• Is Social Mining already deciding your forecasting and Pricing?



    big data analytic services

    A recent study conducted by Oracle Corporation in the retail sector revealed that customers are more social media savvy and the reason behind selecting a particular brand as the best brand is customer service (post sale). If you have visited Japan, Australia or India you may have seen an “Oxygen Bar.” These are establishments that sell oxygen for recreational and consumer usage…seriously. Visit www.o2bar.com.au or Google it. When I first saw the statistics below, I felt that maybe what I really need is a “free air” bar, as in free of Social Media. But this seems impossible in today’s digital world. Social Media has not only played a major role in connecting people, it has also brought a paradigm shift in the way enterprises conduct business.

    Here are some quick facts about the ever-present role social media now plays in our relationships and buying decisions:

    - How demand is influenced (Forecast)

    - 20% of time on PCs is spent on social media. On mobile devices, people are on social media 30% of the time (Nielson)

    - Consumers are 71% more likely to make a purchase based on social media referrals (Hubspot)

    - Social networks influence nearly 50% of all IT decision makers (LinkedIn – learn more at TechConnect ’12)

    - 74% of consumers rely on social networks to guide purchase decisions (SproutSocial)

    - Facebook is the most effective platform to get consumers talking about products (SproutSocial)

    - 44% of automotive consumers conduct research on forums (Mashable)

    - 81% of US respondents indicated that friends’ social media posts directly influenced their purchase decision (Forbes)

    - 78% of respondents said that companies’ social media posts impact their purchases (Forbes)

    It is not enough for a company to say, “I am mining social data and using Big Data technologies.” Instead companies need to clearly state and understand “What are you mining?”;”Do you understand the ROI?”; ”Do you know how it integrates with demand and pricing management?” If the answers to these questions are not clear, you may not be there yet; but should any sense of complacency arise, just ask, “Is my competitor ahead of me with social mining?”

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