It is fun to watch, participate and share in viral content. Most recently the question of whether Its Blue and Black or White and Gold? Who could resist #TheDress curiosity? In the time it took this simple dress to reach a fever pitch I wondered will there be a rash of dress sales to go along with the social buzz of the day?
There is plenty of content out there on the social statistics surrounding the dress craze, but I was hard-pressed to find the data on actual number of dresses sold and who was buying them. From a manufacturer's viewpoint I think that information becomes the key that unlocks the treasure of Virality.
Is it sheer luck or good planning that brings millions to like and share something? My guess is more companies will endeavor to find that out. The link that pulls social analytics and BI together will give companies the advantage of identifying what and how social content is affecting their bottom line. The idea that you can track who is saying what and how that translates into actual transactions will be the next step in fine tuning the marketing budget. With trade spend being the 2nd largest line item on the company budget, it stands to reason that viral promotions could find their way into the marketing mix.
What will it take to bring Social Analytics and Business Intelligence together? A set of business rules, algorithms and a robust data integration engine. First priority is putting structure to the unstructured social elements. This is no easy task and requires establishing some common ground in order to truly have value. For instance words like awesome, love, like can be identified as positive feedback while sucks, hate, terrible would be put into the negative category. The challenge will be defining what lies between.Once sentiment is channeled into groups, positive, negative, neutral, it can then be mapped, sorted and reported. Looking for spikes geographically, by gender, age, persona etc, that can then be compared with POS, OOS, etc. It's a Data Scientist's fantasy come alive.
While we continue to enjoy the excitement surrounding viral content, we eagerly anticipate the insights that lie ahead and how that will change the way companies approach the blending of structured and unstructured data sources. The answer to whether or not viral content adds value to the bottom line will be a hot topic to keep your eye on this year.
Join our Live TradeSmart Webinar on 3/18 @ 2pm for a look at how we are handling the data integration challenge.
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