I recently read an article in BusinessWeek titled "What's a Friend Worth?" The article gives an interesting perspective about social media strategy and how online media tools can help provide massive insight into consumer and employee behavior.
"What do these relationships say about us and the people in our networks? Companies armed with rich new data and powerful computers are beginning to explore these questions. They're finding that digital friendships speak volumes about us as consumers and workers, and decoding the data can lead to profitable insights. Calculating the value of these relationships has become a defining challenge for businesses and individuals.
Marketers are leading the way. They're finding that if our friends buy something, there's a better-than-average chance we'll buy it, too. It's a simple insight but one that could lead to targeted messaging in an age of growing media clutter.
The second arena for study is inside companies. Businesses such as Hewlett-Packard and IBM (IBM) are researching employees' relationships with an eye to quickening the flow of knowledge and the generation of ideas within their ranks. One team at IBM Research, studying anonymous data of Big Blue's consultants, concluded that employees who forged tighter e-mail connections with their boss brought in on average $588 more in monthly revenue. This is early-stage research, but the goal is to distill patterns of successful communication and replicate valuable links throughout the company.
For most of us, the business value of networked friends is tied to a third area, personal opportunity. In addition to companionship, friends online represent a turbocharged Rolodex for entrepreneurs and job seekers inside and outside companies. These collections of contacts expand social horizons, keeping us in touch with more people who can provide ideas, answers, business leads, and even legal advice. Those who master these connections stand to win a big edge: the connections and brainpower of a large team."
While monetizing social media marketing can, at times, be challenging increased brand awareness and buzz around your product, service, or company can help you reach new consumers with very targeted messaging.
As more and more data is collected and analyzed over time the insights will become more valuable.
Read the full article here.
Learn more about Definition 6's Interactive Marketing Services.
"What do these relationships say about us and the people in our networks? Companies armed with rich new data and powerful computers are beginning to explore these questions. They're finding that digital friendships speak volumes about us as consumers and workers, and decoding the data can lead to profitable insights. Calculating the value of these relationships has become a defining challenge for businesses and individuals.
Marketers are leading the way. They're finding that if our friends buy something, there's a better-than-average chance we'll buy it, too. It's a simple insight but one that could lead to targeted messaging in an age of growing media clutter.The second arena for study is inside companies. Businesses such as Hewlett-Packard and IBM (IBM) are researching employees' relationships with an eye to quickening the flow of knowledge and the generation of ideas within their ranks. One team at IBM Research, studying anonymous data of Big Blue's consultants, concluded that employees who forged tighter e-mail connections with their boss brought in on average $588 more in monthly revenue. This is early-stage research, but the goal is to distill patterns of successful communication and replicate valuable links throughout the company.
For most of us, the business value of networked friends is tied to a third area, personal opportunity. In addition to companionship, friends online represent a turbocharged Rolodex for entrepreneurs and job seekers inside and outside companies. These collections of contacts expand social horizons, keeping us in touch with more people who can provide ideas, answers, business leads, and even legal advice. Those who master these connections stand to win a big edge: the connections and brainpower of a large team."
While monetizing social media marketing can, at times, be challenging increased brand awareness and buzz around your product, service, or company can help you reach new consumers with very targeted messaging.
As more and more data is collected and analyzed over time the insights will become more valuable.
Read the full article here.
Learn more about Definition 6's Interactive Marketing Services.
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