We’ve long known that social media is a deep data mine. It’s a space where (digitally speaking) communities gather, where people give of their personal information, and where companies can deepen their relationships with consumers through relevant content. That Facebook, our once favorite cat video- and baby photo-filled distraction from work, has become the central focus of election tampering signals a significant shift in our perception of social media as purely “social.” It is, in fact, a very powerful tool. Our CEO Michael Caccavale and I recently discussed this in more depth.
Consumers are adopting disruptive technology at an accelerating rate and this is changing their behavior. Energy companies, historically slow in responding to changes in consumer behavior, reluctant to invest in consumer analytics systems, and unprepared to take advantage of their own customer data, are at a disadvantage. Energy companies must review their marketing strategies and develop their digital assets in anticipation of a changing competitive landscape and evolving customer expectations.
Referrals have been around for ages. Whether it was where your neighbors bought their first television or where your best friend got his hair cut, we’ve always relied on peer feedback when considering purchases. Enter, digital and now we have access to online reviews for everything from nannies to neckties. And we trust it, right?
At this point, it’s no secret that marketers love and loathe data. Similarly, it’s no secret that people shamelessly share data (even – or perhaps especially – when they don’t even know it) on social media. When it comes to the social media data warehouse, even the “guess where I’m eating” food photos you posted Friday night are fair game.