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Welcome to your Research Business DAILY Report. We are sponsored today and this week by Socratic
Technologies.
We're going to look at chinks in the armor of Big Data and Social Media research today.
University of Miami School of Business Administration Associate Professor of computer Information
Systems Robert Plant warns us all that "Big Data is today's panacea, the great hope for
unlocking the mysteries of marketing, but it doesn't work if you ignore the small things
that matter--like making customers happy."
"Companies would do better at satisfying and retaining customers if they spent less time
worrying about big data and more time making good use of 'small data' to become more flexible,
informative and helpful."
He stressed the cost of big data and its iffy payback, at least so far.
Next, Joseph Parker, Search Media Networker (there's a new title for you) at Slingshot
SEO, enthusiastically recommends that businesses stop trying to measure social media ROI.
"Basic misconceptions about social are rooted in the previous 50+ ears of marketing absolutes
that suggest advertising is the primary part of the branding process," he says.
Continuing his explanation, Parker states, "Social has fundamentally changed the marketing
mix t the point that any previous metrics must be reevaluated or dismissed completely."
And that takes us to Dilip Venkatachari, CEO at Compass Labs. The company applies pure
science to social media advertising.
He declares, "the standard business metrics we typically use to gauge digital success
don't apply easily to social media; ROI can't be measured in clicks and impressions in this
realm."
He further suggests "building your social media case for marketing dollars" via four
different metrics: 1) Share of Voice. How talk about your brand
stacks up against your competitive set.
2) Conversations. If you are not having conversations WITH your customers, re-examine your content
strategy.
3) Advocates. Leverage the passion by super fans or super followers for your brand.
4) Product guidance. Ask your customers what they like or dislike about your product or
service.
That's your Research Business DAILY Report, sponsored by Socratic Technologies.
The devastation in New York Metropolitan area is shocking, so we again urge everyone to
have a good and safe research day and week, and please join us again on Monday.