Using Social Media to Grow Your Business

By:  |  Category: Blog Wednesday, March 14th, 2018  |  No Comments
social media

Seven ways to use social data

Social media networks have billions of users; as of January 2018 the biggest network is Facebook and key platform user numbers include:

  • Facebook: 2.167 billion
  • YouTube: 1.5 billion
  • WhatsApp: 1.3 billion
  • Instagram: 800 million
  • Twitter: 330 million
  • LinkedIn: 260 million
  • Snapchat: 255 million
  • Pinterest 200 million

These platforms gather – and generate – huge volumes of user data, revealing how people connect, what their interests are, and how they feel about various products and services. Here are seven ways you can take advantage of this social data and turn its insights into tangible business benefits.

1. Predict Demand

Marketers can use aggregates of Facebook ‘likes’, Twitter retweets and the like to identify trends and patterns in an audience or market, helping them plan products and promotions.

2. Understand Product Life Cycles

Once a new product is launched, social networks provide companies with direct and immediate feedback. Whether positive or negative, this can help you understand what consumers like and dislike and, in turn, help predict the product’s life cycle.

3. Explore New Ways of Doing Business

The data from social networks is allowing companies to transform the way they do business. Some banks, for example, are now using social data to help screen loan applicants and develop risk profiles. Other businesses, like Yelp and TripAdvisor, have turned crowd-sourced reviews into a commodity.

4. Optimize Pricing

Shoppers leave a trail as they move between online retailers and social networks; over time this trail builds into a unique profile. This data can help businesses understand shopping behavior and optimize prices and offers for their products.

5. Improve Product Safety

Social data can be used to improve product safety in several ways. First, it allows consumers to communicate with each other about unexpected defects or interactions. Second, businesses can use social data to better understand how products are used and contact customers directly if there’s a problem.

6. Understand Other Businesses

You can use social data to understand where your competitors and partners stand in the market. This information can also be useful when it comes to your evaluating potential new partners.

7. Hire Better Candidates

Social media can play a significant role when hiring. You can, of course, use social data to screen candidates, but you can also use it to advertise positions and find candidates who might not otherwise apply.

And that’s just the beginning

These are just a few of the ways you can use social data to improve your business and the experience it offers each customer. The possibilities are endless, so start planning today. If you need help with a social media presence, SEO, or website optimization give EnhancedTECH a call at 714-970-9330.

Samantha Keller

Samantha Keller

Director of Marketing and PR at EnhancedTECH
Samantha Keller (AKA Sam) is a published author, tech-blogger, event-planner and mother of three fabulous humans. Samantha has worked in the IT field for the last fifteen years, intertwining a freelance writing career along with technology sales, events and marketing. She began working for EnhancedTECH ten years ago after earning her Bachelor’s degree from UCLA and attending Fuller Seminary. She is a lover of kickboxing, extra-strong coffee, and Wolfpack football.Her regular blog columns feature upcoming tech trends, cybersecurity tips, and practical solutions geared towards enhancing your business through technology.
Samantha Keller
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