“If only we had all of LinkedIn or Facebook’s data at our disposal, we could make this business so much better!” Have you ever had this thought? I know I’ve heard it from more than a few sources. Often it’s said as a joke; increasingly, it’s in all professional seriousness.
Are social networks the pot of gold at the end of the data rainbow? Or are they a potentially explosive combination of inaccuracy and alias?
Get Your Hands on Social Media Data
Henrik Liliendahl Soerensen has been blogging about Social Master Data Management for years already. He points out that social media master data can come into a business by several channels:
- Traditional data entry
- Prospect and customer self-registration
- Social Customer Relationship Management processes
- Integration with external reference data
You may already be collecting some social data, by any or all of these methods. So, now what do you do with it?
Make Social Data Work for You
I recently read a very insightful post about Reinventing Advertising by Grant Hensel,CEO of Viibrant. He imagines the great things that may be achieved by marketing and advertising approaches that are increasingly based on social data and effective data matching.
With customer self-registration via their social networking accounts, and similarly self-reported data on needs, budget, and preferences, you could present each customer with the most relevant products and services while making sure not to exceed their budget restraints or their contact frequency preferences.
From the business rather than customer point of view, you could also obtain some of the data that marketing dreams are made of. How would you like to see trust metrics linked to CRM information, or measurable social referrer influence specific to your offering?
Why Should You Match Social Data?
So, the benefits of Social MDM for customers and companies seem almost limitless. You could, in theory, obtain almost any data you need via social media and use it to tailor every aspect of your offering.
Sales would exceed every record you’d ever seen before. But… this is a huge undertaking!
Dealing with multiple social media aliases, incomplete records, and timeliness questions will be a complex challenge. Privacy laws and etiquette vary between real-world locations. Etiquette varies between and within different social groups online.
The path from here to a shiny new Social MDM is littered with good intentions that fall by the wayside in the face of such a task. Is it just a dream that will be forever deferred while you deal with more pressing considerations?
Keep Your Head in the Cloud
Fortunately, SaaS data matching can be jaw-droppingly fast. I’m talking about an average speed of "Grab a coffee, it’ll be done when you get back.”
Matching your data in the cloud makes the journey from information to insight much shorter. And with reference data provided in the cloud, too, you can enrich your data with far less effort.
Social MDM is growing fast. Grow with it by making your plans now for future management of social data and its inherent challenges. SaaS data matching tools will help you to implement those plans and take advantage of the big data revolution as more and more social data becomes available.
Let’s Get Social
When you’re ready to match and enrich your data, don’t forget that Match2Lists offers 3 things you’ll find useful:
- Swift, smart, simple SaaS data matching tools
- Matching to external reference data (coming soon!)
- A free trial with 1,000 free credits to download your results