Social Media Expert Warns Brands Not Leveraging Customer Data Effectively
During the MicroStrategy Social Media Marketing and iCommerce Summit in Monte Carlo today, social media expert Brian Solis has said that marketers are lacking in the ability to measure true return on investment within social media because they are failing to develop the right objectives.
Mr Solis, author of marketing book Engage and principal at research advisory firm Altimeter, said the fact that brands do not fully understand who their customers are is preventing them from being able to use social media to impact their bottom line.
He advised brands to start considering social media return as being, "actions, reactions and transactions", saying "It can't just be about conversation... what is it that you want out of it?"
In addition, Mr Solis explained that brands need to use their own proprietary data as well as tap into the social data of their consumers, using influencer measurement tools such as Klout or Peer Index.
Through segmenting user data with a focus on the "data golden triangle of social media, mobile and real-time", he said that brands would then be able to clarify their objectives, correctly understand their customers and effectively measure ROI.