Fittingly, the above attributes align with the world we live in, one that’s continuously in flux. So, in more detail, what makes social insights so crucial?
1. The Ever-Changing Consumer
Most importantly, today’s consumers change quickly and often. Nothing exemplifies this more than the ongoing pandemic, as consumer opinions and motivations change weekly, if not daily. To keep pace with this ever-changing consumer, brands and organizations require fast intelligence and decision-making, which social insights promise to support.
2. The Empowered Consumer
Beyond ever-changing, today’s consumer is both empowered and powerful. One day he’s a customer, the next day he’s onto a competitor. In wielding social media as a virtual megaphone, consumers’ words can either lift or tear down one’s brand. Two out of three US consumers believe their words can influence today’s businesses’ actions. Ignoring these realities threatens your long-run reputation with your audience.
3. Social Media Supremacy
At present, 3.8B people use social media. Beyond their scale, the dynamic between platform and user has fundamentally changed. For better or worse, social media platforms are the places where people turn to first, or exclusively, for news, opinion-shaping, and debate.
4. Data Abundance
Lastly, both a challenge and opportunity, unstructured data represents 80 to 90 percent of overall business data. While harnessing this data requires time, skill, and money, the upside points to improved decision-making and competitive differentiation. Tomorrow’s winners very well may be decided by those who, today, nimbly and effectively structure the unstructured.
Adapt or die is a cliché. Nonetheless, it describes the stakes for businesses. Again, in a world where consumers are changing fast, social consumer insights offer the chance to keep up.