23% called social media "overrated,"

01/14/10 10:01 AM Filed in: #socialmedia

I have been the first to admit that over the course of the last year social media has been overhyped, especially when it comes to meeting hard brand metrics, but I believe that social media is an extremely valuable business intelligence tool.

Almost two-thirds (63%) of the people who responded to the survey said they are "undecided" about the value of data collected from social media sites to help them understand more about their organization or customers. Another 23% called social media "overrated," saying "there are not as many customer conversations going on as the media would have us believe." Only 14% said they want to incorporate data from Twitter and other sites as part of their ongoing data analysis efforts. But 29% said they are under pressure to justify the money they have spent on BI projects, and are looking for "quick wins or new opportunities." *

In today’s Internet-driven world, customers have more power than ever. Through "consumer- generated media"—blogs, social networking pages, message boards, product review sites even a single disgruntled customer can broadcast his complaints to an audience of millions. In addition to complaints you can also find a lot of advice on new products and brands from people like you and me who happen to be trusted a hell of a lot more than marketers and big business.

Trusted sources for brands

Business Intelligence today needs to react with speed. This means less lengthy Power Points and more implementation at the point of consumer contact. Business cannot afford to let valuable insights from consumers fade to social media obscurity. Listening is an art but first you have to acknowledge that you need to listen.

*Source: Kognitio survey of business intelligence

Tags: Business Intelligence