This Social Media blog post is the first in a series of five posts in relation to “big data” and Social Business Intelligence.
Through the series we will cover:
- The 5 W’s of Social Business Intelligence – An Introduction to Social Business Intelligence
- Five tips on monitoring the Competition
- Social Media Monitoring Tools – Five key features
- Five tips to assess your Social Strategy
- From Monitoring to Engagement
Let’s first start with the introduction to Social Business Intelligence.
Why is Social Business Intelligence key to all organisations?
Conversations are taking place today all over the social web that impact your business – whether you are a large commercial Enterprise, a government department responsible for executing policy and programs, a Small or Medium business trying to grow your business; or a Not for Profit organisation perhaps trying to influence government policy or raise funds.
Any and all of these organisations today must have a ‘Listening’ capability – the ability to ‘hear’ these conversations on the social web and in turn be able to analyse the resultant data to understand the impact of those conversations on sales, service, marketing, product development, policy formulation, policy execution and to understand the behavior and impact of customers, citizens, influencers and other conversations on your actions.
What is Social Business Intelligence?
Social Intelligence is the process of monitoring, collecting, and analysing data from social sources to make informed and agile business and policy decisions. Social Intelligence makes sense of the endless number of tweets, comments, posts and other social data and turns it into actionable insights.
Clearly Social Media Monitoring is not analysis. Social Business Intelligence requires monitoring, measurement AND analysis.
The 5 W’s of Social Business Intelligence
When analysing “Big Data” there are 5 W’s that form the basis of sound Intelligence or Actionable Insights, namely:
- ….are people talking about?
- ….are the key conversations?
- ….is being said about your product or brand?
- ….is being said about your competitors?
- ….did these conversations happen?
- ….these conversations took place was there something of relevance happening at the same time?
- ….historical and real time data over time.
- ….which social channel?
- ….which country?
- ….are the key influencers?
- ….is doing the talking?
- ….are their followers?
- ….has cross channel influence?
- ….are the conversations happening?
- Are they positive, negative or neutral?
- Determine the impact on your business.
Clearly opportunities exist for businesses to differentiate, improve (customer service, competitive positioning, & brand consistency), amplify the good and contain the bad; and all in real time. The attached presentation provides further insights to Social Business Intelligence.
What have your experiences been as it relates to the opportunities and challenges of Social Business Intelligence?
Have you applied any of the 5W’s of Social Business Intelligence in your efforts to analyze big data?
In the same series, read also:
-> The 7 advantages of Social Business Intelligence
-> The 8 Challenges of Social Data Streams
As well as:
-> Social Media Monitoring Tools – 5 Key Features
-> Social Media – 5 Tips on How to Gain Insight from Monitoring