With advent of social media sites such as Facebook, twitter, Google and other publically available internet resources, vast amount of data about people’s interests, activities and preferences can be found. Businesses can make use of such data to decide their social media strategies, business partners and collaborators and their promotional strategies. However, the data available on internet is in unstructured format. It needs to be compiled and presented in a way that is useful for such marketing analysis.
Microstrategy has come up with a product Wisdom, an analytical tool for processing the publicly available information from big data cloud networks. Wisdom network processes the raw information available on Facebook, Google, census data and other public sources and builds “wisdom” from the raw information by creating powerful market segments and classifications.
What can businesses do with acquired “Wisdom”?
Business can generate revenue with new promotions to upsell/cross-sell products to different consumer segments. They can increase fan engagement by providing relevant posts, tweets and updates, based on the targeted audience psychographics. In addition, it is easier for businesses to identify other products / businesses that exhibit a high affinity with their brands and co-market the product with them. In addition, it is effective in figuring out appropriate media channels for advertising based on media channel affinities of various consumer segments. Businesses can also decide on the strategic locations for brick-and-mortar stores based on the where the targeted customers are likely to visit most frequently.
The following video demonstrates power of micro segmentation with “Wisdom”