Most brands have the ability to access a massive amount of social data. The real challenge? Using it to generate concrete business results.
If anyone knows exactly what brands can do to turn social data into a truly valuable asset it’s Twitter’s Courtney Gough—she works directly with brands and partners to help them get the most out of their data.
Marissa O’Connor of the NHL’s Arizona Coyotes is also an expert on the subject, having used social data to improve fan loyalty and increase revenues herself.
Courtney and Marissa joined Falcon Social for our recent webinar to discuss strategies for driving growth through data—offering their insights and experience, and sharing examples of what works from brands like T-Mobile and GM.
Start by listening smart
The foundation of a results-driven social data strategy is listening. To get started, Courtney recommends diving into three initial sets of data:
These three key sets of insights present huge opportunities for business growth. Courtney said that for companies working with Twitter, she saw three main ways of using this type of data to drive value.
The first, which has seen the most broad adoption, is using social data as a brand health check. By listening to your brand name across the widest possible range of channels, a high-level view of people’s opinion of your brand comes into focus. Analyzing the sentiment of what they are saying makes the picture even clearer.
Brands can also use this data as the basis for more effective customer service. According to Courtney, this happens both reactively (brands engage with customers directly based on what they’ve said) and proactively (by analyzing social data, brands can make adjustments to serve customers better in advance).
Finally, Twitter sees strategically advanced companies that are able to combine social data with other data and insights from across their organizations. By doing so, these companies can create better customer experiences and generate efficiencies that grow revenue.
Here are some examples of how exactly brands put these principles into practices and used social data to make an impact on their bottom line.
T-Mobile—Fewer dropped contracts
As Courtney said on our webinar: “Before T-mobile offered the iPhone, they were experiencing higher than normal levels of churn.”
They were losing customers fast, and they had no way of telling which ones were on the brink of falling off next.
Through social media monitoring, they were able to identify customers who were sending signals that they were likely to switch carriers. By engaging with them directly, and aligning with their CRM to prioritize the ones who had contracts up for renewal, the company was able to reduce churn by 50% in just 90 days.
GM—Data identifies issues early
One way that General Motors used its social data was particularly intriguing to Courtney and her team at Twitter.
GM listens in to its customers across social and the web—and in 2014, found some interesting trends, as noted in AdWeek’s “Here’s How GM Uses Social Data to Improve Cars.” Customers who bought the latest Chevy Silverado in the southern United States were taking to social media to complain about the metal steering wheels. When drivers climbed into cars that had been sitting in the hot, southern sun, they burned their hands on the driving wheel.
GM decided to make a three-point turn: the company halted production on the model and reworked the steering wheel’s design.