5 Revenue-Generating Strategies Using Social Data

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5 Revenue-Generating Strategies Using Social Data

Media Intelligence: 5 Revenue-Generating Strategies Using Social Data

 

Today, most marketers use social listening and social media analytics services like Google Analytics to acquire varying degrees of social data. They created these social listening programmes to keep tabs on what’s going on with their brand, competitors, and industry, and they have access to audience analytics to learn more about their customers. Here are five methods that marketers can analyze and acquire additional insights from the social data they collect to boost their bottom line.

Make use of data to broaden your reach.

 

So you’ve identified and established detailed audience profiles, and you’re using them to build fantastic social media marketing campaigns that speak to their lifestyles. Great! But what if you took that information a step further?

If you have a good understanding of your audience, you can leverage that knowledge and insight to create lookalike audiences: market sectors with comparable characteristics to your current audience. Then you may send personalized marketing messages to these categories to raise brand awareness across numerous platforms, resulting in increased sales and revenue.

Use data to find the perfect brands to collaborate with.

 

There are a variety of different ways to monetize in-depth social data about your audience. When it comes to the various social media platforms, consider how much you know and understand your audience’s interests, likes, and dislikes. You may be collecting data but not making data-driven decisions, yet that is precisely how you are missing out on revenue and payment opportunities.

 Knowing your audience’s interests, particularly on social media, can assist you in identifying companies and publications that they appreciate. You can then approach them to form collaborations, sponsorships or pay to post adverts on their digital assets and platforms, thereby improving your visibility and brand recognition.

Use data to find and fix leaks in your sales process.

 

Social data may reveal who abandons your sales cycle before completing their purchase, as well as when they leave it. You can identify and develop methods to keep customers engaged for longer, boost retention, and play a better part in their decision-making process by understanding the entire customer experience.

Data can be used to align content with behaviour.

 

Is the majority of your audience graduate students? Is your audience interacting with your core content via social media accounts? Do they routinely retweet your blog posts? Are they downloading your white papers regularly? Understanding the types of material your audience enjoys can help you plan future content and make it more relevant to their online habits. More user-generated content, social sharing, engagement, email signups, and other benefits result from this.

Data may be used to improve products.

 

Social data can also be utilized to improve existing products or even develop new ones. Using media intelligence, such as sentiment analysis, you can investigate what your customers appreciate (and what bores them) about your product. You can then tweak some features to make it more enticing and serve these product options to them in real-time.

You can also conduct social media-based focus groups to produce smaller data sets. You may supplement your sentiment analysis with more qualitative data by asking your audience what they like and dislike about your product.

From sales and marketing to product development and customer care, social data may be used to inform all areas and divisions of your company. Knowing what social data to look at and how to use and get insights is crucial to successfully leverage it to produce revenue and income while also increasing your net profit.
read more:  6 Techniques for Improving Customer Service

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