Home > Data the next intel inside, Network effect, Social Analytics, Web 2.0 > Make your business more social with a data strategy

Make your business more social with a data strategy

No one would argue the fact that having a strategy in any business is important. How many businesses actually have a data strategy or understand the benefits of implementing one? It is important for businesses to think about using data with present and future needs, including future users.

Tim O’Reilly states in What Is Web 2.0;

The race is on to own certain classes of core data: location, identity, calendaring of public events, product identifiers and namespaces. In many cases, where there is significant cost to create the data, there may be an opportunity for an Intel Inside style play, with a single source for the data. In others, the winner will be the company that first reaches critical mass via user aggregation, and turns that aggregated data into a system service.

We are in a data driven era. The uptake of Social Media has been phenomenal over the past few years. In an online article News.com.au stated in 2009 that Facebook alone has 6.5 million visitors per month. With computers becoming more affordable and the increased power of portable devices makes access to social networking an “always on” reality for users. A study in the United States by comScore showed for the three month average period ending in February 2011,

234 million Americans ages 13 and older used mobile devices.

Social media sites are constantly being updated with information from users about where they are, what they are doing and where their interests lay.

The power of the network effect and software as a service mean that web 2.0 platforms become a great source for user data. This can provide competitive and market intelligence through the use of mashups and by bringing structure to unstructured data.

Understand the needs of future users

Bearing this in mind, companies need to think of how this can be used to their advantage.

Data Analysis can be helpful in highlighting useful information, suggesting conclusions, and supporting decision making but what if data analysis could not only happen on archived data but be conducted in real time. Focus is now shifting towards social analytics which harnesses the real time thoughts of vistors to your site. Depending on the type of service you are providing the reason why the user visits your site may vary with each visit. The essence of using social media analytics would help to create a tailored experience based on what the intent of the audience is.

One such tool in this space is Kontagent.

Kontagent’s social analytics platform helps companies measure every aspect of the user experience. We capture deep insights into how people interact on the social web, so that you can improve the discovery and adoption of your social games and applications.

According to Matt LeMay, platform manager at bitly, companies could see what people are sharing and discussing on the Web in real time in order to deliver the most relevant content.

Kontagent focuses on 3 areas being Infrastructure, Intelligence and Interpretation.

Organisations such as Kontagent are seeing the power of data and how it is the next intel inside. Other organisations such as Demand Media are also operating in this space and can provide customers with social media tools, optimized content and domain tools to grow your online business.

As Tim O’Reilly stated, the company that first reaches critical mass via user aggregation, and turns that aggregated data into a system service will benefit. Kontagent and Demand Media are doing this using a comprehensive feature set which leverages off platforms that have harnessed the network effect such as Facebook, Twitter and LinkedIn and by aggregating all these and other data pools together they are providing structure to unstructured data that can benefit business into the future.

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