.
According to an IBM
survey, 57 percent of brands across industries who used Graph DB reported
improved performance and speed in managing and analyzing data.
Graph DB has the capabilities
to store, analyze and retrieve high-velocity data, which applies to social
media networks.
The technology provides brands with a broader, deeper visibility into their data as they try to understand correlations and derive key insights.
Summary
Social media data which
at a basic level comprises metrics such as impressions, shares, retweets,
comments, and on a more advanced level includes conversion rate, referrals and enquirers is not just vital to your marketing strategy across channels but it
reveals key information about your brand, your products and the sentiment
shared by your customers and prospects.
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