Consider these social media statistics and their implications for big data for marketing: Every day, there are 500 million tweets, over 1.8 billion photos and videos shared on social media and 6,586,013,574 searches conducted online. Every minute on Facebook, 510,000 comments, 136,000 photos and 293,000 status updates are posted. And five-hundred million people use LinkedIn. Add website traffic and buying habits, and you have “big data.”
Why is big data important for marketers? According to Reputation Defender, companies who use data to significantly inform their marketing and sales decisions tend to increase their marketing return on investment by as much as fifteen to twenty percent.
There are so many data points relevant to brands that we’ve entered what’s been dubbed the reputation economy. “In the reputation economy,” according to InData Labs, “businesses are judged by how well they treat customers and what customers say about them. Social [w]eb is becoming a sort of social credit score for businesses.” Data affects nearly every aspect of businesses, from employee recruitment, sales and media coverage to regulatory issues, government contracts and access to capital.
To read the rest of Joan Michelson’s blog post, visit Investis.com.